振华港机(600320)2007年年度报告

上海振华港口机械（集团）股份有限公司 （股票代码：600320 900947） 2007 年年度报告 二 OO 八年四月九日 上海振华港口机械(集团)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 ........................................... 4 三、主要财务数据和指标： ....................................... 5 四、股本变动及股东情况 ......................................... 8 五、董事、监事和高级管理人员 .................................. 14 六、公司治理结构 .............................................. 19 七、股东大会情况简介 .......................................... 22 八、董事会报告 ................................................ 23 九、监事会报告 ................................................ 39 十、重要事项 .................................................. 40 十一、财务报告 ................................................ 44 十二、备查报告 ................................................ 45 2 上海振华港口机械(集团)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、普华永道中天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、公司负责人董事长周纪昌先生，主管会计工作负责人总裁管彤贤先生及 会计机构负责人（会计主管人员）财务总监王珏先生声明：保证年度报告中 财务报告的真实、完整。 3 上海振华港口机械(集团)股份有限公司 2007 年年度报告 二、公司基本情况简介 1、 公司法定中文名称：上海振华港口机械(集团)股份有限公司 公司法定中文名称缩写：振华港机 公司英文名称：Shanghai Zhenhua Port Machinery Co.,Ltd. 公司英文名称缩写：ZPMC 2、 公司法定代表人：周纪昌 3、 公司董事会秘书：王珏 电话：50390727 传真：58397000 E-mail：IR@zpmc.com 联系地址：上海浦东南路 3470 号 公司证券事务代表：李敏 电话：50390727 传真：58397000 E-mail：IR@zpmc.com 联系地址：浦东南路 3470 号 4、 公司注册地址：上海市浦东南路３４７０号 公司办公地址：上海市浦东南路３４７０号 邮政编码：200125 公司国际互联网网址：http://www.zpmc.com 公司电子信箱：zpmc@public.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：公司证券法律部 6、 公司 A 股上市交易所：上海证券交易所 公司 A 股简称：振华港机 公司 A 股代码：600320 公司 B 股上市交易所：上海证券交易所 公司 B 股简称：振华 B 股 公司 B 股代码：900947 7、 其他有关资料 公司首次注册登记日期：1992 年 2 月 14 日 公司首次注册登记地点：上海市浦东南路３４７０号 公司法人营业执照注册号：企股沪总字第 023817 号 公司税务登记号码：310115607206953 公司组织结构代码：60720695-3 公司聘请的境内会计师事务所名称：普华永道中天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：上海市湖滨路 202 号 11 楼 4 上海振华港口机械(集团)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 2,164,160,417 利润总额 2,182,269,251 归属于上市公司股东的净利润 2,004,572,836 归属于上市公司股东的扣除非经常性损益后的净利润 1,988,678,257 经营活动产生的现金流量净额 548,210,329 (二)境内外会计准则差异 单位:元 币种:人民币 净利润 净资产 项目 本期数 上期数 期初数 期末数 按中国会计准则 2,011,447,944 1,617,835,869 6,042,415,428 11,311,834,696 按国际会计准则调整 的分项及合计： 1.依据国际会计准则 调整股权投资差额摊 3,575,555 6,685,053 20,987,296 销 2.依据国际会计准则 -32,442,688 -56,876,227 -114,881,288 -147,323,976 调整购买国产设备 按国际会计准则 1,979,005,256 1,564,535,197 5,934,219,193 11,185,498,016 (三)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 42,396,351 除上述各项之外的其他营业外收支净额 -24,287,517 所得税影响数 -2,214,255 合计 15,894,579 5 上海振华港口机械(集团)股份有限公司 2007 年年度报告 (四)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 2006 年 本年比上年 2005 年 主要会计数据 2007 年 调整后 调整前 增减(%) 调整后 调整前 营业收入 21,005,474,031 17,096,659,139 17,096,659,139 22.86 12,419,629,781 12,419,629,781 利润总额 2,182,269,251 1,720,796,398 1,717,220,843 26.82 1,301,038,887 1,318,916,685 归属于上市公司股 2,004,572,836 1,606,047,627 1,602,472,072 24.81 1,189,651,285 1,207,529,083 东的净利润 归属于上市公司股 东的扣除非经常性 1,988,678,257 1,598,054,278 1,594,291,078 24.44 1,189,504,516 1,207,382,313 损益的净利润 基本每股收益 0.65 0.52 0.52 25 0.77 0.78 稀释每股收益 0.65 0.52 0.52 25 0.77 0.78 扣除非经常性损益 0.64 0.52 0.52 23.08 0.77 0.78 后的基本每股收益 全面摊薄净资产收 18.04 27.45 27.32 减少 9.41 个 26.13 26.42 益率（%） 百分点 加权平均净资产收 27.95 31.02 30.86 减少 3.07 个 29.67 30.05 益率（%） 百分点 扣除非经常性损益 减少 9.42 个 后全面摊薄净资产 17.89 27.31 27.18 26.12 26.41 百分点 收益率（%） 扣除非经常性损益 减少 3.15 个 后的加权平均净资 27.72 30.87 30.70 29.66 30.04 百分点 产收益率（%） 经营活动产生的现 548,210,329 760,070,155 899,520,774 -27.87 464,427,154 464,427,154 金流量净额 每股经营活动产生 0.17 0.25 0.29 -32 0.30 0.30 的现金流量净额 2006 年末 本年末比上 2005 年末 2007 年末 年末增减 调整后 调整前 调整后 调整前 (%) 总资产 29,115,331,106 19,626,599,065 19,640,876,401 48.35 13,958,112,990 13,975,965,881 所有者权益（或股东 11,311,834,696 6,042,415,428 5,865,608,022 87.21 4,732,763,559 4,571,319,950 权益） 归属于上市公司股 3.47 1.90 1.90 82.63 2.96 2.96 东的每股净资产 注：2006 年公司实施了 2005 年度利润分配及转增股本方案，总股本发生变化，2006 年末总股数由 2005 年末的 154092 万股变更为 308184 万股，报告期内公司向社会公开发行人民币普通股 125,515,000 股， 2007 年末股本由 308184 万股增至 320735.5 万股，故 2005 年、2006 年、2007 年的每股经营活动产生 的现金流量净额及每股净资产均分别以当年年末总股本为基数计算，而 2005 年、2006 年、2007 年的 基本每股收益则按《公开发行证券公司信息披露编报规则第 9 号－净资产收益率和每股收益的计算及 披露 2007 年修订》的规定以发行在外普通股的加权平均数为基数计算的。 6 上海振华港口机械(集团)股份有限公司 2007 年年度报告 (五)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 交易性金融资产 2,967,306 442,306,963 439,339,657 259,872,667 交易性金融负债 -18,868,081 -131,973,504 -113,105,423 -131,973,504 合计 -15,900,775 310,333,459 326,234,234 127,899,163 注： 公司主要从事外销业务，为规避外汇汇兑风险，公司与多家银行签订远期外汇合同。此外，公司 与多家银行签订了以浮动利率计息的长期借款。公司通过与银行签订利率掉期合同以规避长期银行借 款的浮动利率风险。 远期外汇合同和利率掉期合同按实际成本入账，并在期末对其公允价值进行评估。 远期外汇合同及利率掉期合同，除作为套期工具适用套期会计处理外，均作为衍生性金融工具， 其期末公允价值评估后产生的评估损益直接计入当期损益。 公司为进行套期而将部分远期外汇合同指定为套期工具，其公允价值或现金流量变动预期可抵消 被套期项目的公允价值或现金流量变动。 套期分为公允价值套期和现金流量套期。公允价值套期和现金流量套期同时满足下列条件，方能 运用套期会计方法进行处理。 (a) 在套期开始时，公司对套期关系(即套期工具和被套期项目之间的关系)有正式的指定，并准备了 关于套期关系，风险管理目标和套期策略的正式书面文件。 (b) 该套期预期高度有效，且符合公司最初为该套期关系所确定的风险管理策略。 (c) 对预期交易的现金流量套期，预期交易应当很可能发生，且必须使公司面临最终影响损益的现金 流量变动风险。 (d) 套期有效性能够可靠的计量。 (e) 公司持续地对套期有效性进行评价，并确保该套期在套期关系被指定的会计期间内高度有效。 套期同时满足下列条件的，认定为高度有效： (a) 在套期开始及以后期间，该套期预期会高度有效地抵销套期指定期间该套期风险引起的公允价值 或现金流量变动； (b) 该套期的实际抵消结果在 80%至 125%的范围内。 作为公允价值套期的套期工具，其期末按公允价值评估后产生的评估损益直接记入当期损益。 作为现金流量套期的套期工具，其期末按公允价值评估后产生的评估损益应区分有效套期部分和 无效套期部分。有效套期部分记入资本公积中的套期储备中，而无效套期部分列入当期损益。当预期 未来交易或承诺事项实现且确认为一项资产或负债时，原记入资本公积中套期储备的评估损益将转入 此项资产或负债的成本中；当预期未来交易或承诺事项实现但不确认为一项资产或负债时，原记入资 本公积中套期储备的评估损益将转入当期损益；当预期未来交易预计不会发生时，原记入资本公积中 套期储备的评估损益将转入当期损益。 7 上海振华港口机械(集团)股份有限公司 2007 年年度报告 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 公 积 比例 送 比例 数量 发行新股 金 其他 小计 数量 (%) 股 (%) 转 股 一、有限售条件股份 1、国家持股 2、国有法人持股 745,626,000 24.19 3,300,000 -154,092,000 -150,792,000 594,834,000 18.55 3、其他内资持股 其中： 境内法人持股 4,646,400 4,646,400 4,646,400 0.14 境内自然人持股 4、外资持股 其中： 境外法人持股 587,664,000 19.07 587,664,000 18.32 境外自然人持股 有限售条件股份 1,333,290,000 43.26 7,946,400 -154,092,000 -146,145,600 1,187,144,400 37.01 合计 二、无限售条件流通股份 1、人民币普通股 1,088,550,000 35.32 117,568,600 154,092,000 271,660,600 1,360,210,600 42.41 2、境内上市的外 660,000,000 21.42 660,000,000 20.58 资股 3、境外上市的外 资股 4、其他 无限售条件流通 1,748,550,000 56.74 117,568,600 154,092,000 271,660,600 2,020,210,600 62.99 股份合计 三、股份总数 3,081,840,000 100 125,515,000 0 125,515,000 3,207,355,000 100 股份变动的批准情况 1、公司于 2006 年 3 月 2 日收到国务院国有资产监督管理委员会《关于上海振华港口机械（集团）股 份有限公司股权分置改革有关问题的批复》（国资产权[2006]195 号），并在 2006 年 3 月 8 日召开的 振华港机 A 股市场相关股东会议上通过该股改方案，2006 年 3 月 21 日公司收到中华人民共和国商务 部《关于同意上海振华港口机械（集团）股份有限公司股权转让的批复》（商资批[2006]901 号）。 据此，公司股权分置改革方案"10 送 2.5 股"及相关股份变动事项已获得国资委和商务部批准，2006 年 3 月 29 日公司股改方案正式实施并顺利复牌。中国交通建设股份有限公司持有的非流通股股份自获 得在 A 股市场上市流通权之日起，在十二个月内不上市交易或者转让，在前项规定期满后，通过证券 交易所挂牌交易出售原非流通股份，出售数量占振华港机股份总数的比例在十二个月内不得超过百分 之五，在二十四个月内不得超过股份总数的百分之十。根据 2007 年 3 月 24 日《上海振华港口机械(集 团)股份有限公司有限售条件的流通股上市公告》，中交股份持有的有限售条件股份中的 154,092,000 股自 2007 年 3 月 29 日起上市流通。 2、根据中国证券监督管理委员会 2007 年 9 月 29 日出具的证监发行字(2007)346 号文《关于核准上海 振华港口机械(集团)股份有限公司公开发行股票的通知》，本公司于 2007 年 10 月 15 日向境内投资者 8 上海振华港口机械(集团)股份有限公司 2007 年年度报告 公开增资发行了 125,515,000 股人民币普通股，其中中交股份及部分境内投资者认购的股份计 7,946,400 股自上市之日起锁定 3 个月后上市流通。本公司 2007 年度增资发行人民币普通股所增加的 股本已经由普华永道中天会计师事务所有限公司审验，并出具了普华永道中天验字(2007)第 134 号验 资报告。 股份变动的过户情况 本公司股权分置改革所涉及的相关股权转让已在中国证券登记结算有限责任公司上海分公司办理完成 过户手续。 2、限售股份变动情况表 单位:股 年初限售股 本年解除限 本年增加 年末限售股 解除限 股东名称 限售原因 数 售股数 限售股数 数 售日期 2007 年 10 月 15 日，公司向社会公开发 行人民币普通股 125,515,000 股，该部分 2008 年 股份已于 2007 年 10 月 23 日上市。根据 1 月 23 公司发行配售办法，网下 A 类申购获配股 日， 份，自公司增发股份上市起限售三个月， 2008 年 中交股份 745,626,000 154,092,000 3,300,000 594,834,000 故中交股份网下获配的共 3300000 股份 3 月 31 已于 2008 年 1 月 23 日起上市流通，中交 日， 股份持有的其他限售股 591534000 为股 2009 年 改形成的， 154,092,000 股 2008 年 3 月 3 月 30 31 日解除限售；剩余股份 2009 年 3 月 30 日 日解除限售。 2007 年 10 月 15 日，公司向社会公开发 行人民币普通股 125,515,000 股，该股份 已于 2007 年 10 月 23 日上市。根据公司 2008 年 全国社保基金 0 0 1,650,000 1,650,000 发行配售办法，网下 A 类申购获配股份， 1 月 23 四零一组合 自公司增发股份上市起限售三个月，该部 日 分股份将于 2008 年 1 月 23 日起上市流 通。 2008 年 全国社保基金 0 0 1,584,000 1,584,000 同上 1 月 23 四零五组合 日 2008 年 全国社保基金 0 0 1,247,400 1,247,400 同上 1 月 23 五零一组合 日 华泰财产保险 2008 年 股份有限公司 0 0 165,000 165,000 同上 1 月 23 -稳健型组合 日 合计 745,626,000 154,092,000 7,946,400 599,480,400 — — 3、证券发行与上市情况 (1) 前三年历次证券发行情况 单位:股 币种:人民币 股票及其衍生 发行价 获准上市交 发行日期 发行数量 上市流通日期 证券的种类 格（元） 易数量 人民币普通股 2007 年 10 月 15 日 29.08 125,515,000 2007 年 10 月 23 日 117,568,600 人民币普通股 2007 年 10 月 15 日 29.08 125,515,000 2008 年 1 月 23 日 7,946,400 9 上海振华港口机械(集团)股份有限公司 2007 年年度报告 (2) 公司股份总数及结构的变动情况 1、根据《上海振华港口机械(集团)股份有限公司有限售条件的流通股上市公告》，中交股份持有的有 限售条件股份中的 154,092,000 股自 2007 年 3 月 29 日起上市流通。 2、根据中国证券监督管理委员会 2007 年 9 月 29 日出具的证监发行字(2007)346 号文《关于核准上海 振华港口机械(集团)股份有限公司公开发行股票的通知》，本公司于 2007 年 10 月 15 日向境内投资者 增资发行了 125,515,000 股人民币普通股，10 月 23 日起上市，其中中交股份及部分境内投资者认购 的股份计 7,946,400 股自上市之日起锁定 3 个月后上市流通。公司 2007 年度增资发行人民币普通股所 增加的股本业经普华永道中天会计师事务所有限公司审验，并出具了普华永道中天验字(2007)第 134 号验资报告。 (3) 现存的内部职工股情况 本报告期末公司无内部职工股。 (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 348,293 前十名股东持股情况 持有有限售 质押或冻 股东 持股比 报告期内增 股东名称 持股总数 条件股份数 结的股份 性质 例(%) 减 量 数量 国有 0 中国交通建设股份有限公司 24.94 799,926,818 54,300,818 594,834,000 法人 境外 0 ZHEN HUA ENGINEERING COMPANY LIMITED 17.98 576,675,000 0 0 法人 TOYO SECURITIES ASIA LTD. A/C CLIENT 其他 1.15 37,043,982 -13,945,837 0 未知 INVESCO FUND SICAV 其他 0.90 28,733,200 27,155,200 0 未知 HKSBCSB A/C BARING BROTHERS (GUERNSEY) 其他 0.85 27,391,959 20,139,459 0 未知 LTD. S/A BARING H.K. FUND HKSBCSB S/A-BANQUE INT.A LUXEMBOURG S/A HSBC GLOBAL INV. FUNDS CHINESE 其他 0.67 21,522,968 -10,085,500 0 未知 EQUITY JPMORGAN FUNDS 其他 0.65 20,798,194 20,798,194 0 未知 SCBHK A/C BONY S/A MATTHEWS INTL FUNDS 其他 0.55 17,769,606 -7,382,400 0 未知 - MATTHEWS DRAGON CENTURY CHINA FUND 华宝兴业行业精选股票型证券投资基金 其他 0.55 17,517,804 17,517,804 0 未知 NAITO SECURITIES CO., LTD.0 0.54 17,451,532 -8,482,481 0 未知 前十名无限售条件股东持股情况 股东名称 持有无限售条件股份数量 股份种类 中国交通建设股份有限公司 205,092,818 人民币普通股 TOYO SECURITIES ASIA LTD. A/C CLIENT 37,043,982 境内上市外资股 INVESCO FUND SICAV 28,733,200 境内上市外资股 HKSBCSB A/C BARING BROTHERS (GUERNSEY) 27,391,959 境内上市外资股 LTD. S/A BARING H.K. FUND HKSBCSB S/A-BANQUE INT.A LUXEMBOURG S/A 21,522,968 境内上市外资股 HSBC GLOBAL INV. FUNDS CHINESE EQUITY JPMORGAN FUNDS 20,798,194 境内上市外资股 SCBHK A/C BONY S/A MATTHEWS INTL FUNDS - 17,769,606 境内上市外资股 MATTHEWS DRAGON CENTURY CHINA FUND 华宝兴业行业精选股票型证券投资基金 17,517,804 人民币普通股 NAITO SECURITIES CO., LTD. 17,451,532 境内上市外资股 易方达 50 指数证券投资基金 14,846,389 人民币普通股 10 上海振华港口机械(集团)股份有限公司 2007 年年度报告 公司未知前十名流通股股东之间是否存在关联关系，也未知是否属于 上述股东关联关系或一致行动关系的说明 《上市公司股东持股变动信息披露管理办法》规定的一致行动人。 注：上述前十大股东中，中国交通建设股份有限公司与 ZHEN HUA ENGINEERING COMPANY LIMITED 属关 联方企业，最终控股股东为中国交通建设集团有限公司。公司未知其余股东之间是否存在关联关系， 也未知是否属于《上市公司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 有限售条 持有的有限 市交易情况 序 件股东名 售条件股份 可上市 新增可上市 限售条件 号 称 数量 交易时 交易股份数 间 量 2008 年 自公司增发股份上市起限售三个月。 1 月 23 3,300,000 日 公司涉及股权分置改革的唯一非流通股股东中国交通 建设集团有限公 2008 年 司所持原非流通股股份在股权分置改 革方案实施之日起十二个月内不 中国交通 3 月 31 154,092,000 上市交易或者转让。在 前项规定期满后，通过证券交易所挂牌交易出 1 建设股份 594,834,000 日 售原非流 通股股份，出售数量占该公司股份总数的比例在 12 个月内不 有限公司 超过 5％，在 24 个月内不超过 10％。 公司涉及股权分置改革的唯一非流通股股东中国交通建设集团有限公 2009 年 司所持原非流通股股份在股权分置改革方案实施之日起十二个月内不 3 月 30 437,442,000 上市交易或者转让。在 前项规定期满后，通过证券交易所挂牌交易出 日 售原非流 通股股份，出售数量占该公司股份总数的比例在 12 个月内不 超过 5％，在 24 个月内不超过 10％。 全国社保 2008 年 自公司增发股份上市起限售三个月 2 基金四零 1,650,000 1 月 23 1,650,000 一组合 日 全国社保 2008 年 自公司增发股份上市起限售三个月 3 基金四零 1,584,000 1 月 23 1,584,000 五组合 日 全国社保 2008 年 自公司增发股份上市起限售三个月 4 基金五零 1,247,400 1 月 23 1,247,400 一组合 日 华泰财产 自公司增发股份上市起限售三个月 保险股份 2008 年 5 有限公司 165,000 1 月 23 165,000 -稳健型 日 组合 战略投资者或一般法人参与配售新股约定持股期限的情况 战略投资者或一般法人的名称 约定持股期限 全国社保基金四零一组合 3 个月 全国社保基金五零一组合 3 个月 全国社保基金四零五组合 3 个月 华泰财产保险股份有限公司-稳健型组合 3 个月 注：2007 年 10 月 15 日，公司向社会公开发行人民币普通股 125,515,000 股，该等股份已于 2007 年 10 月 23 日上市。根据公司发行配售办法，网下 A 类申购获配股份 7,946,400 股（占公司总股本的 0.25%） 自公司增发股份上市起限售三个月，该部分股份将于 2008 年 1 月 23 日起上市流通。 11 上海振华港口机械(集团)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：中国交通建设股份有限公司 法人代表：周纪昌 注册资本：148,250,000,000 元 成立日期：2006 年 10 月 8 日 主要经营业务或管理活动：港口、航道、公路、桥梁的建设项目总承包；工程技术研究、咨询；工程 设计、勘察、施工、监理以及相关成套设备和材料的采购、供应、安装；工业与民用建筑、铁路、冶 金、石化、隧道、电力、矿山、水利、市政的建设工程总承包；各种专业船舶的建造总承包；专业船 舶、施工机械的租赁及维修；海上拖带、海洋工程的有关专业服务；船舶及港口配套设备的技术咨询 服务；进出口业务；房地产开发及物业管理；国际技术合作与交流；物流业、运输业、酒店业、旅游 业的投资与管理。 (2) 法人实际控制人情况 实际控制人名称：中国交通建设集团有限公司 法人代表：周纪昌 注册资本：4,503,834,100 元 成立日期：2005 年 12 月 8 日 主要经营业务或管理活动：承包境外工程和境内国际招标工程；各种专业船舶总承包建造，专业船舶、 施工机械的租赁及维修；海上拖带、海洋工程有关专业服务；船舶及港口配套设备的技术咨询服务； 承担国内外港口、航道、公路桥梁建设项目的总承包（包括工程技术经济咨询、可行性研究、勘察、 设计、施工、监理以及相关成套设备、材料的采购和供应、设备安装）；承担工业与民用建筑、铁路、 冶金、石化、隧道、电力、矿山、水利、市政建设工程的总承包；进出口业务；房地产开发及物业管 理；运输业、酒店业、旅游业的投资与管理。 (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 12 上海振华港口机械(集团)股份有限公司 2007 年年度报告 3、其他持股在百分之十以上的法人股东 单位:港元 币种:人民币 股东名称 法人代表 注册资本 成立日期 主要经营业务或管理活动 从事海事工程、修造船、土建工程、 地产投资、船舶代理、贸易等多种业 香港振华工程有限公司 房真如 35,000,000 1996 务，并具有 C 级牌照（即在香港有资 格承包任何工程。 13 上海振华港口机械(集团)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 是否 持 授 期内 予的股权激 在股 有 予 从公 励情况 东单 本 年 年 的股 司领 位或 公 初 末 限 份 取的 期 其他 性 年 司 变动 可 已 姓名 职务 任期起始日期 任期终止日期 持 持 制 增 报酬 末 关联 别 龄 的 原因 行 行 行 股 股 性 减 总额 股 单位 股 权 权 权 数 数 股 数 (万 票 领取 票 股 数 价 票 元) 市 报 期 数 量 数 （税 价 酬、 权 量 前） 津贴 2007 年 4 月 10 2010 年 4 月 10 无变 周纪昌 董事长 男 58 0 0 0 0 0 0 0 0 0 - 是 日 日 动 执行董事、 2007 年 4 月 10 2010 年 4 月 10 无变 管彤贤 男 75 0 0 0 0 0 33.20 0 0 0 - 否 总裁 日 日 动 2007 年 4 月 10 2010 年 4 月 10 无变 傅俊元 董事 男 47 0 0 0 0 0 0 0 0 0 - 是 日 日 动 执行董事、 2007 年 4 月 10 2010 年 4 月 10 无变 刘启中 男 44 0 0 0 0 0 35.46 0 0 0 - 否 副总裁 日 日 动 执行董事、 2007 年 4 月 10 2010 年 4 月 10 无变 严云福 男 49 0 0 0 0 0 34.92 0 0 0 - 否 副总裁 日 日 动 2007 年 4 月 10 2010 年 4 月 10 无变 刘文生 董事 男 48 0 0 0 0 0 0 0 0 0 是 日 日 动 执行董事、 2007 年 4 月 10 2010 年 4 月 10 无变 孙厉 男 36 0 0 0 0 0 34.32 0 0 0 - 否 副总裁 日 日 动 财务总监、 2007 年 4 月 10 2010 年 4 月 10 无变 王珏 男 44 0 0 0 0 0 28.08 0 0 0 - 否 董秘、董事 日 日 动 2007 年 4 月 10 2010 年 4 月 10 无变 杜志淳 独立董事 男 54 0 0 0 0 0 6 0 0 0 - 否 日 日 动 2007 年 4 月 10 2010 年 4 月 10 无变 徐维钧 独立董事 男 67 0 0 0 0 0 6 0 0 0 - 否 日 日 动 2007 年 4 月 10 2010 年 4 月 10 无变 李理光 独立董事 男 46 0 0 0 0 0 6 0 0 0 - 否 日 日 动 2007 年 4 月 10 2010 年 4 月 10 无变 宓为建 独立董事 男 52 0 0 0 0 0 6 0 0 0 - 否 日 日 动 2007 年 4 月 10 2010 年 4 月 10 无变 尤家荣 独立董事 男 54 0 0 0 0 0 6 0 0 0 - 否 日 日 动 2007 年 4 月 10 2010 年 4 月 10 无变 黄红雨 副总裁 男 54 0 0 0 0 0 32.21 0 0 0 - 否 日 日 动 2007 年 4 月 10 2010 年 4 月 10 无变 田洪 副总裁 男 45 0 0 0 0 0 31.56 0 0 0 - 否 日 日 动 2007 年 4 月 10 2010 年 4 月 10 无变 曹文发 副总裁 男 61 0 0 0 0 0 31.56 0 0 0 - 否 日 日 动 2007 年 4 月 10 2010 年 4 月 10 无变 曹伟忠 副总裁 男 52 0 0 0 0 0 29.85 0 0 0 - 否 日 日 动 2007 年 4 月 10 2010 年 4 月 10 无变 翟梁 副总裁 男 62 0 0 0 0 0 34.98 0 0 0 - 否 日 日 动 2007 年 4 月 10 2010 年 4 月 10 无变 黄庆丰 副总裁 男 33 0 0 0 0 0 26.63 0 0 0 - 否 日 日 动 2007 年 5 月 7 2010 年 5 月 7 无变 戴文凯 副总裁 男 41 0 0 0 0 0 35.04 0 0 0 - 否 日 日 动 14 上海振华港口机械(集团)股份有限公司 2007 年年度报告 2007 年 5 月 7 2010 年 5 月 7 无变 费国 副总裁 男 46 0 0 0 0 0 35.76 0 0 0 - 否 日 日 动 2007 年 5 月 7 2010 年 5 月 7 无变 周崎 副总裁 男 36 0 0 0 0 0 31.12 0 0 0 - 否 日 日 动 2007 年 5 月 7 2010 年 5 月 7 无变 陈刚 副总裁 男 41 0 0 0 0 0 27.92 0 0 0 - 否 日 日 动 2007 年 5 月 7 2010 年 5 月 7 无变 刘建波 副总裁 男 45 0 0 0 0 0 26.22 0 0 0 - 否 日 日 动 2007 年 4 月 10 2010 年 4 月 10 无变 符敦鉴 监事 男 69 0 0 0 0 0 24.57 0 0 0 - 否 日 日 动 2007 年 4 月 10 2010 年 4 月 10 无变 董恒瑞 监事 男 61 0 0 0 0 0 23.56 0 0 0 - 否 日 日 动 2007 年 5 月 9 2010 年 5 月 9 无变 包锦平 监事 男 43 0 0 0 0 0 24.72 0 0 0 - 否 日 日 动 合计 / / / / / 0 0 / 0 0 / 611.68 0 0 0 / / 董事、监事、高级管理人员最近 5 年的主要工作经历： (1)周纪昌,1950 年生，男，在读博士，高级工程师。历任交通部第一公路勘察设计院副院长，中国 公路桥梁建设总公司副总经理、副董事长，中国路桥（集团）总公司董事长、总裁、党委书记，现任 中国交通建设股份有限公司董事长。2006 年起任职本公司董事长。 (2)管彤贤,1933 年生，男，本科，高级工程师，历任交通部水运司工厂处副处长、中港集团船机处 处长。自 1992 年 2 月起任职本公司总裁，1997 年起任职公司董事。 (3)傅俊元,1961 年生，男，硕士，在读博士，高级会计师，曾任交通部审计处副处长、处长，中港 集团副总会计师兼财务部主任、总会计师，现任中国交通建设股份有限公司执行董事、财务总监，2001 年起任职本公司董事。 (4)刘启中,1964 年生，男，MBA，高级经济师，历任本公司经营部副经理、经理。自 1994 年 12 月 起任职本公司副总裁，1997 年任职公司董事。 (5)严云福,1959 年生，工程管理硕士，高级工程师。历任公司技术部副主任、机械设计部经理、副 总工程师等职务。自 2003 年起任职本公司副总经理兼总工程师，2004 年起任职公司董事。 (6)刘文生,1960 年生，男，工学学士，MBA，高级工程师。 历任天津航道局局长助理、副局长，中 国港湾建设（集团）总公司副总经济师兼企划部总经理，现任中国交通建设股份有限公司董事会秘书、 总经济师。2006 年起任职本公司董事。 (7)孙厉,1972 年生，男，MBA，高级经济师，历任本公司经营部项目主管、副经理、总经理助理。 自 2001 年起任职本公司董事兼副总裁。 (8)王珏,1964 年生，男，MBA，注册会计师，高级会计师，历任中港三航局第三工程公司财务科长， 三航局五公司总会计师，三航局七公司总会计师，三航局审计处处长、财务处处长、副总会计师，2005 年 11 月起任本公司财务总监、董事会秘书，2006 年起任职公司董事。 (9)杜志淳,1954 年 9 月生，男，中共党员，法学教授，硕导。历任华东政法学院组织部长、人事处 长、党委副书记兼纪委书记，司法部司法鉴定科学技术研究所党委书记兼所长。享受国家政府特殊津 贴，现任华东政法学院党委书记，上海市中信正义律师事务所兼职律师。 (10)徐维钧,1941 年 6 月生，男，中共党员，上海市注册咨询专家、中国国际咨询公司专家，1967 年毕业于华东水利学院（现河海大学）水港系，曾任交通部三航局纪委书记，交通部第一航务工程局 局长，三航局总工程师。 (11)李理光,1962 年 9 月生，男，博士，博导。历任吉林工业大学汽车学院内燃机系副教授，教授， 博士生导师，上海交通大学机械与内燃机学院教授，现任同济大学研究生院副院长、特聘教授、博导。 (12)宓为建,1956 年 3 月生，男，博士，教授，博导，中共党员。历任上海海运学院助教，讲师， 副教授。现任上海海事大学物流工程学院院长。 (13)尤家荣,1954 年 3 月生，男，上海财经大学经济学硕士、管理学博士，教授。曾任上海财经大 学审计处处长，现任上海财经大学成人教育学院院长，兼任中国审计学会理事、中国会计学会会员、 15 上海振华港口机械(集团)股份有限公司 2007 年年度报告 上海会计学会会员、上海内部审计学会理事等职。 (14)黄红雨,1954 年 7 月生，男，工程管理硕士，高级工程师，曾任本公司副总工程师等职。自 1997 年起任职本公司副总裁。 (15)田洪,1963 年 11 月生，男，MBA，高级工程师，曾任上海港机厂机械设计人员、上海振华港机 公司技术部副经理、副总工程师、新技术开发部总经理，2004 年 3 月起任公司副总裁 (16)曹文发,1947 年 4 月生，男，MBA，高级工程师，历任公司船舶部副经理，港作轮公司总经理， 本公司副总工程师，2003 年起任本公司副总裁。 (17)曹伟忠,1956 年 3 月生，曾任本公司江阴基地安装部副经理、江阴基地常务副总经理、公司制 造部副经理、质检公司总经理、总经理助理。2003 年起任公司副总裁，2006 年起兼任公司工会主席。 (18)翟梁,1946 年 10 月生，男，本科，高级工程师，曾任本公司电气部副经理、经理。1997 年任公 司总工程师、副总裁。 (19)黄庆丰,1975 年 10 月生，男，MBA, 中共党员，历任质量项目主管、质检部轮胎吊检验室副主 任、售后服务部副总经理、质检公司常务副总经理、质检公司总经理、集团公司总经理助理，2005 年 1 月起任公司副总裁。 (20)戴文凯,1967 年 10 月生，男，汉族，博士在读，高级工程师，曾任我公司经营部副经理、经理、 公司副总经济师，现任我公司总经济师。 (21)费国,1962 年 12 月生，男，汉族，工程管理硕士，高级工程师，历任上海港机厂工程师、上海 振华港机公司电器五室主任、副总工程师，现任我公司总工程师、开发办副主任。 (22)周崎,1972 年 9 月生，男，汉族，中共党员，工程管理硕士，高级工程师曾任本公司电气室经 理、副总工程师、电气部总经理，现任我公司总工程师。 (23)陈刚,1967 年 10 月生，男，汉族，中共党员，工学硕士，高级工程师，历任我公司技改部经理、 副总工程师，现任我公司总工程师、机械办副主任。 (24)刘建波,1963 年 7 月出生，男，汉族，中共党员，工程管理硕士，高级工程师，历任上海港机 厂技术室工程师、上海集装箱码头有限公司任工程技术部工务助理主任、上海振华港机公司长兴基地 副总经理，现任我公司长兴基地总经理。 (25)符敦鉴,本科，高级工程师，曾任本公司技术部主任、副总工程师、副总经理等职。1996 年至 2003 年任公司总工程师，现任公司第三届监事会监事长。 (26)董恒瑞,本科，高级经济师，曾任本公司办公室副主任等职务。1995 年至今任公司办公室主任， 1997 年起任职本公司监事，现任公司第三届监事会监事。 (27)包锦平,1965 年 10 月生，汉族，中共党员，工程管理硕士，高级工程师，被评为公司 2005 年 度"振华功臣"。曾任上海塑料制品四厂团总支书记、上海振华港机公司电气经理部副主任、副总工程 师，现任我公司电气办副主任。 16 上海振华港口机械(集团)股份有限公司 2007 年年度报告 (二)在股东单位任职情况 是否领取 姓名 股东单位名称 担任的职务 任期起始日期 报酬津贴 周纪昌 中国交通股份有限公司 董事长 2006 年 10 月 8 日 是 傅俊元 中国交通股份有限公司 执行董事、财务总监 2006 年 10 月 8 日 是 刘文生 中国交通股份有限公司 董事会秘书、总经济师 2006 年 10 月 8 日 是 公司十三名董事中，五名独立董事均在其他单位任职，并在所属单位领取报酬，任职情况详见“五（一） 董事、监事、高级管理人员主要工作经历”；周纪昌董事长、傅俊元董事、刘文生董事在中交股份任 职并领取报酬，除此之外的五名董事并未有在其他单位任职或兼职情形。 在其他单位任职情况 无 (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:按照公司章程的规定，董事、监事的薪酬由股东大会 审议通过，高管层报酬由公司总裁考核决定。 2、董事、监事、高级管理人员报酬确定依据：实行基本工资和绩效薪资结合生产经营工作等量化指 标考核。 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 周纪昌 是 傅俊元 是 刘文生 是 (四)公司董事、监事、高级管理人员变动情况 1、报告期内，由于第三届董事会及第三届监事会任期到期，均进行了换届选举。 2007 年度第一次临时股东大会于 2007 年 4 月 10 日召开，会议审议通过选举周纪昌、管彤贤、傅俊元、 刘文生、刘启中、严云福、孙厉、王珏为公司第四届董事会董事，选举宓为建、李理光、尤家荣、杜 志淳、徐维钧为公司第四届董事会独立董事，选举符敦鉴、董恒瑞为公司股东代表监事。 第四届董事会第一次会议于 2007 年 4 月 10 日召开，会议审议通过如下决议：《关于选举周纪昌先生 为第四届董事会董事长，选举管彤贤先生、刘启中先生、严云福先生、孙厉先生、王珏先生为执行董 事的议案》、《关于聘请管彤贤先生为公司总裁的议案》、《关于聘任刘启中先生、严云福先生、孙 厉先生、黄红雨先生、曹伟忠先生、翟梁先生、曹文发先生、田洪先生、黄庆丰先生为公司副总裁， 聘任王珏先生为财务总监的议案》、《关于聘请王珏先生为董事会秘书，委任李敏女士为证券事务代 表的议案》。 第四届监事会第一次会议于 2007 年 4 月 10 日在公司召开，会议一致选举符敦鉴先生为本届监事会监 事长。包锦平为职工代表监事。 2、根据 2007 年 5 月 7 日召开的四届董事会第三次会议决议，根据工作需要，由管彤贤总裁提名，董 事会增聘陈刚先生、周崎先生、费国先生、戴文凯先生、刘建波先生为公司副总裁。 17 上海振华港口机械(集团)股份有限公司 2007 年年度报告 (五)公司员工情况 截止报告期末,公司在职员工为 3,291 人,需承担费用的离退休职工为 0 人。 员工的结构如下： 1、专业构成情况 专业类别 人数 工程技术人员 1617 经营行政人员 104 生产管理人员 1525 财务人员 45 2、教育程度情况 教育类别 人数 中专 742 大专 1,297 本科 1,060 硕士 190 博士 2 18 上海振华港口机械(集团)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 报告期内，公司严格按照《公司法》《证券法》《股票上市规则》《公司章程》及中国证监会有关法 律法规的要求，规范公司的日常运作，加强公司信息披露的工作，在完善公司法人治理结构的建设、 逐步建立现代企业制度方面不断努力。公司法人治理结构的实际情况已基本符合《上市公司治理准则》 等相关法律法规的要求： ①关于公司股东与股东大会：公司平等对待所有股东，确保股东能充分行使权利，保护其合法权 益；公司建立了股东大会议事规则，能够严格按照相关法律法规的要求召集、召开股东大会，出席股 东大会股东人数及其代表股份数均符合《公司法》和《公司章程》的有关规定,充分运用现代信息技术 手段，尽可能地让更多的股东更便利地参加股东大会，行使股东的表决权。 ②关于控股股东与上市的关系：控股股东行为规范，严格遵循董事会和股东大会的各项权利，控 股股东不存在超越董事会、股东大会权限干预公司重大决策和依法开展生产经营活动的情况。公司董 事会、监事会和内部机构完全独立运作；公司《关联交易规则》的建立，保证了关联交易决策程序的 合法性。 ③关于董事与董事会：公司董事会独立开展工作，公司制定了《董事会议事规则》，各位董事以 认真负责的态度出席董事会和股东大会，行使董事职责；独立董事克尽职守，独立履行职责，关注广 大中小股东的合法利益。 ④关于监事和监事会：公司监事会的人数和人员构成符合法律、法规的要求；公司监事能够按《监 事会议事规则》认真履行自己的职责，能够本着对股东负责的精神，对公司财务以及董事、经理和其 他高级管理人员履行职责的合法合规性进行监督。 ⑤关于绩效评价与激励约束机制：公司正不断改进公正、透明的董事、监事和经理人员的绩效评 价标准与激励约束机制；管理人员的聘任公开、透明，符合法律法规的规定。 ⑥关于利益相关者：公司能够充分尊重和维护银行及其他债权人、职工、消费者等其他利益相关 者的合法权益，积极合作，相互能实现良好沟通，共同推动公司持续、健康地发展。 ⑦关于信息披露与透明度：公司能够按照有关规定，及时履行信息披露义务。报告期内，公司增 强了对投资者关系管理工作重要性认识，建立了定期邀请投资者了解公司、亲临生产基地参观、考察 制度，使投资者与公司之间建立良好沟通渠道，从而改善公司经营管理和治理结构，提高了公司核心 竞争力。 (二)独立董事履行职责情况 1、独立董事参加董事会的出席情况 独立董事姓名 本年应参加董事会次数 亲自出席（次） 委托出席（次） 缺席（次） 备注 徐维钧 10 10 0 0 杜志淳 10 10 0 0 宓为建 10 10 0 0 李理光 10 10 0 0 尤家荣 10 10 0 0 公司董事会根据中国证监会发布的《关于在上市公司建立独立董事制度的指导意见》的要求，已 经建立独立董事制度，独立董事在董事会所占比例超过三分之一，其产生的效应是十分积极的。公司 19 上海振华港口机械(集团)股份有限公司 2007 年年度报告 五名独立董事徐维钧先生、杜志淳先生、宓为建先生、李理光先生、尤家荣先生遵守有关法律、法规 及公司章程的规定，克尽诚信与勤勉义务，为作出正确的决策，在会前对需要提请董事会决策的事项 均作充分的了解，以认真负责的态度出席董事会，独立履行职责，在事先弄清情况的基础上参与公司 决策，对所议事项进行独立客观判断，表达明确的意见，维护了公司广大股东的整体利益。 公司建立独立董事年报工作制度,包括汇报和沟通制度。独立董事在上市公司 2007 年年报的编制 和披露过程中，切实履行独立董事的责任和义务，勤勉尽责。 2、独立董事对公司有关事项提出异议的情况 报告期内，公司独立董事未对公司本年度的董事会议案及其他非董事会议案事项提出异议。 (三)公司相对于控股股东在业务、人员、资产、机构、财务等方面的独 立情况 1、业务方面：公司业务独立于控股股东，自主经营，业务结构完整。并且董事会就关联方与公司之间 发生的关联交易进行审议时，关联股东均已实施表决回避，保证了该等关联交易决策程序的合法性。 2、人员方面：公司在劳动、人事及工资管理等方面实行独立管理。总裁、副总裁、董事会秘书、财务 总监等高级管理人员均在本公司领取报酬，未在控股股东单位领取报酬或担任职务。 3、资产方面：公司拥有独立的生产体系、辅助生产系统和配套设施，工业产权、商标、非专利技术等 无形资产均由本公司拥有。 4、机构方面：公司设立了健全的组织机构体系，董事会、监事会、总裁、技术、经营、生产制造等内 部机构独立运作，不存在与控股股东职能部门之间的从属关系。不存在控股股东干涉公司的正常生产 经营情况。 5、财务方面：公司设有独立的财务部门，并建立了独立的会计核算体系和财务管理制度，并在银行独 立开户。 (四)高级管理人员的考评及激励情况 公司根据《公司法》与《公司章程》的规定进行董事、监事及高级管理人员的任免，并已初步建立起 一套适合本公司实际情况的高级管理人员的培养、选聘、监督、考核、奖惩、约束机制，制定了相应 的高级管理人员管理办法。根据公司生产经营和发展需要，遵循能上能下、德才兼备的原则，对高级 管理人员进行任免、考核，由公司根据其勤勉尽职情况和工作绩效进行全年考核，公司将逐步完善现 有的绩效评价制度和薪酬制度，在公司全体高级管理人员和核心技术人员中推行中长期激励制度，以 不断激发高级管理人员的工作积极性，创造新的业绩，确保公司效益最大化和规范运作。 (五)公司内部控制制度的建立健全情况 公司已建立了较为完善的法人治理结构，公司根据《公司法》、《证券法》等有关法律法规规定， 制订了《股东大会议事规则》、《董事会议事规则》、《监事会议事规则》、《募集资金管理制度》、 《信息披露事务管理制度》《总裁工作细则》等重大规章制度，在董事会下建立战略委员会、审计委 20 上海振华港口机械(集团)股份有限公司 2007 年年度报告 员会、薪酬与考核委员会、提名委员会等专业委员会，并制定相关实施细则，明确规定各决策层、经 营层、管理层的权限、职责、工作程序和议事规则，并在 2007 年度出版了《上海振华港口机械（集团） 股份有限公司公司治理规则（第一版）》。公司 从制度层面确保公司重大决策及交易行为合法、规范、 真实、有效。根据公司业务特点及管理需要，建立了财务管理、经营管理、生产管理、机械管理、物 资采购、人事管理等方面的各项管理制度，形成了较规范健全的控制管理体系。公司设有专职部门并 及成立检查小组负责对内部控制的日常检查和监督工作，及时发现和纠正制度执行中的偏差，确保内 部控制制度的有效实施。 公司在所有重大方面已建立了较为健全的、合理的内部控制制度，并已得到了有效遵循，这些内 控制度能够对公司编制真实、公允的财务报表提供合理保证，对公司各项业务活动的健康运行及国家 有关法规和内部规章制度的贯彻执行提供保证，对经营风险可以起到有效的控制作用，公司现有的内 部控制制度符合我国有关法规和证券监管部门的要求，基本适应公司管理要求和公司发展的需要。随 着国家法律法规的逐步完善以及公司持续发展的需要，公司内部控制制度还将进一步健全和深化。 (六) 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 21 上海振华港口机械(集团)股份有限公司 2007 年年度报告 七、股东大会情况简介 (一)年度股东大会情况 公司于 2007 年 5 月 18 日召开 2006 年年度股东大会。决议公告刊登在 2007 年 5 月 19 日的《上海证券报》《香港文汇报》。 大会审议通过如下各项议案： 1、同意关于 2006 年度董事会工作报告的议案 2、同意关于 2006 年度监事会工作报告的议案 3、同意关于 2006 年度独立董事述职报告的议案 4、同意关于 2006 年度总裁工作报告和 2007 年度的工作打算的议案 5、同意关于 2006 年度财务决算报告的议案 6、同意关于 2006 年度公司利润分配方案的议案 7、同意关于修改公司章程的议案 8、同意关于发行短期融资券的议案 9、同意关于修订公司主要会计政策、会计估计的议案 10、同意关于 2007 年续聘境内外审计会计师及费用的议案 11、同意关于前次募集资金使用情况说明的议案 12、同意关于修改独立董事津贴的议案 (二)临时股东大会情况 公司于 2007 年 4 月 10 日召开 2007 年第一次临时股东大会。决议公告刊登在 2007 年 4 月 12 日的《上海证券报》《香港文汇报》。 大会审议的各项议案为： 1、《关于公司符合增发 A 股条件的议案》 2、《关于公司 2007 年增发 A 股方案的议案》 3、《关于提请股东大会授权董事会全权办理本次增发 A 股具体事宜的议案》 4、《关于本次募集资金使用的可行性报告的议案》 5、《关于前次募集资金使用情况说明的议案》 6、《关于公司募集资金管理制度的议案》 7、《关于提名公司第四届董事会董事候选人的议案》 8、《关于提名公司第四届董事会独立董事候选人及其薪酬的议案》 9、《关于提名公司第四届监事会监事候选人的议案》 10、《关于修改"针对'振华功臣'和高管等的激励措施的议案"》 11、《关于修改公司章程的议案》 12、《关于修改公司股东大会议事规则的议案》 13、《关于修改公司董事会议事规则的议案》 14、《关于修改公司监事会议事规则的议案》 15、《关于公司与中国交通建设股份有限公司签订日常关联交易框架协议的议案》 22 上海振华港口机械(集团)股份有限公司 2007 年年度报告 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 （1） 总体经营情况 报告期内，经营层认真贯彻并落实董事会年初提出的发展战略和经营思路，锐意进取，开拓创新， 鼓足干劲，知难而上，圆满完成 2007 年度生产任务，实现营业收入 2,100,547 万元，营业利润 216,416 万元，利润总额 218,227 万元，净利润为 200,457 万元，分别比上年同期增长 22.86％、26.62％、26.82 ％、24.81％，出口产品约占 87.5%，内销产品约占 12.5%。 （2） 主营业务及其经营状况 公司主营业务范围为：从事设计、建造、销售大型港口设备、工程船舶及大型金属结构及其部件、 配件；自产起重机租赁业务，销售公司自产产品；可用整机运输专用船从事国际海运；钢结构工程专 业承包。 公司是全球集装箱起重机行业的领导者。报告期内国内外市场捷报频传，产销势头非常旺盛，截 至 2007 年末公司产品已经进入 65 个国家和地区，与马士基集团续签订五年的集装箱起重机采购框架 协议，取得价值 15 亿元人民币的 7500 吨大型浮吊船的供货合同，总承包了太仓武港码头散货系统等 等。2007 年公司主营业务收入的 81.76%来自于集装箱起重机制造。根据英国权威杂志>的统计，自 1998 年起公司产品已连续 9 年居全球市场占有率的第一位，国际市场占有份额远远 领先于其他竞争对手。 ①主营业务分行业、分产品情况表 单位:元 币种:人民币 主营业 主营业务 主营业务 分行业或 主营业务利润率比 主营业务收入 主营业务成本 务利润 收入比上 成本比上 分产品 上年增减(%) 率(%) 年增减(%) 年增减(%) 集装箱起重机 16,878,120,889 14,418,727,872 14.57 10.12 10.37 减少 0.2 个百分点 散货机件 2,299,464,504 2,265,605,903 1.47 55.29 59.95 减少 2.87 个百分点 海上重型装备 1,418,907,147 1,087,255,972 23.37 - - 07 年新产品无对比 船舶运输 47,085,815 32,560,696 30.85 - - 07 年新产品无对比 合计 20,643,578,355 17,804,150,443 13.75 22.82 22.95 减少 0.1 个百分点 ②主营业务分地区情况表 单位:元 币种:人民币 地区 主营业务收入 主营业务收入比上年增减（％） 中国大陆(外销) 6,256,369,167 46.57 亚洲(除中国大陆) 4,367,340,722 27.62 欧洲 3,355,947,232 15.22 美洲 2,611,914,039 23.29 中国大陆 2,576,548,564 -3.90 非洲 1,132,423,403 28.66 大洋洲 343,035,228 -34.65 合计 20,643,578,355 22.82 注：地区分部报表中 2007 年度中国大陆(外销)项下列示金额为本公司出口外销至本公司之子公司－ 上海振华港口机械集团(香港)有限公司，再由其销售至国内客户的相关主营业务收入。 23 上海振华港口机械(集团)股份有限公司 2007 年年度报告 ③主要供应商、客户情况 单位:万元 币种:人民币 前五名供应商采购金额合计 408,533 占采购总额比重 23% 前五名销售客户销售金额合计 428,997 占销售总额比重 21% （3） 资产构成、财务状况及现金流量分析 占总资产比 占总资产 占总资产 重增减幅度 项目名称 期末数 比重（％） 期初数 比重（％） 增减额 （％） 交易性金融资产 442,306,96 1.52 2,967,306 0.02 439,339,657 9948.12 预付款项 3,614,304,53 12.41 1,241,232,719 6.32 2,373,071,815 96.29 长期股权投资 46,370,04 0.16 7,920,493 0.04 38,449,556 294.65 固定资产 5,956,862,37 20.46 5,087,512,048 25.92 869,350,328 -21.07 在建工程 2,683,906,42 9.22 1,487,788,874 7.58 1,196,117,553 21.60 无形资产 1,602,957,41 5.51 230,712,311 1.18 1,372,245,102 368.35 递延所得税资产 119,553,86 0.41 53,492,628 0.27 66,061,238 50.66 交易性金融负债 131,973,50 0.45 18,868,081 0.10 113,105,423 371.50 应付票据 2,640,611,92 9.07 1,092,987,921 5.57 1,547,624,004 62.86 预收款项 152,215,12 0.52 334,862,610 1.71 (182,647,486) -69.36 已结算尚未完工款 2,185,656,33 7.51 998,670,286 5.09 1,186,986,053 47.53 应交税费 53,297,35 0.18 113,046,682 0.58 (59,749,328) -68.22 长期借款 5,226,197,40 17.95 2,199,650,572 11.21 3,026,546,828 60.16 股本 3,207,355,00 11.02 3,081,840,000 15.70 125,515,000 -29.84 资本公积 3,856,513,15 13.25 261,780,835 1.33 3,594,732,324 893.07 未分配利润 2,862,923,43 9.83 1,526,122,457 7.78 1,336,800,981 26.46 分析： A、 交易性金融资产增加的主要是因为与银行签订的远期外汇合同公允价值评估收益的增加所 致。 B、 预付账款的增加主要系预付钢材采购款的增加。由于本年度签约项目量大幅增加，公司预 计对钢材的需求会增大，为此公司预付了钢材采购款以保证供应商对本公司钢材供给。 C、 长期股权投资的增加主要是因为本年公司对上海振华港机(集团)丰城制动器有限公司及中 港疏浚追加了投资所导致。 D、 固定资产(净值)的增加主要系本年度基建工程专固定资产、新增船舶以及机器设备所致。 E、 在建工程的增加主要系本年度新增加的长兴基地内域扩建动迁工程、东方路办公楼项目支 出以及改造新购买的船舶所致。 F、 无形资产的增加主要是由于购买康桥土地、东方路办公楼用地及长兴岛扩建用地的土地使 用权所导致。 G、 递延所得税资产的增加主要是由于本年公司项目增多导致时间性差异中预估安装费及售后 服务费的增加所导致。 H、 交易性金融负债增加的主要是因为与银行签订的远期外汇合同公允价值评估损失的增加所 致。 I、 应付票据的增加主要系由于本年度业务量增长，原材料采购量大幅增加所致。 J、 预收款账余额减少主要是由于钢结构项目本期确认应收及工程结算，从预收款中转出所致。 K、 已结算尚未完工款的增加主要系本年度业务量增长，建造合同项目增加所致。 L、 应交税费的减少主要是因为本年度采购量增加导致增值税待抵扣进项税额增加所致。 24 上海振华港口机械(集团)股份有限公司 2007 年年度报告 M、 长期借款的增加主要系由于随着公司本年度业务量增长，本公司对固定资产投资及营运资 金的需求增加所致。 N、 股本和资本公积的的增加主要是由于今年公司增资发行了人民币普通股所导致。 O、 未分配利润的增加主要是由于本年度公司业务量上升，净利润增加所导致。 项目名称 期末数 期初数 增减额 增减幅度（％） 营业收入 21,005,474,031 17,096,659,139 3,908,814,892 23% 营业成本 17,831,238,720 14,508,607,913 3,322,630,807 23% 管理费用 478,460,451 291,307,936 187,152,515 64% 资产减值损失 97,137,581 56,908,215 40,229,366 71% 公允价值变动收益/(损失) 127,899,163 (15,900,775) 143,799,938 -904% 营业外收入 53,320,520 33,120,681 20,199,839 61% 营业外支出 35,211,686 21,566,962 13,644,724 63% 所得税费用 170,821,307 102,960,529 67,860,778 66% 分析： A. 主营业务收入及成本的增加主要系由于本公司生产能力大幅提升，从而使本年度实现销售项目大 幅增加所致。 B. 管理费用的增加主要系由于经营规模的扩大，公司对研发费用大幅度投入及人员薪酬的增加。 C. 资产减值损失的增加主要是由于本年坏账计提根据集团的政策进行了调整，增加坏账准备所导 致。 D. 公允价值变动收益主要是由于今年公司与银行签订了较多的远期外汇合同以规避汇率变动带来 的影响，导致期末公允价值变动收益增加所致。 E. 营业外收入的增加主要系本年度处置船舶的收益。 F. 营业外支出的增加主要系本年度捐款支出增加所致。 G. 所得税费用的增加主要系本年度公司利润增加所导致。 增减幅度 项目名称 期末数 期初数 增减额 （％） 经营活动产生的现金流量净额 548,210,329 760,070,155 -211,859,826 -27.87 投资活动产生的现金流量净额 -3,928,129,825 -2,805,338,111 -1,122,791,714 40.02 筹资活动产生的现金流量净额 3,740,153,793 2,208,270,254 1,531,883,539 69.37 现金及现金等价物净增加额 360,234,297 163,002,298 197,231,999 121.00 分析： A. 经营活动产生的现金流量净额比去年同期减少 27.87％，主要系报告期内公司锁定钢材资源，预 付款增加较大所致。 B. 投资活动产生的现金流量净额比去年同期增加 40.02％，主要系报告期内扩大生产规模，增加固 定资产投入所致。 C. 筹资活动产生的现金流量净额比去年同期增加 69.37％，主要系报告期内公司增发新股，需要扩 大基建投入及增加生产流动资金所致。 D. 现金及现金等价物净增加额比去年同期增加 121％，主要系报告期内公司销售收入增长，加快资 金回笼所致。 (4) 交易性金融资产和负债分析 公司主要从事外销业务，为规避外汇汇兑风险，公司与多家银行签订远期外汇合同。此外，公司与 多家银行签订了以浮动利率计息的长期借款。公司通过与银行签订利率掉期合同以规避长期银行借款 的浮动利率风险。 远期外汇合同和利率掉期合同按实际成本入账，并在期末对其公允价值进行评估。 远期外汇合同及利率掉期合同，除作为套期工具适用套期会计处理外，均作为衍生性金融工具， 25 上海振华港口机械(集团)股份有限公司 2007 年年度报告 其期末公允价值评估后产生的评估损益直接计入当期损益。 公司为进行套期而将部分远期外汇合同指定为套期工具，其公允价值或现金流量变动预期可抵消 被套期项目的公允价值或现金流量变动。 套期分为公允价值套期和现金流量套期。公允价值套期和现金流量套期同时满足下列条件，方能 运用套期会计方法进行处理。 (a) 在套期开始时，公司对套期关系(即套期工具和被套期项目之间的关系)有正式的指定，并准备了 关于套期关系，风险管理目标和套期策略的正式书面文件。 (b) 该套期预期高度有效，且符合公司最初为该套期关系所确定的风险管理策略。 (c) 对预期交易的现金流量套期，预期交易应当很可能发生，且必须使公司面临最终影响损益的现金 流量变动风险。 (d) 套期有效性能够可靠的计量。 (e) 公司持续地对套期有效性进行评价，并确保该套期在套期关系被指定的会计期间内高度有效。 套期同时满足下列条件的，认定为高度有效: (a) 在套期开始及以后期间，该套期预期会高度有效地抵销套期指定期间该套期风险引起的公允价值 或现金流量变动； (b) 该套期的实际抵消结果在 80%至 125%的范围内。 作为公允价值套期的套期工具，其期末按公允价值评估后产生的评估损益直接记入当期损益。 作为现金流量套期的套期工具，其期末按公允价值评估后产生的评估损益应区分有效套期部分和 无效套期部分。有效套期部分记入资本公积中的套期储备中，而无效套期部分列入当期损益。当预期 未来交易或承诺事项实现且确认为一项资产或负债时，原记入资本公积中套期储备的评估损益将转入 此项资产或负债的成本中；当预期未来交易或承诺事项实现但不确认为一项资产或负债时，原记入资 本公积中套期储备的评估损益将转入当期损益；当预期未来交易预计不会发生时，原记入资本公积中 套期储备的评估损益将转入当期损益。 截至报告期末交易性金融资产为 44,231 万元，交易性金融负债为 13,197 万元，2007 年度公允价 值变动产生的的收益为 12,790 万元。 （5）技术创新情况分析 公司自 1998 年以来在世界港机制造行业中始终保持排头兵的地位，在科技创新的研发工作方面， 公司每年投入达总产值的 2%以上。 公司现已申请专利 242 项，其中国内发明专利 72 项，国际发明 88 项，实用新型 75 项，外观设计 7 项。获得授权国内发明专利 29 项，国际发明专利 6 项，实用新型专利 70 项。公司产品每年出口 80% 以上，现已出口至欧美亚非澳 66 个国家和地区 120 多个港口。 2007 年公司在自主创新、产品开发方面取得的重要成果有： ① 双 40’岸桥被世界港口公认为更新换代首选产品，已获订单 251 台； 双 40 英尺箱的岸边集装箱起重机突破了目前世界上一次只能吊运一个 40 英尺集装箱、装卸效率 还不高的起重技术现状，通过研发差动减速器或差动技术的整套主起升机构技术和多液压缸位置姿态 控制等技术，实现由一次单 40 英尺箱吊运向一次双 40 英尺箱吊运的技术跨越和产品升级，提高装卸 效率 60%以上。研发成功后，现已全面转化成具有国际竞争力的新产品，已应用在阿联酋迪拜港、新 加坡港、韩国釜山港、洋山港等世界知名大港，并在洋山港创造了 123 自然箱/小时的世界装卸记录（传 统起重机只有 30-40 自然箱/小时）。 26 上海振华港口机械(集团)股份有限公司 2007 年年度报告 ② 4000 吨全回转浮吊在南海成功起吊南海一号 我公司设计制造的全回转 4000 吨浮吊“华天龙”号是目前亚洲最大的集打捞、起重、海洋工程于 一身的现代化起重船，也是到目前为止由中国自行设计和建造的最大的起重工程船，被视为亚洲第一 吊。2007 年，4000 吨全回转浮吊在南海成功起吊南海一号，成为打捞的重型武器。 ③ 世界首创全自动化码头示范区 公司建造的世界上第一个高效智能型立体装卸集装箱码头示范区——振华港机长兴示范区，取消 传统码头用内燃机驱动的水平运输，将集装箱传送分配用立体轨道的电驱动来实现，彻底改观了常规 集装箱装卸系统，解决了对环境的污染，是革命性创举。经测算，同一泊位采用本方案的生产效率至 少提高 50%，堆场的存箱量提高 25%，而且营运费用大大降低。 ④ 世界首创在五轴加工中心机床上加工出大直径螺旋伞齿轮 要发展海上重型工程船的动力定位技术，必须解决大型螺伞的加工方法这一技术难点。公司利用 五自由度机床加工中心和先进的数控加工方法，攻克大型螺旋伞齿轮加工技术，成功加工出直径超过 1.5 米的大型螺伞。 2007 年公司在节能环保行动中取得的重要成果有： 世界上目前柴油发电机供电的轮胎式集装箱起重机（RTG）有 6500 多台。一个港口几十台，不仅 能耗大、营运效益差，而且工作时码头上空一片黑烟，周围噪音此起彼伏，成为公害。节能环保，已 经成为港口及制造商共同关注的一个课题。为此，公司研制了两种节能环保的轮胎式集装箱起重机； ①利用超级电容的轮胎式龙门集装箱起重机 该产品将超级电容作为储能装置并入起重机电路中，既能够有效存储起升机构下降而反馈的能量 以及大车和小车机构的制动能量，又能在起升上升和其他机构运行时进行放电，减小了各机构特别是 起升机构频繁加速给起重机电力系统造成的冲击，使柴油机发电机组在低耗下平稳运转。从而成功地 实现消除黑烟、减低噪音 4～5dB、能耗下降 30％以上的环保效果，并使柴油发电机组寿命延长。 ②采用市电供电的轮胎式龙门集装箱起重机 采用市电供电的 RTG 在保持了常规 RTG 原有各项功能的情况下，将 RTG 吊箱作业的供电方式改为 通过由市电电网供电。采用市电供电的 RTG 不仅具有极强的成本优势。而且无黑烟排放，低噪音，达 到绿色的环保效果。 27 上海振华港口机械(集团)股份有限公司 2007 年年度报告 （6）主要控股公司及参股公司的经营情况及业绩分析 单位:万元 币种:人民币 公司名称 主要产品或服务 注册资本 资产规模 净利润 上海振华港机浦东有 从事大型集装箱起重机及其减速箱齿 500 9,915 22 限公司 轮之加工及销售 上海振华港机长兴配 从事钢结构件及其配件制作、加工及 550 35,636 19 套件制造有限公司 销售 上海振华港机长兴精 从事精密铸造、冷作加工、金属材料 500 7,743 36 密铸造有限公司 热处理 上海振华港口机械集 从事设计、建造、销售各类港口设备 港币500万元 港币375858万元 港币-7483万元 团(香港)有限公司 工程船舶钢结构件及其他部件 ZPMC(M)SDN.BHD 总公司产品销售服务等 马币10万元 - 无营业活动 经营近洋国际海运、国内沿海及长江 上海振华船运有限公 中、下游普通货船运输,承运港口机械 12,000 202,117 1,500 司 设备。 上海振华港口机械集 从事浮式起重机、港口机械设备的设 团浮式起重机有限公 10,000 10,661 -12 计、建造、销售及租赁。 司 江阴振华劳务工程有 生产销售港口机械零配件承接涂装工 50 51 9 限公司 程 南通振华重型装备制 安装大型港口设备、工程船舶和大型 造有限公司 金属结构件及其部件、配件；起重机 40,000 46,036 开办期 租赁业务；钢结构工程专业承包 南通振华钢结构加工 机械设备制作安装、钢结构加工、五 10万美元 1,001 13 有限公司 金加工冷作、除锈涂装、机械设备工 程承包 机械设备制作安装、钢结构加工、五 江阴振华港机钢结 金加工冷作、除锈涂装、机械设备工 10万美元 374 12 构制作有限公司 程承包 （7）经营困难和解决方法 报告期内公司经营中出现一些困难，主要表现为下列方面： ①国际市场汇率的波动特别是人民币的持续坚挺，虽然公司在初始报价时已经有所考虑，但对公 司执行已签订的合同还是有一定的影响。 ②通货膨胀，导致原材料（特别是钢材）及人工成本的上升给公司产品成本带来压力。 ③公司近年保持高速增长，现有总装场地紧张，产能、运能等都存在“瓶颈”现象。 ④市场竞争激烈，新市场需进一步开拓。 面对这些经营中出现的困难，公司采用如下办法： ① 面对汇率波动的风险，公司预有准备，一方面公司成立专门的攻关小组，研究并采用可能的 方法，如：签订欧元合同，增加美元负债比例、采取远期外汇远期保值、外汇合同保理、增加客 户预付款比例早结汇等措施来降低风险，报告期内取得有效成果；另一方面在报价时充分考虑人 28 上海振华港口机械(集团)股份有限公司 2007 年年度报告 民币对美元升值的影响因素，签合同时锁定人民币汇率，最重要的是适当提高价格。由于措施早， 落实快，2007 年我们完成的合同额换汇率达 7.6。 ② 面对通货膨胀问题，一方面公司与供应商签订钢材采购远期合同，规避因钢材价格上涨而造 成的风险，2006 年度签订了 65 万吨钢材期货，2007 年度签订了 95 万吨期货，资源和价格的锁定 对 2007 年和 2008 年公司效益的提高起到了保证作用；另一方面由于每年普遍调高工价 10％，人 工成本面临一定的压力，公司采用挖潜多干、增加劳动生产率的方式来降低影响。 ③ 面对产能和运能不适应生产高速发展问题，公司首先在现有的基地不断深入挖潜补足，提高 效率，并加快长兴基地后方扩建和南通基地建设，其次按计划在今年购置并改造完成 2-3 艘运输 船舶，增加运输能力。2007 年成功实施公开增发募集的资金已经按计划全部投入生产，将尽快转 换为公司产能，为顺利完成 2007 年和 2008 年的生产任务保驾护航。 ④ 公司在抓好主业（集装箱机械）的同时开展市场多元化，培植新的经济增长点。公司从产品 和市场两面着手，高度关注并着力开辟散货装卸机械市场、大型钢构钢桥市场、陆上重型机械市 场、海上重型机械市场、港机备件市场、挖泥船市场、盾构市场、港口门机市场以及海上平台整 机运输市场等另外九个市场，做好功课，研发符合市场要求的自主创新的产品，改变过去港口机 械以销定产的思路，逐渐实现产品多样化、以市场预测定产，扩大客户群。 2、对公司未来发展的展望 （1）所处行业发展趋势、市场竞争格局、未来发展机遇和挑战 ①港口机械行业 尽管受到美国经济降温、欧元走强、国际上一些热点地区形势动荡、国际市场油价继续高位徘徊、 一些大经济体贸易保护主义的加剧以及全球流动性充裕加大了国际金融市场的风险等不利因素影响， 世界经济发展基本延续 2006 年的态势，继续处于周期性扩张轨道，新兴市场国家经济仍然保持高速增 长势头，其是全球港口投资的重要驱动因素。从更长远的视角而言，全球经济增长的基本有利因素仍 在推进，促动过去十年间全球经济快速发展的主要驱动力——区域经济全球化，仍然是不可逆转的浪 潮。全球产业分工将继续深化，其衍生品国际贸易的发展，仍将是提高全球各国家福祉的根本途径。 根据产业研究机构 OneStone Consulting Group 统计，在 2006-2010 年期间，目前遍布全球 85 个国 家的港口运营当局在动工和拟建设的港口投资建设项目超过 260 个，其中购置岸桥的支出更将达到 92 亿美元，2006—2010 年间全球港口集装箱吞吐量将保持每年平均 9.4%的复合增长达到 6.25 亿 TEU。 就产业格局而言，集装箱起重机作为资本、技术和劳动力密集型产品，产业集中趋势在过去数年 逐渐深化，目前形成了以我公司为代表的少数厂商领导的行业竞争态势。在 1999 年，全球尚有近百 家制造商，根据英国《World Cargo News》杂志的统计，目前全球只有二十家左右的生产商，2005 年 7 月至 2006 年 7 月间，前五大厂商获得的岸桥订单总数占全球订单总数的比例上升至 91.02%，场 29 上海振华港口机械(集团)股份有限公司 2007 年年度报告 桥为 86.6%，其中本公司岸桥市场占有率约为 70%，场桥市场占有率也超过 50%。本公司已连续九 年位居全球同业首位，是无可争议的全球集装箱集重机市场领导者。就行业本身的发展取向而言，未 来数年内集装箱起重机业已然显现的下游客户集中度提高、产品升级及设计日趋标准化的趋势将继续 深化。目前国际港口运营权逐渐向少数大型港口运营商集中，2005 年前十大港口运营商大约控制了全 球 57%的国际港口，这些港口运营商通常把自身所管理全部码头的集装箱起重机采购订单打包招标， 交由一家制造商生产，只有极少数大型厂商才具备承接这类订单的能力。另外随着产品升级对制造商 研发要求的提升，和港口机械的设计日趋标准化，这更有利于大型制造商发挥规模优势。本公司的领 导地位将先发的受惠于行业的发展趋势。 本公司的另一主要港口机械产品——散货装卸机械由于体量较小、门类较多、且价值及技术门槛 偏低，主要是同区域内企业在竞争。目前，公司基本包揽了国内的大型装、卸船机，产品在国际市场 上也有较高声誉，2007 年更是开创性地总承包了太仓武港码头散货系统，由设备供应商向系统供应商 进军。在产品质量、技术含量及按时交货等方面，公司都处于领先地位。 虽然我们已经是行业的领跑者，但是国际上虎视眈眈的竞争者也没有偃旗息鼓，港机市场竞争也 较为激烈，未来挑战与机遇并存。 ②海上重型机械行业 2008 年年初国内的“柴油荒”和国际油价的高企，更加凸现了能源紧张是全球经济长期内将面临 的困难。在过去十年间，陆地能源储量的高效开发，迫使目前各国已转向海洋、尤其是深海开发资源。 海上工程作业量迅速增加，促使对大型海洋工程配套设备需求大幅增加。包括大型浮吊在内的海上重 型机械设备将维持较长的景气周期。公司看好海上重型机械市场前景，预计在未来几年海上重型机械 市场每年市场需求可达到 500 亿美元。 海上重型机械由于制造难度大、技术要求高，进入门槛很高，全球有能力生产的厂商不多。这也 是其需求紧张的重要因素。目前，处于市场领先地位的是韩国的三大造船企业——现代重工、三星重 工和大宇造船海洋工程公司，以及少数几家主要跨国能源企业下属的海洋工程设备提供商。公司在重 型机械制造和导航、定位等识别技术在起重作业中的运用方面积累了丰富的经验。公司在港口机械行 业由小及大的发展中，建立了全球最大的港口机械制造基地——长兴岛基地，拥有了全球工程机械行 业位居前列的电气及工程机械技术研发团队和庞大且经验丰富的制造队伍，这是公司在重型机械设备 制造中有良好的生产及技术基础。所以，自开端起，公司即有能力以高端产品生产参与海上重型机械 市场的角逐。2006 年公司为广州救捞局设计制造了“亚洲第一吊”――起重量 4000 吨的全回转大型 浮吊，2007 年公司承接为中国海洋石油公司设计制造 7000 吨全回转浮吊。目前公司在建的自用和销 售的浮吊达到 10 条之多，这些产品已为公司在该行业树立了良好的声誉。 30 上海振华港口机械(集团)股份有限公司 2007 年年度报告 ③大型钢结构行业 由于钢结构体系具有自重轻、安装容易、施工周期短、抗震性能好及环境污染少等综合优势，其 在建筑工程领域中有着广泛的运用，主要可用在桥梁、厂房、闸门、各种大型管道容器、高层建筑和 塔轨机构等的建造中。国外钢结构占钢材总量的 10%左右，在美英日等发达国家，比例更高。集装箱 起重机的生产为公司制造高端钢结构积累了较丰富的经验，在生产技术、焊接工艺等方面具备了制造 大型建筑用钢结构的能力。公司定位于生产高端、大型的钢结构，曾为上海东海大桥、韩国的釜山公 路桥和仁川二桥等建设项目供应过大型桥梁用钢结构。2006 年公司获取了美国西海岸新标志性建筑 ——新海湾大桥建设的采购合同更为公司打开了国际钢构市场的大门。 （2）未来发展战略及新年度经营计划 站在 2008 年的起点展望世界经济，年初的若干不利因素为全球经济主要是发达国家的经济带来了 一定不确定性。在微观上，国内存在原材料涨价、人民币升值、天气恶劣等一系列不利因素。总之， 2008 年是公司克服宏观微观困难、保持稳步发展并进一步深入开拓新市场的一年。在集装箱起重机行 业的世界领导地位，并未使公司止步于此市场的发展，所以公司在深刻研究后，积极开拓自身竞争优 势的外延市场－“以钢为纲”。公司认真研究市场前景、分析自身优势及面临困难，2008 年将进一步 落实如下发展战略 首先，尊重创新，以技术优势和成本优势结合参与竞争，稳步推进集装箱起重机械产品的自主创 新，全面抓住这个市场的“小、中、大”三层面，达到利益最大化。“小”层面就是抓住港机配件， 大力推进“国产化”、“终生保用”；“中”层面是不断推进港机新产品新技术的创新，如双 40’岸 桥，通过产品的推陈出新促进港口机械的升级换代；“大”层面就是由设备供应商上升到系统供应商， 推广已经试制成功的“环保型集装箱自动化码头”，这个产品是环保、节能、高效优越性集一身，将 是未来港口的发展方向。公司将一如既往鼓励创新，鼓励在港口机械新一代产品开发，鼓励的在海上 重型机械和大型钢结构领域产品设计制造和新技术运用上的创新。 其次，沿用公司已确立品牌优势，向相关产业链拓展延伸，着力开辟散货装卸机械市场、大型钢 构钢桥市场、陆上重型机械市场、海上重型机械市场、港机备件市场、挖泥船市场、盾构市场、港口 门机市场以及海上平台整机运输市场等另外九个市场，培植新的经济增长点。公司未来发展也将持续 受益于振兴装备之国策。 （3）资金需求及使用计划、资金来源情况 31 上海振华港口机械(集团)股份有限公司 2007 年年度报告 2008 年度公司计划完成产值 300 亿元人民币，利润有较好的增长，并明、后年生产有较大幅度增 长，为此，需增加基本建设投入，继续扩大公司的生产能力，基本建设投入预计 80 亿元，用于生产基 地的基本建设、公司研发大楼项目和大型整机运输船等重大设备购置和更新，资金来源主要是公司自 有资金、银行贷款、各种直接融资手段等多种渠道筹集。 （4） 对未来发展产生不利影响的风险因素及对策 ①政策风险：主要表现为税收政策风险， 本公司目前所适用的税收政策为：根据相关税务政策，外销产品适用增值税“免抵退”税收政策， 内销产品适应 17%的增值税率，若当年出口产值达到总产值 70%以上，适用 10%的企业所得税税率。根 据将于 2008 年 1 月 1 日实施的新所得税法，外商投资企业适用的所得税税率将调整为 25%，国家重点 扶持的高新技术企业可适用 15%的税率，在新税法出台前设立的外资企业可以有五年的过渡期逐步适 应新的税负水平。本公司目前尚未能确定在新所得税法下公司所适用的税率水平。 对策：公司是经上海市科学技术委员会认定的高新技术企业，为全国首批创新型试点企业，公司 所从事的集装箱起重机生产行业属于国家重点扶持的装备制造业，应能在一定幅度内继续享受优惠税 率。公司还将采取挖潜增效、开发附加值高的新产品、调整产品结构等对策减少税收优惠政策对公司 利润的影响。 ②市场或业务经营风险：主要表现为原材料价格波动风险及产品运输风险。 公司主导产品岸桥、场桥所需原材料和配件主要包括特种钢材、电动机、电缆、油漆、柴油机和 电气控制设备。近年来钢材等原材料价格的波动带来了成本的不确定性。港口机械是公司的主导产品， 具有体积大、重量重、单位价值高的特点，运输要求非常高，只能通过全球少数几家拥有万吨级整机 运输专用船的公司进行远洋运输。 对策：为了保证原材料价格及供应数量的稳定，公司加强对国际原材料市场价格走势的研究， 通过与多家主要供应商建立战略合作良好关系，并订立锁定钢材价格的合同，以取得优质原材料及配 件，有效稳定价格、保证供应数量；为降低公司产品运输的风险，公司已有 22 艘专业运输船，并计划 再进一步购船改造增强运力。 ③财务风险：主要表现为应收帐款数额较大的风险和汇率风险 集装箱起重机生产行业对产品销售一般分阶段结算货款，货款的结算一般滞后于生产，因此行业 内厂商普遍垫资生产。随着公司主营业务收入的快速增长，应收帐款数额有可能会继续增加，数额较 大的应收账款可能影响到公司的资金周转速度和经营活动的现金流量。公司产品 80％以上外销，公司 部分的配件也需要从国外采购，这些国际性的贸易往来多以美元和欧元结算。因汇率变动产生的汇兑 损益直接影响公司的利润水平。汇率的变化，特别是人民币的持续升值将会在一定程度上影响公司产 品在国际市场上的价格竞争优势和利润水平。 32 上海振华港口机械(集团)股份有限公司 2007 年年度报告 对策：公司应收账款数额较大与公司所处的行业惯例和近年增速较大有关，公司将从不断改善收 款方式、建立客户动态管理系统、增强应收账款回收的安全性、加大催收力度等措施入手加强对应收 账款的管理工作。对于汇率风险，公司一直重视对外汇风险管理政策和策略的研究，保持与经营外汇 业务金融机构的紧密合作，并通过在合同中安排有利的结算条款（如签订欧元合同、签订与人民币汇 率挂钩的合同，预付款比例加大尽早结汇等），或在国家金融外汇政策许可的范围内，运用套期保值、 外汇保理等适当的金融工具或手段，控制和锁定汇率风险；同时随着国际市场占有份额的不断提升， 公司也会考虑通过适当调整销售价格来减小由此而带来的风险。 ④技术风险 本公司所处的港口集装箱起重机行业是一个技术密集型辅以资金密集和劳动力密集的行业。如公 司不能持续提高公司产品的技术含量，则可能面临因技术进步较慢，而丢失现有市场份额的风险。同 时海上重型机械和大型钢结构市场的开拓，需要公司尝试运用和开发诸如动力定位等新型技术，公司 若不能有效培养在此市场中的技术研发和运用能力，将可能面临使进一步的市场开拓举措受阻的风险。 对策：经过多年的发展，公司已具备了较强的产品设计能力和技术开发能力，尤其是公司已建立 良好的技术团队和创新氛围，这是公司开发新产品、新市场的根本技术保障。公司“新一代港口集装 箱起重机关键技术研发与应用”项目荣获了国家科学技术进步奖一等奖，并在 2007 年获得中国工业大 奖，公司未来仍将继续瞄准行业技术发展的前沿，每年将产值的 2％投入科研开发，重奖带来经济效 益的技术创造和革新，广泛吸引人才，加大自主创新力度，选择开发具有良好继承性和扩展性的新产 品。 33 上海振华港口机械(集团)股份有限公司 2007 年年度报告 (二)公司投资情况 报告期内公司投资额为 338,479,983 元，比上年增加 237,881,873 元，增加的比例为 236.47%。 依据本公司 2007 年 9 月 15 日第四届董事会第六次会议决议，公司向南通振华重型装备制造有限 公司新增注册资本 300,000,000 元。变更后该公司注册资本为 400,000,000 元。 依据本公司 2007 年 2 月 5 日第三届董事会第二十次会议决议，公司与子公司上海振华港口机械集 团(香港)有限公司于 2007 年 2 月 28 日投资设立了江阴振华港机钢结构制作有限公司。本公司及上海 振华港口机械集团(香港)有限公司分别持有其 75%和 25%的股权。该公司自成立之日起纳入财务报表合 并范围。 被投资的公司情况 占被投资公司权 被投资的公司名称 主要经营活动 备注 益的比例(%) 南通振华重型装备制造有 工程船舶和大型金属结构件及其部件、配件； 100 限公司 起重机租赁业务；钢结构工程专业承包 上海振华港口机械集团 (香港)有限公司持有该公 江阴振华港机钢结构制作 机械设备制作安装、钢结构加工、五金加工冷 司 25%的股权，我公司持 75 有限公司 作、除锈涂装、机械设备工程承包 有上海振华港口机械集团 (香港)有限公司 99.99％ 的股权 港口、航道的疏浚开挖及维护，吹填；海底管 道、海底电缆铺设；海洋环保工程，海洋资源 中港疏浚股份有限公司 开发；劳务；船舶及有关设备租赁，承包境外 2.266 工程所需的设备、材料出口，对外派遣实施上 述境外工程所需的劳务人员 上海振华港机(集团)丰城 电力液压系列各种工业制动装置、防风装置、 17.4 制动器有限公司 吊具用液控装置等产品的制造销售 建造和安装大型港口设备、工程船舶和大型金 上海振华港机龙昌起重设 属结构件及其部件、配件；自产起重机租赁业 10 备有限公司 务，销售公司自产产品；电梯工程专业承包 1、募集资金使用情况 公司于 2007 年通过增发募集资金 353,406 万元，已累计使用 353,406 万元，其中本年度已使用 254,406 万元，尚未使用 0 万元。 根据中国证券监督管理委员会签发的证监发行字[2007] 346 号文《关于核准上海振华港口机械(集团) 股份有限公司公开发行股票的通知》，公司于 2007 年 10 月 15 日向社会公众发行人民币普通股 125,515,000 股，每股发行价格为 29.08 元，股款以人民币缴足，计 3,649,976,200 元，扣除发行费 用 115,916,255 元后，募集股款净额为 3,534,059,945 元。上述募集资金于 2007 年 10 月 24 日到位， 业经普华永道中天会计师事务所有限公司予以验证并出具普华永道验字(2007)第 134 号验资报告。公 司将募集资金存放于本公司在中国工商银行上海分行第二营业部开立的账号为 1001190729016249567 的募集资金专项账户内。 2、承诺项目使用情况 单位:万元 币种:人民币 是否符合 是否符合 承诺项目名称 拟投入金额 是否变更项目 实际投入金额 计划进度 预计收益 长兴岛基地陆域扩建工程 254,600 否 254,600 否 是 34 上海振华港口机械(集团)股份有限公司 2007 年年度报告 南通生产基地齿轮箱工程 78,000 否 78,000 是 是 补充流动资金 20,806 否 20,806 是 是 合计 353,406 / 353,406 / / 1)、长兴岛基地陆域扩建工程 项目拟投入 254,600 元，实际投入 254,600 元，2008 年 5 月完工 , 2)、南通生产基地齿轮箱工程 项目拟投入 78,000 元，实际投入 78,000 元，2008 年 5 月完工 , 3)、补充流动资金 项目拟投入 20,806 元，实际投入 20,806 元，已完成。 截至 2007 年 12 月 31 日，募集资金已全部投入使用，起到改善公司财务结构、扩大合同承揽规模 能力的作用，并极大地缓和了公司生产能力不足的局面，增加了公司的产能和产效，收益在报告期内 主营业务收入及利润与去年同期比较中体现出来。募集资金的使用较预计使用时间进度有所提前，这 主要是由于为了满足公司业务发展的需要，在保证质量的前提下加快了各项目的工程建设进度。 3、非募集资金项目情况 报告期内，公司的非募集资金投资重大项目主要有长兴基地基建工程、南通基地改造项目、总部大楼 改造项目、在建拖驳船项目、半潜船浮坞项目、张江基地改造项目、江阴基地改造项目、东方路办公 楼、振华 20、21、22、23、24 号船舶改造项目等 13 个在建工程。截至 2007 年 12 月 31 日，项目投资、 进度、收益情况如下： 长兴基地基本建设本年度已投入 122，184 万元，完工进度 86％ 南通基地改造项目本年度已投入 52,318 万元，完工进度 36％ 总部大楼改造项目本年度已投入资金人民币 2,121 万元，完工 72％ 在建拖驳船项目本年度已投入 19,961 万元，完工进度 94％ 半潜船浮坞项目本年度已投入 1,842 万元，完工进度 23％ 张江基地改造项目本年度已投入 1,759 万元，完工进度 84％ 江阴基地改造项目本年度已投入 140 万元，完工进度 99％ 东方路办公楼项目本年度已投入 387 万元，完工进度 53% 振华 20 号船舶改造项目本年度已投入资金人民币 4929 万元，完工 100％ 振华 21 号船舶改造项目本年度已投入资金人民币 13,155 万元，完工 100％ 振华 22 号船舶改造项目本年度已投入资金人民币 11,827 万元，完工 100％ 振华 23 号船舶改造项目本年度已投入资金人民币 15,570 万元，完工 82％ 振华 24 号船舶改造项目本年度已投入资金人民币 13,699 万元，完工 82％ 其他项目金额较小，属技术改造及零星补缺。以上项目极大地缓和了公司生产能力不足的局面， 增加了公司的产能和产效，收益在报告期内营业收入及利润与去年同期比较中体现出来。 35 上海振华港口机械(集团)股份有限公司 2007 年年度报告 (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 1、根据 2008 年 4 月 8 日第四届董事会十一次会议决议：按照中华人民共和国财政部令第 33 号《企业 会计准则—基本准则》和财会[2006]3 号《财政部关于印发＜企业会计准则第 1 号—存货＞等 38 项具 体准则的通知》以及《企业会计准则解释第 1 号》的规定，对公司会计政策进行部分修改，并于 2007 年 1 月 1 日执行。 2、依据 2007 年 2 月 5 日第三届董事会第二十次会议决议，公司与子公司上海振华港口机械集团(香港) 有限公司于 2007 年 2 月 28 日投资设立了江阴振华港机钢结构制作有限公司。本公司及上海振华港口 机械集团(香港)有限公司分别持有其 75%和 25%的股权。该公司自成立之日起纳入财务报表合并范围。 (四)主要会计政策选择的说明及重要会计估计的解释 根据本公司控股股东中国交通建设股份有限公司制定的会计政策和会计估计以及在中交股份内部统一 会计政策和会计估计的要求，本公司对以下两项会计估计进行了变更： （1）本公司自 2007 年 1 月 1 日起，对固定资产的预计净残值率进行了变更。该会计估计变更增加本 集团本年度利润总额计 60,722,747 元。 （2）本公司自 2007 年 1 月 1 日起，对应收账款坏账准备的计提方法进行了变更。该会计估计变更减 少本集团本年度利润总额计 84,429,266 元。 (五)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 1 月 8 日召开第三届第十九次董事会会议，决议公告刊登在 2007 年 1 月 10 日 的《上海证券报》《香港文汇报》。 （2）、公司于 2007 年 2 月 5 日召开第三届第二十次董事会会议，决议公告刊登在 2007 年 2 月 7 日的 《上海证券报》《香港文汇报》。 （3）、公司于 2007 年 3 月 15 日召开第三届第二十一次董事会会议，决议公告刊登在 2007 年 3 月 17 日的《上海证券报》《香港文汇报》。 （4）、公司于 2007 年 4 月 9 日召开第三届第二十二次董事会会议，决议公告刊登在 2007 年 4 月 11 日的《上海证券报》《香港文汇报》。 （5）、公司于 2007 年 4 月 10 日召开四届一次董事会会议，决议公告刊登在 2007 年 4 月 12 日的《上 海证券报》《香港文汇报》。 （6）、公司于 2007 年 4 月 19 日召开四届二次董事会会议，决议公告刊登在 2007 年 4 月 21 日的《上 海证券报》《香港文汇报》。 （7）、公司于 2007 年 5 月 7 日召开四届三次董事会会议，决议公告刊登在 2007 年 5 月 9 日的《上海 证券报》《香港文汇报》。 （8）、公司于 2007 年 6 月 27 日召开四届四次董事会会议，决议公告刊登在 2007 年 6 月 29 日的《上 海证券报》《香港文汇报》。 （9）、公司于 2007 年 7 月 27 日召开四届五次董事会会议，决议公告刊登在 2007 年 7 月 31 日的《上 海证券报》《香港文汇报》。 （10）、公司于 2007 年 9 月 15 日召开四届六次董事会会议，1、审议通过关于向南通振华重型装备制 造有限公司增加出资的议案。2、审议通过关于上海振华港口机械集团（香港）有限公司与上海浦东康 桥（集团）有限公司合资设立中外合资上海振华港机钢结构加工有限公司的议案。3、审议通过关于与 沈阳市龙昌电梯工程有限公司合资设立上海振华港口机械集团龙昌有限公司的议案。 （11）、公司于 2007 年 10 月 10 日召开四届七次董事会会议，决议公告刊登在 2007 年 10 月 12 日的 《上海证券报》《香港文汇报》。 （12）、公司于 2007 年 10 月 28 日召开四届八次董事会会议，决议公告刊登在 2007 年 10 月 30 日的 36 上海振华港口机械(集团)股份有限公司 2007 年年度报告 《上海证券报》《香港文汇报》。 （13）、公司于 2007 年 11 月 11 日召开四届九次董事会会议，决议公告刊登在 2007 年 11 月 13 日的 《上海证券报》《香港文汇报》。 （14）、公司于 2007 年 12 月 12 日召开四届十次董事会会议，决议公告刊登在 2007 年 12 月 14 日的 《上海证券报》《香港文汇报》。 2、董事会对股东大会决议的执行情况 报告期内，公司董事会本着对股东负责的态度，严格按照《公司法》及公司章程，对 2006 年度股东大 会和 2007 年度第一次临时股东大会的决议事项全部落实。2007 年管理层贯彻了股东大会下达的 2007 年经营战略，圆满完成各项生产任务；2006 年度利润分配方案已经在 7 月实施完毕；A 股公开增发已 经在 10 月成功发行；23 亿人民币短期融资券也获得央行批准并在 2008 年 1 月份顺利发行。 3、董事会下设的审计委员会的履职情况汇总报告 上海振华港口机械（集团）股份有限公司 审计委员会 2007 年度履职情况报告 公司审计委员会于 2007 年成立，是董事会下设的专门工作机构，审计委员会由 5 名董事组成，其 中独立董事 3 名，主任委员由独立董事专业会计人士担任。根据中国证监会、上交所有关规定，公司 董事会审计委员会勤勉尽责，按照公司董事会审计委员会实施细则履行了以下工作职责： 1、2007 年 10 月 31 日，收到普华永道中天会计师事务所有限公司发来的对公司 2007 年度审计的初步 工作计划。 审计委员会认真审阅了公司 2007 年度审计工作计划及相关资料，并与普华永道中天会计师 事务所有限公司注册会计师协商确定了公司 2007 年度财务报告审计工作的时间如下表： 时间 所需提交的报告至客户 审计计划 2007 年 10 月 31 审计工作计划 终审预审 - 内 2007 年 11 月 12 日至 12 月 7 日 管理层建议书 控测试 年终盘点 2008 年 1 月 2 日 年终盘点报告 终期审计 - 实 2008 年 1 月 21 日至 2 月 24 日 (预计) 终期审计发现 质性测试 终期审计 - 报 2008 年 2 月 25 日至 3 月 14 日 (预计) A 股审计报告及对 2007 年非经营性资金及其他关 告准备及审阅 联方资金往来情况的专项说明初稿提交审计委员 会审阅 2、对会计师事务所发送了两次书面督促函，2008 年 1 月 20 日，在年审注册会计师进场前审阅了 公司编制的财务会计报表，形成了财务报表第一次审阅意见。 3、年审注册会计师进场后，董事会审计委员会加强与年审注册会计师的沟通，2008 年 4 月 3 日 公司为五位独立董事单独安排了一次与年审会计师的见面会，就审计过程中发现的问题以及审计报告 提交时间进行了沟通和交流。 4、公司年审注册会计师出具初步审计意见后，董事会审计委员会再一次审阅了公司 2007 年度财 务会计报表，形成了公司 2007 年财务会计报表第二次审阅意见。审议通过关于向董事会提交公司财务 报表的决议。 37 上海振华港口机械(集团)股份有限公司 2007 年年度报告 5、在普华永道中天会计师事务所有限公司出具 2007 年度审计报告后，董事会审计委员会召开年 度会议，对普华永道中天会计师事务所有限公司从事本年度公司的审计工作进行了总结，并就公司年 度财务会计报表以及关于下一年度聘请会计师事务所等议案进行表决并提交董事会 2007 年度会议审 核。 上海振华港口机械（集团）股份有限公司 董事会审计委员会 尤家荣 傅俊元 孙厉 杜志淳 宓为建 4、董事会下设的薪酬委员会的履职情况汇总报告 上海振华港口机械（集团）股份有限公司 薪酬与考核委员会 2007 年度履职情况报告 根据公司《上海振华港口机械（集团）股份有限公司董事会薪酬与考核委员会实施细则》，现将 公司董事会薪酬及考核委员会 2007 年的履职情况报告如下： 1、根据公司董事会制定的 2007 年度经营绩效目标，结合公司 2007 年各项经营指标完成情况，确立了 公司董事、监事及高管人员的报酬总额。 2、报告期末，根据公司 2007 年度主要财务指标和生产经营目标完成情况，以及公司董事、监事、高 级管理人员公司分管工作范围、主要职责，依据公司的绩效评价体系，对公司董事、监事、高级管理 人员履职情况进行了绩效考核。 3、公司目前尚未建立股权激励机制，公司将依据有关法律法规和政府有关部门的要求，不断完善内部 激励与约束机制，逐渐建立起规范的激励体系。 4、对 2007 年度公司董事、高级管理人员所披露的薪酬情况进行了审核并认为：公司董事、监事、高 级管理人员年度薪酬的发放，符合公司薪酬制度与绩效考核标准，未有违反公司薪酬管理制度及与公 司薪酬管理制度不一致的情形发生。 上海振华港口机械（集团）股份有限公司 董事会薪酬与考核委员会 徐维钧 管彤贤 刘文生 李理光 尤家荣 (六)利润分配或资本公积金转增预案 根据普华永道中天会计师事务所有限公司审计的按中国会计准则编制的公司 2007 年度合并报表 实现净利润 2,004,572,836 元人民币，母公司实现净利润 2,054,958,545 元人民币。按中国会计准则， 2007 年母公司实现净利润 2,054,958,545 元人民币，提取 10％公积金 205,495,855 元。按公司章程 规定，即按合并报表净利润 2,004,572,836 元计算，剩余可分配利润 1,799,076,981 元，加年初未分 配利润 1,063,846,457 元，剩余可供分配利润为 2,862,923,438 元。 董事会提议 2007 年利润分配预案： 按公司 2007 年 12 月 31 日总股本 320,735.5 万股为基数，每 10 股派发现金红利 1.7 元人民币(含 税)，共计现金红利 545,250,350 元，节余未分配利润 2,317,673,088 元转入下年度分配。 上述分配方案需经股东大会审议通过后方可实施。 38 上海振华港口机械(集团)股份有限公司 2007 年年度报告 九、监事会报告 (一)监事会的工作情况 1、第三届监事会第八次会议于 2007 年 3 月 15 日在公司召开，审议并一致通过以下议案：（1）修改 公司《监事会议事规则》（2）提名第四届监事会候选人。 2、第三届监事会第九次会议于 2007 年 4 月 9 日在公司召开，审议并一致通过以下议案：（1）公司 2006 年度监事会工作报告（2）公司 2006 年年度报告全文及摘要（3）修订公司主要会计政策、会计 估计（4）监事会关于公司 2006 年年度报告的审议意见。 3、第四届监事会第一次会议于 2007 年 4 月 10 日在公司召开，会议一致选举符敦鉴先生为本届监事会 监事长。 4、第四届监事会第二次会议于 2007 年 4 月 19 日在公司召开，审议并一致通过以下议案：（1）2007 年第一季度报告全文及正文（2）监事会关于公司 2007 年第一季度报告的审议意见。 5、第四届监事会第三次会议于 2007 年 7 月 27 日在公司召开，审议并一致通过以下议案：（1）2007 年半年度报告全文及摘要（2）监事会关于公司 2007 年半年度报告的审议意见。 6、第四届监事会第四次会议于 2007 年 10 月 28 日在公司召开，审议并一致通过以下议案：（1）2007 年第三季度报告全文及正文（2）监事会关于公司 2007 年第三季度报告的审议意见。 (二)监事会对公司依法运作情况的独立意见 公司决策严格遵照《公司法》、《上市公司治理规则》等有关程序规定；股东大会、董事会、监事会 和经营班子之间责权明晰，各司其职，相互制衡，建立了完善的内部控制制度；公司董事会和高级管 理人员认真贯彻和执行 2006 年度股东大会决议精神，继续加强内部管理，敢于创新成功开拓国内外新 市场，以追求股东价值最大化为目标不断进取。公司董事、经理执行公司职务时无违反法律、法规、 公司章程行为或损害公司利益行为。 (三)监事会对检查公司财务情况的独立意见 监事会对 2007 年年度财务报表进行了帐务审核。监事会认为，该财务报表真实反映了公司的财务状况 及经营成果，并已经普华永道中天会计师事务所有限公司和普华永道中国有限公司分别根据国内和国 际审计准则审计，出具了无保留审计报告，也说明公司 2007 年仍保持良好的经营状况。 (四)监事会对公司最近一次募集资金实际投入情况的独立意见 监事会认为公司 2007 年度增发 A 股募集资金实际投入项目和承诺项目一致。 (五)监事会对公司收购出售资产情况的独立意见 报告期内公司无收购或出售资产行为。 (六)监事会对公司关联交易情况的独立意见 公司建立了关联交易规则，关联交易程序合法、价格合理，并无损害公司及广大股东的利益。 39 上海振华港口机械(集团)股份有限公司 2007 年年度报告 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、与日常经营相关的关联交易 （1）、购买商品、接受劳务的重大关联交易 单位:元 币种:人民币 关联 关联 市 关联交 占同类交 关联交易 交易 交易 场 易对公 关联方 关联交易价格 关联交易金额 易金额的 内容 定价 结算 价 司利润 比例(%) 原则 方式 格 的影响 中交三航局 为本公司 同类 兴安基建筑 建造码头 产品 106,824,020 工程有限公 及生产车 市场 司 间 定价 注：中交三航局兴安基建筑工程有限公司为本公司建造码头及生产车间。 （2）、销售商品、提供劳务的重大关联交易 单位:元 币种:人民币 市 关联交 占同类交 关联交 关联交易 关联交 场 关联方 易定价 关联交易价格 关联交易金额 易金额的 易结算 对公司利 易内容 价 原则 比例(%) 方式 润的影响 格 向我公 中国交通 同类产 司采购 建设股份 品市场 297,180,642 港口机 有限公司 定价 械 注：控股股东中国交通建设股份有限公司向我公司采购港口机械。 2007 年 4 月 10 日公司 2007 年度第一次临时股东大会通过《关于公司与中国交通建设股份有限公司签 订日常关联交易框架协议的议案》，公司与中交股份签订 2007-2009 年关联交易框架协议，在这三年 内，我公司及其下属单位可能与中交股份及其下属机构在日常经营中发生主营业务方面的关联交易， 只要年关联交易金额不超过 25 亿元人民币公司管理层均已经得到股东大会的授权。 2、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 中国交通建设股份 控股股东 269,121,247 71,299,602 有限公司 中交三航局兴安基 其他 106,824,020 6,146,878 建筑工程有限公司 合计 / 269,121,247 71,299,602 106,824,020 6,146,878 40 上海振华港口机械(集团)股份有限公司 2007 年年度报告 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 269,121,247 元，余额 71,299,602 元。 关联债权债务形成原因： 1、中交股份向我公司采购港口机械，71,299,602 元系我公司与中交股份在交易中形成的应收账款。 2、中交三航局兴安基建筑工程有限公司为我公司建造码头及生产车间，6,146,878 元为我公司与其在 交易中形成的应付账款。 3、其他重大关联交易 截至报告期末，关联方中国交通建设（集团）有限公司为本公司总值为 58,436,800 元人民币的一年内 到期的长期借款提供担保。公司所从事的港口机械制造业为资金密集型行业，中交集团提供的贷款或 担保保证了公司在日常生产经营中保持充足的资金。 (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 本年度公司无担保事项。 (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 1、报告期内，我公司与韩进海运、马士基集团、迪拜港务局、新加坡港务局分别签订大额集装箱起重 机械供货协议事项，已分别刊登在 2007 年 2 月 27 日、4 月 19 日、7 月 3 日、8 月 10 日的《上海证券 报》《香港文汇报》上。 2、报告期内，我公司与与海油工程（香港）有限公司签订 7000T 全回转起重工程船供货合同事项，已 分别刊登在 9 月 13 日的《上海证券报》《香港文汇报》上。 3、为防范汇率波动风险，报告期内公司与银行间签订了远期外汇合同，交割时间最晚至 2008 年 12 月。这些合约是对应公司已签订的销售合同并得到董事会授权而签订的。 41 上海振华港口机械(集团)股份有限公司 2007 年年度报告 (十)承诺事项履行情况 公司或持股 5%以上股东在报告期内或持续到报告期内的承诺事项发行时所作承诺及履行情况： 就避免同业竞争事项，中交股份已于 2007 年 7 月 20 日向本公司承诺： ①本公司在此确认，本公司及本公司的任何附属公司目前均未从事任何可能对发行人的经营业绩造成 严重不利影响的业务活动。 ②本公司在此承诺，本公司及本公司的任何附属公司在未来均将不从事任何可能对发行人的经营业绩 造成严重不利影响的业务活动，直至本公司不再拥有对发行人的控股地位。 ③本公司在此承诺，本公司拟在本承诺出具之日三年内，选择合适的时机通过适当的方式整合发行人 与上海港机重工有限公司的业务，以解决上海港机重工有限公司和发行人部分业务相近的问题。 2007 年 9 月 1 日，中交股份提出了关于整合振华港机与港机重工相近业务的进一步计划与时间安 排如下：中交股份将在港机重工全部完成世博会相关动迁事项之后，于 2009 年 7 月 31 日之前通过内 部协调，提出整合港机重工与振华港机相近业务的具体方案，整合方式包括但不限于收购、定向增发、 港机重工业务转型等，并于 2010 年 7 月前实施上述方案。 中交股份按要求严格履行相关承诺事项。 (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，支付其上一年度审计工作的酬金共 250 万元，截止上一报 告期末，该会计师事务所已为本公司提供了 14 年审计服务。公司现聘任普华永道中天会计师事务所有 限公司为公司的境内审计机构。 担任本年审计工作并出具审计意见的注册会计师为王笑、朱伟。 (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、公司董事会及董事均未受中国证监会的稽查、行政处罚、通报批评及证券交易所的公 开谴责。 (十三)其它重大事项及其影响和解决方案的分析说明 1、关于获批抵免企业所得税款的公告，已刊登在 2007 年 6 月 7 日的《上海证券报》《香港文汇报》。 2、关于短期融资券发行申请获批事项，已刊登在 2008 年 1 月 8 日的《上海证券报》《香港文汇报》。 3、2007 年 8 月 27 日,中国证券监督管理委员会发行审核委员会 2007 年第 107 次工作会议审核并有条 件通过了本公司公开增发 A 股股票方案，2007 年 10 月 10 日中国证券监督管理委员会证监发行字[2007] 346 号文核准批准公司 A 股增发事项。截至报告日公司已经成功实施 A 股增发，实际增发股数为 12551.5 万股，共计募集资金约为 36.50 亿元,扣除发行费后,募集资金净额约为 35.34 亿元。新增股票已于 2007 年 10 月 23 日在上海证券交易所上市交易，公司总股本将由 308184 万股增至 320735.5 万股。 42 上海振华港口机械(集团)股份有限公司 2007 年年度报告 (十四)信息披露索引 事项 刊载的报刊名称及版面 刊载日期 2007-1 第三届董事会第十九次会议决议公告 独立董事关于关联交易事项 上海证券报 D5 香港文汇报 A31 2007 年 1 月 10 日 的意见 签订日常关联交易公告 2007-2 重大合同公告-韩进海运 上海证券报 D5 香港文汇报 B3 2007 年 2 月 27 日 2007-3 第三届董事会第二十一次会议决议公告暨召开 2007 年度第一次临 上海证券报 48 香港文汇报 B4 2007 年 3 月 17 日 时股东大会的会议通知 第三届监事会第八次会议决议公告 2007-4 有限售条件的流通股上市公告 上海证券报 15 香港文汇报 B4 2007 年 3 月 24 日 2007-5 关于召开 2007 年度第一次临时股东大会的二次通知及网络投票更 上海证券报 A13 香港文汇报 B8 2007 年 4 月 2 日 正通知 2007-6 职工代表监事更选公告 上海证券报 D7 香港文汇报 B5 2007 年 4 月 3 日 2007-7 2006 年年度报告 第三届监事会第九次会议决议公告 前次募集资 金使用情况专项审核报告 第三届董事会第二十二次会议决议公告暨召开 上海证券报 D18 香港文汇报 A23 2007 年 4 月 11 日 2006 年度股东大会的会议通知 2006 年度报告摘要 2007-8 2007 年度第一次临时股东大会决议公告 第四届监事会第一次会议 上海证券报 D7 香港文汇报 A23 2007 年 4 月 12 日 决议公告 第四届董事会第一次会议决议公告 2007-9 重大合同公告-马士基集团 上海证券报 D71 香港文汇报 A18 2007 年 4 月 19 日 2007-10 2007 年第一季度报告 上海证券报 69 香港文汇报 A22 2007 年 4 月 21 日 2007-11 第四届董事会第三次会议决议公告 职工代表监事更选公告 上海证券报 D24 香港文汇报 A10 2007 年 5 月 9 日 2007-12 2006 年度股东年会决议公告 上海证券报 21 香港文汇报 A19 2007 年 5 月 19 日 2007-13 关于获批抵免企业所得税款的公告 上海证券报 D12 香港文汇报 B9 2007 年 6 月 7 日 2007-14 关于公司治理专项活动自查报告和整改计划 第四届董事会第四次 上海证券报 D36 香港文汇报 A54 2007 年 6 月 29 日 会议决议公告 2007-15 2006 年度分红派息实施公告 上海证券报 A10 香港文汇报 A21 2007 年 7 月 2 日 2007-16 重大合同公告-迪拜港务局 上海证券报 D8 香港文汇报 B11 2007 年 7 月 3 日 2007-17 上海振华港口机械（集团）股份有限公司 2007 年半年度报告摘要 上海证券报 D42 D44 香港文汇 2007 年 7 月 31 日 第四届董事会第五次会议决议公告 报 B9 2007-18 上海振华港口机械（集团）股份有限公司重大合同公告－海工 上海证券报 D68 香港文汇报 B11 2007 年 8 月 10 日 2007-19 上海振华港口机械（集团）股份有限公司关于公开增发Ａ股股票 上海证券报 D156 香港文汇报 A22 2007 年 8 月 28 日 事宜获得中国证监会发行审核委员会审核通过的公告 2007-20 重大合同公告-新加坡港务局 上海证券报 D15 香港文汇报 B3 2007 年 9 月 13 日 2007-21 上海振华港口机械（集团）股份有限公司增发 A 股招股意向书摘 要 上海振华港口机械（集团）股份有限公司增发 A 股网上路演公告 上海 上海证券报 D6 D7 2007 年 10 月 11 日 振华港口机械（集团）股份有限公司增发 A 股网上发行公告 上海振华港口 机械（集团）股份有限公司增发 A 股网下发行公告 2007-22 上海振华港口机械（集团）股份有限公司第四届董事会第七次会 上海证券报 B2 香港文汇报 A42 2007 年 10 月 12 日 议决议公告 2007-23 上海振华港口机械集团股份有限公司增发 A 股网下发行结果及网 上海证券报 D5 香港文汇报 B4 2007 年 10 月 18 日 上中签率公告 2007-24 上海振华港口机械（集团）股份有限公司增发 A 股网上资金申购 上海证券报 D4 香港文汇报 B15 2007 年 10 月 19 日 摇号中签结果公告 2007-25 上海振华港口机械（集团）股份有限公司增发 A 股上市公告书 上海证券报 A15 香港文汇报 B11 2007 年 10 月 22 日 2007-26 上海振华港口机械（集团）股份有限公司 2007 年第三季度报告 上 上海证券报 D68 香港文汇报 A29 2007 年 10 月 30 日 海振华港口机械（集团）股份有限公司第四届董事会第八次会议决议公告 2007-27 上海振华港口机械（集团）股份有限公司澄清公告 上海证券报 D10 香港文汇报 A29 2007 年 11 月 9 日 2007-28 上海振华港口机械（集团）股份有限公司第四届董事会第九次会 议决议公告 上海振华港口机械（集团）股份有限公司关于上市公司治理专 上海证券报 A4 香港文汇报 A47 2007 年 11 月 13 日 项活动的整改报告 2007-29 重大合同公告-太仓武港码头有限公司 上海证券报 A13 香港文汇报 B9 2007 年 11 月 19 日 2007-30 重大合同公告-台北港货柜码头 上海证券报 D23 香港文汇报 B11 2007 年 12 月 7 日 2007-31 上海振华港口机械（集团）股份有限公司第四届董事会第十次会 上海证券报 D15 香港文汇报 C2 2007 年 12 月 14 日 议决议公告 刊载的互联网网站及检索路径 登陆上海证券交易所网站(WWW.SSE.COM.CN)输入本公司股票代码 600320 或 900947 查阅。 43 上海振华港口机械(集团)股份有限公司 2007 年年度报告 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、会计机构负责人签名并盖章 的会计报表。 （二）载有会计师事务所盖章、注册会计师签名并盖章的审计报告原件。 （三）报告期内在中国证监会指定报纸上公开披露过的所有公司文件的正本 及公告的原件 董事长：周纪昌 上海振华港口机械(集团)股份有限公司 2008 年 4 月 9 日 44 上海振华港口机械(集团)股份有限公司 2007 年度财务报表及审计报告 上海振华港口机械(集团)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 1-2 合并及母公司资产负债表 3-4 合并及母公司利润表 5 合并及母公司现金流量表 6 合并股东权益变动表 7 母公司股东权益变动表 8 财务报表附注 9 - 69 普华永道中天会计师事务所有限公司 中华人民共和国 上海 200021 湖滨路 202 号 普华永道中心 11 楼 电话：(21) 6123 8888 传真：(21) 6123 8800 审计报告 普华永道中天审字(2008)第 10026 号 (第一页，共二页) 上海振华港口机械(集团)股份有限公司全体股东： 我们审计了后附的上海振华港口机械(集团)股份有限公司(以下简称“振华 港机公司”)及其子公司(以下合称“振华港机集团”)的合并及母公司财务 报表，包括 2007 年 12 月 31 日的合并及母公司资产负债表以及 2007 年 度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东 权益变动表和财务报表附注。 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振华港机集团和振华港机公司管 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。 -1- 普华永道中天审字(2008)第 10026 号 (第二页，共二页) 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，上述振华港机集团和振华港机公司的合并及母公司财务报表已 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振华港机集 团和振华港机公司 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。 普华永道中天 会计师事务所有限公司 注册会计师 _____王笑_____ 中国 上海市 2008 年 4 月 8 日 注册会计师 _____朱伟______ -2- 上海振华港口机械(集团)股份有限公司 2007年12月31日合并及母公司资产负债表 (除特别注明外，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 七(1) 1,283,979,612 803,333,296 1,130,671,788 553,643,020 交易性金融资产 七(2) 442,306,963 2,967,306 442,306,963 2,967,306 应收票据 6,000,000 - 6,000,000 - 应收账款 七(3)、八(1) 3,660,436,464 2,819,284,838 3,710,736,438 3,020,957,517 预付款项 七(5) 3,614,304,534 1,241,232,719 3,358,928,620 1,169,371,744 应收股利 - - - - 其他应收款 七(4)、八(2) 233,619,294 235,126,657 2,363,530,430 1,755,095,377 存货 七(6) 1,640,574,558 1,221,894,599 1,633,876,103 1,211,534,385 已完工尚未结算款 七(7) 7,824,459,550 6,435,333,296 7,231,828,675 6,182,422,356 流动资产合计 18,705,680,975 12,759,172,711 19,877,879,017 13,895,991,705 非流动资产 长期股权投资 七(8)、八(3) 46,370,049 7,920,493 651,209,259 312,729,276 固定资产 七(9) 5,956,862,376 5,087,512,048 3,774,812,149 3,341,710,999 在建工程 七(10) 2,683,906,427 1,487,788,874 1,863,973,602 1,335,731,118 无形资产 七(11) 1,602,957,413 230,712,311 1,532,032,736 211,323,379 递延所得税资产 七(22) 119,553,866 53,492,628 119,451,050 53,492,628 非流动资产合计 10,409,650,131 6,867,426,354 7,941,478,796 5,254,987,400 资产总计 29,115,331,106 19,626,599,065 27,819,357,813 19,150,979,105 后附财务报表附注为财务报表的组成部分。 企业法人代表人：周纪昌 主管会计工作负责人：管彤贤 会计机构负责人：王珏 -3- 上海振华港口机械(集团)股份有限公司 2007年12月31日合并及母公司资产负债表(续) (除特别注明外，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 七(12) 4,731,976,771 3,757,709,700 3,874,562,771 3,468,666,200 交易性金融负债 七(2) 131,973,504 18,868,081 56,713,504 18,868,081 应付票据 七(13) 2,640,611,925 1,092,987,921 2,640,611,925 1,092,987,921 应付短期债券 七(14) - 1,745,553,699 - 1,745,553,699 应付账款 七(15) 1,478,791,188 1,060,084,854 1,421,923,723 985,480,268 预收款项 七(16) 152,215,124 334,862,610 150,523,094 330,335,774 已结算尚未完工款 七(7) 2,185,656,339 998,670,286 2,185,656,339 998,670,286 应付职工薪酬 七(17) 166,278,072 149,491,801 164,710,032 140,642,972 应交税费 七(18) 53,297,354 113,046,682 29,113,735 133,750,688 应付股利 七(19) 199,993,500 - 199,993,500 - 其他应付款 七(20) 674,906,012 571,155,053 579,593,445 672,137,608 一年内到期的非流动负债 七(21) 65,856,800 1,542,102,378 65,856,800 1,511,102,378 流动负债合计 12,481,556,589 11,384,533,065 11,369,258,868 11,098,195,875 非流动负债 长期借款 七(21) 5,226,197,400 2,199,650,572 5,226,197,400 2,199,650,572 递延所得税负债 七(22) 95,742,421 - 57,839,018 - 非流动负债合计 5,321,939,821 2,199,650,572 5,284,036,418 2,199,650,572 负债合计 17,803,496,410 13,584,183,637 16,653,295,286 13,297,846,447 股东权益 股本 七(23) 3,207,355,000 3,081,840,000 3,207,355,000 3,081,840,000 资本公积 七(24) 3,856,513,159 261,780,835 3,856,513,159 261,780,835 盈余公积 七(25) 1,187,083,249 981,587,394 1,187,083,249 981,587,394 未分配利润 2,862,923,438 1,526,122,457 2,915,111,119 1,527,924,429 归属于母公司股东权益合计 11,113,874,846 5,851,330,686 11,166,062,527 5,853,132,658 少数股东权益 七(27) 197,959,850 191,084,742 - - 股东权益合计 11,311,834,696 6,042,415,428 11,166,062,527 5,853,132,658 负债及股东权益总计 29,115,331,106 19,626,599,065 27,819,357,813 19,150,979,105 后附财务报表附注为财务报表的组成部分。 企业法人代表人：周纪昌 主管会计工作负责人：管彤贤 会计机构负责人：王珏 -4- 上海振华港口机械(集团)股份有限公司 2007年度合并及母公司利润表 (除特别注明外，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 七(28)、八(4) 21,005,474,031 17,096,659,139 21,006,958,124 17,092,324,041 减： 营业成本 七(28)、八(4) (17,831,238,720) (14,508,607,913) (18,010,064,320) (14,592,558,317) 营业税金及附加 (29,189,604) (23,362,730) (2,210,125) (734,572) 销售费用 (40,472,969) (35,660,789) (40,472,969) (35,660,789) 管理费用 (478,460,451) (291,307,936) (383,716,139) (216,171,618) 财务费用-净额 七(29) (495,984,521) (456,001,413) (458,792,369) (440,798,504) 资产减值损失 七(30) (97,137,581) (56,908,215) (97,137,582) (56,908,215) 加： 公允价值变动收益/(损失) 七(31) 127,899,163 (15,900,775) 203,159,163 (15,900,775) 投资收益 七(32)、八(5) 3,271,069 333,311 3,271,069 333,311 二、营业利润 2,164,160,417 1,709,242,679 2,220,994,852 1,733,924,562 加： 营业外收入 53,320,520 33,120,681 1,470,159 602,386 减： 营业外支出 (35,211,686) (21,566,962) (35,053,372) (21,411,998) 其中：非流动资产处置损失 (229,396) (931,555) (229,396) (927,195) 三、利润总额 2,182,269,251 1,720,796,398 2,187,411,639 1,713,114,950 减： 所得税费用 七(33) (170,821,307) (102,960,529) (132,453,094) (96,885,374) 四、净利润 2,011,447,944 1,617,835,869 2,054,958,545 1,616,229,576 归属于母公司股东的净利润 2,004,572,836 1,606,047,627 2,054,958,545 1,616,229,576 少数股东损益 6,875,108 11,788,242 - - 五、每股收益(基于归属于母公司普通股股东合并净利 基本每股收益 七(34) 0.65 0.52 稀释每股收益 0.65 0.52 补充资料： 2007年度 2006年度 2007年度 2006年度 附注 项 目 合并 合并 母公司 母公司 1. 会计估计变更减少利润总额 四(24) (23,706,519) - (174,908,867) - 后附财务报表附注为财务报表的组成部分。 企业法人代表人：周纪昌 主管会计工作负责人：管彤贤 会计机构负责人：王珏 -5- 上海振华港口机械(集团)股份有限公司 2007年度合并及母公司现金流量表 (除特别注明外，金额单位为人民币元) 2007年度 2006年度 2007年度 2006年度 附注 项 目 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 20,302,972,417 21,332,174,775 20,336,268,839 21,282,047,435 收到的税费返还 1,154,439,122 987,195,513 1,154,438,528 987,195,513 收到其他与经营活动有关的现金 70,190,675 175,546,564 38,623,125 251,058,244 经营活动现金流入小计 21,527,602,214 22,494,916,852 21,529,330,492 22,520,301,192 购买商品、接受劳务支付的现金 (19,365,077,517) (20,748,098,902) (19,679,610,922) (21,927,490,899) 支付给职工以及为职工支付的现金 (711,448,721) (433,198,222) (462,973,687) (330,200,930) 支付的各项税费 (284,397,891) (175,361,260) (184,336,775) (112,229,503) 支付其他与经营活动有关的现金 (618,467,756) (378,188,313) (622,537,423) (394,424,379) 经营活动现金流出小计 (20,979,391,885) (21,734,846,697) (20,949,458,807) (22,764,345,711) 经营活动产生的现金流量净额 七(35) 548,210,329 760,070,155 579,871,685 (244,044,519) 二、投资活动产生的现金流量 取得投资收益所收到的现金 3,271,069 333,311 3,271,069 333,311 处置固定资产和在建工程收回的现金净额 102,444,307 66,698,056 6,471,271 36,913,937 收到其他与投资活动有关的现金 74,654,542 19,987,197 18,936,176 15,074,620 投资活动现金流入小计 180,369,918 87,018,564 28,678,516 52,321,868 购建固定资产、在建工程和无形资产支付的现金 (4,070,050,187) (2,892,356,675) (2,978,957,169) (1,748,974,129) 投资支付的现金 (38,449,556) - (338,479,983) (100,598,110) 投资活动现金流出小计 (4,108,499,743) (2,892,356,675) (3,317,437,152) (1,849,572,239) 投资活动产生的现金流量净额 (3,928,129,825) (2,805,338,111) (3,288,758,636) (1,797,250,371) 三、筹资活动产生的现金流量 吸收投资收到的现金 3,534,059,945 1,736,100,000 3,534,059,945 1,736,100,000 取得借款收到的现金 12,569,014,672 11,774,639,400 11,934,787,373 11,485,595,900 筹资活动现金流入小计 16,103,074,617 13,510,739,400 15,468,847,318 13,221,695,900 偿还债务支付的现金 (11,524,666,827) (10,479,252,900) (11,493,666,827) (10,306,743,700) 分配股利、利润或偿付利息支付的现金 (838,253,997) (823,216,246) (809,676,793) (810,297,217) 筹资活动现金流出小计 (12,362,920,824) (11,302,469,146) (12,303,343,620) (11,117,040,917) 筹资活动产生的现金流量净额 3,740,153,793 2,208,270,254 3,165,503,698 2,104,654,983 四、汇率变动对现金及现金等价物的影响 - - - - 五、现金及现金等价物净增加额 360,234,297 163,002,298 456,616,747 63,360,093 加：年初现金及现金等价物余额 726,693,946 563,691,648 477,003,670 413,643,577 六、年末现金及现金等价物余额 七(35) 1,086,928,243 726,693,946 933,620,417 477,003,670 后附财务报表附注为财务报表的组成部分。 企业法人代表：周纪昌 主管会计工作负责人：管彤贤 会计机构负责人：王珏 -6- 上海振华港口机械(集团)股份有限公司 2007年度合并股东权益变动表 (除特别注明外，金额单位为人民币元) 归属于母公司股东权益 项目 附注 外币报表折算 少数股东权益 股东权益合计 股本 资本公积 减：库存股 盈余公积 未分配利润 差额 2005年12月31日年末余额 1,540,920,000 1,186,332,835 - 823,473,350 1,020,593,765 - 179,296,500 4,750,616,450 会计政策变更 - - - - - - - - 前期差错更正 - - - - - - - - 首次执行企业会计准则 - - - (3,508,913) (14,343,978) - - (17,852,891) 2006年1月1日年初余额 1,540,920,000 1,186,332,835 - 819,964,437 1,006,249,787 - 179,296,500 4,732,763,559 2006年度增减变动额 净利润 - - - - 1,606,047,627 - 11,788,242 1,617,835,869 直接计入股东权益的利得 - - - - - - - - 可供出售金融资产公允价值变动净额 - - - - - - - - 权益法下被投资单位其他所有者权益变动的影响 - - - - - - - - 与计入股东权益项目相关的所得税影响 - - - - - - - - 其他 - - - - - - - - 小计 - - - - 1,606,047,627 - 11,788,242 1,617,835,869 股东投入和减少资本 股东投入资本 - - - - - - - - 股份支付计入股东权益的金额 - - - - - - - - 其他 - - - - - - - - 利润分配 提取盈余公积 - - - 161,622,957 (161,622,957) - - - 对股东的分配 - - - - (308,184,000) - - (308,184,000) 派发股票股利 616,368,000 - - - (616,368,000) - - - 股东权益内部结转 资本公积转增股本 924,552,000 (924,552,000) - - - - - - 盈余公积转增股本 - - - - - - - - 盈余公积弥补亏损 - - - - - - - - 其他 - - - - - - - - 2006年12月31日年末余额 3,081,840,000 261,780,835 - 981,587,394 1,526,122,457 - 191,084,742 6,042,415,428 2007年1月1日年初余额 3,081,840,000 261,780,835 - 981,587,394 1,526,122,457 191,084,742 6,042,415,428 2007年度增减变动额 净利润 - - - - 2,004,572,836 - 6,875,108 2,011,447,944 直接计入股东权益的利得 - - - - - - - - 可供出售金融资产公允价值变动净额 - - - - - - - - 权益法下被投资单位其他所有者权益变动的影响 - - - - - - - - 与计入股东权益项目相关的所得税影响 - (32,856,596) - - - - - (32,856,596) 套期储备 - 219,043,975 - - - - - 219,043,975 小计 - 186,187,379 - - 2,004,572,836 - 6,875,108 2,197,635,323 股东投入和减少资本 股东投入资本 125,515,000 3,408,544,945 - - - - - 3,534,059,945 股份支付计入股东权益的金额 - - - - - - - - 其他 - - - - - - - - 利润分配 提取盈余公积 - - - 205,495,855 (205,495,855) - - - 对股东的分配 - - - - (462,276,000) - - (462,276,000) 其他 - - - - - - - - 股东权益内部结转 资本公积转增股本 - - - - - - - - 盈余公积转增股本 - - - - - - - - 盈余公积弥补亏损 - - - - - - - - 其他 - - - - - - - - - 2007年12月31日年末余额 3,207,355,000 3,856,513,159 - 1,187,083,249 2,862,923,438 - 197,959,850 11,311,834,696 - - 后附财务报表附注为财务报表的组成部分。 企业法人代表人：周纪昌 主管会计工作负责人：管彤贤 会计机构负责人：王珏 -7- 上海振华港口机械(集团)股份有限公司 2007年度母公司股东权益变动表 (除特别注明外，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 1,540,920,000 1,186,332,835 - 823,473,350 1,029,450,028 4,580,176,213 会计政策变更 - - - - - - 前期差错更正 - - - - - - 首次执行企业会计准则 - - - (3,508,913) (31,580,218) (35,089,131) 2006年1月1日年初余额 1,540,920,000 1,186,332,835 - 819,964,437 997,869,810 4,545,087,082 2006年度增减变动额 净利润 - - - - 1,616,229,576 1,616,229,576 直接计入股东权益的利得 - - - - - - 可供出售金融资产公允价值变动净额 - - - - - - 权益法下被投资单位其他所有者权益变动的影响 - - - - - - 与计入股东权益项目相关的所得税影响 - - - - - - 其他 - - - - - - 小计 - - - - 1,616,229,576 1,616,229,576 股东投入和减少资本 股东投入资本 - - - - - - 股份支付计入股东权益的金额 - - - - - - 其他 - - - - - - 利润分配 提取盈余公积 - - - 161,622,957 (161,622,957) - 对股东的分配 - - - - (308,184,000) (308,184,000) 派发股票股利 616,368,000 - - - (616,368,000) - 股东权益内部结转 资本公积转增股本 924,552,000 (924,552,000) - - - - 盈余公积转增股本 - - - - - - 盈余公积弥补亏损 - - - - - - 其他 - - - - - - 2006年12月31日年末余额 3,081,840,000 261,780,835 - 981,587,394 1,527,924,429 5,853,132,658 2007年1月1日年初余额 3,081,840,000 261,780,835 - 981,587,394 1,527,924,429 5,853,132,658 2007年度增减变动额 净利润 - - - - 2,054,958,545 2,054,958,545 直接计入股东权益的利得 - - - - - - 可供出售金融资产公允价值变动净额 - - - - - - 权益法下被投资单位其他所有者权益变动的影响 - - - - - - 与计入股东权益项目相关的所得税影响 - (32,856,596) - - - (32,856,596) 套期储备 - 219,043,975 - - - 219,043,975 小计 - 186,187,379 - - 2,054,958,545 2,241,145,924 股东投入和减少资本 股东投入资本 125,515,000 3,408,544,945 - - - 3,534,059,945 股份支付计入股东权益的金额 - - - - - - 其他 - - - - - - 利润分配 提取盈余公积 - - - 205,495,855 (205,495,855) - 对股东的分配 - - - - (462,276,000) (462,276,000) 其他 - - - - - - 股东权益内部结转 资本公积转增股本 - - - - - - 盈余公积转增股本 - - - - - - 盈余公积弥补亏损 - - - - - - 其他 - - - - - - 2007年12月31日年末余额 3,207,355,000 3,856,513,159 - 1,187,083,249 2,915,111,119 11,166,062,527 后附财务报表附注为财务报表的组成部分。 企业法人代表人：周纪昌 主管会计工作负责人：管彤贤 会计机构负责人：王珏 -8- 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 一 公司基本情况 上海振华港口机械(集团)股份有限公司 (以下简称“本公司”或“母公司”)是由上 海振华港口机械有限公司(以下简称“振华公司”)于 1997 年 9 月 8 日改制成立的 股份有限公司。注册地为中华人民共和国上海市。 经国务院证券委员会证委发字(1997)第 42 号文件批准，本公司于 1997 年 7 月 15 日至 7 月 17 日向境外投资者发行了 1 亿股境内上市外资股(“B 股”)。B 股于 1997 年 8 月 5 日在上海证券交易所挂牌上市交易。 经中国证券监督管理委员会证监发行字(2000)200 号文批准，本公司于 2000 年 12 月向境内投资者增资发行了 88,000,000 股人民币普通股(“A 股”)。该增资发 行的 A 股于 2000 年 12 月 21 日在上海证券交易所挂牌上市交易。 经中国证券监督管理委员会证监发行字(2004)165 号文批准，本公司于 2004 年 12 月 23 日向境内投资者增资发行了 114,280,000 股 A 股。该增资发行的 A 股分 批于 2004 年 12 月 31 日及 2005 年 1 月 31 日在上海证券交易所挂牌上市交易。 经中国证券监督管理委员会证监发行字(2007)346 号文批准，本公司于 2007 年 10 月 15 日向境内投资者增资发行了 125,515,000 股 A 股。该增资发行的 A 股分 批于 2007 年 10 月 23 日及 2008 年 1 月 23 日在上海证券交易所挂牌上市交易。 本次增资发行 A 股完成后，本公司股本增至 3,207,355,000 股，每股面值 1 元， 共计 3,207,355,000 元。 2005 年 12 月 18 日，中国路桥建设集团总公司与本公司原控股股东中国港湾建设 (集团)总公司经改制后合并成为中国交通建设(集团)有限公司(以下简称“中交集 团”。根据国务院国资委 2006 年 8 月 16 日《关于中国交通建设集团公司整体重 组并境内外上市的批复》(国资改革[2006]1063 号文)及 2006 年 9 月 30 日《关于 中国交通建设股份有限公司国有股权管理有关问题批复》(国资产权[2006]1072 号 文)批准的中交集团重组方案，以及中国证券监督管理委员会《关于同意中国交通 建设股份有限公司公告路桥集团国际建设股份有限公司、上海振华港口机械(集团) 股份有限公司收购报告书并豁免其要约收购义务的批复》(证监公司字[2006]227 号)，中交集团于 2006 年 10 月 8 日独家发起设立中国交通建设股份有限公司(以 下简称“中交股份”)，并将其所持本公司的股权投入设立的中交股份。重组完成 之后，中交股份即成为本公司的控股股东。 -9- 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 一 公司基本情况(续) 根据国务院国有资产监督管理委员会国资产权[2006]195 号《关于上海振华港口 机械(集团)股份有限公司股权分置改革有关问题的批复》，本公司于 2006 年 3 月 24 日进行股权分置改革。本公司全体非流通国有法人股股东中交集团向股权分置 改革方案所约定的股份变更登记日(2006 年 3 月 27 日)登记在册的流通 A 股股东 每 10 股支付 2.5 股对价股份，共 108,855,000 股境内法人股。自 2006 年 3 月 29 日起，本公司所有法人股即获得上市流通权。关于有限售条件股份的上市流通情 况，详见附注七(23)。 本公司及子公司(以下合称“本集团”)主要从事设计、建造、销售和安装大型港 口设备、工程船舶以及大型金属结构件及其部件、配件；自产起重机租赁业务， 销售公司自产产品；可用整机运输专用船从事国际海运及钢结构工程专业承包。 本财务报表由本公司董事会于 2008 年 4 月 8 日批准报出。 二 财务报表的编制基础 本集团原以 2006 年 2 月 15 日以前颁布的企业会计准则和 2000 年 12 月 29 日颁 布的《企业会计制度》及相关规定(以下合称“原会计准则和制度”)编制财务报 表。自 2007 年 1 月 1 日起，本公司执行财政部于 2006 年 2 月 15 日颁布的《企 业会计准则—基本准则》和 38 项具体会计准则、其后颁布的企业会计准则应用指 南、企业会计准则解释以及其他相关规定(以下简称“企业会计准则”)。2007 年 度财务报表为本公司首份按照企业会计准则编制的年度财务报表。 在编制 2007 年度财务报表时，2006 年度的相关比较数据已按照《企业会计准则- 第 38 号—首次执行企业会计准则》的要求进行追溯调整，并按照企业会计准则重 新列报，追溯调整涉及的主要内容包括： (1) 对于属于同一控制下企业合并产生的尚未摊销完毕的股权投资差额，予以全额 冲销。 (2) 将原单项列示于合并资产负债表中负债及股东权益之间的少数股东权益列入股 东权益。 - 10 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 二 财务报表的编制基础(续) 此外，本集团于 2007 年 1 月 1 日首次执行企业会计准则时，除了按照《企业会 计准则第 38 号-首次执行企业会计准则》第五条至第十九条的规定进行追溯调整 外，还按照《企业会计准则解释第 1 号》的规定，对于本公司持有的对子公司的 长期股权投资，在母公司财务报表中进行追溯调整，视同该子公司自最初即采用 成本法核算。相关母公司财务报表数据已经按照上述追溯调整后的金额重新列 报。 按原会计准则和制度列报的 2006 年年初及年末合并股东权益、2006 年度合并净 利润调整为按企业会计准则列报的 2006 年年初及年末合并股东权益及 2006 年度 合并净利润的调节过程列示于本财务报表附注十三。 三 遵循企业会计准则的声明 本集团与本公司 2007 年度合并及母公司财务报表符合企业会计准则的要求，真 实、完整地反映了本集团和本公司 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等有关信息。 四 重要会计政策和会计估计 (1) 会计年度 会计年度为公历 1 月 1 日起至 12 月 31 日止。 (2) 记账本位币 记账本位币为人民币。 - 11 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 四 重要会计政策和会计估计(续) (3) 外币折算 (a) 外币业务核算方法 除外币资本的核算外，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。以公允价值计量的外币非货币性项目，采用公允价值确定日的即期汇 率折算，所产生的折算差额，作为公允价值变动直接计入当期损益。 于资产负债表日，以历史成本计量的外币非货币性项目，采用交易发生日 的即期汇率折算。 外币资本按资本金实际投入当日的即期汇率折算为人民币入账。由于相关 资产科目与股本科目所采用的折算汇率不同而产生的折算差额，计入资本 公积。 (b) 外币财务报表的折算 本集团境外子公司外币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，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，未分配利润项目以折算后股东权益变动表中该项目的 金额列示。外币利润表中的收入与费用项目，采用交易年度平均汇率折 算。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。 外币现金流量以及境外子公司的现金流量采用年度平均汇率折算。汇率变 动对现金的影响额，在现金流量表中单独列示。 - 12 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 四 重要会计政策和会计估计(续) (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 是指持有的不超过三个月、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。 (5) 金融资产 - 应收款项 应收款项指应收账款及其他应收款。本集团对可能发生的坏账损失采用备抵法核 算。应收款项以实际发生额减去坏账准备后的净额列示。 (a) 应收账款 应收账款包括应收关联方账款及应收非关联方账款。 于资产负债表日，按合同约定已到期的应收账款，有确凿证据表明该项应收款项 不能够收回或收回的可能性不大，应采用个别认定法全额计提坏账准备。除此之 外，应收账款超过规定的收款期，将按逾期期限计提坏账准备，具体计提比例如 下： 逾期期限 计提比例 1－6 个月 - 7－12 个月 10% 1－2 年 30% 2－3 年 50% 3 年以上 100% (b) 其他应收款 本集团对其他应收款采用个别认定法计提专项坏账准备。 - 13 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 四 重要会计政策和会计估计(续) (5) 金融资产 - 应收款项(续) (c) 坏账损失确认标准 对于有确凿证据表明应收款项确实无法收回时，如债务单位已撤销、破产、资不 抵债、现金流量严重不足等，确认为坏账，并冲销已计提的相应坏账准备。 (d) 应收账款转让或贴现 本集团向金融机构转让或贴现不附追索权的应收账款及应收票据，视同已向购货 方或接受劳务方收取现金，按交易的款项扣除已转销的应收账款及应收票据的账 面价值和相关税费后的差额计入当期损益。 (6) 衍生性金融工具及套期会计 本集团主要从事外销业务，为规避外汇汇兑风险，本集团与多家银行签订远期外 汇合同。此外，本集团与多家银行签订了以浮动利率计息的长期借款。本集团通 过与银行签订利率掉期合同以规避长期银行借款的浮动利率风险。 远期外汇合同和利率掉期合同按实际成本入账，并在期末对其公允价值进行评 估。 远期外汇合同及利率掉期合同，除作为套期工具适用套期会计处理外，均作为衍 生性金融工具，其期末公允价值评估后产生的评估损益直接计入当期损益。 本集团为进行套期而将部分远期外汇合同指定为套期工具，其公允价值或现金流 量变动预期可抵消被套期项目的公允价值或现金流量变动。 套期分为公允价值套期和现金流量套期。公允价值套期和现金流量套期同时满足 下列条件，方能运用套期会计方法进行处理。 (a) 在套期开始时，本集团对套期关系(即套期工具和被套期项目之间的关系)有 正式的指定，并准备了关于套期关系，风险管理目标和套期策略的正式书 面文件。 (b) 该套期预期高度有效，且符合本集团最初为该套期关系所确定的风险管理 策略。 - 14 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 四 重要会计政策和会计估计(续) (6) 衍生性金融工具及套期会计(续) (c) 对预期交易的现金流量套期，预期交易应当很可能发生，且必须使本集团 面临最终影响损益的现金流量变动风险。 (d) 套期有效性能够可靠的计量。 (e) 本集团持续地对套期有效性进行评价，并确保该套期在套期关系被指定的 会计期间内高度有效。 套期同时满足下列条件的，认定为高度有效。 (a) 在套期开始及以后期间，该套期预期会高度有效地抵销套期指定期间该套 期风险引起的公允价值或现金流量变动； (b) 该套期的实际抵消结果在 80%至 125%的范围内。 作为公允价值套期的套期工具，其期末按公允价值评估后产生的评估损益直接记 入当期损益。 作为现金流量套期的套期工具，其期末按公允价值评估后产生的评估损益应区分 有效套期部分和无效套期部分。有效套期部分记入资本公积中的套期储备中，而 无效套期部分列入当期损益。当预期未来交易或承诺事项实现且确认为一项资产 或负债时，原记入资本公积中套期储备的评估损益将转入此项资产或负债的成本 中；当预期未来交易或承诺事项实现但不确认为一项资产或负债时，原记入资本 公积中套期储备的评估损益将转入当期损益；当预期未来交易预计不会发生时， 原记入资本公积中套期储备的评估损益将转入当期损益。 (7) 存货 存货包括原材料、外购零部件和在制品，按成本与可变现净值孰低列示。 存货发出时的成本按加权平均法核算。 存货跌价准备按存货成本高于其可变现净值的差额计提。可变现净值按日常活动 中，以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 相关税费后的金额确定。 - 15 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 四 重要会计政策和会计估计(续) (8) 建造合同 对于为客户定制生产的固定造价的大型港口设备及海上重型装备，由于其开工与 完工日期通常分属于不同的会计年度，因此本集团采用建造合同法核算其收入和 成本。 如果单项建造合同销售的结果能够可靠地估计，则根据该项合同完工进度按完工 百分比法在资产负债表日确认该建造合同的收入与成本。 (a) 对于大型港口设备，其完工进度按建造合同于期末达到的收入确认节点相 应的完工百分比确定。本集团确立了下述三个收入确认节点： 第一节点：主体钢结构制作完成并已竖立。 第二节点：产品制造，安装及初步调试完成，产品出厂合格证明已出具， 运输提单已取得，产品准备发运。 第三节点：产品经购买方最终验收交付，并取得购买方出具的最终交机证 书。 本集团将对于前一年度已完成的建造合同按产品类别进行分析，并按达到 上述收入确认节点时的成本占实际总成本的比例，计算确定达到各收入确 认节点时应确认的完工百分比，并将其作为当期到达各收入确认节点相应 应确认的完工百分比。 (b) 对于海上重型装备，其完工进度按累计发生的合同成本占合同预计总成本 的比例确定。该累计发生的合同成本不包括就合同未来活动产生的相关成 本。 如果单项建造合同的结果不能可靠地估计，则区别下列情况处理： (i) 合同成本能够收回的，合同收入根据能够收回的实际合同成本加以确认，合 同成本则在其发生的当期确认为费用。 (ii) 合同成本不可能收回的，则在发生时立即确认为当期费用，不确认合同收 入。 当合同预计总成本大于总收入时，则立即将预计损失确认为当期费用。 - 16 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 四 重要会计政策和会计估计(续) (8) 建造合同(续) 合同分期结算的价款，账列已结算价款，于建造合同结算完毕后与相关的累计已发 生的成本及累计已确认的毛利进行冲转。于资产负债表日，累计已发生的成本及累 计已确认的毛利之和大于累计已结算价款的差额列入流动资产中的已完工尚未结算 款；反之，则列入流动负债中的已结算尚未完工款。 (9) 长期股权投资 长期股权投资包括本集团对子公司和联营企业及其他准备持有超过一年的股权投 资。 子公司是指本集团直接或间接拥有其 50%以上的表决权资本，或其他本公司有权 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。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。 联营企业是指本集团拥有其表决权资本总额的 20%以上至 50%，或对其财务和经 营决策具有重大影响的被投资单位。对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的，其差额计入当期损益， 同时调整长期股权投资成本。 其他准备持有超过一年的股权投资指本集团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。对其他准备持有超过一年的股权投资采用成本法核算。 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。 - 17 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 四 重要会计政策和会计估计(续) (9) 长期股权投资(续) 采用权益法核算时，本集团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，但本集团负有承担 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，在持股比例不 变的情况下，本集团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集团应分得的部分，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集团按照持股比例计算享有的份额的 部分，确认当期投资收益。本集团与被投资单位之间发生的内部交易损益按照持 股比例计算归属于本集团的部分，予以抵销，在此基础上确认投资损益。本集团 与被投资单位发生的内部交易损失，属于资产减值损失的，全额确认该损失，相 应的未实现损益不予抵消。 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(附 注四(13))。 (10) 固定资产 固定资产是指为生产商品、提供劳务、出租或经营管理而持有的、使用期限在一 年以上且单位价值较高的有形资产。购置或新建的固定资产按取得时的成本作为 入账价值。本公司在改制时进行评估的固定资产，按其经国有资产管理部门确认 后的评估值作为入账价值。 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集团且其成本能够 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年限 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。 - 18 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 四 重要会计政策和会计估计(续) (10) 固定资产(续) 固定资产的预计使用年限、净残值率及年折旧率列示如下： 预计使用年限 预计净残值率 年折旧率 房屋及建筑物 20 年 0% 5% 生产设备 10 年 0% 10% 运输工具(除船舶外) 5年 0% 20% 船舶 5－10 年 根据国际市场船 根据预计净残值 舶废钢价格计算 及预计使用年限 确定 计算确定 其他设备 5年 0% 20% 办公设备 5年 0% 20% 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。 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(附注四 (13))。 (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，转入固定资 产并自次月起开始计提折旧。 当在建工程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(附注四 (13))。 - 19 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 四 重要会计政策和会计估计 (续) (12) 无形资产 无形资产包括土地使用权和软件使用费，按实际支付的价款或本公司改制时确认 的评估价值入账，并采用直线法在下列预计使用年限内摊销： 预计使用年限 土地使用权 土地使用年限 软件使用费 5年 外购土地及建筑物支付的价款应当在建筑物与土地使用权之间进行分配。难以合 理分配的，应当全部作为固定资产。 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(附注四 (13))。 (13) 资产减值 长期股权投资、固定资产、在建工程及无形资产，于资产负债表日存在减值迹象 的，将进行减值测试。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，即使资产价值在以后期间得以恢复，也不予转回。 - 20 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 四 重要会计政策和会计估计 (续) (14) 借款费用 为购建固定资产而发生的借款所产生的利息及汇兑损益等借款费用，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。 因安排借款而发生的辅助费用，属于在所购建固定资产达到预定可使用状态之前 发生的，于发生时资本化；其后发生的辅助费用计入当期损益。 其他借款发生的借款费用，于发生时计入当期损益。 (15) 应付债券 发行的债券按实际发行价格总额确认为负债。债券发行价格总额与债券面值总额 的差额作为债券的溢/折价，在债券的存续期间内按直线法摊销。 债券的溢/折价的摊销及发行费用计入当期损益。 (16) 职工薪酬 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。 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。 (18) 股利分配 股东大会批准的拟分配现金股利于批准的当期确认为负债。 - 21 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 四 重要会计政策和会计估计 (续) (19) 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(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，视同暂时性差异确认相应的递延所得税资产。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集团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。 对子公司及联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。但本集团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。 (20) 收入确认 收入的金额按照本集团在日常经营活动中销售产品和提供劳务时，已收或应收合 同或协议价款的公允价值确定。收入按扣除增值税、商业折扣、销售折让及销售 退回的净额列示。 与交易相关的经济利益能够流入本集团，相关的收入能够可靠计量且满足下列各 项经营活动的特定收入确认标准时，确认相关的收入。 (a) 对外销售的大型港口设备及海上重型装备按照完工百分比法确认收入(附注 四(8))。 (b) 船舶运输收入在航次完成时予以确认。 (c) 散货机件销售于发出时确认收入。 (d) 利息收入按存款的存续期间的实际利率计算确认。 (e) 补贴收入于实际收到时确认。 (f) 经营租赁收入采用直线法在租赁期内确认。 - 22 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 四 重要会计政策和会计估计(续) (21) 经营租赁 对于租入的资产，若与资产所有权有关的全部风险和报酬实质上仍归出租方的租 赁为经营租赁。经营租赁的租金支出在租赁期内按照直线法计入当期损益。 (22) 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。 从取得子公司的实际控制权之日起，本集团开始将其予以合并；从丧失实际控制 权之日起停止合并。集团内所有重大往来余额、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 东权益在合并财务报表中股东权益项下单独列示。 子公司与本公司采用的会计政策不一致的，在编制合并财务报表时，按照本公司 的会计政策对子公司财务报表进行必要的调整。 (23) 金融工具的公允价值确定 存在活跃市场的金融工具，以活跃市场中的报价确定其公允价值。不存在活跃市 场的金融工具，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资 产的当前公允价值、现金流量折现法等。采用估值技术时，尽可能最大程度使用 市场参数，减少使用与本集团特定相关的参数。 (24) 重大会计估计变更 根据本公司控股股东中国交通建设股份有限公司制定的会计政策和会计估计以及 在中交股份内部统一会计政策和会计估计的要求，本集团对以下两项会计估计进 行了变更： (a) 本集团自 2007 年 1 月 1 日起，对固定资产的预计净残值率进行了变更(附注 四(10))。该会计估计变更增加本集团本年度利润总额计 60,722,747 元。 (b) 本集团自 2007 年 1 月 1 日起，对应收账款坏账准备的计提方法进行了变更 (附注四(5))。该会计估计变更减少本集团本年度利润总额计 84,429,266 元。 - 23 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 五 税项 本公司及本集团本年度适用的主要税种及其税率列示如下： (a) 增值税 本集团的产品销售业务适用增值税，其中内销产品销项税率为 17%，外销 产品采用“免、抵、退”办法，退税率为 17%。 购买原材料、燃料、动力、运费等支付的增值税进项税额可以抵扣销项 税。增值税应纳税额为当期销项税额抵减当期可以抵扣的进项税额后的余 额。 (b) 营业税 本公司下属子公司上海振华船运有限公司的船舶运输收入适用营业税，税 率为 3%。 (c) 企业所得税 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》(以下简称“新所得税法”)，新所得税法将自 2008 年 1 月 1 日起施 行。 本公司确信可以取得高新技术企业资格，因此，根据新所得税法，本公司 所适用的企业所得税率自 2008 年 1 月 1 日起调整为 15%。 同时，根据新所得税法，本集团设立于浦东新区的子公司所适用的企业所 得税率将在 2008 年至 2012 年的 5 年期间内逐步过渡到 25%；本集团其 他境内子公司的企业所得税率自 2008 年 1 月 1 日起调整为 25%。 根据国发(2007)39 号《国务院关于实施企业所得税过渡优惠政策的通 知》，原享受定期减免税优惠的企业，新所得税法施行后继续按原税收法 律、行政法规及相关文件规定的优惠办法及年限享受至期满为止，但因未 获利而尚未享受税收优惠的，其优惠期限从 2008 年度起计算。 - 24 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 五 税项 (续) (c) 企业所得税(续) (1) 根据《中华人民共和国外商投资企业和外国企业所得税法》规定，本公司 为注册于上海市浦东新区的生产型外商投资企业，适用的企业所得税税率 为 15%。若当年出口产品产值达到当年企业产品产值 70%以上，适用 10%的企业所得税税率。 于 2007 年度本公司出口产品产值超过本年企业产品总产值的 70%，因此 按 10% 的 企 业 所 得 税 税 率 计 算 企 业 所 得 税 费 用 (2006 年 ： 10%) 。 (2) 上海振华港口机械浦东有限公司依据沪财企一(1991)166 号《上海市财政 局、税务局关于对浦东新区内新建企业减、免所得税申报问题的通知》， 并经申请获上海市浦东新区财政局沪税浦三企(97)第 0134 号批准，按 15%的企业所得税税率计算企业所得税费用(2006 年：15%)。 (3) 上海振华港机长兴配套件制造有限公司按 33%的企业所得税税率计算企业 所得税费用(2006 年：33%)。 (4) 上海振华港机长兴精密铸造有限公司按 33%的企业所得税税率计算企业所 得税费用(2006 年：33%)。 (5) 上海振华港口机械集团(香港)有限公司按 17.5%的企业所得税税率计算企 业所得税费用(2006 年：17.5%)。 (6) 上海振华船运有限公司按沪财企一(1991)166 号《上海市财政局、税务局 关于对浦东新区内新建企业减、免所得税申报问题的通知》，按 15%的企 业所得税税率计算企业所得税费用(2006 年：15%)。 (7) 上海振华港口机械集团浮式起重机有限公司按沪财企一(1991)166 号《上 海市财政局、税务局关于对浦东新区内新建企业减、免所得税申报问题的 通知》，按 15%的企业所得税税率计算企业所得税费用(2006 年上海振华 港口机械集团浮式起重机有限公司仍处于筹建期，无应纳税所得额)。 (8) 南通振华重型装备制造有限公司按 33%的企业所得税税率计算企业所得税 费用(2006 年南通振华重型装备制造有限公司仍处于筹建期，无应纳税所 得额)。 - 25 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 五 税项(续) (c) 企业所得税(续) (9) 根据《中华人民共和国外商投资企业和外国企业所得税法》规定，南通振 华港机钢结构加工有限公司为注册于南通经济技术开发区内的生产型外商 投资企业，按 15%企业所得税税率计算企业所得税费用，并经税务局批准 享受“两免三减半”的税收优惠政策。2007 年度为南通振华港机钢结构加 工有限公司的第一个获利年度，因此无需缴纳企业所得税(2006 年：无)。 (10) 江阴振华劳务工程有限公司根据《中华人民共和国企业所得税暂行条例》 及国家税务总局国税发(2000)38 号《核定征收企业所得税暂行办法》等有 关规定，采用核定征收的方法征收所得税。应纳税所得额根据收入总额乘 以应税所得率计算确定，并按 33%(2006：33%)的企业所得税率计算企业 所得税费用。2007 年，该公司经核定的应税所得率为 5%(2006 年： 7%)。 (11) 根据《中华人民共和国外商投资企业和外国企业所得税法》规定，江阴振 华港机钢结构加工有限公司为注册于江阴经济技术开发区的生产型外商投 资企业，按 15%企业所得税税率计算企业所得税费用，并经税务局批准享 受“两免三减半”的税收优惠政策。2007 年度为江阴振华港机钢结构加工 有限公司的第一个获利年度，因此无需缴纳企业所得税。 - 26 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 六 控股子公司 本公司对其 本公司持有 控股子公司 注册资本 经营范围 投资额 权益比例 是否合并 直接 间接 上海振华港口机械 5,000,000 元 从事大型集装箱起 4,500,000 元 90% - 是 浦东有限公司 重机及其减速箱齿 轮之加工及销售 上海振华港机长兴 5,500,000 元 从事钢结构件及起重机 4,950,000 元 90% - 是 配套件制造有限公司 配件制作加工及销售 上海振华长兴精密 5,000,000 元 从事精密铸造金属 3,500,000 元 70% - 是 铸造有限公司 切割及冷作加工 上海振华港口机械 港币 5,000,000 元 设计、建造、销售各 - 99.99% - 是 集团(香港) 类港口设备工程船舶 有限公司 钢结构件及其他部件 上海振华船运 120,000,000 元 经营近洋国际海运、 66,000,000 元 55% - 是 有限公司 国内沿海及长江中、 下游普通货船运输 承运港口机械设备 上海振华港口机械 100,000,000 元 浮式起重机、港口机 51,000,000 元 51% - 是 集团浮式起重机 械设备的设计、建造、 有限公司 销售及租赁 ZPMC(M)SDN.BHD. 马币 100,000 元 无营业活动 马币 2 元 100% - 否 (a) 江阴振华劳务工程 500,000 元 生产销售港口机械 - - 58.5% 是 有限公司 零配件承接涂装工程 - 27 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 六 控股子公司(续) 本公司对其 本公司持有 控股子公司 注册资本 经营范围 投资额 权益比例 是否合并 直接 间接 南通振华重型装备 400,000,000 元 安装大型港口设备、 400,000,000 元 100% - 是 制造有限公司(b) 工程船舶和大型金属 结构件及其部件、配 件；起重机租赁业务； 钢结构工程专业承包 南通振华港机钢结 美元 100,000 元 机械设备制作安装、美元 75,000 元 75% 25% 是 构加工有限公司 钢结构加工、五金 加工冷作、除锈涂装、 机械设备工程承包 江阴振华港机钢结 美元 100,000 元 机械设备制作安装、 美元 75,000 元 75% 25% 是 构制作有限公司(c) 钢结构加工、五金 加工冷作、除锈涂装、 机械设备工程承包 (a) 截至 2007 年 12 月 31 日止，ZPMC (M) SDN. BHD.尚无经营活动，故未 纳入本年度财务报表合并范围。 (b) 依据本公司 2007 年 9 月 15 日第四届董事会第六次会议决议，本公司向南 通振华重型装备制造有限公司新增注册资本 300,000,000 元。变更后该公 司注册资本为 400,000,000 元。 (c) 依据本公司 2007 年 2 月 5 日第三届董事会第二十次会议决议，本公司与 子公司上海振华港口机械集团(香港)有限公司于 2007 年 2 月 28 日投资设 立了江阴振华港机钢结构制作有限公司。本公司及上海振华港口机械集团 (香港)有限公司分别持有其 75%和 25%的股权。该公司自成立之日起纳入 财务报表合并范围。 - 28 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目附注 1 货币资金 2007 年 12 月 31 日 2006 年 12 月 31 日 现金 218,452 397,487 银行存款 1,080,728,064 721,132,551 其他货币资金 203,033,096 81,803,258 1,283,979,612 803,333,296 货币资金中包括以下外币余额： 2007 年 12 月 31 日 2006 年 12 月 31 日 外币金额 汇率 折合人民币 外币金额 汇率 折合人民币 美元 74,968,830 7.3046 547,617,316 65,499,704 7.8087 511,467,539 欧元 28,476,428 10.6669 303,755,210 4,702,399 10.2665 48,277,179 港元 1,034,063 0.9364 968,297 3,211,114 1.0047 3,226,206 英镑 18,954 14.5807 276,363 218,395 15.3372 3,349,568 加元 9,790 7.4419 72,856 8,470 6.7353 57,048 澳元 6,577 6.4036 42,116 1,534 6.1761 9,474 日元 475,594 0.0641 30,486 413,889 0.06563 27,164 新加坡元 2,828 5.0518 14,286 562 5.0909 2,861 新西兰元 - 5.6589 - 1,155 5.5126 6,367 852,776,930 566,423,406 于 2007 年 12 月 31 日，其他货币资金主要系为开立信用证及银行保函而存入银 行的保证金。 2 交易性金融资产和负债 2007 年 12 月 31 日 2006 年 12 月 31 日 资产 负债 资产 负债 远期外汇合同-现金流量套期 182,434,296 - - - 远期外汇合同-公允价值评估收益/损失 255,232,223 109,156,899 - 18,868,081 利率掉期合同-公允价值评估收益/损失 4,640,444 22,816,605 2,967,306 - 442,306,963 131,973,504 2,967,306 18,868,081 - 29 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目附注(续) 2 交易性金融资产和负债(续) (a) 远期外汇合同 于 2007 年 12 月 31 日，本集团与银行间已签约但尚未到期的远期外汇合同中， 以美元兑换人民币之合同本金合计为 1,634,840,582 美元；合同约定的到期汇率 为 6.8410 至 7.6165；合同将在 2008 年 1 月 10 日至 2008 年 12 月 29 日期间内 到期。 以 欧 元 兑 换 美 元 之 合 同 本 金 为 30,000,000 欧 元 ； 合 同 约 定 的 到 期 汇 率 为 1.3773；合同到期日为 2008 年 4 月 28 日。 以人民币兑换美元之合同本金合计为 818,460,000 人民币；合同约定的到期汇率 为 0.1350 至 0.1392；合同将在 2008 年 1 月 10 日至 2008 年 7 月 28 日期间内到 期。 以日元兑换人民币之合同本金为 800,000,000 日元；合同约定的到期汇率为 0.1537；合同到期日为 2008 年 1 月 15 日。 以上远期外汇合同在年末的公允价值评估损益系根据交易银行确认的金额或根据 其提供的年末市场汇率计算的金额认列。 作为现金流量套期工具的远期外汇合同，其年末公允价值评估损益中有效套期部 分计 219,043,974 元计入资本公积中的套期储备中(附注七(24))；时间价值部分计 36,609,678 元计入财务费用(附注七(29))。 作为衍生性金融工具的远期外汇合同，其年末公允价值评估净收益计 146,075,324 元计入公允价值变动收益(附注七(31))。 - 30 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 2 交易性金融资产和负债 (续) (b) 利率掉期合同 于 2007 年 12 月 31 日，本公司与银行间签订的尚未到期的美元借款利率掉期合 同的公允价值评估损益如下： 本金 到期日 公允价值评估收益 / (损失) 美元 120,000,000 元 2010-6-20 4,640,444 美元 200,000,000 元 2009-11-30 (22,816,605) (18,176,161) 作为衍生性金融工具的利率掉期合同，其年末公允价值评估净损失计 18,176,161 元计入公允价值变动损失(附注七(31))。 以上利率掉期合同年末公允价值评估损益系根据交易银行确认的金额认列。 - 31 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 3 应收账款 2007 年 12 月 31 日 2006 年 12 月 31 日 应收账款 3,862,287,204 2,949,716,061 减：坏账准备 (201,850,740) (130,431,223) 3,660,436,464 2,819,284,838 应收账款账龄及相应的坏账准备分析如下： 2007 年 12 月 31 日 2006 年 12 月 31 日 金额 比例(%) 坏账准备 金额 比例(%) 坏账准备 账龄 一年以内 3,550,405,841 92 (16,763,586) 2,773,491,389 94 (26,977,828) 一到二年 157,124,769 4 (62,539,208) 107,174,145 4 (36,003,573) 二到三年 91,456,548 2 (61,130,134) 63,597,762 2 (61,997,057) 三年以上 63,300,046 2 (61,417,812) 5,452,765 - (5,452,765) 3,862,287,204 100 (201,850,740) 2,949,716,061 100 (130,431,223) 于 2007 年 12 月 31 日，账龄为一年以内的应收账款，本集团根据会计政策对于 账龄在 7 至 12 个月的应收款项按 10%的比例计提坏账准备。 于 2007 年 12 月 31 日，账龄于为一至二年之间的应收账款中包括应收哥德堡桥 吊项目款、应收智利 TPS 桥吊项目款、应收巴拿马 MIT 码头桥吊项目款及应收巴 拿马 MIT 码头轮胎吊项目款共计 23,790,741 元，本集团认为该等项目款项难以 收回，已全额计提了坏帐准备。此外，本集团根据会计政策对于其余账龄在一至 二年之间的应收账款按照 30%的比例计提了坏账准备。 于 2007 年 12 月 31 日，账龄为二至三年之间的应收账款中包括应收马士基新泽 西桥吊项目及应收美国长滩桥吊项目款，共计 33,679,391 元，本集团认为其难以 收回，已全额计提了坏帐准备。此外，本集团根据会计政策对于其余账龄在二至 三年之间的应收账款按照 50%的比例计提了坏账准备。 - 32 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 3 应收账款 (续) 于 2007 年 12 月 31 日，账龄为三年以上的应收账款中包括应收美国长滩桥吊项 目款、应收巴西 APPA 装船机项目款、应收巴西 PECEM 卸船机项目款及应收多 米尼加桥吊轮胎吊项目款，共计 61,417,812 元。本集团认为该等项目款项难以收 回，已全额计提了坏帐准备。 于 2007 年 12 月 31 日，本公司应收账款中 429,016,426 元(2006 年 12 月 31 日：无)的应收账款为短期借款的质押物(附注七(12))。 于 2007 年 12 月 31 日，应收账款中持有本公司 5%(含 5%)以上表决权股份的股 东的欠款列示如下： 2007 年 12 月 31 日 2006 年 12 月 31 日 中交股份 71,299,602 12,525,477 年末应收账款前五名债务人欠款金额合计为 1,234,194,218 元，占应收账款总额 的 32%。 应收账款中包括以下外币余额： 2007 年 12 月 31 日 2006 年 12 月 31 日 外币金额 汇率 折合人民币 外币金额 汇率 折合人民币 美元 374,951,381 7.3046 2,738,869,858 286,348,686 7.8087 2,236,010,984 欧元 38,005,523 10.6669 405,401,113 18,619,991 10.2665 191,162,138 新加坡元 36,528,926 5.0518 184,536,828 1,215,514 5.0926 6,190,127 沙特币 53,237,813 1.9485 103,733,879 - - - 日元 783,315,327 0.0641 50,210,512 - - - 港币 50,916,624 0.9364 47,678,327 50,479,847 1.0047 50,717,102 英镑 949,620 14.5807 13,846,124 11,294,231 15.3232 173,063,760 澳元 1,140,000 6.4036 7,300,104 - - - 3,551,576,745 2,657,144,111 - 33 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 4 其他应收款 2007 年 12 月 31 日 2006 年 12 月 31 日 其他应收款 233,619,294 246,863,082 减：坏账准备 - (11,736,425) 233,619,294 235,126,657 其他应收款账龄及相应的专项坏账准备分析如下 2007 年 12 月 31 日 2006 年 12 月 31 日 金额 比例(%) 坏账准备 金额 比例(%) 坏账准备 账龄 一年以内 225,658,857 97 - 231,678,355 94 - 一到二年 5,303,171 2 - 1,981,802 1 - 二到三年 1,552,500 1 - 379,148 - - 三年以上 1,104,766 - - 12,823,777 5 (11,736,425) 233,619,294 100 - 246,863,082 100 (11,736,425) 本公司已于以前年度对于应收最终客户外转内销增值税款计 11,736,425 元全额 计提了坏账准备。于 2007 年 9 月，经法院终审判决并结案确认该款项已无法收 回，因此，本公司将该款项予以全额核销。 其他应收款中无持有本公司 5%(含 5%)以上表决权股份的股东的欠款。 年末其他应收款前五名债务人欠款金额合计为 206,542,860 元，占其他应收款总 额的 88%。 其他应收款中包括以下外币余额： 2007 年 12 月 31 日 2006 年 12 月 31 日 外币金额 汇率 折合人民币 外币金额 汇率 折合人民币 美元 15,689,534 7.3046 114,605,770 4,013,378 7.8087 31,339,265 - 34 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 5 预付账款 2007 年 12 月 31 日 2006 年 12 月 31 日 金额 比例(%) 金额 比例(%) 账龄 一年以内 3,563,359,744 99 1,219,347,749 98 一到二年 50,468,656 1 21,884,970 2 二年以上 476,134 - - - 3,614,304,534 100 1,241,232,719 100 于 2007 年 12 月 31 日，预付账款中 2,773,523,586 元(2006 年 12 月 31 日： 938,232,423 元)系依据与主要钢材供应商签订的 95 万吨锁定价款钢材采购协议 所预付的钢材采购款。 预付账款中无预付持有本公司 5%(含 5%)以上表决权股份的股东款项。 预付账款中包括以下外币余额： 2007 年 12 月 31 日 2006 年 12 月 31 日 外币金额 汇率 折合人民币 外币金额 汇率 折合人民币 美元 31,282,393 7.3046 228,505,368 16,791,969 7.8087 131,123,448 欧元 30,380,198 10.6669 324,062,534 11,824,624 10.2665 121,397,502 552,567,902 252,520,950 6 存货 2007 年 12 月 31 日 2006 年 12 月 31 日 原材料和外购零部件 1,669,775,734 1,243,653,102 减：存货跌价准备 (29,201,176) (21,758,503) 1,640,574,558 1,221,894,599 存货跌价准备的变动情况如下： 2006 年 2007 年 12 月 31 日 本年增加 本年减少 12 月 31 日 原材料和外购零部件 21,758,503 7,442,673 - 29,201,176 - 35 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 7 已完工尚未结算款/已结算尚未完工款 已完工尚未结算款 – 2007 年 12 月 31 日 2006 年 12 月 31 日 累计已发生成本 20,721,417,451 15,836,078,576 加：累计已确认毛利 3,047,932,936 2,177,278,017 减：累计已结算价款 (15,905,797,088) (11,568,115,987) 累计已确认的预计合同损失 (39,093,749) (9,907,310) 7,824,459,550 6,435,333,296 已结算尚未完工款 – 2007 年 12 月 31 日 2006 年 12 月 31 日 累计已结算价款 4,314,591,858 4,061,040,806 减：累计已确认(毛利)/损失 34,085,034 (207,869,205) 累计已发生成本 (2,164,161,274) (2,866,553,084) 加：累计已确认的预计合同损失 1,140,721 12,051,769 2,185,656,339 998,670,286 预计合同损失 – 2006 年 12 月 31 日 本年增加 本年减少 2007 年 12 月 31 日 已完工未结算 9,907,310 29,186,439 - 39,093,749 已结算未完工 12,051,769 - (10,911,048) 1,140,721 21,959,079 29,186,439 (10,911,048) 40,234,470 于 2007 年 12 月 31 日，尚在建造之中的建造合同的合同总金额(不含增值税)约为 47,786,805,309 元 (于 2006 年 12 月 31 日：32,750,712,316 元)。 已签订销售合同若延迟交货之可能罚款总额： 2007 年 12 月 31 日 2006 年 12 月 31 日 银行已签发有效保函 14,617,329,172 8,734,632,782 银行未签发保函 896,683,165 3,091,972,633 15,514,012,337 11,826,605,415 - 36 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 8 长期股权投资 2007 年 12 月 31 日 2006 年 12 月 31 日 未合并子公司 4 4 联营企业 549,556 - 其他长期股权投资 45,820,489 7,920,489 46,370,049 7, 920,493 本集团不存在长期股权投资变现及收益汇回的重大限制。 (a) 未合并子公司 占被投资公司注册资本比例 2006 年 2007 年 被投资公司名称 投资期限 12 月 31 日 12 月 31 日 初始投资金额 ZPMC (M) SDN. BHD. 2002- 100% 100% 4 本集团上述子公司未纳入合并范围的原因在附注六中说明。 - 37 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 8 长期股权投资 (续) (b) 联营企业 2007 年 12 注册地 业务性质 注册资本 持股比例 表决权比例 资产总额 上海振华港机钢结构 生产销售钢结构件及 有限公司 中国上海 港口机械零配件。 150,000 美元 49% 49% 549,556 对联营企业投资列示如下： 2006 年 本年投资 按权益法调整 初始投资成本 12 月 31 日 增加金额 的净损益 上海振华港机钢结构 有限公司 549,556 - 549,556 - - 38 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 8 长期股权投资 (续) (c) 其他长期股权投资 2006 年 被投资公司名称 12 月 31 日 本年增加 本年减 中港疏浚股份有限公司 6,120,489 19,400,000 上海振华港机(集团)丰城制动器有限公司 1,000,000 18,000,000 上海振华港机(集团)宁波传动机械有限公司 300,000 - 上海振华港口机械(集团)沈阳电梯有限公司 500,000 - 上海振华港机龙昌起重设备有限公司 - 500,000 7,920,489 37,900,000 - 39 - 上海振华港口机械(集团)股份有限公司 2007 年度财务报表附注 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 9 固定资产及累计折旧 房屋及建筑物 生产设备 办公设备 运输工具 其他设备 合计 原价 2006 年 12 月 31 日 2,143,449,680 1,640,816,827 91,171,130 2,702,582,138 27,460,889 6,605,480,664 在建工程转入 385,952,065 188,692,318 2,627,102 668,708,481 1,392,450 1,247,372,416 本年其他增加 5,174,624 110,834,708 14,980,542 65,683,128 4,268,859 200,941,861 本年减少 (1,798,520) (5,592,571) (19,493,228) (91,162,366) (58,425) (118,105,110) 2007 年 12 月 31 日 2,532,777,849 1,934,751,282 89,285,546 3,345,811,381 33,063,773 7,935,689,831 累计折旧 2006 年 12 月 31 日 376,293,744 505,233,760 51,809,120 572,009,334 12,622,658 1,517,968,616 本年计提 154,072,975 209,258,953 26,697,976 126,468,439 6,151,070 522,649,413 本年减少 (325,369) (4,361,378) (19,327,523) (37,717,881) (58,423) (61,790,574) 2007 年 12 月 31 日 530,041,350 710,131,335 59,179,573 660,759,892 18,715,305 1,978,827,455 净值 2007 年 12 月 31 日 2,002,736,499 1,224,619,947 30,105,973 2,685,051,489 14,348,468 5,956,862,376 2006 年 12 月 31 日 1,767,155,936 1,135,583,067 39,362,010 2,130,572,804 14,838,231 5,087,512,048 于 2007 年 12 月 31 日，本公司尚未取得净值为 199,653,550 元的房屋及建筑物 的房地产权证。 于 2007 年 12 月 31 日，原值为 332,894,844 元(2006 年：373,896,619 元)的设 备已提足折旧但仍在继续使用。 2007 年度计入营业成本、营业费用及管理费用的折旧费用分别为：511,222,373 元、1,771,914 元及 9,655,126 元 (2006 年：389,916,342 元、932,521 元及 4,823,806 元)。 - 40 - 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 10 在建工程 2006 年 本年转入 本年转入 工程名称 工程预算 12 月 31 日 本年增加 固定资产 生产成本 其他减少数 长兴基地基本建设 3,500,000,000 726,015,043 1,221,840,394 (492,657,842) (5,885,001) - 1 基地在建大型机械 及工程设备 750,000,000 466,618,918 205,494,904 (54,554,666) (351,712,031) - 振华 23 号改造 190,000,000 - 155,697,723 - - - 振华 24 号改造 168,005,800 - 136,994,589 - - - - 南通基地基本建设 2,109,000,000 53,256,896 523,181,843 (98,778,002) - 在建拖驳船 284,000,000 27,932,447 199,608,093 (117,281,514) - - 总部大楼改造 125,000,000 39,380,747 21,205,285 (28,133,387) - (3,733,420) 半潜船浮坞 80,000,000 - 18,422,567 - - - 张江基地改造 50,000,000 1,017,255 17,586,272 (1,017,255) - - 江阴基地改造 47,000,000 13,959,807 1,397,881 (3,542,371) - - 东方路办公楼 800,000,000 - 3,868,607 - - - 长兴精筑车间 10,000,000 7,317,265 405,377 - - - 常州基地改造 5,500,000 232,740 - (232,740) - - 振华 20 号改造 201,350,662 152,057,756 49,292,906 (201,350,662) - - 振华 21 号改造 131,550,004 - 131,550,004 (131,550,004) - - 振华 22 号改造 118,273,973 - 118,273,973 (118,273,973) - - 合计 1,487,788,874 2,804,820,418 (1,247,372,416) (357,597,032) (3,733,420) 2 其中：借款费 用资本化金额 - 2,881,101 - - - -41- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 10 在建工程 (续) 2007 年度在建工程本年转入生产成本金额主要为本公司于 2007 年 7 月 31 日和海洋石油工程股 工程船买卖合同，将原计划自用并在在建工程科目核算的 7500T 起重工程船的成本转入已完工尚 2007 年度用于确定资本化金额的资本化率为 5.54%(2006 年：无)。 11 无形资产 2006 年 2007 年 原价 12 月 31 日 本年增加 本年摊销 12 月 31 日 土地使用权 1,638,237,627 226,752,919 1,376,282,991 (7,801,035) 1,595,234,875 软件使用费 8,202,741 3,959,392 4,176,241 (413,095) 7,722,538 1,646,440,368 230,712,311 1,380,459,232 (8,214,130) 1,602,957,413 除 1997 年度以后新增土地使用权为实际成本外，其他土地使用权的原始金额为本公司改制时经 于 2007 年 12 月 31 日，本公司尚未取得净值为 1,121,567,051 元的房地产权证。 -42- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 12 短期借款 2007 年 12 月 31 日 2006 年 12 月 31 日 抵押借款 - 美元借款 1,742,772,111 - - 欧元借款 153,603,360 - 信用借款 - 人民币借款 900,000,000 1,288,600,000 - 美元借款 1,796,931,600 1,842,853,200 - 欧元借款 138,669,700 626,256,500 4,731,976,771 3,757,709,700 于 2007 年 12 月 31 日，本集团抵押借款系以 429,016,426 元(2006 年：无)应收 账款(附注七(3))及 1,467,359,045 元(2006 年 12 月 31 日：无)将于以后年度依据 合同确认的应收账款作为质押取得。 2007 年人民币银行借款年利率为 5.27%至 6.72% (2006 年：4.86%至 5.85%) ， 美 元 及 欧 元 银 行 借 款 年 利 率 为 LIBOR+0.5% 至 LIBOR+1.3% (2006 年 ： LIBOR+0.5%至 LIBOR+0.95%)。 13 应付票据 2007 年 12 月 31 日 2006 年 12 月 31 日 商业承兑汇票 1,561,560,557 1,092,987,921 银行承兑汇票 1,079,051,368 - 2,640,611,925 1,092,987,921 14 应付短期债券 2006 年 2007 年 面值总额 折价额 12 月 31 日 本年发行 本年偿还 本年折价摊销 12 月 31 日 短期融资债券 - 于 2006 年发行 1,800,000,000 (63,900,000) 1,745,553,699 - (1,800,000,000) 54,446,301 - 本公司于 2007 年 11 月 7 日到期全部偿还了于 2006 年发行的短期融资债券本金。 -43- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 15 应付账款 于 2007 年 12 月 31 日，应付账款中无应付持有本公司 5%(含 5%)以上表决权股 份的股东款项。 于 2007 年 12 月 31 日，账龄超过一年的应付账款为 167,078,473 元(2006 年 12 月 31 日：115,910,462 元)，主要为应付设备及工程质保金，由于合同约定的付 款日尚未到期，该款项尚未进行最后清算。 应付账款中包括以下外币余额： 2007 年 12 月 31 日 2006 年 12 月 31 日 外币金额 汇率 折合人民币 外币金额 汇率 折合人民币 美元 47,783,375 7.3046 349,038,441 40,639,430 7.8087 317,341,117 欧元 26,681,969 10.6669 284,613,895 26,688,983 10.2665 274,002,444 633,652,336 591,343,561 16 预收账款 于 2007 年 12 月 31 日，预收账款中无预收持有本公司 5%(含 5%)以上表决权股 份的股东的款项。 于 2007 年 12 月 31 日，预收账款中无账龄超过一年的预收款项。 预收账款中包括以下外币余额： 2007 年 12 月 31 日 2007 年 1 月 1 日 外币金额 汇率 折合人民币 外币金额 汇率 折合人民币 美元 6,411,517 7.3046 46,833,567 40,516,872 7.8087 316,384,098 欧元 2,199,650 10.6669 23,463,447 - - - 英镑 1,194,432 14.5807 17,415,655 - - - 港元 897,643 0.9364 840,553 - - - 88,553,222 316,384,098 -44- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 17 应付职工薪酬 2006 年 本年增加 本年减少 2007 年 12 月 31 日 12 月 31 日 工资、奖金、津贴和补贴 132,000,000 551,038,566 (531,268,566) 151,770,000 职工福利费 7,187,027 51,462,347 (58,649,374) - 社会保险费 - 71,939,960 (70,702,065) 1,237,895 其中：医疗保险费 - 20,115,743 (19,894,341) 221,402 基本养老保险 - 45,339,349 (44,443,240) 896,109 失业保险费 - 3,919,554 (3,799,170) 120,384 工伤保险费 - 1,478,841 (1,478,841) - 生育保险费 - 1,086,473 (1,086,473) - 辅助养老保险 - 34,089,431 (34,089,431) - 住房公积金 - 10,499,050 (10,499,050) - 工会经费和职工教育经费 10,304,774 9,205,638 (6,240,235) 13,270,177 149,491,801 728,234,992 (711,448,721) 166,278,072 18 应交税费 2007 年 12 月 31 日 2006 年 12 月 31 日 应交企业所得税 195,762,043 162,188,388 待抵扣增值税 (148,515,220) (52,893,582) 应交其他税费 6,050,531 3,751,876 53,297,354 113,046,682 19 应付股利 2007 年 12 月 31 日 2006 年 12 月 31 日 中交股份 111,843,900 - 香港振华工程有限公司 86,501,250 - 澳门振华港湾工程有限公司 1,648,350 - 199,993,500 - -45- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 20 其他应付款 2007 年 12 月 31 日 2006 年 12 月 31 日 预估售后服务成本 513,317,523 333,140,278 张江基地土地征用费(附注十二) 52,237,169 - 借款利息 28,817,834 19,480,434 政府补贴款 20,578,360 17,281,150 外包工程队押金 19,112,255 18,654,818 废钢销售预收款 6,795,971 8,413,810 待结算增值税金 2,322,028 78,380,204 应付工商银行保理款 - 84,662,054 其他 31,724,872 11,142,305 674,906,012 571,155,053 于 2007 年 12 月 31 日，其他应付款中无应付持有本公司 5%(含 5%)以上表决权 股份的股东的款项。 于 2007 年 12 月 31 日，账龄超过一年的其他应付款为 2,158,105 元(2006 年 12 月 31 日：11,808,025 元)，主要为应付施工队押金款项。 -46- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 21 长期借款 2007 年 12 月 31 日 2006 年 12 月 31 日 担保借款 - 美元借款 58,436,800 140,556,600 信用借款 - 美元借款 4,276,843,300 3,244,514,850 - 欧元借款 949,354,100 318,261,500 - 人民币借款 7,420,000 38,420,000 5,292,054,200 3,741,752,950 减：一年内到期的长期借款 担保借款 - 美元借款 58,436,800 78,087,000 信用借款 - 美元借款 - 1,425,595,378 - 人民币借款 7,420,000 38,420,000 65,856,800 1,542,102,378 5,226,197,400 2,199,650,572 于 2007 年 12 月 31 日，担保借款(包括一年内到期部分)系由中国交通建设集团有 限公司提供保证，利息每季度支付一次，借款本金应于 2008 年 1 月 31 日偿还。 于 2007 年 12 月 31 日，本公司信用借款利息每季度支付一次，信用借款本金应 于 2009 年 8 月 20 日至 2010 年 11 月 9 日期间偿还。 2007 年 度 长 期 借 款 年 利 率 为 LIBOR+0.33% 至 LIBOR+0.9% (2006 年 ： LIBOR+0.55% 至 LIBOR+0.9%)。 -47- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 22 递延所得税资产和负债 (a) 递延所得税资产 2007 年 12 月 31 日 2006 年 12 月 31 日 递延所得税 可抵扣暂时性 递延所得税 可抵扣暂时性 资产 差异 资产 差异 资产减值准备 42,453,422 283,022,811 18,588,523 185,885,230 公允价值变动 - - 1,590,078 15,900,785 固定资产折旧 102,816 411,263 - - 预提售后服务成本 76,997,628 513,317,523 33,314,027 333,140,270 119,553,866 796,751,597 53,492,628 534,926,285 (b) 递延所得税负债 2007 年 12 月 31 日 2006 年 12 月 31 日 递延所得税 应纳税暂时 递延所得税 应纳税暂时性 负债 性差异 负债 差异 固定资产折旧 37,903,402 151,613,611 - - 公允价值变动 57,839,019 385,593,459 - - 95,742,421 537,207,070 - - 如本财务报表附注五所述，本公司及子公司适用的企业所得税率自 2008 年 1 月 1 日起将依据新所得税法进行调整。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 所得税资产或递延所得税负债，本公司按照相应的适用税率对其账面余额进行了 调整，差额 26,746,314 元冲减本年度所得税费用(附注七(33))。 -48- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 23 股本 2006 年 有限售条件股份 2007 年 12 月 31 日 增发 上市流通 12 月 31 日 有限售条件股份—— 国有法人持股 745,626,000 3,300,000 (154,092,000) 594,834,000 境内法人持股 - 4,646,400 - 4,646,400 境外法人持股 587,664,000 - - 587,664,000 有限售条件的股份合计 1,333,290,000 7,946,400 (154,092,000) 1,187,144,400 无限售条件股份—— 境内上市的人民币普通股 1,088,550,000 117,568,600 154,092,000 1,360,210,600 境内上市的外资股 660,000,000 - - 660,000,000 无限售条件股份合计 1,748,550,000 117,568,600 154,092,000 2,020,210,600 股份总额 3,081,840,000 125,515,000 - 3,207,355,000 根据《上海振华港口机械(集团)股份有限公司关于股权分置改革方案实施公 告》，国有法人持有的有限售条件股份中的 154,092,000 股自 2007 年 3 月 29 日起上市流通。于 2007 年 12 月 31 日，由中交股份所持有的 591,534,000 股 有限售条件国有法人股，及由香港振华工程有限公司和澳门振华海湾工程公司 持有的 587,664,000 股有限售条件的境外法人股目前暂未实现流通。 根据中国证券监督管理委员会 2007 年 9 月 29 日出具的证监发行字(2007)346 号文《关于核准上海振华港口机械(集团)股份有限公司公开发行股票的通 知》，本公司于 2007 年 10 月 15 日向境内投资者增资发行了 125,515,000 股 人民币普通股，其中中交股份及部分境内投资者认购的股份计 7,946,400 股自 上市之日起锁定 3 个月后上市流通。 本公司 2007 年度增资发行人民币普通股所增加的股本业已经由普华永道中天 会计师事务所有限公司审验，并出具了普华永道中天验字(2007)第 134 号验资 报告。 -49- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 24 资本公积 2006 年 2007 年 12 月 31 日 本年增加 本年减少 12 月 31 日 股本溢价 132,661,966 3,408,544,945 - 3,541,206,911 其他资本公积－ 套期工具公允价值变动 (附注七(2)) - 219,043,974 - 219,043,974 套期工具公允价值变动 相关递延所得税影响数 - (32,856,595) - (32,856,595) 原制度资本公积转入 129,118,869 - - 129,118,869 261,780,835 3,594,732,324 - 3,856,513,159 25 盈余公积 2006 年 2007 年 12 月 31 日 本年提取 本年减少 12 月 31 日 法定盈余公积金 689,208,726 205,495,855 - 894,704,581 任意盈余公积金 292,378,668 - - 292,378,668 981,587,394 205,495,855 - 1,187,083,249 根据《中华人民共和国公司法》、本公司章程及董事会的决议，本公司按年度净利 润的 10%提取法定盈余公积金，当法定盈余公积金累计额达到股本的 50%以上 时，可不再提取。法定盈余公积金经批准后可用于弥补亏损，或者增加股本。本公 司 2007 年按净利润的 10%提取法定盈余公积金 205,495,855 元(2006 年： 161,622,957 元)。 26 利润分配 根 据 2007 年 5 月 18 日 股 东 大 会 通 过 的 决 议 ， 2007 年 度 按 已 发 行 股 份 3,081,840,000 股及每 10 股向全体股东派发现金股利 1.5 元(含税)计算，共计派发 股利 462,276,000 元。 根据 2008 年 4 月 8 日董事会决议，董事会提议本公司向全体股东派发现金股利， 每股人民币 0.17 元，按已发行股份 3,207,355,000 股计算，拟派发现金股利共计 545,250,350 元，上述提议尚待股东大会批准。 -50- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 27 少数股东权益 归属于各子公司少数股东的权益 2007 年 12 月 31 日 2006 年 12 月 31 日 上海振华船运有限公司 145,669,212 139,034,393 上海振华港口机械浦东有限公司 920,939 901,314 上海振华港机长兴配套件制造有限公司 609,434 590,671 上海振华长兴精密铸造有限公司 1,782,306 1,674,440 上海振华港口机械集团浮式起重机有限公司 48,939,793 49,000,000 江阴振华劳务工程有限公司 38,166 (116,076) 197,959,850 191,084,742 28 营业收入和营业成本 2007 年度 2006 年度 主营业务收入 20,643,578,355 16,808,374,363 其他业务收入 361,895,676 288,284,776 21,005,474,031 17,096,659,139 (a) 主营业务收入和主营业务成本 (i) 分产品资料 2007 年度 2006 年度 主营业务收入 主营业务成本 主营业务收入 主营业务成本 集装箱起重机 16,878,120,889 14,418,727,872 15,327,666,502 13,063,892,598 散货机件 2,299,464,504 2,265,605,903 1,480,707,861 1,416,470,806 海上重型装备 1,418,907,147 1,087,255,972 - - 船舶运输 47,085,815 32,560,696 - - 20,643,578,355 17,804,150,443 16,808,374,363 14,480,363,404 -51- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 28 营业收入和营业成本 (续) (a) 主营业务收入和主营业务成本 (续) (ii) 地区分部资料 2007 年度 2006 年度 主营业务收入 主营业务成本 主营业务收入 主营业务成本 中国大陆(外销)(一) 6,256,369,167 5,305,667,072 4,268,611,505 3,502,863,371 亚洲(除中国大陆) 4,367,340,722 3,802,833,330 3,422,208,400 3,137,499,046 欧洲 3,355,947,232 3,030,421,939 2,912,730,961 2,449,444,806 美洲 2,611,914,039 2,235,239,053 2,118,542,189 2,429,440,520 中国大陆 2,576,548,564 2,313,310,633 2,681,202,551 1,802,700,736 非洲 1,132,423,403 837,964,774 880,151,549 714,174,298 大洋洲 343,035,228 278,713,642 524,927,208 444,240,627 20,643,578,355 17,804,150,443 16,808,374,363 14,480,363,404 (一) 地区分部报表中 2007 和 2006 年度中国大陆(外销)项下列示金额为本公司出 口外销至本公司之子公司－上海振华港口机械集团(香港)有限公司，再由其 销售至国内客户的相关主营业务收入及成本。 (iii) 本集团前五名客户销售的收入总额为 4,289,968,992 元，占本集团全部销售收入的 21%。 (b) 其他业务收入和其他业务成本 2007 年度 2006 年度 其他业务收入 其他业务成本 其他业务收入 其他业务成本 废钢销售 322,064,939 - 241,970,485 - 销售材料 22,422,004 22,759,692 24,794,357 24,380,688 设备租赁及其他 17,408,733 4,328,585 21,519,934 3,863,821 361,895,676 27,088,277 288,284,776 28,244,509 -52- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 29 财务费用- 净额 2007 年度 2006 年度 利息支出－ 619,037,476 461,455,373 借款利息 510,363,899 398,701,962 套期工具时间价值(附注七(2)) 36,609,678 - 票据贴现利息 72,063,899 62,753,411 减：利息收入 (22,417,373) (17,014,949) 汇兑损失 187,265,629 110,008,961 减：汇兑收益 (366,567,235) (143,225,068) 短期融资券折价摊销(附注七(14)) 54,446,301 23,653,699 其他 24,219,723 21,123,397 495,984,521 456,001,413 30 资产减值损失 2007 年度 2006 年度 坏账损失(附注七(3)) 71,419,517 31,646,405 存货跌价损失(附注七(6)) 7,442,673 3,511,225 合同预计损失(附注七(7)) 18,275,391 21,750,585 97,137,581 56,908,215 31 公允价值变动收益/(损失) 2007 年度 2006 年度 交易性金融资产－ 公允价值变动收益(附注七(2)) 259,872,667 2,967,306 交易性金融负债－ 公允价值变动损失(附注七(2)) (131,973,504) (18,868,081) 127,899,163 15,900,775 -53- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 32 投资收益 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 3,271,069 333,311 于 2007 年度，本集团自中港疏浚股份有限公司、上海振华港机(集团)丰城制动器有 限公司、上海振华港口机械(集团)沈阳电梯有限公司和上海振华港机(集团)宁波传动 机械有限公司分别收取了 2007 年度宣告发放现金股利计 2,400,000 元、106,949 元、357,120 元及 407,000 元，共计 3,271,069 元。 33 所得税费用 2007 年度 2006 年度 当期所得税 173,996,719 118,626,995 递延所得税 (3,175,412) (15,666,466) 170,821,307 102,960,529 2007 年度 2006 年度 利润总额 2,182,269,251 1,720,796,398 按适用税率 10%计算的所得税费用 218,226,925 172,079,640 新所得税法的颁布对原已确认的递延所得税余 额的影响(附注七(22)) (26,746,314) - 非应纳税收入 (1,849,102) (33,331) 不得扣除的成本、费用和损失 4,263,212 3,577,764 税率差导致的对所得税费用的影响 380,592 2,346,924 当期适用税率与时间性差异转回时税率差异对 所得税费用的影响 17,937,124 - 当期未确认递延所得税资产的可抵扣亏损 9,865,772 312,393 当期未确认递延所得税资产的时间性差异 7,461,546 - 购买国产设备抵免所得税 (58,718,448) (75,322,861) 所得税费用 170,821,307 102,960,529 -54- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 34 每股收益 (a) 基本每股收益 基本每股收益以归属于母公司普通股股东的合并净利润除以母公司发行在外 普通股的加权平均数计算： 2007 年度 2006 年度 归属于母公司普通股股东的合并净利润 2,004,572,836 1,606,047,627 发行在外普通股的加权平均数 3,102,759,167 3,081,840,000 基本每股收益 0.65 0.52 (b) 稀释每股收益 本公司无具有稀释性的潜在普通股，所以稀释每股收益等同于基本每股收 益。 -55- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 35 现金流量表附注 (a) 将净利润调节为经营活动现金流量 2007 年度 2006 年度 净利润 2,011,447,944 1,617,835,869 加：资产减值准备 97,137,581 56,908,215 固定资产折旧 522,649,413 395,672,669 无形资产摊销 8,214,130 11,569,773 处置固定资产和其他长期资产 的收益 (42,396,351) (23,409,622) 公允价值变动(收益)/损失 (127,899,163) 69,329,068 财务费用 331,286,881 345,658,453 投资收益 (3,271,069) (333,311) 递延所得税负债/(资产) (3,175,412) (15,666,466) 存货的(增加)/减少 (426,122,632) 103,146,579 建造合同款的增加 (220,415,592) (1,694,525,799) 经营性应收项目的增加 (3,287,303,857) (1,341,147,823) 经营性应付项目的增加 1,688,058,456 1,235,032,550 经营活动产生的现金流量净额 548,210,329 760,070,155 (b) 现金及现金等价物净变动情况 2007 年度 2006 年度 现金及现金等价物的年末余额 1,086,928,243 726,693,946 减：现金及现金等价物的年初余额 (726,693,946) (563,691,648) 现金及现金等价物净增加额 360,234,297 163,002,298 -56- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 七 合并财务报表主要项目注释 (续) 35 现金流量表附注 (续) (c) 现金及现金等价物 2007 年度 2006 年度 货币资金－ 库存现金 218,452 397,487 银行存款 1,080,728,064 721,132,551 其他货币资金 203,033,096 81,803,258 1,283,979,612 803,333,296 减： 受到限制的其他货币资金 (197,051,369) (76,639,350) 现金及现金等价物年末余额 1,086,928,243 726,693,946 八 母公司财务报表主要项目注释 1 应收账款 2007 年 12 月 31 日 2006 年 12 月 31 日 应收账款 3,912,587,178 3,151,388,740 减：坏账准备 (201,850,740) (130,431,223) 3,710,736,438 3,020,957,517 应收账款账龄及相应的坏账准备分析如下： 2007 年 12 月 31 日 2006 年 12 月 31 日 金额 比例(%) 坏账准备 金额 比例(%) 坏账准备 账龄 一年以内 3,605,463,652 92 (16,763,586) 2,982,153,145 95 (26,977,828) 一到二年 157,124,769 4 (62,539,208) 101,785,773 3 (36,003,573) 二到三年 88,580,948 2 (61,130,134) 61,997,057 2 (61,997,057) 三年以上 61,417,809 2 (61,417,812) 5,452,765 - (5,452,765) 3,912,587,178 100 (201,850,740) 3,151,388,740 100 (130,431,223) -57- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 八 母公司财务报表主要项目注释 (续) 1 应收账款 (续) 于 2007 年 12 月 31 日，账龄为一年以内的应收账款，本集团根据会计政策对于 账龄在 7 至 12 个月的应收账款按 10%的比例计提坏账准备。 于 2007 年 12 月 31 日，账龄于为一至二年之间的应收账款中包括应收哥德堡桥 吊项目款、应收智利 TPS 桥吊项目款、应收巴拿马 MIT 码头桥吊项目款及应收巴 拿马 MIT 码头轮胎吊项目款共计 23,790,741 元，本集团认为该等项目款项难以 收回，已全额计提了坏帐准备。此外，本集团根据会计政策对于其余账龄在一至 二年之间的应收账款按照 30%的比例计提了坏账准备。 于 2007 年 12 月 31 日，账龄为二至三年之间的应收账款中包括应收马士基新泽 西桥吊项目及应收美国长滩桥吊项目款，共计 33,679,391 元，本集团认为其难以 收回，已全额计提了坏帐准备。此外，本集团根据会计政策对于其余账龄在二至 三年之间的应收账款按照 50%的比例计提了坏账准备。 于 2007 年 12 月 31 日，账龄为三年以上的应收账款中包括应收美国长滩桥吊项 目款、应收巴西 APPA 装船机项目款、应收巴西 PECEM 卸船机项目款及应收多 米尼加桥吊轮胎吊项目款，共计 61,417,812 元。本集团认为该等项目款项难以收 回，已全额计提了坏帐准备。 于 2007 年 12 月 31 日，本公司应收账款中 429,016,426 元(2006 年 12 月 31 日：无)的应收账款为短期借款的质押物。 于 2007 年 12 月 31 日，应收账款中持有本公司 5%(含 5%)以上表决权股份的股 东的欠款列示如下： 2007 年 12 月 31 日 2006 年 12 月 31 日 中交股份 71,299,602 12,525,477 年末应收账款前五名债务人欠款金额合计为 1,234,194,218 元，占应收账款总额 的 32%。 -58- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 八 母公司财务报表主要项目注释 (续) 2 其他应收款 2007 年 12 月 31 日 2006 年 12 月 31 日 其他应收款 2,363,530,430 1,766,831,802 减：坏账准备 - (11,736,425) 2,363,530,430 1,755,095,377 其他应收款账龄及相应的专项坏账准备分析如下： 2007 年 12 月 31 日 2006 年 12 月 31 日 金额 比例(%) 坏账准备 金额 比例(%) 坏账准备 账龄 一年以内 2,362,266,942 100 - 1,753,609,658 99 - 一到二年 1,025,000 - - 685,352 - - 二到三年 37,500 - - 340,070 - - 三年以上 200,988 - - 12,196,722 1 (11,736,425) 2,363,530,430 100 - 1,766,831,802 100 (11,736,425) 本公司已于以前年度对于应收最终客户外转内销增值税款计 11,736,425 元全额 计提了坏账准备。于 2007 年 9 月，经法院终审判决并结案确认该款项已无法收 回，因此，本公司将该款项予以全额核销。 于 2007 年 12 月 31 日，其他应收款中无持有本公司 5%(含 5%)以上表决权股份 的股东的欠款。 年末其他应收款前五名债务人欠款金额合计 2,172,530,808 元，账龄为一年以 内，占其他应收款总额的 92%。 3 长期股权投资 2007 年 12 月 31 日 2006 年 12 月 31 日 子公司 605,388,770 304,808,787 其他长期股权投资 45,820,489 7,920,489 651,209,259 312,729,276 -59- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 八 母公司财务报表主要项目注释 (续) 3 长期股权投资 (续) (a) 子公司 2006 年 初始投资成本 追加投资 12 月 31 日 本年增加 本 上海振华港口机械浦东 有限公司 4,500,000 - 4,500,000 - 上海振华港机长兴配套 件制造有限公司 4,950,000 - 4,950,000 - 上海振华长兴精密 铸造有限公司 3,500,000 - 3,500,000 - 上海振华港口机械集团 (香港)有限公司 - - - - ZPMC (M) SDN. BHD. 4 - 4 - 上海振华船运有限公司 140,260,673 - 140,260,673 - 上海振华港机集团浮式 起重机有限公司 51,000,000 - 51,000,000 - 南通振华重型装备制造 有限公司 100,000,000 - 100,000,000 300,000,000 南通振华港机钢结构加 工有限公司 598,110 - 598,110 - 江阴振华港机钢结构制 作有限公司 579,983 - - 579,983 - 304,808,787 300,579,983 -60- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 八 母公司财务报表主要项目注释 (续) 3 长期股权投资 (续) (b) 其他长期股权投资 2006 年 被投资公司名称 12 月 31 日 本年增加 本年减 中港疏浚股份有限公司 6,120,489 19,400,000 上海振华港机(集团)丰城制动器有限公司 1,000,000 18,000,000 上海振华港机(集团)宁波传动机械有限公司 300,000 - 上海振华港口机械(集团)沈阳电梯有限公司 500,000 - 上海振华港机龙昌起重设备有限公司 - 500,000 7,920,489 37,900,000 -61- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 八 母公司财务报表主要项目注释 (续) 4 营业收入和营业成本 2007 年度 2006 年度 主营业务收入 20,649,875,500 16,808,374,363 其他业务收入 357,082,624 283,949,678 21,006,958,124 17,092,324,041 (a) 主营业务收入和主营业务成本 2007 年度 2006 年度 主营业务收入 主营业务成本 主营业务收入 主营业务成本 集装箱起重机 16,878,120,889 14,609,790,643 15,327,666,502 13,143,022,652 散货机件 2,352,847,464 2,290,177,236 1,480,707,861 1,425,154,703 海上重型装备 1,418,907,147 1,087,255,972 - - 20,649,875,500 17,987,223,851 16,808,374,363 14,568,177,355 本公司前五名客户销售的收入总额为 4,289,968,992 元，占本公司全部销售收入 的 21%。 (b) 其他业务收入和其他业务成本 2007 年度 2006 年度 其他业务收入 其他业务成本 其他业务收入 其他业务成本 废钢销售 322,064,939 - 241,970,485 - 销售材料 22,422,004 22,759,692 24,794,357 24,380,688 设备租赁及其他 12,595,681 80,777 17,184,836 274 357,082,624 22,840,469 283,949,678 24,380,962 -62- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 八 母公司财务报表主要项目注释 (续) 5 投资收益 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 3,271,069 333,311 于 2007 年度，本集团自中港疏浚股份有限公司、上海振华港机(集团)丰城制动器有 限公司、上海振华港口机械(集团)沈阳电梯有限公司和上海振华港机(集团)宁波传动 机械有限公司分别收取了 2007 年度宣告发放现金股利计 2,400,000 元、106,949 元、357,120 元及 407,000 元，共计 3,271,069 元。 九 关联方关系及其交易 (1) 母公司和子公司 子公司的基本情况及相关信息见附注六。 (a) 母公司基本情况 注册地 业务性质 中交股份 北京市东城区安定门 港口工程承包 外大街丙 88 号 及相关业务 中国交通建设集团有限公司为本公司最终控股公司。 (b) 母公司注册资本及其变化 2006 年 2007 年 12 月 31 日 本年增加 本年减少 12 月 31 日 中交股份 14,825,000,000 - - 14,825,000,000 -63- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 九 关联方关系及其交易(续) (c) 母公司对本公司的持股比例和表决权比例 2007 年 12 月 31 日 2006 年 12 月 31 日 持股比例 表决权比例 持股比例 表决权比例 中交股份 24.94% 24.94% 24.19% 24.19% 截至 2007 年 12 月 31 日止，中交股份和其所控股的香港振华工程有限公司及澳 门振华海湾工程公司合计持有本公司 43.26%的股份(2006 年 12 月 31 日： 43.26%)。 (2) 不存在控制关系的关联方的性质 与本集团的关系 香港振华工程有限公司 受同一母公司控制 并持有本公司 17.98%的股份 澳门振华海湾工程公司 受同一母公司控制 并持有本公司 0.34%的股份 中交三航局兴安基建筑工程有限公司 受同一母公司控制 (3) 关联交易 除附注七(21)所示关联方担保借款以外，本公司与关联方之其他重大交易如下： (a) 定价政策 本集团销售给关联方的产品按市场价格作为定价基础。 (b) 销售货物 2007 年度 2006 年度 中交股份 297,180,642 - 中交集团 - 40,085,470 297,180,642 40,085,470 -64- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 九 关联方关系及其交易 (续) (3) 关联交易(续) (c) 以下关联方为本集团建造码头及生产车间 2007 年度 2006 年度 中交三航局兴安基建筑工程有 限公司 106,824,020 - (d) 本集团向以下关联方支付股利 2007 年度 2006 年度 中交股份 - 112,831,699 香港振华工程有限公司 - 80,734,500 澳门振华海湾工程公司 - 1,538,460 - 195,104,659 (4) 关联方应收、应付款项余额 除附注七(3)和附注七(19)披露的应收关联方账款及应付关联方股利外，本集团 其他应收、应付关联方的款项如下： (a) 应付账款 2007 年 12 月 31 日 2006 年 12 月 31 日 中交三航局兴安基建筑工程 有限公司 6,146,878 - -65- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 十 承诺事项 (1) 资本性承诺事项 以下为于资产负债表日，已签约而尚不必在财务报表上确认的资本支出承诺： 2007 年 12 月 31 日 2006 年 12 月 31 日 房屋、建筑物及机器设备 268,152,542 272,893,993 (2) 经营租赁承诺事项 根据已签订的不可撤消的经营性租赁合同，未来最低应支付租金汇总如下： 2007 年 12 月 31 日 2006 年 12 月 31 日 一年以内 14,729,226 45,463,759 一年至二年以内 14,729,226 14,729,226 二年至三年以内 14,729,226 14,729,226 三年以上 150,372,374 165,101,599 194,560,052 240,023,810 (3) 信用证承诺事项 本公司为购买进口部件委托银行开立若干信用证。截至 2007 年 12 月 31 日止，该 等信用证项下尚未付款之金额约为 1,988,246,982 元(2006 年 12 月 31 日： 1,164,796,400 元)。 十一 资产负债表日后事项 本公司于 2008 年 1 月 4 日经中国人民银行银发(2007)487 号文《中国人民银行关 于上海振华港口机械(集团)股份有限公司发行短期融资券的通知》批准，在 23 亿 元人民币的限额内可分期发行短期融资券，该限额有效期至 2008 年 12 月底，由 中国银行主承销。 -66- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 十二 其他重要事项 (1) 本集团下属上海振华港机浦东有限公司于 2007 年 5 月与上海市浦东新区张江镇集 体资产投资经营管理有限公司签订协议，就上海振华港机浦东有限公司张江生产基 地全部土地的征用相关事项达成一致。截至 2007 年 12 月 31 日止，上海振华港机 浦东有限公司已收到款项 52,237,169 元(附注七(20))。 (2) 本公司于 2007 年 12 月 12 日召开的第四届董事会第十次会议审议通过《关于向上 海振华港口机械集团(香港)有限公司增加出资的议案》。根据该议案，公司拟以现 金形式对上海振华港口机械集团(香港)有限公司增资港币 45,000,000 元。本次增资 后，该子公司的注册资本将达到港币 50,000,000 元。截至 2007 年 12 月 31 日 止，本公司尚未向上海振华港口机械集团(香港)有限公司进行增资。 (3) 本公司于 2007 年 10 月 28 日召开的第四届董事会第八次会议审议通过向南通振华 重型装备制造有限公司增资的议案。该增资事项已于 2008 年 2 月 27 日完成。增 资事项完成后，南通重型装备制造有限公司的注册资本增至 10.8 亿元，业已经上 海新高信会计师事务所有限公司审验，并出具了新高信财审验字(2008)第 0303 号 验资报告。 (4) 中交股份及部分境内投资者以网下 A 类申购获配本公司的增发股份共计 7,946,400 股(附注七(23))，于 2008 年 1 月 23 日上市流通。 (5) 根据本公司 2008 年 3 月 26 日公布的《上海振华港口机械(集团)股份有限公司有限 售条件的流通股上市公告》，中交股份持有的有限售条件流通股 154,092,000 股于 2008 年 3 月 31 日起上市流通。截至该日止，中交股份持有的有限售条件的流通股 中 累计已上市流通 308,184,000 股 ， 剩 余 尚 未 流 通 的 有 限 售 条 件 的 流 通 股 为 437,442,000 股。 -67- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 十三 首次执行企业会计准则 按原会计准则和制度列报 2006 年年初及年末合并股东权益、2006 年度合并净利 润调整为按企业会计准则列报合并股东权益及合并净利润的调节项目列示如下： 2006 年 1 月 1 日 2006 年度 2006 年 12 月 31 日 合并股东权益 合并净利润 合并股东权益 按原会计准则和制度列报的金额 4,571,319,950 1,602,472,072 5,865,608,022 少数股东权益转入 179,296,500 11,788,242 191,084,742 长期股权投资差额 (17,877,798) 3,575,555 (14,302,243) 其中：同一控制下企业合并形成 的长期股权投资差额 (17,877,798) 3,575,555 (14,302,243) 对子公司的长期投资按成本法进 行核算 24,907 - 24,907 按企业会计准则列报的金额 4,732,763,559 1,617,835,869 6,042,415,428 本公司于 2007 年 1 月 1 日首次执行企业会计准则，并在 2006 年年度报告的新旧 会计准则合并股东权益差异调节表中披露了按照企业会计准则追溯调整后的 2007 年 1 月 1 日的股东权益。在编制本财务报表时，本公司按照《企业会计准则解释第 1 号》的要求，对首次执行日有关资产、负债及所有者权益项目的账面余额进行了 复核，对上述 2007 年 1 月 1 日的股东权益作出如下修正： 2007 年 2006 年 差异 修正原因 修正后数字 年报披露数 说明 按原会计准则和制度列报的金额 5,865,608,022 5,865,608,022 - 少数股东权益转入 191,084,742 191,084,742 - 长期股权投资差额 (14,302,243) (14,302,243) - 同一控制下企业合并形成的长期 股权投资差额 (14,302,243) (14,302,243) - 对子公司的长期投资按成本法进 行核算 24,907 - 24,907 (2) 购买国产设备允许抵扣的所得税 计入递延收益 - (114,881,288) 114,881,288 (1) 按企业会计准则列报的金额 6,042,415,428 5,927,509,233 114,906,195 (1) 本公司依据《企业会计准则讲解》，对于购买国产资产设备允许抵扣的所得 税依照《企业会计准则第 18 号－所得税》进行会计处理。 (2) 本公司依据《企业会计准则解释第 1 号》，追溯调整了长期投资中于以前年 度确认的对于未合并子公司的投资损益。 -68- 上海振华港口机械(集团)股份有限公司 财务报表附注 2007 年度 (除特别注明外，金额单位为人民币元) 十四 扣除非经常性损益后的净利润 2007 年度 2006 年度 净利润 2,004,572,836 1,606,047,627 加：处置非流动资产收益 (42,396,351) (23,409,622) 减：其他营业外收支净额 24,287,517 11,855,903 非经常性损益的所得税影响数 2,214,255 3,560,370 扣除非经常性损益后的净利润 1,988,678,257 1,598,054,278 -69- 上海振华港口机械(集团)股份有限公司 2007 年度财务报表补充资料 上海振华港口机械(集团)股份有限公司 2007 年度财务报表补充资料 (除特别注明外，金额单位为人民币元) 上海振华港口机械(集团)股份有限公司 (以下简称“本集团”) 根据中国证券监督管理委员会 颁发的《公开发行证券的公司信息披露编报规则第 15 号－财务报告的一般规定》第四章 有关补充资料的规定，编制下列 2007 年度会计报表补充资料： 一 全面摊薄和加权平均计算的净资产收益率及每股收益 净资产收益率(%) 每股收益(元/股) 项目 报告期利润 全面摊薄 加权平均 全面摊薄 加权平均 主营业务利润 2,810,238,308 25.29 39.18 0.88 0.91 营业利润 2,164,160,417 19.47 30.17 0.67 0.70 归属于母公司股东的净利润 2,004,572,836 18.04 27.95 0.62 0.65 扣除非经常性损益后的净利润 1,988,678,257 17.89 27.72 0.62 0.64 上述财务指标的计算方法： 全面摊薄净资产收益率和每股收益的计算公式如下: 全面摊薄净资产收益率=报告期利润÷期末净资产 全面摊薄每股收益=报告期利润÷期末股份总数 加权平均净资产收益率(ROE)的计算公式如下: P ROE = ———————————————— E0+NP÷2+Ei×Mi÷M0-Ej×Mj÷M0 其中:P 为报告期利润；NP 为报告期净利润；E0 为期初净资产；Ei 为报告期发行新股或债 转股等新增净资产；Ej 为报告期回购或现金分红等减少净资产；M0 为报告期月份数；Mi 为新增净资产下一月份起至报告期期末的月份数；Mj 为减少净资产下一月份起至报告期期 末的月份数。 加权平均每股收益(EPS)的计算公式如下: P EPS = ———————————————— S0+S1+Si×Mi÷M0-Sj×Mj÷M0 其中：P 为报告期利润；S0 为期初股份总数；S1 为报告期因公积金转增股本或股票股利 分配等增加股份数；Si 为报告期因发行新股或债转股等增加股份数；Sj 为报告期因回购或 缩股等减少股份数；M0 为报告期月份数；Mi 为增加股份下一月份起至报告期期末的月份 数；Mj 为减少股份下一月份起至报告期期末的月份数。 上海振华港口机械(集团)股份有限公司 2007 年度财务报表补充资料 (除特别注明外，金额单位为人民币元) 二 2007 年 12 月 31 日资产减值准备明细表 项 目 2006 年 12 月 31 日 本年增加 本年减少 2007 年 12 月 31 日 因资产价值回升 其他原因转出数 合计 转回数 合并 母公司 合并 母公司 合并 母公司 合并 母公司 合并 母公司 合并 母公司 一、坏账准备合计 130,431,223 130,431,223 71,419,517 71,419,517 - - - - - - 201,850,740 201,850,740 其中：应收账款 130,431,223 130,431,223 71,419,517 71,419,517 - - - - - - 201,850,740 201,850,740 其他应收款 - - - - - - - - - - - - 二、短期投资跌价准备合计 - - - - - - - - - - - - 其中：股票投资 - - - - - - - - - - - - 债券投资 - - - - - - - - - - - - 三、存货跌价准备合计 21,758,503 21,758,503 7,442,673 7,442,673 - - - - - - 29,201,176 29,201,176 其中：库存商品 - - - - - - - - - - - - 原材料 21,758,503 21,758,503 7,442,673 7,442,673 - - - - - - 29,201,176 29,201,176 四、合同预计损失 21,959,079 21,959,079 18,275,391 18,275,391 - - - - - - 40,234,470 40,234,470 五、长期投资减值准备合计 - - - - - - - - - - - - 其中：长期股权投资 - - - - - - - - - - - - 长期债权投资 - - - - - - - - - - - - 六、固定资产减值准备合计 - - - - - - - - - - - - 其中：房屋、建筑物 - - - - - - - - - - - - 机器设备 - - - - - - - - - - - - 七、无形资产减值准备合计 - - - - - - - - - - - - 其中：专利权 - - - - - - - - - - - - 商权权 - - - - - - - - - - - - 八、在建工程减值准备合计 - - - - - - - - - - - - 九、委托贷款减值准备合计 - - - - - - - - - - - - 十、总计 174,148,805 174,148,805 97,137,581 97,137,581 - - - - - - 271,286,386 271,286,386 企业法人代表人：周纪昌 主管会计工作负责人：管彤贤 会计机构负责人：王珏 上海振华港口机械(集团)股份有限公司 2007 年度财务报表补充资料 (除特别注明外，金额单位为人民币元) 三 会计报表数据变动项目分析 对合并会计报表中数据变动幅度达 30%(含 30%)以上，或占本合并报表日资产总额 5%(含 5%)或报告期间利润总额 10%(含 10%)以上的项目分析： 资产负债表项目 项目 2007年12月31日 2006年12月31日 差异变动金额及幅度 注释 合并 合并 金额 % 货币资金 1,283,979,612 803,333,296 480,646,316 60% (1) 交易性金融资产 442,306,963 2,967,306 439,339,657 14806% (2) 应收账款 3,660,436,464 2,819,284,838 841,151,626 30% (3) 预付款项 3,614,304,534 1,241,232,719 2,373,071,815 191% (4) 存货 1,640,574,558 1,221,894,599 418,679,959 34% (5) 已完工尚未结算款 7,824,459,550 6,435,333,296 1,389,126,254 22% (6) 长期股权投资 46,370,049 7,920,493 38,449,556 485% (7) 固定资产 5,956,862,376 5,087,512,048 869,350,328 17% (8) 在建工程 2,683,906,427 1,487,788,874 1,196,117,553 80% (9) 无形资产 1,602,957,413 230,712,311 1,372,245,102 595% (10) 递延所得税资产 119,553,866 53,492,628 66,061,238 123% (11) 短期借款 4,731,976,771 3,757,709,700 974,267,071 26% (12) 交易性金融负债 131,973,504 18,868,081 113,105,423 599% (13) 应付票据 2,640,611,925 1,092,987,921 1,547,624,004 142% (14) 应付短期债券 - 1,745,553,699 (1,745,553,699) -100% (15) 应付账款 1,478,791,188 1,060,084,854 418,706,334 39% (16) 预收款项 152,215,124 334,862,610 (182,647,486) -55% (17) 已结算尚未完工款 2,185,656,339 998,670,286 1,186,986,053 119% (18) 应交税费 53,297,354 113,046,682 (59,749,328) -53% (19) 长期借款 5,226,197,400 2,199,650,572 3,026,546,828 138% (20) 股本 3,207,355,000 3,081,840,000 125,515,000 4% (21) 资本公积 3,856,513,159 261,780,835 3,594,732,324 1373% (22) 未分配利润 2,862,923,438 1,526,122,457 1,336,800,981 88% (23) 利润表项目 2007年度 2006年度 差异变动金额及幅度 注释 合并 合并 金额 % 营业收入 21,005,474,031 17,096,659,139 3,908,814,892 23% (24) 营业成本 17,831,238,720 14,508,607,913 3,322,630,807 23% (24) 管理费用 478,460,451 291,307,936 187,152,515 64% (25) 财务费用-净额 495,984,521 456,001,413 39,983,108 9% (26) 资产减值损失 97,137,581 56,908,215 40,229,366 71% (27) 公允价值变动收益/(损失) 127,899,163 (15,900,775) 143,799,938 -904% (28) 营业外收入 53,320,520 33,120,681 20,199,839 61% (29) 营业外支出 35,211,686 21,566,962 13,644,724 63% (30) 所得税费用 170,821,307 102,960,529 67,860,778 66% (31) 上海振华港口机械(集团)股份有限公司 2007 年度财务报表补充资料 (除特别注明外，金额单位为人民币元) 三 会计报表数据变动项目分析 (续) (1) 货币资金： 货币资金的增加主要系 2007 年度业务量的增加导致经营活动产 生的现金流增加及本年新增的银行借款所致。 (2) 交易性金融资 交易性金融资产增加的主要是因为与银行签订的远期外汇合同公 产： 允价值评估收益的增加所致。 (3) 应收账款： 应收账款的增加主要系本年度工程项目数量大幅增加使得工程结 算款项增加所致。 (4) 预付账款： 预付账款的增加主要系预付钢材采购款的增加。由于本年度签约 项目量大幅增加，公司预计对钢材的需求会增大，为此公司预付 了钢材采购款以保证供应商对本公司钢材供给。 (5) 存货： 存货的增加主要由于今年客户业务量的增加所导致。 (6) 已完工尚未结 已完工尚未结算款的增加主要系由于本年度业务量增长，建造合 算款： 同项目增加所致。 (7) 长期股权投 长期股权投资的增加主要是因为本年客户对上海振华港机(集团) 资： 丰城制动器有限公司及中港疏浚追加了投资所导致。 (8) 固定资产-净 固定资产的增加主要系本年度新增船只以及机器设备的增加所 值： 致。 (9) 在建工程： 在建工程的增加主要系本年度新增加的兴岛基地内域扩建动迁工 程，东方路办公楼项目支出以及改造新购买的船只所致。 (10) 无形资产： 无形资产的增加主要是由于购买康桥土地，东方路办公楼用地及 长兴岛扩建用地的土地使用权所导致。 (11) 递延所得税资 递延所得税资产的增加主要是由于本年公司项目增多导致时间性 产： 差异中预估安装费及售后服务费的增加所导致。 (12) 短期借款： 短期借款的增加主要系由于随着公司本年度业务量增长，本公司 对固定资产投资及营运资金的需求增加所致。 (13) 交易性金融负 交易性金融负债增加的主要是因为与银行签订的远期外汇合同公 债： 允价值评估损失的增加所致。 上海振华港口机械(集团)股份有限公司 2007 年度财务报表补充资料 (除特别注明外，金额单位为人民币元) 三 会计报表数据变动项目分析 (续) (14) 应付票据： 应付票据的增加主要系由于本年度业务量增长，原材料采购量大 幅增加所致。 (15) 应付短期债 应付短期债券的减少主要系本公司本年度偿还上一年度发行的短 券： 期融资债券所致。 (16) 应付账款： 应付账款的增加主要系由于本年度项目签约量上升，公司采购进 口件数量上涨增加所致。 (17) 预收账款： 预收款账余额减少主要是由于钢结构项目本期确认应收及工程结 算，从预收款中转出所致。 (18) 已结算尚未完 已结算尚未完工款的增加主要系本年度业务量增长，建造合同项 工款： 目增加所致。 (19) 应交税费： 应交税费的减少主要是因为本年度采购量增加导致增值税待抵扣 进项税额增加所致。 (20) 长期借款： 长期借款的增加主要系由于随着公司本年度业务量增长，本公司 对固定资产投资及营运资金的需求增加所致。 (21) 股本： 股本的增加主要是由于今年公司增资发行了人民币普通股所导 致。 (22) 资本公积 资本公积的增加主要是由于今年公司增资发行了人民币普通股的 股本溢价所导致。 (23) 未分配利润： 未分配利润的增加主要是由于本年度公司业务量上升，净利润增 加所导致。 上海振华港口机械(集团)股份有限公司 2007 年度财务报表补充资料 (除特别注明外，金额单位为人民币元) 三 会计报表数据变动项目分析 (续) (24) 主营业务收入 主营业务收入及成本的增加主要系由于本公司生产能力大幅提 及成本： 升，从而使本年度实现销售项目大幅增加所致。 (25) 管理费用： 管理费用的增加主要系由于经营规模的扩大，公司对研发费用及 人员薪筹的投入有大幅的增加。 (26) 财务费用-净 财务费用的增加主要由于本年度银行借款的大幅增加导致利息的 额： 增加所致。 (27) 资产减值损 资产减值损失的增加主要是由于本年坏账记提根据集团的政策进 失： 行了调整，增加坏账准备所导致。 (28) 公允价值变动 公允价值变动收益主要是由于今年客户与银行签订了较多的远期 收益/(损失)： 外汇合同以规避汇率变动带来的影响，导致期末公允价值变动收 益增加所致。 (29) 营业外收入： 营业外收入的增加主要系本年度处置船只的收益。 (30) 营业外支出： 营业外支出的增加主要系本年度捐款支出增加所致。 (31) 所得税费用： 所得税费用的增加主要系本年度公司利润增加所导致。 Shanghai Zhenhua Port Machinery Co., Ltd. (600320, 900947) Annual Report 2007 April 9, 2008 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 Contents I. Important Notice ................................................................................................................ 3 II. Company Profile .............................................................................................................. 4 III. Summary of Accounting Data and Operational Indexes ........................ 5 IV Equity Movement and Shareholder's Profile.................................................. 9 V. Directors, Supervisors and Senior Executives........................................... 15 VI. Corporate Governance Structure ...................................................................... 23 VII. Brief Introduction to Shareholder’s General Meeting .......................... 26 VIII. Report of the Board of Directors ..................................................................... 28 IX Report of the Supervisory Board ............................................................. 48 X. Substantial Events ....................................................................................................... 49 XI Financial Statements………………………………………………………... XII. References ..................................................................................................................... 55 2 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 I. Important Notice 1. The Company’s board of directors, supervisory board, its directors, supervisors and senior executives guarantee that the report contained no fraud record, misleading statements or big omissions and are willing to bear specific and joint liabilities to the authenticity, accuracy and completeness of its content. 2. All its directors of this Company were present at the board meeting. 3. PricewaterhouseCoopers Zhong Tian CPAs Co. Ltd. issued standard unqualified audit report for the Company. 4. The Company Responsible person and Board Chariman Mr. Zhou Jichang, Responsible Person for Finance and President Mr. Guan Tongxian, and Responsible Person of Financial Department (Chief Financial Controller) Mr. Wang Jue hereby declare that the financial reports in this Interim Report of 2007 are true and complete. This report is presented in duplicates, one in Chinese, the other in English. Should any discrepancy rises between the two versions, the Chinese one shall prevail. 3 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 II. Company Profile 1. Statutory Chinese name of the Company: 上海振华港口机械（集团）股份有限公司 Statutory Chinese Abbreviation: 振华港机 English name of the Company: Shanghai Zhenhua Port Machinery (Group) Company Limited English Abbreviation: ZPMC 2. Corporate legal representative: Zhou Jichang 3. Secretary of the Board of Directors: Wang Jue. Tel: 50390727 FAX: 58397000 E-mail: IR@zpmc.com Contact Address: 3470, Pudong Road South, Shanghai Representative of securities affairs: Li Min Tel: 8621-50390727 FAX: 8621-58397000 E-mail: IR@zpmc.com Contact Address: 3470, Pudong Road South, Shanghai 4. Registered Address: 3470, Pudong Road South, Shanghai Office Address: 3470, Pudong Road South, Shanghai Post Code: 200125 Website: http://www.zpmc.com. E-mail: ZPMC@public.sta.net.cn. 5. Company’s information disclosed in: Shanghai Security News Wen Wei Po (Hong Kong) Internet website designated by CSRC for publishing annual report of the Company: http://www.sse.com.cn. Annual Report Available in: Securities and Law Affairs Office of the Company 6. A-share of the Company listed at: Shanghai Stock Exchange Short form of A-share name: Zhenhua Gangji (or Zhenhua Port Machinery) A-share securities code: 600320 B-share of the Company listed at: Shanghai Stock Exchange Short form of B-share name: Zhenhua B-share B-share securities code: 900947 7. Other related information: Date of the first business registration: February 14,1992 Address of the first business registration: 3470, Pudong Road, South, Shanghai Business License No. of the Enterprise Legal Representative: QiGuHuZongZi No. 023817 Tax Registration License：310042607206953 Organizational code: 60720695-3 Names of domestic accounting firm engaged by the Company: PricewaterhouseCoopers Zhong Tian CPAs Co., Ltd. Office Address: 11F., No. 202, Hubin Road, Shanghai 4 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 III. Summary of Accounting Data and Operational Indexes (I). Major accounting data for the report period Unit: RMB Yuan Item Amount Operating profit 2,164,160,417 Total profit 2,182,269,251 Net profit belonging to shareholders of the listed company 2,004,572,836 Net profit after deducting non-recurring gains/losses 1,988,678,257 belonging to shareholders of the listed company Net cash flow-in from operating activities 548,210,329 (II) The differences between Chinese accounting standard (CAS) and international accounting standards (IAS) Unit: RMB yuan Net profit Net assets Item Amount Report Amount Prior Starting balance Closing balance Period Period In CAS 2,011,447,944 1,617,835,869 6,042,415,428 11,311,834,696 Items adjusted in IAS: 1. Adjustment in equity investment difference 3,575,555 6,685,053 20,987,296 amortization in accordance with IAS 2. Adjustment to purchase of domestic -32,442,688 -56,876,227 -114,881,288 -147,323,976 equipment adjusted by IAS In IAS 1,979,005,256 1,564,535,197 5,934,219,193 11,185,498,016 (III). Non-recurring gains/losses and related items to be deducted Unit: RMB yuan Non-recurring gains/losses Amount Gains/losses from disposal of non-current assets 42,396,351 Other net non-operating income except for above -24,287,517 Impact of corporate tax -2,214,255 Total 15,894,579 (IV). Major accounting data and financial indexes over the last three years at the end of report period Unit: RMB yuan Key 2006 2005 Increase Accounting 2007 After adjustment Before adjustment (%) After adjustment Before adjustment Data 5 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 Operating 21,005,474,031 17,096,659,139 17,096,659,139 22.86 12,419,629,781 12,419,629,781 income Total profit 2,182,269,251 1,720,796,398 1,717,220,843 26.82 1,301,038,887 1,318,916,685 Net profit belonging to shareholders 2,004,572,836 1,606,047,627 1,602,472,072 24.81 1,189,651,285 1,207,529,083 of the listed company Net profit after deducting irregular gains/losses 1,988,678,257 1,598,054,278 1,594,291,078 24.44 1,189,504,516 1,207,382,313 belong to shareholders of the listed company Fundamental 0.65 0.52 0.52 25 0.77 0.78 EPS Diluted EPS 0.65 0.52 0.52 25 0.77 0.78 Fundamental EPS after deduction of 0.64 0.52 0.52 23.08 0.77 0.78 non-recurring profit/loss Fully Diluted net assets 18.04 27.45 27.32 Less 9.41 26.13 26.42 earning fratios points (%) Weighted average net 27.95 31.02 30.86 Less 3.07 29.67 30.05 assets earning points ratios (%) Fully Diluted net assets earning fratios 17.89 27.31 27.18 Less 9.42 26.12 26.41 after points deduction of non-recurring profit/loss (%) Weighted average net assets earning 27.72 30.87 30.70 Less 3.15 29.66 30.04 ratios after points deduction of non-recurring profit/loss (%) Net cash flow from operating 548,210,329.00 760,070,155.00 899,520,774 -27.87 464,427,154 464,427,154 activities Net cash flow from operating 0.17 0.25 0.29 -32 0.30 0.30 activities per share End of 2006 Increase End of 2005 End of 2007 After adjustment Before adjustment (%) After adjustment Before adjustment Total assets 29,115,331,106 19,626,599,065 19,640,876,401 48.35 13,958,112,990 13,975,965,881 Owners’ equity (or 11,311,834,696 6,042,415,428 5,865,608,022 87.21 4,732,763,559 4,571,319,950 shareholders’ equity) Net assets per share belonging to 3.47 1.90 1.90 82.63 2.96 2.96 shareholders of the listed company In 2006, the Company had implemented the 2005 profit distribution plan and the program of the capital reserve transfer to increase capitalization, causing the total share capital to be changed from 1.54092 billion shares end of 2005 to 3.08184 billion shares. In report period, the Company publicly 6 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 issued 125,515,000 RMB common shares. At end of 2007, capital stock moved to 3,207,355,000 shares from 3.08184 billion shares. Therefore, the net cash flow-in from operating activities, net assets per share in 2005, 2006 and 2007 are circulated based on respective year’s total share capital, while the fundamental EPS of 2005, 2006 and 2007 are calculated based on the weighted average of the total publicly-issued common shares in accordance with Publicy Issuing Securites Company’s Information Disclosure And Reporting Rules No. 9 – Calculation and Disclosure of Net Asset Earning Ratio and EPS and Revision of 2007. (V) Items valued by fair value Unit: RMB yuan Starting Closing Current Impact on current Item balance balance Movement period Tradable financial 2,967,306 442,306,963 439,339,657 259,872,667 assets Tradable financial -18,868,081 -131,973,504 -113,105,423 -131,973,504 liabilities Total -15,900,775 310,333,459 326,234,234 127,899,163 Note: The Company is mainly engaged in exporting business. In order to avoid foreign exchange risks, the Company enters into time foreign exchange contract with many banks for long term loans on flexible interest rate. Swap contracts on interest rate are signed with banks to avoid flexible interest rate risks of long term loans. Forward foreign exchange contracts and interest rate swap contracts are booked by actual cost and their fair value is evaluated by year end. Time foreign exchange contract and interest rate swap contract, besides being hedging tool subject to hedging accounting, are both used as derivative tools, gains/losses of which at end-of-year are directly booked into current profit/loss statement. In order to hedge, the Company designates partial forward foreign exchange contracts as hedging tool, fair value or cash flow movement expectation of which can offset the movement of the fair value or cash flow of hedged items. Hedging is classified into fair value hedging and cash flow hedging. Only when fair value hedging and cash flow hedging simultaneously meet the following conditions can hedging accounting method be used: (a) When hedging starts, the Company has official designation of hedging relations (i.e. relations between hedging tool and hedged item) and has prepared official written documents of hedging relations, risk managing goals and hedging strategies. (b) The hedging expectation is highly effective and is in compliance with the risk managing strategy designated initially for the hedging relation by the Company. (c) In case of hedging cash flow of expected transaction, the expected transaction should most probably happen and it must put the Company against cash flow risk impacting eventual profit. 7 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 (d) Effectiveness of hedging can be reliably valued. (e) The Company makes continuous valuation of the effectiveness of hedging and ensures the hedging is highly effective in the designated term of hedging relations. Hedging is considered highly effective in case of meeting the following conditions simultaneously: (a) At the beginning of hedging and during later process, the hedging expectation will highly effectively offset fair value or cash flow movement caused by the hedging risks during the designated hedging term. (b) The actual offset effect ranges between 80% and 125%. Gains or losses valued by fair value at period end of the hedging tool for fair value are directly accounted into current income statement. Gains or losses valued by fair value at period end of the hedging tool for cash flow are differentiated into effective hedging and non-effective hedging, the former booked into hedging reserve in capital reserve while the latter into current income statement. When the future transaction or promise incurs and is confirmed as an asset or liability, the valued gains/losses booked into hedging reserve in capital reserve will be transferred into cost of the related asset or liability; when the future transaction or promise incurs and is not confirmed as an asset or liability, the valued gains/losses booked into hedging reserve in capital reserve will be transferred into current income statement; when the future transaction does not incur, the valued gains/losses booked into hedging reserve in capital reserve will be transferred directly into current income statement. 8 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 IV Equity Movement and Shareholder's Profile I. Particulars about equity movement: (I) Table of equity movement: Unit: share Prior to the movement Increase/Decrease(+,-) After the movement B Transf o erred Proportion Proportion Qty New Issues n from Others Subtotal Qty (%) (%) u surplus s reserve I. Shares subject to conditional sales 1. State-owned Shares 2 .Shares owned by state-owned legal 745,626,000 24.19 3,300,000 -154,092,000 -150,792,000 594,834,000 18.55 person 3. Shares owned by other domestic parties Including: shares owned by 4,646,400 4,646,400 4,646,400 0.14 domestic legal person shares owned by domestic natural person 4. Shares owned by overseas investors Including: Shares owned by 587,664,000 19.07 587,664,000 18.32 overseas legal persons Shares owned by overseas natural persons Total of shares subject 1,333,290,000 43.26 7,946,400 -154,092,000 -146,145,600 1,187,144,400 37.01 to conditional sales II. shares not subject to conditional sales 117,568,6 1. A share 1,088,550,000 35.32 154,092,000 271,660,600 1,360,210,600 42.41 00 2. B share 660,000,000 21.42 660,000,000 20.58 3. Shares issued in overseas market 4.Others Total of shares not 117,568,6 subject to conditional 1,748,550,000 56.74 154,092,000 271,660,600 2,020,210,600 62.99 sales 00 125,515,0 III. Total shares 3,081,840,000 100 0 125,515,000 3,207,355,000 100 00 Particulars about approval of stock change: 1. The Company received Reply to Relevant Issues Concerning Share Merger Reform of Shanghai Zhenhua Port Machinery (Group) Co., Ltd. (ref. Guozichanquan [2006] No.195) by the State Owned Assets Regulatory Commission of the State Council on Mar.2nd, 2006, and passed the share merger reform proposal on ZPMC’s Related Shareholder’s Meeting on Mar.8th, 2006. On Mar.21st, 2006, the Company also received the Reply to the Approval of the Share Transfer of Shanghai Zhenhua Port Machinery (Group) Co., Ltd. (ref. Shangzipi [2006] No.901) by the Ministry of Commerce of the 9 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 People’s Republic of China. Therefore, the Company has obtained approvals from the State Owned Assets Regulatory Commission and the Ministry of Commerce for its share merger reform proposal, i.e. allocation of 2.5 shares per 10shares, and related stock movement. On Mar.29th, 2006, the share merger reform proposal has been officially implemented and the Company has been approved for the resumption of trading of its shares at SSE. Within 12 months from China Communications Construction Co. Ltd. received approval for the non-circulating shares held to circulate on A-share market, trading or transfer is forbidden. Before the expiration of the prescription, in case the original non-circulating shares are traded at stock exchange, the sold amount shall not exceed 5% of ZPMC’s total shares within 12 months, not exceed 10% within 24 months. According to the Announcement on Listing of Circulating Shares with Sales Conditions of Shanghai ZPMC (Group) Co., Ltd. the Company announced on Mar. 24, 2007, the 154,092,000 shares with sales conditions held by China Communications Corporation start to circulate on the market from March 29, 2007. 2. According to the Zhenjian Faxing Zi (2007) No. 346 Notice on the Approval of Public Issuance of Stock ZPMC issued by CSRC on Sep. 29, 2007, the Company added 125,515,000 RMB common shares to domestic investors on Oct. 15, 2007, including 7,946,400 shares held by China Communications Corporation and some other domestic investors only to be traded in three months from the day of listing. The addition of capital stock due to new issuance of RMB common shares has been reviewed and verified by PriceWaterHouseCoopers Zhongtian CPA Co. Ltd. and the PriceWaterHouseCoopers Zhongtian Yanzi (2007) No. 134 Capital Verification Report is produced. Stock transfer formalities: The stock transfer formalities concerned in the company’s stock reform have been completed at China Securities Clearing and Settlement Co. Ltd. Shanghai Branch. (II) Table of movement of shares with sales limitations Unit: share Starting Shares Name of shares with Closing Date of freed from Addition Reason of limitation shareholders sales balance freeing limitation limitation On Oct. 15, 2007, the Company issued 125,515,000 common RMB shares, listed on Oct. 23, 2007. Jan. Offline A-class purchase gained 23, allocation of shares which can not be 2008; China traded within 3 months; Therefore the Mar. Communications 745,626,000 154,092,000 3,300,000 594,834,000 offline allocated 3300000 shares has 31, Corporation been circulating from Jan. 23, 2008. 2008, Other shares of 591534000 shares Mar. with sales conditions resulted from 30, stock reform. Limitation is freed on 2009 Mar. 31, 2008. Remaining shares will be freed from limits on Mar. 30, 2009. National Social On Oct. 15, 2007, the Company Jan. Security Fund 0 0 1,650,000 1,650,000 issued 125,515,000 common RMB 23, (NSSF) 401 shares, listed on Oct. 23, 2007. 2008 10 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 portfolio Offline A-class purchase gained allocation of shares which can not be traded within 3 months. The shares will be circulating from Jan. 23, 2008. National Social Jan. Security Fund 0 0 1,584,000 1,584,000 ditto 23, (NSSF) 405 2008 portfolio National Social Jan. Security Fund 0 0 1,247,400 1,247,400 ditto 23, (NSSF) 501 2008 portfolio Huatai Jan. Insurance Co., 0 0 165,000 165,000 ditto 23, Ltd. – Stable 2008 portfolie Total 745,626,000 154,092,000 7,946,400 599,480,400 — — (III) Particulars about securities issuance and listing of the Company: (1) Issues of last three years Unit: share Currency: RMB Issue Tradable Shares Type Issue Date Price Listing Date shares issued (yuan) granted RMB Common 29.08 125,515,000 117,568,600 Oct. 15, 2007 Oct. 23, 2007 Shares RMB Common 29.08 125,515,000 7,946,400 Oct. 15, 2007 Jan. 23, 2008 Shares (2) Total shares and composition change 1. According to the Announcement on Listing of Circulating Shares with Sales Conditions of Shanghai ZPMC (Group) Co., Ltd. the 154,092,000 shares with sales conditions held by China Communications Corporation start to circulate on the market from March 29, 2007. 2. According to the Zhenjian Faxing Zi (2007) No. 346 Notice on the Approval of Public Issuance of Stock ZPMC issued by CSRC on Sep. 29, 2007, the Company added 125,515,000 RMB common shares to domestic investors on Oct. 15, 2007, including 7,946,400 shares held by China Communications Corporation and some other domestic investors only to be traded in three months from the day of listing. The addition of capital stock due to new issuance of RMB common shares has been reviewed and verified by PriceWaterHouseCoopers Zhong Tian CPA Co. Ltd. and the PriceWaterHouseCoopers Zhongtian Yanzi (2007) No. 134 Capital Verification Report is produced. (3) Current internal employee shares By end of report period, there exist no internal employee shares. (II). Shareholder profile 1. Particulars about shareholders and shareholding profile Unit: Share Total shareholders at the end of 348,293 report period Particulars about shares held by top 10 shareholders Nature Increase/ Prop Shares with Shares of decrease in Name of shareholders ortion Total shares sales pledged shareh this report (%) limitation or frozen olders period 11 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 State 0 CHINA COMMUNICATIONS corpor 24.94 799,926,818 54,300,818 594,834,000 CONSTRUCTION CO., LTD. ate Foreig 0 ZHEN HUA ENGINEERING COMPANY n 17.98 576,675,000 0 0 LIMITED corpor ate TOYO SECURITIES ASIA LTD. A/C Unknown Others 1.15 37,043,982 -13,945,837 0 CLIENT Others 28,733 Unknown INVESCO FUND SICAV 0.90 27,155,200 0 ,200 HKSBCSB A/C BARING BROTHERS Others Unknown 27,391 (GUERNSEY) LTD. S/A BARING H.K. 0.85 20,139,459 0 ,959 FUND HKSBCSB S/A-BANQUE INT.A Others Unknown 21,522 LUXEMBOURG S/A HSBC GLOBAL INV. 0.67 -10,085,500 0 ,968 FUNDS CHINESE EQUITY Others 20,798 Unknown JPMORGAN FUNDS 0.65 20,798,194 0 ,194 SCBHK A/C BONY S/A MATTHEWS Others Unknown 17,769 INTL FUNDS - MATTHEWS DRAGON 0.55 -7,382,400 0 ,606 CENTURY CHINA FUND FORTUNE SGAM SELECTED Others 17,517 Unknown 0.55 17,517,804 0 SECTORS FUND ,804 NAITO SECURITIES CO., LTD.0 0.54 17,451,532 -8,482,481 0 Unknown Particulars about top 10 shareholders of shares without sales limitation Shares without sales Name of shareholders Type of shares limitation CHINA COMMUNICATIONS 205,092,818 RMB Common Shares CONSTRUCTION CO., LTD. TOYO SECURITIES ASIA LTD. A/C CLIENT 37,043,982 Domestic Listed Foreign shares INVESCO FUND SICAV 28,733,200 Domestic Listed Foreign shares HKSBCSB A/C BARING BROTHERS 27,391,959 Domestic Listed Foreign shares (GUERNSEY) LTD. S/A BARING H.K. FUND HKSBCSB S/A-BANQUE INT.A LUXEMBOURG S/A HSBC GLOBAL INV. 21,522,968 Domestic Listed Foreign shares FUNDS CHINESE EQUITY JPMORGAN FUNDS 20,798,194 Domestic Listed Foreign shares SCBHK A/C BONY S/A MATTHEWS INTL FUNDS - MATTHEWS DRAGON CENTURY 17,769,606 Domestic Listed Foreign shares CHINA FUND FORTUNE SGAM SELECTED SECTORS 17,517,804 RMB Common Shares FUND NAITO SECURITIES CO., LTD. 17,451,532 Domestic Listed Foreign shares Yifangda 50 Index Securities Investment Fund 14,846,389 RMB Common Shares The Company is not aware of whether they have associated Explanation on the associated relationship or relationship among them or belong to the consistent actionists as consistent action defined in Administrative Rules on Disclosure of Information on Stock Change of Listed Company’s Shareholders. Note: Among the aforesaid top 10 shareholders of the Company, China Communications Construction Co., Ltd. and ZHEN HUA ENGINEERING COMPANY LIMITED belong to related parties. The ultimate shareholder is China Communications Construction Group. This Company is not aware of whether the other shareholders of the Company have related relationship among them or belongs to the consistent actionist regulated by Administrative Rules on Disclosure of Information on Stock Change of Listed Company’s Shareholders. Shares held by top 10 shareholders and sales limitations Unit: share 12 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 Marketable conditions Shareholders with shares with No. Marketable New shares Limitations sales limitations limitations time marketable Sales is limited for 3 months from date of listing. Jan. 23, 3,300,000 2008 The original non-circulating shares held by the only non-circulating share holder related to the Company involved in the share merger reform China Communications Construction Group Co. Ltd. is forbidden to be traded or Mar. 31, 154,092,000 transferred with 12 months from 2008 implementation date of the stock reform. Upon expiration of the limitation, in case the original non-circulating shares are traded at stock China exchange, the sold amount shall not exceed Communications 594,834,000 5% of the total shares within 12 months, not 1 Construction Co., Ltd exceed 10% within 24 months. The original non-circulating shares held by the only non-circulating share holder related to the Company involved in the share merger reform China Communications Construction Group Co. Ltd. is forbidden to be traded or Mar. 30, 437,442,000 transferred with 12 months from 2009 implementation date of the stock reform. Upon expiration of the limitation, in case the original non-circulating shares are traded at stock exchange, the sold amount shall not exceed 5% of the total shares within 12 months, not exceed 10% within 24 months. National Social Sales is limited for 3 months from date of listing. Security Fund 1,650,000 Jan. 23, 1,650,000 2 (NSSF) 401 2008 portfolio National Social Sales is limited for 3 months from date of listing. Security Fund 1,584,000 Jan. 23, 1,584,000 3 (NSSF) 405 2008 portfolio National Social Sales is limited for 3 months from date of listing. Security Fund 1,247,400 Jan. 23, 1,247,400 4 (NSSF) 501 2008 portfolio Huatai Insurance Sales is limited for 3 months from date of listing. 165,000 Jan. 23, 165,000 5 Co., Ltd.- stable 2008 portfolio Agreed holding term of allocation of new issuances held by strategic investors or general legal person strategic investors or general legal person Agreed term to hold National Social Security Fund (NSSF) 401 portfolio 3 months National Social Security Fund (NSSF) 501 portfolio 3 months National Social Security Fund (NSSF) 405 portfolio 3 months Huatai Insurance Co., Ltd.- stable portfolio 3 months 13 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 Note: On Oct. 15, 2007, the Company issued 125,515,000 common RMB shares, listed on Oct. 23, 2007. Offline A-class purchase gained allocation of 7,946,400 shares (taking 0.25% of total capital stock) which can not be traded within 3 months. The shares will be circulating from Jan. 23, 2008. 2 Ultimate shareholder and actual controller profile (1) Particulars about the ultimate corporate shareholder Name of ultimate shareholder: China Communications Construction Co., Ltd. Legal representative: Zhou Jichang Registered capital: RMB 10,800,000,000 yuan Date of incorporation: Oct.8th, 2006 Principal activities: engaging in the general contracting of construction projects for ports, channels, highways and bridges both home and abroad, including technical and economic consultation of engineering, feasibility study, survey, construction, supervision, procurement and supply for related complete set of equipment or materials, and equipment installation; undertaking the general contracting of the construction of industrial and civil works, railway, metallurgy, petrochemical, power and water conservancy facilities, channel, mine and municipal works; import and export business; real estate development and property management, investment and management of logistics, transportation, hotel and tourist industries. (2) Particulars about the actual controller Name of actual controller: China Communications Construction Group Co., Ltd. Legal representative: Zhou Jichang Registered capital: RMB 4,503,834,100 Yuan Date of incorporation: Dec.8th, 2005 Principal activities: engaging in the general contracting of construction projects for ports, channels, highways and bridges both home and abroad (including technical and economic consultation of engineering, feasibility study, survey, construction, supervision, procurement and supply for related complete set of equipment or materials, and equipment installation); undertaking the general contracting of the construction of industrial and civil works, railway, metallurgy, petrochemical, power and water conservancy facilities, channel, mine and municipal works; import and export business; real estate development and property management, investment and management of transportation, hotel and tourist industries. (3) Particulars about changes of the ultimate shareholder and actual controller No change occurred concerning controller or actual controller. (4) Block diagram showing property and controlling relationship between the actual controllers and the Company 14 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 State-owned Assets Regulatory Commission of the State Council Holding 100% China Communications Construction Group Co., Ltd. Holding 70.13% China Communications Construction Co., Ltd. Holding 100% Holding 100% Zhenhua Egineering (Hong Harbor Engineering (Macao) Co., Ltd. Kong)Co., Ltd. 17.98% 24.94% 0.34% Shanghai Zhenhua Port Machinery (Group) Co., Ltd. 3. Other corporate shareholders who hold more than 10% of the Company’s share Unit: 10,000 HK$ Legal Date of Registered Name representa incorporati Principal activities: capital tive on maritime engineering, ship building and repairing, civil engineering, real estate investment, shipping agency, trading and Hong Kong Zhenhua Fang 3,500 1996 so on. This company has a C license Engineering Co. Zhenru (which indicates this company is qualified to contract any engineering projects in Hong Kong). V. Directors, Supervisors and Senior Executives (I). Directors, Supervisors and senior executives profile Unit: Share Option Paid by shareholders or during the report period Remuneration Option of the Company Number of shares with encourage limitations authorized from the Company Yuan)(before tax) associates of the authorized in Company or not (RMB10,000 Incr report period Shares held Shares Fluctu Starting time Terminal eas Closing market Gen at the held at the ation held Exright price Name Title Age of service time of e Exrighted Shares with der beginning of end of Ration shares ex-rights price term service term Decre year year ale received ase Zhou Chairma M 58 Apr. 10, Apr. 10, 0 0 0 0 0 0 0 0 0 - 0 Y Jichang n of the 2007 2010 15 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 Board Guan Executiv M Tongxia e 75 Apr. 10, Apr. 10, 0 0 0 0 0 33.20 0 0 0 - n Director, 0 N 2007 2010 Preside nt Fu Director M 47 Apr. 10, Apr. 10, 0 0 0 0 0 0 0 0 - 0 Y Junyuan 2007 2010 Liu Executiv M Qizhong e Director, 44 Apr. 10, Apr. 10, 0 0 0 0 0 35.46 0 0 0 - 0 N Vice 2007 2010 Preside nt Executiv M e Yan Director, 49 Apr. 10, Apr. 10, 0 0 0 0 0 34.92 0 0 0 - 0 N Yunfu Vice 2007 2010 Preside nt Liu M 48 Apr. 10, Apr. 10, 0 0 0 0 0 0 0 0 Wenshe Director 0 Y 2007 2010 ng Sun Li Executiv M e Director, 36 Apr. 10, Apr. 10, 0 0 0 0 0 34.32 0 0 0 - 0 N Vice 2007 2010 Preside nt Chief M Financia l Controll er, Wang 44 Apr. 10, Apr. 10, 0 0 0 0 0 28.08 0 0 0 - Secretar 0 N Jue 2007 2010 y of the Board of Director s, director Indepen M Du 54 Apr. 10, Apr. 10, 0 0 0 0 0 6 0 0 0 - dent 0 N Zhichun 2007 2010 Director Indepen M Xu 67 Apr. 10, Apr. 10, 0 0 0 0 0 6 0 0 0 - dent 0 N Weijun 2007 2010 Director Indepen M Li 46 Apr. 10, Apr. 10, 0 0 0 0 0 6 0 0 0 - dent 0 N Liguang 2007 2010 Director Indepen M Mi 52 Apr. 10, Apr. 10, 0 0 0 0 0 6 0 0 0 - dent 0 N Weijian 2007 2010 Director Indepen M You 54 Apr. 10, Apr. 10, 0 0 0 0 0 6 0 0 0 - dent 0 N jiarong 2007 2010 Director Huang Vice M 54 Apr. 10, Apr. 10, 0 0 0 0 0 32.21 0 0 0 - Hongyu Preside 0 N 2007 2010 nt Vice M Tian 45 Apr. 10, Apr. 10, 0 0 0 0 0 31.56 0 0 0 - Preside 0 N Hong 2007 2010 nt Cao Vice M 61 Apr. 10, Apr. 10, 0 0 0 0 0 31.56 0 0 0 - 0 N Wenfa Preside 2007 2010 16 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 nt Cao Vice M 52 Apr. 10, Apr. 10, 0 0 0 0 0 29.85 0 0 0 - Weizho Preside 0 N 2007 2010 ng nt Vice M Zhai 62 Apr. 10, Apr. 10, 0 0 0 0 0 34.98 0 0 0 - Preside 0 N Liang 2007 2010 nt Huang Vice M 33 Apr. 10, Apr. 10, 0 0 0 0 0 26.63 0 0 0 - Qingfen Preside 0 N 2007 2010 g nt Vice M Dai 41 May. 7, May. 7, 0 0 0 0 0 35.04 0 0 0 - Preside 0 N Wenkai 2007 2010 nt Vice M 46 May. 7, May. 7, 0 0 0 0 0 35.76 0 0 0 - Fei Guo Preside 0 N 2007 2010 nt Vice M 36 May. 7, May. 7, 0 0 0 0 0 31.12 0 0 0 - Zhou Qi Preside 0 N 2007 2010 nt Vice M Chen 41 May. 7, May. 7, 0 0 0 0 0 27.92 0 0 0 - Preside 0 N Gang 2007 2010 nt Vice M Liu 45 May. 7, May. 7, 0 0 0 0 0 26.22 0 0 0 - Preside 0 N Jianbo 2007 2010 nt Fu Supervi M 69 Apr. 10, Apr. 10, 0 0 0 0 0 24.57 0 0 0 - 0 N Dunjian sors 2007 2010 Dong Supervi M 61 Apr. 10, Apr. 10, 0 0 0 0 0 23.56 0 0 0 - 0 N Ruiheng sors 2007 2010 Bao Supervi M 43 May. 9, May. 9, 0 0 0 0 0 24.72 0 0 0 - 0 N Jinping sors 2007 2010 Total / / / / / 0 0 / 0 0 / 611.68 0 0 0 / / Brief resumes of the Directors, Supervisors and Senior Executives in previous 5 years: (1) Zhou Jichang, born in 1950, male, doctor student, senior engineer; was Vice President with No. 1 Highway Survey & Design Institute of Ministry of Communications, deputy general manager and vice chanir of board of directors with China Highway & Bridge Construction Co. Ltd., chairman of board of directors, president and Party Secretary with China Highway and Bridge Construction Co. Ltd.; is now chairman of the board of directors with China Communications Construction Co. Ltd., is chairman of board of directors of the Company since 2006. (2) Guan Tongxian, was born in 1933, male, bachelor’s degree, senior engineer, had held the posts of Vice Section Chief of Factory Section of Water Transport Department of MOC, Section Chief of Port Machinery Section of China Harbor Engineering Group. He has acted as President of the Company since Feb., 1992, acted as Director of the Company since 1997. (3) Fu Junyuan (M), was born in 1961, master, doctorate student, senior accountant, had held the posts of Vice Section Chief and Section Chief of Audit Section of MOC, Vice General Accountant and Financial Section Chief of China Harbor Engineering Group. He is currently executive director and General Accountant of China Communications Construction Company. He has worked as Director of the Company since 2001. (4) Liu Qizhong (M), was born in 1964, MBA, senior economic manager, was Vice Manager, Manager of Operating Department of the Company. He has acted as Vice President of the Company since Dec., 1994, acted as Director of the Company since 1997. 17 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 (5) Yan Yunfu (M), was born in 1959, master of engineering management, CPC member, was Vice Chief of Technical Department, Manager of Mechanical Design Department, Vice General Engineer of the Company. He has been the Vice President and General Engineer of the Company since 2003, acted as Director of the Company since 2004. (6) Liu Wensheng(M), was born in 1960, Bachelor of Science, MBA, senior engineer; was assistant and deputy director with Tianjin Shipping Channel Bureau, vice chief economist and general manager of planning office with China Harbor Construction (Group) Company, is now secretary of board of directors and chief economist with China Communications Construction Co. Ltd., has been director of the Company since 2006. (7) Sun Li (M), was born in 1972, MBA, senior economic manager, was Project Supervisor of Operating Department, Vice Manager and Assistant of General Manager of the Company. He has acted as Director and Vice President of the Company since 2001. (8) Wang Jue (M), was born in 1964, MBA, CPC member, CPA and senior accountant, successively held the posts of Director of the 3rd Engineering Company, General Accountant of the 5th and 7th Engineering Company, Director of the Audit Section, Director of the Financial Section and Vice General Accountant of the 3rd Navigation Engineering Bureau of China Harbor Engineering (Group) Company. Has been the Chief Controller and Secretary of the Board of Directors of the Company since Nov.2005; has been director since 2006. (9) Du Zhichun, born in 1954, male, CPC member, professor in law, instructor of mater students, was chief of Organizational Department, director of Personnel Department, vice CPC secretary and Secretary of Disciplinery Committee, of East China University of Political Science and Law; CPC secretary and director of judicial verification research institute under Ministry of Justice; enjoys state government subsidy; now CPC secretary, part-time lawyer of Shanghai Zhngxin Zhengyi Law Firm. (10) Xu Weijun, born in Jun., 1941, CPC member, Shagnhai registered consultant, expert with China International Consulting Co.; graduated in 1967 from port department of East China Irrigation College (now Hehai University); secretary of disciplinery committee of Ministry of Communications’ No. 3 Navigation Bureau; director of No. 1 Navigating Burean of Ministry of Communications, general engineer with No. 3 Navigation Bureau. (11) Li Liguang, born in Sep. 1962, male, doctor, instructor of doctorate students; associate professor, professor and doctorate instructor with Jilin Industrial University’s Auto School Diesel Engine Department; professor with School of Machinery and Diesel Engine of Shanghai Jiaotong University; is now vice president, special professor and doctorate instructor with Graduate School of Tongji University. (12) Bi Weijian, born in Mar., 1956, male, doctor, professor, doctorate instructor, CPC member; was assistant professor at Shanghai Shipping Institute, lecturer, associate professor; is now president of Logistics and Engineering School of Shanghai Marine University. (13) You Jiarong, born in Mar., 1954, male, master in economy and doctor in management, and professor at Shanghai Finance and Economy University; was director of audit department of Shanghai Universit of Finance and Economy; is now president of Adult Eduction School of Shanghai University of Finance and Economy, simultaneously director with China Audit Association, member of China Accounting Assocition, Shanghai Accounting Society member; director of Shanghai Internal Audit Society etc. (14)Huang Hongyu (M), was born in 1954, master’s degree in engineering administration, 18 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 senior economist, worked as Vice General Engineer of the Company. He has been Vice President of the Company since 1997. (15) Tian Hong (M), was born in 11, 1963, MBA, senior engineer, worked as technician of mechanical design of Shanghai Port Machinery Factory, Vice Manager of Technology Section of ZPMC, Vice General Engineer, and General Manager of Innovation Development Section. He has been Vice President of the Company since Mar.2004. (16) Cao Wenfa (M), was born in 4, 1947, MBA, senior engineer, successively worked as Vice Manager of Vessel Department, General Manager of Port Operating Vessel Company, Vice General Engineer of the Company. He has acted as Vice President of the Company since 2003. (17) Cao Weizhong (M), was born in 3, 1956, worked as Vice Manager of Installation Section, Managing General Manager of Jiangyin Base, Vice Manager of Production Department of the Company, General Manager of QC Company, Assistant to General Manager. He has been General Engineer and Vice President of the Company since 2003; has been chairman of the Trade Union at the same time. (18) Zhai Liang (M), was born in 10, 1946, bachelor’s degree, senior engineer, worked as Vice Manager, Manager of Electric Section of the Company. He has been General Engineer and Vice President of the Company since 1997. (19)Huang Qingfeng (M), was born in 10, 1975, MBA, CPC member, successively worked as Quality Project Supervisor, Vice Chief of Rubber-tired Crane Inspection Room of QC Department, Vice General Manger of After-market Service Department, Managing Vice General Manger, General Manager of QC Company, Assistant to General Manager of the Group. He has been the Vice President of the Company since Jan.2005. (20) Dai Wenkai, born in Oct. 1967, male, Han ethnic nationality, doctor student, senior engineer, was deputy manager, manager of Operating Department, vice general economist of the Company; is now general economist of the Company. (21) Fei Guo, born in Dec. 1962, male, Han nationality, master in engineering management, senior engineer, was engineer with Shanghai Port Machinery Plant; director of Electric Appliance Office 5 and vice genereal engineer with Shanghai Zhenhua Port Machinery Co., Ltd.; is now general engineer and vice director of the Development Office of the Company. (22) Zhou Qi, born in Sep. 1972, male, Han, CPC member, master in engineering management, senior engineer; was manager and deputy general engineer, general manager of the Electric Appliance Office of the Company; is now general engineer of the Company. (23) Chen Gang, born in Oct. 1967, male, Han, CPC member, master in engineering, senior engineer, was manager and deputy general manager of Technological Office of the Company; is now general manager of the Company and vide director of machinery office. (24) Liu Jianbo, born in Jul, 1963, male, Han, CPC member, master in engineering, senior engineer, was engineer at technological office of Shanghai Port Machinery Plant; assistant director in engineering with Technology Office of Shanghai Container Dock Co., Ltd., deputy general manager of ZPMC Changxing Base; is now general manager at ZPMC Changxing Base. (25) Fu Dunjian, bachelor’s degree, senior engineer, worked as Technology Department 19 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 Chief, Vice General Engineer, Vice General Manager of the Company. From 1996 to 2003, General Engineer of the Company and now Chairman of the Board of Supervisors. (26) Dong Hengrui, bachelor’s degree, senior engineer, worked as Vice Chief of Administrative Office and Chief of Administrative Office of the Company since 1995. He has been Supervisor of the Company since 1997, and now supervisor with the 3rd Board of Supervisors of the Company. (27) Bao Jinping (M), was born in 10, 1965, Han, CPC member, master in engineering, senior engineer, awarded “Zhenhua Special Contributor” for 2005; was secretary of League General Branch with Shanghai Plastics Product No. 4 Plant; vice director and vice general manager of Electric Appliance Office of ZPMC; is now vice director of Electric Appliance Office of the Company. (II). Particulars about Directors, Supervisors of the Company who hold office with shareholding companies Starting End Name of shareholding date of time of Paid or Name Title companies service service not term term Zhou China Communications Oct. 8, Construction Co., Ltd. Chairman of the Board Yes Jichang 2006 China Communications Executive director, chief Oct. 8, Fu Junyuan Construction Co., Ltd. Yes financial controller 2006 Liu China Communications Secretary with the Board, Oct. 8, Construction Co., Ltd. Yes Wensheng Economist General 2006 Among 13 Directors of the Company, all 5 Independent Directors held offices with other companies and got paid by these companies. See Chapter V, I Brief resumes of the Directors, Supervisors and Senior Executives in previous 5 years for details. Mr. Zhou Jichang, the Chairman of the Board of Directors, Fu Junyuan and Liu Wensheng, directors, held offices with China Communications Construction Co., Ltd. and got paid by it. Apart from these, 5 directors do not hold offices or part-time job with other companies. Particulars about Directors, Supervisors of the Company who hold office with other companies: No (III). Remuneration of Directors, Supervisors and senior executives 1. Decision-making and calculation basis for remuneration of Directors, Supervisors and senior executives: In accordance with the Articles of Association, the remuneration of Directors and Supervisors are subject to the approval of Annual Shareholder’s General Meeting and the remuneration of the management are assessed and approved by the President. 2. Calculation basis for remuneration of Directors, Supervisors and senior executives: Basic salary plus performance bonus, combined with assessment utilizing quantizing index of production and operation. 3. Particulars about the Directors and Supervisors who did not get paid by the Company: Name of the Directors and Supervisors who did not get paid Paid by shareholding companies or other related by the Company companies or not Zhou Jichang Yes 20 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 Fu Junyuan Yes Liu Wensheng Yes (IV) Particulars about directors’ change 1. In report period, 3th board of directors terminated and election was made. On April 10, 2007, the first provisional general meeting reviewed and approved: Proposal on electing Mr. Zhou Jichang, Mr. Guan Tongxian, Mr. Fu Junyuan, Mr. Liu Wensheng, Mr. Liu Qizhong, Mr. Yan Yunfu, Mr. Sun Li, Mr. Wang Jue as directors; electing Fu Dunjian and Dong Hengrui as staff representative supervisor. On April 10, 2007, the first meeting of the 4th board of directors reviewed and approved: Proposal on employing Guan Tongxian as the Chairman of the 4th board; Proposal on electing Mr. Guantongxian, Liu Qizhong, Mr. Yan Yunfu, Mr. Sunli, Mr. Wang Jue as executive director; Proposal on electing Mr. Guantongxian as president of the Company; employing Mr. Liu Qizhong, Mr. Yan Yunfu, Mr. Sun Li, Mr. Huang Hongyu, Mr. Cao Weizhong, Mr. Zhai Liang, Mr. Cao Wenfa, Mr. Tian Hong, Mr. Huang Qingfeng as vice president of the Company, employing Mr. Wang Jue as board secretary, appointing Ms. Li Min as securities affairs representatives. The 1st meeting of the 4th supervisory directors held on April 10, 2007 anonymously elected Mr. Fu Dunjian as chairman of the supervisory board; Bao Jinping as staff representative supervisor. 2. According to the resolution form On May 7, 2007 the Company’s 3rd meeting of the 4th Board of Directors, as business needed, nominated by President Guan Tongxian, the board hired Mr. Chen Gang, Mr. Zhou Qi, Mr. Fei Guo, Mr. Dai Wenkai and Mr. Liu Jianbo as the Company’s vice presidents. (V) Particulars about staff condition of the Company The total headcount of staff of the Company at the end of the reporting period was 3291. Retired staff on the payroll is 0. Staff condition 1. In specialties Specialty Number Engineering and technical staff 1617 Operation and administrative staff 104 Production management staff 1525 Financial staff 45 21 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 2. In educational level Educational Level Number Vocational or high school 742 Junior full time college 1,297 4-year full time college 1,060 Master 190 Doctor 2 22 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 VI. Corporate Governance Structure (I) Management status of the Company During the report period, the Company has focused on standardizing routine operation, enforcing information disclosure and the establishment and development of the legal representative management system according to the Company Law, Securities Law, Rules for Listed Securities, Article of Associations and other regulations promulgated by CSRC. The actual management status primarily complies with Regulation Codes of Listing Company as follows: ①Shareholders and the Shareholder’ Meeting: The Company treats all shareholders equally, protects the legal benefit for the shareholders, and ensures the sufficient enforcement of their rights. The company established standing orders of shareholders’ meeting. The company convenes the shareholders’ meeting strictly according to the standing orders of shareholders’ meeting. The number of shareholders attended and shares represented conform to the regulation of Company Law and Article of Association. The modern IT technology fully utilized on the meeting is based on the principle to facilitate more shareholders to be present and vote. ②Ultimate shareholders and listing: Ultimate shareholder acts in a normal way and strictly respects all rights of the Board of Directors and Shareholder’s General Meeting .It doesn’t perform any illegal or executive function which goes beyond the authorizations granted by the Board of Directors and Shareholder’s General Meeting or intervenes with the significant decision made by the Company and its lawful operations. The Board of Directors, the Board of Supervisors and internal institutions can operate independently. In this reporting period, the Company established Related Party Transaction Regulation to ensure the validity of the decision procedure of related party transactions. ③The Directors and the Board of Directors: The Board of Directors acts independently. The Company has established Standing Orders of the Board of Directors and Regulations on Performance of Independent Director. Every director is able to present the meetings of the Board of Directors and Shareholders’ General Meeting in a critical and responsible manner, and performs obligations and responsibilities as a director. Independent directors fully and independently perform their duties and concern the legal welfare of minority shareholders. ④Supervisors and the Board of Supervisors: The number of the supervisors and member comply with laws and regulations; the Supervisors are able to perform their duties according to Standing Orders of the Board of Supervisors. Being responsible to shareholders, the supervisors are able to perform their responsibility with due diligence and supervise the finance, performance of the Directors, managers and other senior executives to ensure the compliance with the laws. ⑤Performance and incentive system: The Company is positively working on the institution of a fair and open incentive system for the evaluation and motivation of directors, supervisors and managers. Employment of management staff is fair and open according to laws and regulations. ⑥Other stakeholders: The Company fully respects and protects the rights and interests of banks, creditors, employees, customers and other relative beneficial parties, positively cooperates and effectively communicates with these parties to promote continual and healthy development of the Company. ⑦Information disclosure and openness: The Company is able to duly perform its obligation 23 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 on information disclosure according to related regulations. During the report period, the Company attached much importance to the management of investor relationship and established a system which helps investors to keep abreast of the Company, and periodically invites investors to visit and investigate the production bases of the Company. As a result, the Company has built up a smooth communication channel between investors and the Company to improve the management, corporate governance structure of the Company and its core competitiveness. (II) Performance of Independent Directors of the Company 1. Attendance of Independent Directors at meetings of the Board of Directors Name Expected attendances Actual attendances Entrusted attendances Absences Remark Xu Wenjun 10 10 0 0 Du Zhichun 10 10 0 0 Mi Weijian 10 10 0 0 Li Liguang 10 10 0 0 You Jiarong 10 10 0 0 The Board of Directors has constituted independent director system according to the Guideline Regarding the Constitution of Independent Director System in Listing Company by CSRC, and made the number of independent Directors exceed 1/3 of that of the Board of Directors and yielding a positive result. During the reporting period, the 5 independent directors, Mr. Xu Wenjun and Mr. Du Zhichun, Mr. Mi Weijian, Mr. Li Liguang and Mr. You Jiarong perform their duty with honesty and due diligence in compliance with related laws, regulations and Article of Association. They attend board meetings responsibly, perform their duty independently, give their independent and objective opinion to each resolution and express their opinion clear to protect the overall welfare of all shareholders of the Company. 2. Dissent expressed by Independent Directors on related issues of the Company During the report period, Independent Directors of the Company did not express dissent on resolutions approved by the Board of Directors and any other issues. (III) Independences of the Company from its Ultimate Shareholder in Respects of Business Operation, Personnel, Assets, Organization and Finance 24 (1) Operation: The operation of the Company is separated from the ultimate shareholder. The Company operates independently with an integral system. Shanghai Zhenhua Port Machinery Co., Ltd. Shareholders from related partiesAnnual stay away from voting on related party transaction Report 2007 to ensure the validity of the decision procedure of related party transaction. (2) Personnel: Labor, personnel and remuneration management is independently operated. General Managers, Vice General Managers, Secretary of the Board of Directors, Finance Controller and other senor executives receive remuneration from the Company without receiving any remuneration or hold any post in main shareholders company. (3) Assets: The Company has independent production system, auxiliary production system and pertinent machinery. Intangible asset including industrial know-how, trade mark, and non-patent technique belongs to the Company. (4) Organization: The Company set up an overall management organization. Internal departments such as the Board of Directors, the Board of Supervisors, General Manager, technical department, sales department and production department operate independently and are not subject to functional departments of the ultimate shareholder. Considering the actual daily operational status of the Company, the ultimate shareholder doesn’t interfere with the operation or production of the Company as its controlling shareholder, while the Company operates well independently (IV) Evaluation and Incentive System to Senior Executives The Company appointed and removed Directors, Supervisors and senior executives in accordance with Company Law and Article of Associations. It has preliminarily established a practical system for cultivation, selection, supervision, evaluation, rewards and disciplinary sanctions, and control of senior executives, and promulgated relevant management method of senior executives. Focusing on both political integrity and professional competence, the Company evaluates, appoints and removes senior executives based on actual requirements of its operation and development and the senior executives shall take a lower as well as a higher post. The Company will continuously improve the existing performance assessment and remuneration system and carry out the middle and long range incentive system based on diligence and performance among all the senior executives and core technicians in order to motivate senior executives to create new accomplishments and ensure maximum benefit and standard operation of the Company. (V) Internal control systems 25 In order to perfect legal person governmance structure, the Company set up series of rules and standards including Procedures of Shareholder’s General Meeting, Procedures of Board of Shanghai Zhenhua Port Machinery Co., Ltd. Directors, Procedures of Supervisory Board, Working System of Raised Fund Management, Annual Report 2007 Managing System for Information Disclosure etc, according to requirements by Corporate Law, Securities Law etc. These rules and standards define clearly rights and liabilities of all levels of management, which ensures legality, standardization, authenticity and effectiveness of big decisions. Considering business features and demand of management, managing standards are established, including that of finance, operation, production, machinery, purchase, HR etc. Special groups are set up to check up interal control and to supervisor routine work, to find out problems timely, to correct errors, thus to ensure effective implementation of the working rules and systems. The Company has set up perfect and reasonable internal control systems in all significant aspects. These provide guaranty for preparing financial statements in authenticity and fairness, for legal implementation of state laws and regulations and the company’s internal rules and systems, for avoiding operating risks. All existing internal control systems satisfy requirements of the State and CSRC, basically meet requirements of the Company in management and development. With perfection of the state’s laws and regulations and with development of the Company, internal control system of the Company will be further enhanced. (VI) The Company does not disclose self-valuating report on internal control by the board or reviewing opinions from the auditors. VII. Brief Introduction to Shareholder’s General Meeting (I) Particulars about Annual Shareholder’s General Meeting The Company convened 2006 Annual Shareholder’s General Meeting on May 18th, 2007, and published relevant bulletin of resolutions on Shanghai Securities News and Hong Kong Wen Wei Po dated May 19th, 2007. The Meeting reviewed and passed the following motions: (1) 2006 Report of the Board of Directors; (2) 2006 Report of the Board of Supervisors; (3) 2006Report of Independent Director on their Performance; (4) 2006 Report of the President and 2007 Plan; (5) 2006 Report of Final Accounts; 26 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 (6) 2006 Profit Distribution; (7) Proposal on Revision of the Articles of Association. (8) Motion on Short-term Financing Bonds; (9) Proposal for Agreeing to Revise Key Accounting Policies and Accounting Estimates; (10) Motion on Continuation of Recurring Domestic and Overseas Auditors of the Company Respectively; (11) Proposal for Agreeing with Explanation to the Use of Prior Raised Fund; (12) Proposal for Agreeing to Revise Allowance of Independent Directors. (II) Particulars about provisional Shareholder’s General Meeting The Company convened 2007 First Provisional General Shareholder’s Meeting on Apr. 10th, 2007, and published relevant bulletin of resolutions on Shanghai Securities News and Hong Kong Wen Wei Po dated Apr.12nd, 2007. The meeting reviewed the following motions: 1. Proposal on the Company Meeting Requirements for Adding Issuance of A-shares; 2. Proposal on the Planning of Adding Issuance of A-shares; 3. Proposal on Submitting to the Shareholder’s General Meeting for Authorization of the Board to Fully Exercise the Right for the Added Issuance of A-shares; 4. Proposal on the Feasibility Study Report of the Raised Fund; 5. Proposal on Explanaton to the Use of Prior Raised Fund; 6. Proposal on Managing System of Raising Fund; 7. Proposal on Nominating Candidates of Directors to the 4th Board; 8. Proposal on Nominating Candidates of Independent Directors to the 4th Board and their Remuneration; 9. Proposal on Nominating Candidates of Supervisors to the 4th Supervisory Board; 10. Proposal on Revising Incentive Measures to “Zhenhua Special Contributor” and Senior Executives; 11. Proposal on Revision of the Articles of Association. 12. Proposal on Procedures of the Company’s Shareholder’s General Meeting; 13. Proposal on Procedures of the Company’s Board of Directors; 14. Proposal on Procedures of the Company’s Board of Supervisors. 15. Proposal on the Establishing of Frame Agreement on Routine Relation Transactions between the Company and China Communications Co., Ltd. 27 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 VIII. Report of the Board of Directors (I). Discussion and analysis by the management of the Company 1. Retrospect of the operational status of the Company during the report period (1) General operations of the Company During the report period, the Management has continuously implemented the strategies decided by the Board of Directors, diligently executed the operational plan and plunged into the work with concerted efforts and high morale. As a result, we have realized a major operation income as of RMB 21.005470 billion yuan, a major operation profit as of RMB 2.16416 billion yuan, total profit as of RMB 2.18227 billion yuan and net profit as of 2.00457 billion yuan, up 22.86%, 26.62%, 26.82% and 24.81% respectively. Among them, exported products accounted for 87.5% and domestic sale for 12.5%. (2) Major operations and the operation status Particulars about main business scope of the Company: Main business scope of the Company covers engineering, fabrication and sales of large-scale port handling equipment, engineering vessels, large-scale metal structures and its parts and accessorial parts, as well as lease of self-manufactured cranes and sales of self-manufactured products. The Company’s specialized fully-erected crane- carrying vessels can undertake international marine transportation business; specialized contracts for metal structures engineering project. The Company takes the lead in container crane industry all over the world. During the report period, triumphant news from markets both home and abroad keeps pouring in. With the vigorous marketing momentum, till end of 2007 the Company’s products had moved into 65 countries or regions. It entered into frame follow-up contract with Maersk for 5 years container cranes; obtained contracts total valuing 1.5 billion yuan for barge cranes; generally contracted Taicang Wugang Dock bulk system etc. 81.76% of its main operation income in 2007 from the fabrication of container cranes. According to the statistics of World Cargo News, the authoritative journal in U.K., the Company has occupied the position of the largest container crane order manufacturer in the world for successive 9 years starting from 1998, taking the leading–edge position of the industry. ① Main business in industry and product Unit: RMB yuan Major Major Major Industry or Major operating Major operating operating operating operating Major operating product income cost profit income up cost up profit ratio up (%) ratio (%) (%) (%) Container 16,878,120,889 14,418,727,872 14.57 10.12 10.37 Less 0.2 point crane Bulk-cargo machinery 2,299,464,504 2,265,605,903 1.47 55.29 59.95 Less 2.87 points parts Ocean heavy No comparative 1,418,907,147 1,087,255,972 23.37 - - equipment product in 2007 Vessel No comparative 47,085,815 32,560,696 30.85 - - shipping product in 2007 Total 20,643,578,355 17,804,150,443 13.75 22.82 22.95 Less 0.1 point 28 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 ② Main business in region Unit: RMB yuan Region Major operating income Major operating income up（%） Main land, China(Exporting) 6,256,369,167 46.57 Asia (Excluding Main Land, China) 4,367,340,722 27.62 Europe 3,355,947,232 15.22 America 2,611,914,039 23.29 Main land, China 2,576,548,564 -3.90 Africa 1,132,423,403 28.66 Oceania 343,035,228 34.65 Total 20,643,578,355 22.82 Note: In this part, amounts listed in the 2007 and 2006 Mainland China (export) item refer to the major operating income and cost the Company firstly exports to its subsidiary ZPMC Hong Kong Co., Ltd. and the latter sells to domestic customers. ③ Key suppliers and clients Unit: RMB 10,000 yuan Purchase from top five 408,533 Proportion of total 23% suppliers Sales to top five clients 428,997 Proportion of total 21% (3) Analysis of assets composition, financial status and cash flow of the Company Proportio Proportio Increase in n of total n of total proportion of assets assets Increase total assets Item Closing balance (%) Starting balance (%) (decrease) (%) Tradable financial assets 442,306,96 1.52 2,967,306 0.02 439,339,657 9948.12 Advances 3,614,304,53 12.41 1,241,232,719 6.32 2,373,071,815 96.29 Long term equity investment 46,370,04 0.16 7,920,493 0.04 38,449,556 294.65 Fixed assets 5,956,862,37 20.46 5,087,512,048 25.92 869,350,328 -21.07 Construction in progress 2,683,906,42 9.22 1,487,788,874 7.58 1,196,117,553 21.60 Intangible assets 1,602,957,41 5.51 230,712,311 1.18 1,372,245,102 368.35 Deferred corporate tax assets 119,553,86 0.41 53,492,628 0.27 66,061,238 50.66 Tradable financial liabilities 131,973,50 0.45 18,868,081 0.10 113,105,423 371.50 Bills payable 2,640,611,92 9.07 1,092,987,921 5.57 1,547,624,004 62.86 Prepayment 152,215,12 0.52 334,862,610 1.71 (182,647,486) -69.36 Settled but work not completed 2,185,656,33 7.51 998,670,286 5.09 1,186,986,053 47.53 Taxes payable 53,297,35 0.18 113,046,682 0.58 (59,749,328) -68.22 Long term loans 5,226,197,40 17.95 2,199,650,572 11.21 3,026,546,828 60.16 Capital stock 3,207,355,00 11.02 3,081,840,000 15.70 125,515,000 -29.84 Capital reserve 3,856,513,15 13.25 261,780,835 1.33 3,594,732,324 893.07 Undistributed profit 2,862,923,43 9.83 1,526,122,457 7.78 1,336,800,981 26.46 Analysis: 29 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 A. Tradable financial assets increased due to increase of estimated gains from fair value of time foreign exchange contracts signed with banks. B. Advances increased due to advances for purchase of steel. Plenty of contracts were established in the year and higher demand for steel is expected. Therefore the Company made advances to ensure supply. C. Long term equity investment increased due to increase of investment by the Company in Shanghai ZPMC (Group) Fengcheng Brake Co., Ltd. and Zhonggang Shujun. D. Fixed assets (net value) increased due to transfer of infrastructure projects into fixed assets, purchase of vessels and equipment. E. Construction in progress increased due to the move project of Changxing base internal expansion, expenses on office building project on Dongfang Road and rebuilding of newly purchased vessels. F. Intangible assets increased due to purchase of land use rights of Kangqiao land lots, office building land on Dongfang Road, and land for expansion of Changxing Island. G. Deferred corporate tax assets increased due to increase of after-sales service fee and estimated installation fee from time difference as a result of growth in number of projects in report year. H. Tradable financial liabilities increased due to increase of loss from estimated fair value of time foreign exchange contracts established with banks. I. Bills payable increased due to big increase of raw material purchase as a result of business grow in report year. J. Decrease of prepayment balance is mainly due to out transfer of prepayment as a result of income confirmed from steel structure projects and settlement of projects. K. Increase of ‘settled but work not completed’ item is due to increase of building contracts as a result of business growth in report year. L. Decrease of taxes payable is due to increase of refundable input VAT tax amount as a result of increase of purchase in report year. M. Long term loans increased due to increased demand for fixed assets investment and operating fund as a result of expansion of business in report period. N. Capital stock and capital reserve increased due to new issuance of RMB common shares. O. Increase of undistributed profit is a result of increase of business volume which leads to increase of net profit. Item Closing balance Starting balance Increase % of increase operating income 21,005,474,031 17,096,659,139 3,908,814,892 23% operating cost 17,831,238,720 14,508,607,913 3,322,630,807 23% General expenses 478,460,451 291,307,936 187,152,515 64% Asset devaluation loss 97,137,581 56,908,215 40,229,366 71% Fair value movement 127,899,163 (15,900,775) 143,799,938 -904% gains/(losses) Non-operating income 53,320,520 33,120,681 20,199,839 61% Non-operating expenses 35,211,686 21,566,962 13,644,724 63% Corporate tax expenses 170,821,307 102,960,529 67,860,778 66% Analysis: A. Major operating income and cost increased due to big improvement of productivity which leads to big increase of sales. B. General expenses increased due to increase in R&D expenses and employee remuneration as a result of operational scale expansion. C. Asset devaluation loss increased due to increase of bad debt provision as a result of adjustment of current year bad debt accrual according to policies of the Group. D. Fare value movement gains are the result of increase of closing fair value movement gains as an impact of the fact that the Company signed lots of time foreign exchange contracts with banks to avoid foreign exchange rate change risks. E. Non-operating income increased due to income from disposal of vessels. F. Non-operating expenses increased due to increase of donations in report period. 30 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 G. Corporate tax expenses increased due to increase of profit in report period. % of Item Closing balance Starting balance Increase increase Net cash flow-in from -211,859,826 -27.87 operating activities 548,210,329 760,070,155 Net cash flow in investment -1,122,791,714 40.02 activities -3,928,129,825 -2,805,338,111 Net cash flow in capital raising 1,531,883,539 69.37 activities 3,740,153,793 2,208,270,254 Net addition of cash and cash 197,231,999 121.00 equivalents 360,234,297 163,002,298 Analysis: A. Net cash flow-in from operating activities decreased by 27.87% against same period prior year, due to increase of advances to purchase steel with locked up price. B. Net cash flow in investment activities increased by 40.02%, due to expansion of operational scales and increase of investment in fixed assets. C. Net cash flow in capital raising activities increased by 69.37%, due to new share issuance to increase investment in infrastructure and current capital. D. Net addition of cash and cash equivalents increased by 121% due to sales growth and fund collection speeding. (4) Tradable financial assets and liabilities The Company is mainly engaged in exporting business. In order to avoid foreign exchange risks, the Company enters into time foreign exchange contract with many banks for long term loans on flexible interest rate. Swap contracts on interest rate are signed with banks to avoid flexible interest rate risks of long term loans. Forward foreign exchange contracts and interest rate swap contracts are booked by actual cost and their fair value is evaluated by year end. Time foreign exchange contract and interest rate swap contract, besides being hedging tool subject to hedging accounting, are both used as derivative tools, gains/losses of which at end-of-year are directly booked into current profit/loss statement. In order to hedge, the Company designates partial forward foreign exchange contracts as hedging tool, fair value or cash flow movement expectation of which can offset the movement of the fair value or cash flow of hedged items. ng is classified into fair value hedging and cash flow hedging. Only when fair value hedging and cash flow hedging simultaneously meet the following conditions can hedging accounting method be used: (a) When hedging starts, the Company has official designation of hedging relations (i.e. relations between hedging tool and hedged item) and has prepared official written documents of hedging relations, risk managing goals and hedging strategies. (b) The hedging expectation is highly effective and is in compliance with the risk managing strategy designated initially for the hedging relation by the Company. (c) In case of hedging cash flow of expected transaction, the expected transaction should most 31 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 probably happen and it must put the Company against cash flow risk impacting eventual profit. (d) Effectiveness of hedging can be reliably valued. (e) The Company makes continuous valuation of the effectiveness of hedging and ensures the hedging is highly effective in the designated term of hedging relations. Hedging is considered highly effective in case of meeting the following conditions simultaneously: (a) At the beginning of hedging and during later process, the hedging expectation will highly effectively offset fair value or cash flow movement caused by the hedging risks during the designated hedging term. (b) The actual offset effect ranges between 80% and 125%. Gains or losses valued by fair value at period end of the hedging tool for fair value are directly accounted into current income statement. Gains or losses valued by fair value at period end of the hedging tool for cash flow are differentiated into effective hedging and non-effective hedging, the former booked into hedging reserve in capital reserve while the latter into current income statement. When the future transaction or promise incurs and is confirmed as an asset or liability, the valued gains/losses booked into hedging reserve in capital reserve will be transferred into cost of the related asset or liability; when the future transaction or promise incurs and is not confirmed as an asset or liability, the valued gains/losses booked into hedging reserve in capital reserve will be transferred into current income statement; when the future transaction does not incur, the valued gains/losses booked into hedging reserve in capital reserve will be transferred directly into current income statement. Till end of report period, tradable financial assets is 442.31 million yuan; tradable financial liabilities is 131.97 million yuan; gains from 2007’s fair value movement is 127.9 million yuan. （5）Technical innovation analysis From 1998 on, the Company has stood on top of the industry in port machinery. The Company invests 2% of grand output each year in technology and innovation. The Company owns 242 patents, including 72 domestic invention, 88 international inventions, 75 applied new models, 7 outlook designs. The Company owns 29 domestic authorized invention patents; 6 international invention patents; 70 applied patent models. Over 80% products are exported each year, to 65 countries or regions and 120 ports. 2007’s achievements in self-owned innovation, development of products: 32 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 ① Double 40” bank container crane is worldly regarded as new alternative port product, orders of 251 sets have been obtained. The double 40’ container crane is a breakthrough in the former practice that one crane could only lift one 40’ container. By using new technologies such as special speed-lessening technology or multi-fluid pressure technology etc., two 40” containers can be lifted at one time, by which work efficiency is raised by 60%. With this achievement, competitive ability is raised on international competition and they have been used at Dubai port, Singapore port, Busan Port, Yangshan Port etc., and loading & unloading records have been created at Yangshan Port by 123 natural containers/hour (30~40 natural containers/hour with traditional cranes). ② 4000T all rotating barge crane lifted Nanhai No. 1 sunk ship in South China Sea The 4000T all rotating barge crane “Hua Tian Long” the Company designed is the largest modern lifting vessel in Asia combining salvage, lifting and ocean engineering, also the largest engineering vessel ever designed and built by Chinese manufacturers. It is named as Asia Top 1 Crane. In 2007, the 4000T all rotating barge crane successfully lifted Nanhai No. 1 sunk ship, which is highly praised. ③ First auto dock in the world – modeling area The Company created the first high efficient intelligent 3-D loading and unloading container dock model area – ZPMC Changxing Model Area, where horizontal transportation driven by diesel engine is removed and container transportation is realized by cubic track with electric driving. The traditional container is fully innovated. Air pollution is solved. It’s a revolutionary invention. As estimated, efficiency of one parking lot is raised by 50%, housing capacity of container field raised by 25%. Operating expenses drop tremendously. ④ Big diameter spiral umbrella gear is processed successfully on 5-axle processing center machine tool, first practice in the world To develop the technology of dynamic positioning of heavy ocean engineering vessel, big diameter spiral umbrella gear is the technical barrier. The Company used 5-free machine tool processing center and advanced digital processing method and broke through the technology of making big diameter spiral umbrella gear and successfully processed spiral umbrella gear with 1.5-meter diameter. 2007’s achievements in energy saving and environment protection: 33 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 So far there are altogether 6500 sets of RTG powered by diesel generator all over the world, dozens at each port in average. These RTG’s consume high energy, with low efficiency and smoke is produced. They make great noised. Therefore environment-friendly and energy-saving product is a common subject of all ports and manufacturers. The Company has invented two energy-saving RTG’s: ① RTG with super capacitance The product uses super capacitance as energy-holing device, which can effectively save the feedback energy from the dropping of the lifting system and the braking energy of both small and big crane system. Meantime it outputs power while the lifting system is moving up or other systems are operating. This lessens the consistent attack to the electric system of the crane caused by frequent speeding of all systems especially of the lifting system. This enables smooth operation of diesel generator system in low energy consumption. This gets rid of the smoke, noise reduced by 4～5dB, energy consumption lowered by 30%. Thus diesel generator’s life is prolonged. ② RTG with urban power supply RTG with urban power supply keeps all functions of regular RTG, while it is powered by urban power grid. This has the advantage of cost-saving. No smoke is erupted; noise is low. It’s very environment-friendly. （ 6 ） Analysis of operation status and accomplishment of major holding and share –participating subsidiaries Unit: RMB 10,000 yuan Company Major product or service Registered capital Asset scale Net profit Manufacture and sales of accessorial ZPMC Pudong Co., parts and machining gear reducers 500 9,915 22 Ltd. for container cranes. ZPMC ChangXing Manufacture and sale of steel Spare Parts 550 35,636 19 structures and spare parts for cranes Manufacture Co., Ltd. ZPMC ChangXing Production of precision foundry, Precision Forge Co., cooling process, metal material heat 500 7,743 36 Ltd. treatment Zhenhua Port Sales of port machinery, engineering Machinery (Hong HK$ 500 HK$ 375858 HK$ -7483 vessel, steel structure and other parts Kong) Co., Ltd. No operating ZPMC(M)SDN.BHD Sales and service for ZPMC product Ringgit 10 - activities Operation of sea transportation in Shanghai Zhenhua home and abroad coastal waters; 12,000 202,117 1,500 Shipping Co., Ltd. ordinary transportation in the middle 34 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 and lower reaches of Yangtze River;transporation of port machinery ZPMC Crane Barge Design, fabrication, sales and rental 10,000 10,661 -12 Co., Ltd. of floating cranes, port machinery Jiangyin Zhenhua Production and sales of port Labor Engineering machinery parts; coating and 50 51 9 Co., Ltd. installation project Nantong Zhenhua Installation of heavy port Heavy Equipment equipment, engineering Manufacturing Co. vessels, heavy metal structure starting 40,000 46,036 Ltd. and its parts; lease of cranes; period contracting of steel structures etc. machinery manufacturing and USD 10 1,001 13 Nantong Zhenhua installing, steel structure Steel Structure processing, hardware Processing Co. processing, de-rusting and Ltd. painting, machinery engineering contracting etc. machinery manufacturing and Jiangyin Zhenhua installing, steel structure Steel Structure processing, hardware USD 10 374 12 Manufacturing Co. processing, de-rusting and Ltd. painting, machinery engineering contracting etc. （5）Operational difficulties and their countermeasures In report period, the Company met across the following difficulties: ① Although we took certain considerations into account at the initial quotations, we have still suffered impacts on our contracts due to the fluctuation of international exchange rates, especially for the strong RMB. ② Inflation leads to soaring up of raw materials (esp. steel) and cost of human resources which in turn brings pressure to the products of the Company. ③ The Company kept high growth rate in recent years, which caused shortage of general assembling space and bottlenecks in terms of transportation capabilities. ④ Fierce market competition starts the need for expanding to new market. In view of this, the Company has adopted the following solutions: ① Facing the problem of exchange rate fluctuation risk, the company on the one hand formed a research group to find out possible ways to lower the risk, for instance, to sign Euro contracts, to increase the USD liability proportion, to conduct time foreign exchange hedging, factoring of foreign 35 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 exchange contracts, to raise prepayment proportion from customers etc, which has brought great effect.; on the other hand, to fix contract RMB rate considering the impact of the appreciation of Renminbi, what is most important to raise price properly. Exchange rate we enjoyed in 2007 is 7.6. ② Facing the problem of inflation, the Company on the one hand established time contract for steel purchase with suppliers to avoid price soaring risk. In 2006 contracts amounted to 650,000 T steel futures; in 2007 950,000 T futures. The fixing of sources and price guaranteed the growth in profitability of the Company. On the other hand, due to 10% grow of labor cost each year, the Company faces a labor cost pressure. The Company lowers the impact by raising potentials and working efficiency. ③ Facing the problem that productivity and transportation capability do not match the rapid grow of production, on the one hand the company improves efficiency for existing conditions, quicken the steps for the renewed construction of the back-base of Changxiang Base and the construction of new Nantong Base; on the other hand the company plans to purchase and complete the reconstruction of 2 to 3 vessels within 2007 to improve transportation capacity. Raised capital from issuance of shares in 2007 has been fully put into use hoping to turn into productivity as soon as possible, ensuring the fulfillment of production tasks for 2007 and 2008. ④ While focusing on major businesses (container crane), explore multi-markets, foster new economic growth point. From product and market aspects, the company explores in the 9 markets including container machinery, bulk-cargo dock machinery, large scale bridge and steel structure, offshore heavy duty machinery, specialized crane parts, digging ships, shield market and port gate cranes and ocean platform whole-machine transportation. Try to move away from original practice of deciding production on sales, to explore self-innovative products, to multiply productivity, to define production on market anticipation to expand customer cluster. 2. Prospects of the Company （1）Tendency, competition, opportunities and challenges in the sector ① Port machinery industry World economy is still marching on the periodic expansion track by continuing the 2006 tendency, although affected by series of unfavorable factors such as slowing down of American economy, strengthening of Euro, serious situations in some heated areas, international oil at a high level etc. The expansion serves as an important drive to global port investment. From a longer point of view, world economy is still being pushed by basic favorable factors, which have driven the fast growing of 36 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 world economy in the past 10 years – regional economic globalization still being the irrevocable tide. Global division will go further and the derivative product – international trade development is still the basic way to blessing of every country. Based on the estimate by OneStone Consulting Group, between 2006 and 2010, port authorities of 85 countries all over the world will invest in 260 port projects, including purchase of 9.2 billion USD for quayside container gantry cranes. Between 2006 and 2010, global ports throughput will grow to 625 million TEU, up 9.4%. Key product of the company – container cranes, as a product with intensified capital, technology and labor, is also highly industry intensified. Operating right of international ports are concentrating on some big port operators. As early as 1999, there were about 100 manufacturers in the world. According to the British Word Cargo News, there are only 20 manufacturers left. Between July 2005 and July 2006, top 5 manufacturers received 91.02% of global orders for quayside gantry cranes, and 86.6% for yard cranes, among which the Company’s bank bridge takes 70% market share, field bridge takes 50%. The Company has been ranking top 9 in the industry in the world, and remains indisputable market leader. Top 10 big port operators in 2005 controlled 57% of international ports. These operators usually package all the purchase orders of container cranes for all ports within their administration and give the package to one manufacturer. Only a few manufacturers are capable of accepting such big orders. In addition the design of port machinery is more and more standardized, which favors the scale effect of big manufacturers. The leading position enables the Company to benefit the industry’s development trend in the first place. Bulk cargo loading and unloading machinery, due to small size, various kinds, value and technical barrier low, sees competition mainly within the same region. So far, the company basically gained the domestic market for heavy loading and unloading vessel machinery, which enjoy good international reputation. In 2007, the Company pioneered in winning contract of Taicang Wugang Dock bulk cargo system, designating the Company has moved from equipment supplier to system supplier. The company leads the industry in product quality, technological content and timely delivery. Although we lead the industry, international competitors are staring at us and port machinery competition is more and more fierce. Therefore the future is full of changes and opportunities. ② Heavy ocean machinery industry The local “diesel old fatigue” and hike of international oil in the start of 2008 clearly show shortage of energy will be difficulties world economy long faces. Big oil producers of all countries quickened their steps to develop oil and gas in deep seas in 2006. In the past 10 years, over development of land oil has pushed countries to the ocean, especially to the deep ocean for energy development. Against 37 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 this background, there occurred big market need for international ocean project equipment lease and sale. This stimulates a long term big demand for heavy ocean machinery including large crane barges. The company is optimistic about the heavy ocean machinery market prospect and estimates the global market of this might reach 50 billion USD per annum in the coming years. The entrance barrier of heavy ocean machinery is high due to difficulty in manufacturing and technology. Not many manufacturers are capable of doing this. So far, top 3 manufactures are Hungdai Heavy Industry, Sumsung Heavy Industry and Daewoo Shipping and Ocean Engineering Company of South Korea. The company has accumulated rich experience in heavy machinery manufacturing, navigation guiding and positioning technology. In 2006 the company designed and manufactured “Asian No. 1 Crane” – the 4000 ton all rotating crane barge for Guangzhou Rescue and Salvage Bureau, gained a good reputation in the industry for the company. In 2007, the Company contracted the designing and manufacturing of 7000T all rotating barge crane for China Ocean Oil Corporation. At present, the Company has built or been building up to 10 barge cranes either for sale or for self use. The products have won the Company great reputation in the industry. ③ Heavy steel structure industry Steel structure is widely used in construction engineering such as bridge, factory house, all types of pipe container, high-rise building and tower and rail system etc, due to light weight, easy installment, short work-period, good shock-resistance and low environmental pollution. In overseas market, steel structure takes up 10% of the total steel. In the developed countries such as the U. S., Britain and Japan, the proportion is even higher. The container crane manufacturing gained the company rich experience for the manufacturing of top steel structures. The company has possessed the capability in production technology, welding crafts etc in producing large steel structures for large buildings. The company positions itself to be manufacturer of top large steel structures. The company has provided large bridge steel structures for Shanghai East Sea Bridge, Korean Bushan Highway Bridge and Inchon No. 2 Bridge. In 2006, the company acquired the purchase contract of the New Bay Bridge – new symbolic building on the west cost of the United States, which opens the door leading to the international steel structure market for the company. （2）Future development strategies and operational plan in the new year Overlooking world economy from the highpoint of 2008, we found starting unfavorable factors have brought uncertainty to global economy, esp. that of development countries. In a micro-view, unfavorable factors exist including price soaring of raw materials, appreciation of RMB, bad weather etc. All in all, 2008 will see a year the company overcomes macro and micro difficulties, keeps steady 38 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 development, and further explore new market. The leading position in global container crane filed does not stop the Company from developing to other markets. The Company will focus mainly on steel. After careful study, the Company will do the following strategic things: First of all, stress on innovation, to compete with advantages in technology and cost, steadily push forward self-innovation in container crane machinery products, to grasp “small, medium and large” markets to maximize profitability. “Small” means focusing on port machinery parts, push forward “localization”, “life use guaranty”; “medium” means pushing forward technical innovation of new products in port machinery, e.g. double 40’ bank bridge, upgrading port machinery through innovation; “large” means upgrading ourselves from equipment supplier to system supplier, popularizing the successfully piloted “environment-friendly container auto dock” – a product combining environment protection, energy saving, and high efficiency, which will be the future of port products. The Company will insist on encouraging development of new generation product, encouraging innovation in design and manufacturing of ocean heavy machinery and large steel structure field and new technology utilization. Secondly, the Company will expand the industrial chain by utilization of our existing brand so as to realize the diversification relied mainly on one major industry, i.e. 9 markets including container machinery, bulk-cargo dock machinery, large scale bridge and steel structure, offshore heavy duty machinery, specialized crane parts, digging ships, shield market and port gate cranes and ocean platform whole-machine transportation, and cultivate new growth points. The Company’s future development will benefit from the state policy of reviving equipment. （3）Particulars about fund sources, demands and utilization plan The Company plans to reach a production value of 30 billion yuan, with good growth in profit and a big increase in production is expected for the following 2 years. Therefore the Company needs to invest more in infrastructure construction, to further improve productivity. Expected investment is 8 billion yuan on infrastructure, R&D building and purchase of heavy whole machine vessels. Fund mainly comes from self-owned fund, bank loans and direct financing channels. (4) Negative risk factors on the future and their countermeasures ① Policy risk: mainly involved with the taxation policy risk At present, the Company is subject to the following taxation policy: As for the VAT, a “Exemption, Credit and Refund” method is applied to the exporting products while a 17% VAT rate is applied to the domestics sales products; as for corporate income tax, a 10% tax rate can be applied to the Company if the output value of exporting products exceeds 70% of the total output value. Based on the new tax law to be effective from Jan. 1, 2008, corporate tax rate for enterprises with foreign 39 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 investment or foreign companies will be 25%; new-hi-tech enterprises will be subject to 15% rate. For enterprises with foreign investment or foreign enterprises that were/are established before the implementation of new corporate tax law will enjoy a 5-year transmission period. By far company has not yet confirmed the applicable tax rate according to the new law. Countermeasures: the company is recognized as a new-hi-tech enterprise by Shanghai Science and Technology Commission; is among the first pilot innovative enterprises. The container crane industry the company is engaged in is equipment manufacturing industry mainly supported by the State, therefore the company will continually enjoy a favorable tax rate to certain extent. Furthermore, the Company will minimize the impact of preferential taxation policies on the profit of the Company by exploitation of potentialities, upgrading effectiveness, development of high value-added products and adjustment of product mix. ② Market or operational risks: mainly including price fluctuation risk of raw materials and product transportation risk The raw materials and components required by the major products of the Company, i.e. quayside container crane and rubber-typed gantry crane, mainly include: special steels, electromotor, cable, paint, diesel engine and electrical control equipment. Recently, the price fluctuation of raw materials such as steels makes the uncertainty of the cost. As the leading product of the Company, the port machinery is characterized by the huge volume, large weight and high unit price, which raises relatively high requirements for transportation. Therefore, only a small number of global carriers which have 10,000-ton class special vessel can provide ocean transportation services. Countermeasures: In order to ensure the stable prices and quantities of supplies, the Company has maintained favorable cooperation relationship with multiple suppliers through strategic cooperative agreements. The company has established steel supply contracts to fix the price of supply. In order to minimize the risk concerning transportation the company has planned for further reconstruction and purchasing of vessels in addition to already possessed 22 special transporting vessels. ③ Financial risk: mainly referring to the risks on relatively large account receivable and exchange rate The settlement of sales in container crane industry is done in stages and the settlement is later than production. Therefore it’s normal practice for the manufacturer to prepay. Account receivables will continue to increase along with the rapid growth of the main business income of the Company, and sizable account receivable may affect the capital turnover rate and cash flow from operational activities of the Company, and also increase the potential bad debts. 80% of the company’s products are exported. The Company involves with international trade activities, such as exporting of products and sourcing part of components from overseas, which are mostly settled in USD and Euro. As a result, the exchange gains and losses arising from the exchange rate fluctuation will directly affect the profitability of the Company. The change in exchange rate, especially for the appreciation of RMB, will impair the competitive advantage and profitability of products of the Company in the global market to some extent. Countermeasures: The relatively large account receivable caused by the industrial practice and rapid growth in recent years. The Company will updating the management of account receivable by improving the collection methods, establishing dynamic client management system, enhancing the security level of the refunding of account receivable and strengthening the fund recalling. As for exchange rate risk, the Company has always focused on the studies on the exchange risk management policies and strategies, maintained a close cooperation with financial institutions operating exchange business, arranged favorable settlement clauses in contracts, and made use of proper financial facilities such as hedging within the permission scope of national financial and 40 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 exchange policies so as to control and lock on exchange risk. Meanwhile, the Company will consider proper adjustment on its sales policies along with the upgrading of its market status in order to minimize the risk. ④ Technical risk The Company engages in the sector of port container crane which is an industry intensively incorporated with technology, capital and labor. Should it fails to continuously upgrading the technical content of products, the Company shall loss the existing market share due to backward technical updating. Countermeasures: The Company has obtained relative powerful design and R & D capacity through many years of development. At present, the Company has achieved a first prize of National Science & Technology Advance Prize by its R & D and Application of Critical Technologies for New Generation Port Container Crane and have handed in patents of 155 pieces. In the future, the Company will continue to aim at the leading edge of the industrial technologies, invest 2% of its turnover into R&D and take priority in the innovative products with favorable succession and extendibility by gradually increasing the investment and attracting extensive talents year by year, to research on new products with excellent succession and expansion. (II) Investment of the Company Total investment in report period is 338,479,983 yuan, up 237,881,873 yuan or 236.47%. In accordance with the resolution at 6th meeting of 4th board on Sep. 15, 2007, the Company added 300,000,000 yuan to the registered capital of Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd. After the addition, total registered capital reached 400,000,000 yuan. Based on resolution of the Company’s 20th meeting of 3rd board on Feb. 5 of 2007, the Company invested Jiangyin ZPMC Steel Structure Building Co., Ltd. on Feb. 28, 2007 jointly with Shanghai ZPMC Group (HK) Co., Ltd., the Company’s subsidiary. The Company takes 75% stake, Shanghai ZPMC Group (HK) taking 25%. It is consolidated from establishment. Profiles of the invested companies: Equity Name of Company Major operations Remark proportion Installation of heavy port equipment, Nantong Zhenhua engineering vessels, heavy metal 100 Heavy Equipment structure and its parts; lease of cranes; Manufacturing Co. Ltd. contracting of steel structures etc. Shanghai Zhenhua Port Machinery Group (Hong Kong) machinery manufacturing and Co. Ltd. holds 25% Jiangyin Zhenhua Port installing, steel structure processing, stake of the company Machinery Steel 75 hardware processing, de-rusting and and the Company Structure Processing painting, machinery engineering holds 99.99% stake Co. Ltd. contracting etc. of Shanghai Zhenhua Port Machinery Group (Hong Kong) Co. Ltd. 41 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 Dredging, digging, maintenance and filling up of ports and sailing channels; laying of sea-bottom cables; ocean environment engineering, ocean resources development; labor; vessel 2.266 and equipment leasing; exporting of equipment and materials needed in overseas contracting engineering; Zhonggang Shujun sending out labor forces needed in Co. Ltd. overseas engineering contracting Manufacturing and sales of electric Shanghai ZPMC fluid pressure series of industrial brake 17.4 (Group) Fengcheng devices, wind-proof devices, Brake Co., Ltd. fluid-control device for lifts and cranes. Building and installing large heavy port Shanghai Zhenhua equipment, engineering vessel and Port Machinery large metal structures and parts, (Group) components; leasing of self-made 10 Longchang Lift cranes; sales of self-produced Equipment Co. Ltd. products; professional contracting of lift projects 1 Use of raised capital The Company raised 3.53406 billion yuan through added issuance in 2007, accumulative use of which being 3.53406 billion yuan, including current period’s use of 2.54406 billion yuan, remaining 0 yuan unused. In accordance with ZhenJianFaXingZi (2007) No. 346 Notification on Approving ZPMC Public Issuance of Shares by China Securities Regulatory Commission, the Company issued 125,515,000 A-shares to domestic investors on Oct. 22, 2007. Price per share is 29.08 yuan. Total payment has been made in RMB, amounting to 3,649,976,200 yuan, deducting issuing fee of 115,916,255 yuan, net amount raised 3,534,059,945 yuan. The said fund had been verified by PWC Yanzi (2007) No. 134 Fund Verification Report. The raised fund was deposited on special account, account No. 1001190729016249567, at No. 2 Office of Shanghai Branch, ICBC. 2. Use of promised items Unit: RMB yuan Abiding Reached Item Actual Expected Gains by expected Promises To invest changed investment earning yielded Schedule yielding or not or not or not Changxing Island Base Land 254,600 No 254,600 No Yes Expansion project Nantong Manufacturing 78,000 No 78,000 Yes Yes Base Gear Box 42 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 project Supplementary 20,806 20,806 No Yes Yes current fund Total 353,406 / 353,406 / / 1) Changxing Island Base Land Expansion project Planned to invest 254,600 yuan, actual investment 254,600 yuan, to be completed by May, 2008. 2) Nantong Manufacturing Base Gear Box project Planned to invest 78,000 yuan, actual investment 78,000 yuan, to be completed by May, 2008. 3) Supplementary current fund Planned to invest 20,806 yuan, actual investment 20,806 yuan, already completed. By Dec. 31, 2007, raised fund has been fully used. Financial structure of the company has been improved; contracting abilities are improved; capacity is largely compensated for; productivity and efficiency are raised. Yielding is shown in operating income and profit in report period as compared with prior period. Progress is faster than expected, mainly due to hastening of the projects to meet demand of development of the Company. 3 Particulars about projects funded by non-raised fund In report period, non-raised funds are used in 13 significant projects under construction including Changxing Island Base Infrastructure Construction, Rebuilding of Nantong Base, Rebuilding of Head Office building, Barging and drawing boats in construction, Half-diving barge dock, Rebuilding of Zhangjiang Base, Rebuilding of Jiangyin Base, Office building on Dongfang Road, Changxing Precision Costing Workshop, Zhenhua vessels No. 20, 21, 22, 23, 24 rebuilding. By Dec. 31, 2007, progress is as follows: Changxing Island Base Infrastructure Construction, invested 1.22184 billion yuan, 86% completed; Rebuilding of Nantong Base, invested 523.18 million yuan, 36% completed; Rebuilding of Head Office building, invested 21.21 million yuan, 72% completed; Barging and drawing boats in construction, invested 199.61 million yuan, 94% completed; Half-diving barge dock, invested 18. 42 million yuan, 23% completed; Rebuilding of Zhangjiang Base, invested 17.59 million yuan, 84% completed; Rebuilding of Jiangyin Base, invested 1.39 million yuan, 99% completed; Office building on Dongfang Road, invested 3.87 million yuan, 53% completed; Changxing Precision Costing Workshop, invested 0.41 million yuan, 100% completed; Zhenhua 20 Vessel rebuilding, invested 49.29 million yuan, 100% completed; Zhenhua 21 Vessel rebuilding, invested 113.14 million yuan, 100% completed; Zhenhua 22 Vessel rebuilding, invested 118.27 million yuan, 100% completed; Zhenhua 23 Vessel rebuilding, invested 155.7 million yuan, 82% completed; Zhenhua 24 Vessel rebuilding, invested 136.99 million yuan, 82% completed; Others include small projects with small amount, belong to technical reforming. The productivity is highly compensated with above projects. Benefits and efficiency are improved. Yielding is shown in operating income and profit in report period as compared with prior period. (III) Impact and reasons for accounting policy or estimate change or serious error correction 43 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 1. In accordance with resolutions at 11th meeting of 4th board on Apr. 8, 2008: according to P.R.C’s Ministry of Finance No. 33 Order Enterprise Accounting Standards – Fundamental Principles and Caikuai [2006] No. 3 Ministry of Finance’s Notification on Handing out ‘Enterprise Accounting Standards No. 1 - Inventory’ 38 Standards and Enterprise Accounting Standards No. 1, the Company revised part of its accounting policies and started to implement from Jan. 1, 2007. 2. Based on resolution of the Company’s 20th meeting of 3rd board on Feb. 5 of 2007, the Company invested Jiangyin ZPMC Steel Structure Building Co., Ltd. on Feb. 28, 2007 jointly with Shanghai ZPMC Group (HK) Co., Ltd., the Company’s subsidiary. The Company takes 75% stake, Shanghai ZPMC Group (HK) taking 25%. It is consolidated from establishment. (IV) Significant changes of accounting policy and accounting estimates In accordance with the accounting policies and accounting estimates set up by China Communications Construction Corporation, the Company’s holding shareholder, and the requirements that uniform accounting policies and accounting estimates shall be employed within China Communications Corporation, the Group changed the following 2 accounting estimates: 1. From Jan. 1, 2007, the Group changed the expected net residual rate of fixed assets (see Note IV ), as a result of which total annual profit of the Group is increased by 60,722,747 yuan. 2. From Jan. 1, 2007, the Group changed the way to make bad debt provision for receivables (see Note IV ), as a result of which total annual profit of the Group is decreased by 84,429,266 yuan. 1. (V) Routine work of the Board of Directors 1. Meetings and resolutions of the Board of Directors (1) The 19th Meeting of the 3rd Board of directors was convened on Jan. 8, 2007. Bulletin on the resolutions was disclosed on Shanghai Securities News and Hong Kong Wen Wei Po dated Jan. 10, 2007. (2) The 20th Meeting of the 3rd Board of directors was convened on Feb. 5, 2007. Bulletin on the resolutions was disclosed on Shanghai Securities News and Hong Kong Wen Wei Po dated Feb. 7, 2007. (3) The 21st Meeting of the 3rd Board of directors was convened on Mar. 15, 2007. Bulletin on the resolutions was disclosed on Shanghai Securities News and Hong Kong Wen Wei Po dated Mar. 17, 2007. (4) The 22nd Meeting of the 3rd Board of directors was convened on Apr. 9, 2007. Bulletin on the resolutions was disclosed on Shanghai Securities News and Hong Kong Wen Wei Po dated Apr. 11, 2007. (5) The 1st Meeting of the 4th Board of directors was convened on Apr. 10, 2007. Bulletin on the resolutions was disclosed on Shanghai Securities News and Hong Kong Wen Wei Po dated Apr. 12, 2007. 44 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 (6) The 2nd Meeting of the 4th Board of directors was convened on Apr. 19, 2007. Bulletin on the resolutions was disclosed on Shanghai Securities News and Hong Kong Wen Wei Po dated Apr. 21, 2007. (7) The 3rd Meeting of the 4th Board of directors was convened on May 7, 2007. Bulletin on the resolutions was disclosed on Shanghai Securities News and Hong Kong Wen Wei Po dated May 9, 2007. (8) The 4th Meeting of the 4th Board of directors was convened on Jun. 27, 2007. Bulletin on the resolutions was disclosed on Shanghai Securities News and Hong Kong Wen Wei Po dated Jun. 29, 2007. (9) The 5th Meeting of the 4th Board of directors was convened on Jul. 27, 2007. Bulletin on the resolutions was disclosed on Shanghai Securities News and Hong Kong Wen Wei Po dated Jul. 31, 2007. (10) The 6th Meeting of the 4th Board of directors was convened on Sep. 15, 2007. 1) approved proposal for added investment in Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd.; 2) Approved proposal for jointly establish Shanghai ZPMC Steel Structure Processing Co., Ltd. between ZPMC (Hong Kong) Co., and Shanghai Pudong Kangqiao (Group) Co., Ltd.; 3) approved proposal for establishing joint venture of ZPMC Group Longchang Co. Ltd. with Shenyang Longchang Lift Engineering Co., Ltd. (11) The 7th Meeting of the 4th Board of directors was convened on Oct. 10, 2007. Bulletin on the resolutions was disclosed on Shanghai Securities News and Hong Kong Wen Wei Po dated Oct. 12, 2007. (12) The 8th Meeting of the 4th Board of directors was convened on Oct. 28, 2007. Bulletin on the resolutions was disclosed on Shanghai Securities News and Hong Kong Wen Wei Po dated Oct. 30, 2007. (13) The 9th Meeting of the 4th Board of directors was convened on Nov. 11, 2007. Bulletin on the resolutions was disclosed on Shanghai Securities News and Hong Kong Wen Wei Po dated Nov. 13, 2007. (14) The 10th Meeting of the 4th Board of directors was convened on Dec. 12, 2007. Bulletin on the resolutions was disclosed on Shanghai Securities News and Hong Kong Wen Wei Po dated Dec. 14, 2007. 2. Implementation of resolutions of Shareholders’ General Meeting by the Board of Directors 45 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 During the report period, in spirit of holding itself responsible to the shareholders, the Board of Directors fully carried out all resolutions approved by 2006 Annual Shareholders’ General Meeting strictly according to Corporate Law and Articles of Association. The management fulfilled the 2007 operating targets by the general meeting, and finished all operating tasks. 2006 profit distribution plan was completed by July; added issuance of A-shares succeeded in October; issuing of 2.3 billion yuan short term financing bonds was approved by Central Bank and issuance was made successfully in Jan. 2008. 3. Duty fulfillment of the Auditing Committee of the Board of Directors Shanghai zhenhua Port Machinery (Group) Co., Ltd. Auditing Committee of the Board of Directors Performance Report The auditing committee was established in 2007 under the board, consisting of 5 directors, including 3 independent directors, with independent director and professional accountant being the chief. The committee fulfilled their duties according to CSRC’s regulations and the committees working procedures: 1. On Oct. 31, 2007, the committee received preliminary review for 2007 annual report from PWC and reviewed carefully and fixed the working schedule with PWC as follows: Time Delivery Auditing plan 2007-10-31 Auditing planning Preview of 2007-11-12 to 12- 7 Letter of suggestions from the management final audit – internal control test End of year 2008-1-2 End of year survey survey Final audit 2008-1-21 to 2-24 (estimated) Final audit findings –actual test Final audit 2008-2-25 to 3-14 (estimated) A-share audit report and explanation to –preparing non-operating fund to be delivered to the of report committee for reviewing and reviewing 2. Sent two urging letters to CPA’s, reviewed annual report by the Company on Jan. 20, 2008 before CPA’s coming in, and opinions were formed. 3. After CPAs came in, close contacts are made with CPAs, on Apr. 3, 2008 a meeting was arranged between 5 independent directors and CPA’s, exchanged opinions over problem found in the auditing process and delivery time of the audit report. 4. Reviewed again financial statements after CPAs produced preliminary opinions and produced 46 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 2nd reviewing opinion. Passed the resolution to deliver the financial statements to the board of directors. 5. PWC Zhongtian CPA’s produced the audit report and the committee held the annual meeting, to summarize the work of auditing by PWC and voted on the annual financial statements and employment of next year’s auditor etc. and submitted to the annual board meeting for approval. Auditing Committee of the Board of Directors Of ZPMC You Jiarong, Fu Junyuan, Sun Li, Du Zhichun, Bi Weijian 4. Duty fulfillment of the Remuneration & Appraisal Committee of the Board of Directors Shanghai zhenhua Port Machinery (Group) Co., Ltd. Remuneration & Appraisal Committee of the Board of Directors Performance Report Based on the Detailed Procedures of the special committees, the remuneration committee under the board, together with the assessment committee, report to the board as follows: 1. Total remuneration of directors, supervisors and senior executives are decided by connecting 2007 operating performance targets and fulfillment of 2007 operating index. 2. Assessment of performance is made to directors, supervisors and senior executives according to fulfillment of 2007 operating performance targets. 3. The Company has not yet set up the system of option incentives. The Company will work out incentive system which combines internal incentives and control, short-term incentives and long-term incentives. 4. Reviewing the annual remuneration of directors, supervisors and senior executives on the payroll and concluded the remuneration disclosed in the annual report is in conformity with reality. Allowance of the independent directors is based on related laws and regulations and the criterion approved by the shareholder’s general meeting. Remuneration & Appraisal Committee of the Board of Directors Xu Weijun, Guan tongxian, Liu Wensheng, Li Liguang, You Jiarong (VI) Profit Distribution or Capital Reserve Transfer to Increase Capitalization Pre-plan As audited by PriceWaterhouseCoopers Zhong Tian CPAs Co.,Ltd according to the Chinese accounting standards, the net profit realized in consolidated financial statements in Year 2007 was RMB2,004,572,836 yuan and the parent company’s net profit is RMB2,054,958,545 yuan. In CAS, the parent company’s net profit in 2007 is 2,054,958,545 yuan, and 205,495,855 yuan or 10% is accrued as public reserve fund. In accordance with stipulation in the Articles of Association, i.e. based on the consolidated net profit of 2,004,572,836 yuan, remaining undistributed profit is 1,799,076,981 yuan, plus undistributed profit at beginning of year of 1,063,846,457 yuan, total remaining undistributed profit is 2,862,923,438 yuan. 47 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 The Board of Directors proposed the 2007 Profit Distribution Preplan: The board suggests the Company to distribute 1.7 yuan cash dividends for every 10 shares to all shareholders. Based on the issued 3,207,355,000 shares, total cash dividends to be distributed will be 545,250,350 yuan. Balance of 2,317,673,088 yuan undistributed profit is transferred to the following year. This plan is subject to approval by the shareholder’s general meeting. IX Report of the Supervisory Board (I) Performance of Board of Supervisors 1. 8th meeting of 3rd board of supervisors was held on in the company Mar. 15, 2007, the following proposals are examined and approved: (1) Revision of Supervisory Board Procedures; (2) Nomination of Candidates to 4th Supervisory Board. 2. 9th meeting of 3rd board of supervisors was held on in the company Apr. 9, 2007, the following proposals are examined and approved: (1) Report of Supervisory Board; (2) 2006 Annual Report full text and abstract; (3) Revision of key accounting policies and estimates; (4) Reviewing Opinion on the Company’s 2006 Annual Report from the Supervisory Board. 3. First meeting of 4th board of supervisors was held on in the company Apr. 10, 2007, electing Mr. Fu Dunjian as supervisory chairman of 4th board of supervisors. 4. 2nd meeting of 4th board of supervisors was held on in the company Apr. 19, 2007, the following proposals are examined and approved: (1) Report of First Quarter full text and abstract; (2) Supervisory board’s reviewing opinion on Report of First Quarter. 5. 3rd meeting of 4th board of supervisors was held on in the company Jul. 27, 2007, the following proposals are examined and approved: (1) Interim Report of 2007 full text and abstract; (2) Supervisory board’s reviewing opinion on Interim Report of 2007. 6. 4th meeting of 4th board of supervisors was held on in the company Oct. 26, 2007, the following proposals are examined and approved: (1) Report of Third Quarter full text and abstract; (2) Supervisory board’s reviewing opinion on Report of Third Quarter 2007. (II) Independent Opinions on Operational Legitimacy by the Board of Supervisors The Board of Supervisors concluded the Company policies and decisions have been made in accord with procedures stipulated in the Corporate Law and Regulatory Rules of Listed Corporation; the Company owns complete internal control system, with the General Meeting, Board of Directors, Board of Supervisors and senior executives sharing clear responsibilities and well balancing; the Board of Directors and the senior executives pursued a target of maximizing profitability by exploring market domestic and abroad, through strengthening internal control system, strictly respecting the decisions and strategies set by the 2006 general shareholders’ meeting; no violations to or harms against laws, regulations, articles of association have been found among the performance of the company’s directors or executives. (III) Independent Opinions on the Financial Status of the Company The Board of Supervisors audited the 2007 financial status and concluded the statements reflected the real financial status and operating result and found the statements have also been audited by PWC Zhongtian CAP’s and PWC China Co. Ltd. based on CAS and IAS respectively and an audit 48 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 report without retained opinions has been provided, which supports the fact that the company kept a good operational performance in 2007. (IV） Independent Opinions on Realization of the Latest Fund Collection The Board of Supervisors concluded that the realization of collected fund by additional issue of A-share in 2007 complies with the commitment. （V）Independent Opinions on Asset Acquisition and Sell-out In the report period there occurred no asset purchase or sell-out. （VI）Independent Opinions on Related Transactions The company owns set of rules on related transactions and all such actions abided by laws and rules and were priced reasonably. No harm to the interest of the Company and shareholders has been found out. X. Substantial Events (I) Particulars about substantial lawsuits and arbitrations There exist no substantial lawsuits and arbitrations during the report period. (II) Assets acquisition, sale, merge etc. In the report period, no substantial assets acquisition, sale, merge and reorganization have occurred in the Company. (III) Substantial related transactions in the report period 1. Related transactions in connection with routine operations （1）Significant related transaction of purchasing commodities and accepting service Unit: RMB yuan Ratio in Market Impact Settle ment profit price same on Related Party Transaction Pricing Price Amount transaction (%) China Communications built docks No. 3 Navigation and Market Bureau Xing’anji workshops price 106,824,020 Construction for the Engineering Co., Company Ltd. Note: China Communications No. 3 Navigation Bureau Xing’anji Construction Engineering Co., Ltd. built docks and workshops for the Company. （2）Significant related transaction of selling commodities and providing service Unit: RMB yuan 49 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 Settlement Impact on Ratio in Market profit price same Related Party Transaction Pricing Price Amount transaction (%) Purchase of China port Communications Market machinery 297,180,642 Construction price from the Co., Ltd. Company Note: China Communications Construction Co., Ltd., the Company’s controller, purchased port machinery from the Company. The Company’s 2007 First Provisional General Shareholders’ Meeting held on Apr. 10, 2007 reviewed and passed the proposal for the framed agreement of the Company with China Communications Construction Co., Ltd. on related transactions for 2007 to 2009, within which period if concerning total related transaction amount of not acceding 2.5 billion yuan between the Company, its subsidiaries and China Communications and its subsidiaries, authorization shall be considered granted to the management by the shareholders general meeting. 2 Related credits and liabilities Unit: RMB 10,000 yuan Fund provided to related Related party provides fund party to the Comany Related Party Relation Current Current Balance Balance Amount Amount China Communications Controller 269,121,247 71,299,602 Corporation China Communications No. 3 Navigation Bureau Xing’anji Others 106,824,020 6,146,878 Construction Engineering Co., Ltd. Total / 269,121,247 71,299,602 106,824,020 6,146,878 Current amount of fund provided to controller and its subsidiaries by the listed Company is 269,121,247 yuan, balance being 71,299,602 yuan. Reasons for related credits and liabilities: 1. China Communications purchased port machinery from the Company, 71,299,602 yuan being account receivable from China Communications. 2. China Communications No.3 Navigation Bureau Xing’anji Construction Engineering built docks and workshops for the Company, 6,146,878 yuan being payables in such transaction. 3. Other substantial related transactions As at the end of report period, the related party, China Communications Construction (Group) Co., Ltd., provided guarantee for the long-term loan due within one year amounting to RMB 58,436,800 yuan. Since the Company engaged in the capital-intensive industry, port machinery production, loans or guarantees provided by China Communications Construction Group Co., Ltd. ensure that the Company can maintain sufficient fund for its routine operation. 50 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 (IV) Trusteeships In report period, there’s no trusteeship event occurred in the Company. (V) Contracting In report period, there are no contracting events occurred in the Company. (VI) Leases In report period, there are no leases event occurred in the Company. (VII) Guarantees In report period, there’s no financial guarantee event occurred in the Company. (VIII) Entrust investment In report period, there’s no entrust investment event occurred in the Company. (IX) Other substantial contracts 1. In the report period, the Company signed substantial supplier’s contracts of crane container with Hanjin Shipping, Maersk Group, Dubai Ports Authority, Singapore Port Administration, which were disclosed in Shanghai Securities News and Hong Kong Wen Wei Po dated Feb.27th, Apr.19th, Jul. 3rd, and Aug. 10, 2007 respectively. 2. In report period, the Company signed contract with Ocean Oil Engineering (Hong Kong) Co., Ltd. on 7000T Full-Rotating Crane Engineering Vessel supply, which were disclosed in Shanghai Securities News and Hong Kong Wen Wei Po dated Sep. 13. 3. To avoid risks of rate fluctuation, in report period the Company entered into contracts of time foreign exchange with banks, delivery time till Dec. 2008. These contracts are subject to corresponding sales contract of the company and signed through authorization of the board. (X) Implementation of commitments 51 Commitments made in report period or in prior periods by the Company and shareholders holding more than 5% Shanghai Zhenhua Port Machinery Co., Ltd. Commitments made at time of issuance and the implementation: Annual Report 2007 To avoid competition within the same trade, China Communications Corporation promised the Company on Jul. 20, 2007: 1. The Company and its subsidiaries promise not having been engaged in any operating activities that seriously affected the operating result of the issuer. 2. The Company and its subsidiaries promise they will not be engaged in any operating activities that will seriously affect the operating result of the issuer until they no longer exercise controlling rights over the issuer. 3. The Company promise it will reorganize business between issuer and Shanghai Port Machinery Heavy Industry Co., Ltd. to avoid similarity in partial business. On Sep. 1, 2007, China Communications made the following related schedule: China Communications will complete produce the detailed plan for the reorganization in order to solve the similarity in business problem by Jul. 31, 2009 through internal coordination after Port Machinery Heavy Industry completes move for World Expo. The reorganization includes but not exclusively acquisition, targeted issuance, transmission of business model for Port Machinery Heavy Industry. The said planning shall be implemented by July 2010. China Communications will strictly follow its promises. (XI) Particulars about appointment and dismissal of CPA’s The Company does not re-appoint CPA’s firm. For 2006 the Company paid the auditor 2.5 million yuan as 2006’s audit fee. Till end of prior report period, the auditor has provided 14 years audit service to our company. The Company employs PWC Zhongtian CPA Co. Ltd. as the Company’s local auditor. CPAs’ for the auditing of current period’s statements are Wang Xiao and Zhu Wei, who produced auditors’ report. (XII) Particulars about penalties and corrective actions imposed by CSRC over directors, supervisors, senior managers, shareholders and actual controller During the report period, the Company, the Board of Directors and directors have not been checked by CSRC, given administration punishment and circling comment, and publicly criticized by Securities Exchange. (XIII) Miscellaneous events, their impacts and solutions 1. Announcement on obtaining exemption from corporate tax, published on Shanghai Securities News and Hong Kong Wen Wei Po on Jun. 7, 2007. 2. Announcement on approval of issuing short term financing bonds, posted on Shanghai Securities News and Hong Kong Wen Wei Po on Jan. 8, 2008. 3. On Aug. 27, 2007 CSRC’s Issuing Auditing Committee reviewed and approved with conditions the added issuing of A-shares of the Company at its 107th meeting. On Oct. 10, 2007 CSRC approved the added issuance by Zheng Jian Faxing Zi [2007] No. 346. Till report day, added issuance is implemented successfully. The Company actually newly issued 125.515 million A-shares, raising 3.65 billion yuan. After deducting issuance expenses, net raised fund is 3.534 billion yuan. The newly issued shares were listed at Shanghai Stock Exchange on Oct. 23, 2007. Capital stock of the Company moved from 3.08184 52 billion shares to 3.207355 billion shares. Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 (XV) Information disclosure index Newspaper and pages Items Date for info disclosure th 2007-1 Announcement on Resolutions at 19 Meeting of 3rd Board of Directors; Announcement on Shanghai Securities Independent Director’s Opinion on Related News D5 Hong Kong Jan. 10, 2007 Transactions; Announcement on Agreement on Wen Wei Po A31 Related Transactions Shanghai Securities 2007-2 Announcement on Significant Contracts – News D5 Hong Kong Feb. 27, 2007 Hanjin Ocean Shipping Wen Wei Po B3 2007-3 Announcement on Resolutions at 21st Meeting of 3rd Board of Directors & Notification on holding of Shanghai Securities first provisional general shareholder’s meeting of News 48 Hong Kong Mar. 17, 2007 2007; Announcement on resolutions of 8th meeting of Wen Wei Po B4 3rd supervisory board Shanghai Securities 2007-4 Bulletin on listing of circulating shares with sale News 15 Hong Kong Mar. 24, 2007 limits Wen Wei Po B4 2007-5 Second notice on holding 1st provisional Shanghai Securities general shareholders’ meeting of 2007 and correction News A13 Hong Kong April. 2, 2007 notice on internet voting. Wen Wei Po B8 Shanghai Securities 2007-6 bulletin on change of employee representative News D7 Hong Kong April , 3. 2007 supervisor candidate Wen Wei Po B5 2007-7 bulletin on resolutions at 9th meeting of 3rd supervisory board; bulletin on resolutions at 22nd Shanghai Securities meeting of 3rd Board and Notice on the holding of 2006 News D18 Hong Kong Apr,, 11, 2007 annual general shareholders’ meeting; bulletin on 2006 Wen Wei Po A23 annual report abstract 2007-8 bulletin on resolutions at first provisional Shanghai Securities general shareholders’ meeting of 2007; bulletin News D7 Hong Kong 2007-4-12 on resolutions of 1st meeting of 4th supervisory board; Wen Wei Po A23 bulletin on resolutions at first meeting of 4th Board Shanghai Securities 2007-9 bulletin on significant contract – Maersk Group News D71 Hong Kong 2007-4-19 Wen Wei Po A18 Shanghai Securities 2007-10 First Quarter Report 2007 News 69 Hong Kong 2007-4-21 Wen Wei Po A22 2007-11 bulletin on resolutions of 3rd meeting of 4th Shanghai Securities Board; bulletin on change of employee representative News D24 Hong Kong 2007-5-9 supervisor candidate Wen Wei Po A10 Shanghai Securities 2007-12 bulletin on shareholders annual meeting of News 21 Hong Kong 2007-5-19 2006 Wen Wei Po A19 Shanghai Securities 2007-13 bulletin on approval of corporate tax News D12 Hong Kong 2007-6-7 exemption Wen Wei Po B9 2007-14 bulletin on company governance special Shanghai Securities activities self check report and correction plan; bulletin News D36 Hong Kong 2007-6-29 on resolutions of 4th meeting of 4th Board Wen Wei Po A54 2007-15 bulletin on implementation of dividend and Shanghai Securities 2007-7-2 interest distribution of 2006 News A10 Hong Kong 53 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 Wen Wei Po A21 Shanghai Securities 2007-16 bulletin on significant contract – Dubai Ports News D8 Hong Kong 2007-7-3 Authority Wen Wei Po B11 2007-17 ZPMC (Group) 2007 Interim Report Abstract; Shanghai Securities bulletin of resolutions of 5th meeting of 4th board of News D42 D44 Hong 2007-7-31 directors Kong Wen Wei Po B9 Shanghai Securities 2007-18 bulletin on significant contract – Ocean Oil News D68 Hong Kong 2007-8-10 Project (Hong Kong) Wen Wei Po B11 Shanghai Securities 2007-19 bulletin on approval of Added Issuance of News D156 Hong Kong 2007-8-28 A-shares by CSRC Wen Wei Po A22 Shanghai Securities 2007-20 Bulletin on significant contract – Singapore News D15 Hong Kong 2007-9-13 Port Administration Wen Wei Po B3 2007-21 bulletin on Shareholder Inviting Letter of Intention for Added Issuance of A-shares; Internet Shanghai Securities Road-show of A-share Added Issuance; bulletin on 2007-10-11 News D6 D7 A-share Added Issuance through Internet; bulletin on A-share Added Issuance Offline Shanghai Securities 2007-22 bulletin on resolutions of 7th meeting of 4th News B2 Hong Kong 2007-10-12 Board Wen Wei Po A42 Shanghai Securities 2007-23 Bulletin on Offline Issuance Result and Online News D5 Hong Kong 2007-10-18 Draw-winning Ratio of Added Issuance Wen Wei Po B4 Shanghai Securities 2007-24 Bulletin on Online Fund Purchase Lottery News D4 Hong Kong 2007-10-19 Drawing of A-share Added Issuance Wen Wei Po B15 Shanghai Securities 2007-25 Bulletin on Listing of Added A-share Issuance News A15 Hong Kong 2007-10-22 Listing Announcement Letter Wen Wei Po B11 Shanghai Securities 2007-26 Third Quarter Report 2007; bulletin on News D68 Hong Kong 2007-10-30 resolutions at 8th meeting of 4th board of directors Wen Wei Po A29 Shanghai Securities 2007-27 Bulletin on Clearance News D10 Hong Kong 2007-11-9 Wen Wei Po A29 2007-28 Bulletin on resolutions of 9th meeting of 4th Shanghai Securities Board; bulletin on Correction and Improvement on News A4 Hong Kong 2007-11-13 Corporate Governance Special Activities Wen Wei Po A47 Shanghai Securities 2007-29 Bulletin on significant contract – Taicang News A13 Hong Kong 2007-11-19 Wugang Dock Co., Ltd. Wen Wei Po B9 Shanghai Securities 2007-30 Bulletin on significant contract – Taibei Port News D23 Hong Kong 2007-12-7 Container Dock Wen Wei Po B11 Shanghai Securities 2007-31 Bulletin on resolutions of 10th meeting of 4th News D15 Hong Kong 2007-12-14 Board Wen Wei Po C2 Visit www.sse.com.cn and input share Website for searching related information: codes 600320 and 900947. 54 Shanghai Zhenhua Port Machinery Co., Ltd. Annual Report 2007 XII. References I) Financial statements with signatures and seals from legal representative, responsible principal in charge of accounting and chief accounting responsible person. II) Original texts of Audit Report with seals and signatures of CPA office and CPAs. III) Original texts of all documents and announcements with public disclosure on papers designated by CSRC. Chairman of Board of Directors: Zhou Jichang Shanghai Zhenhua Port Machinery (Group) Co. Ltd. Apr. 9, 2008 55 SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 This FINANICAL STATEMENTS & AUDITORS REPORT 2007 is disclosed in both Chinese and English versions. Should any discrepancy incur in the two versions, the Chinese one shall prevail. SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Contents Page Auditor’s Report 1-2 Consolidated and parent company’s B/S 3-4 Consolidated and parent company’s P&L 5 Consolidated and parent company’s Cash Flow Statements 6 Consolidated shareholders’ equity movement statements 7 Parent company’s shareholder’s equity movement 8 Financial statements notes 9 - 69 SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Auditors’ Report PricewaterhouseCoopers Zhongtian Shenzi (2008) No. 10026 TO THE SHAREHOLDERS OF SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. We have audited the accompanying consolidated as well as parent company’s financial statements of Shanghai Zhenhua Port Machinery Co., Ltd. (“Zhenhua Port Machinery”) and its subsidiaries (“Zhenhua Port Machinery Group”), including the parent company’s and the consolidated balance sheets as of 31 December 2007, the 2007’s P&L, shareholders’ equity movement statements, cash flow statements and notes to the financial statements. I. The Management’s responsibilities on the Statements Preparing financial statements in accordance with Enterprise Accounting Norms are the responsibilities of the management with Zhenhua Port Machinery Group and Zhenhua Port Machinery. These responsibilities include (1) design, implement and maintain interior control connected with the preparation of the statements to avoid any significant mistakes due to cheating or errors; (2) choosing and using appropriate accounting policies; (3) making reasonable accounting estimates. II. The CPA’s Responsibilities Our responsibilities are to provide audit opinions based on our auditing. We conducted the audit on the basis of China CPA Norms, which require us to abide by professional virtues and norms to plan and conduct audit to ensure there exist no serious reporting errors in the financial statements. The audit Includes implementing the audit procedures to acquire financial statements figures and audit evidence. Audit procedures are chose based on CPA’s judgment, including the estimate of risks for possible misreports due to cheating or errors. When estimating risks, we will consider the interior controls related with financial statements preparation to design appropriate audit procedures, but not to provide opinions on effectiveness of the interior controls. The audit also Includes the evaluating of the appropriateness of utilization of accounting policies and accounting estimates by the management, and the evaluating of the total reporting of the financial statements. We believe we have acquired sufficient and appropriate audit evidences, which provide the basis for the auditor’s opinions. III. Auditor’s Opinions In our opinion, the accompanying consolidated as well as the parent Company’s financial statements of Zhenhua Port Machinery Group and Zhenhua Port Machinery present fairly, in all material respects, the financial position of Zhenhua Port Machinery Group and Zhenhua Port Machinery as of 31 December 2007 and of the results of its operations and its cash flows for the year then ended. PricewaterhouseCoopers Zhong Tian CPAs Limited Company CPA __wangxiao___ Shanghai, China April 8, 2008 CPA ___zhuwei_____ -2- Shanghai Zhenhua Port Machinery (Group) Co. Ltd. Consolidated and Parent Company's Balance Sheet on Dec. 31, 2007 (In RMB yuan except for otherwise specified) Dec. 31, 2007 Dec. 31, 2006 Dec. 31, 2007 Dec. 31, 2006 Notes Assets Consolidated Consolidated Parent Company Parent Company Currency capital VII (1) 1,283,979,612 803,333,296 1,130,671,788 553,643,020 Tradable financial assets VII (2) 442,306,963 2,967,306 442,306,963 2,967,306 Bills receivable 6,000,000 - 6,000,000 - Account receivable I (3)、VIII ( 3,660,436,464 2,819,284,838 3,710,736,438 3,020,957,517 Advances VII (5) 3,614,304,534 1,241,232,719 3,358,928,620 1,169,371,744 Dividends receivable - - - - Other receivables I (4)、VIII ( 233,619,294 235,126,657 2,363,530,430 1,755,095,377 Stock VII (6) 1,640,574,558 1,221,894,599 1,633,876,103 1,211,534,385 Completed not settled VII (7) 7,824,459,550 6,435,333,296 7,231,828,675 6,182,422,356 Total current assets 18,705,680,975 12,759,172,711 19,877,879,017 13,895,991,705 non-current assets Long term equity investment I (8)、VIII ( 46,370,049 7,920,493 651,209,259 312,729,276 Fixed assets VII (9) 5,956,862,376 5,087,512,048 3,774,812,149 3,341,710,999 Construction in progress VII (10) 2,683,906,427 1,487,788,874 1,863,973,602 1,335,731,118 Intangible assets VII (11) 1,602,957,413 230,712,311 1,532,032,736 211,323,379 Deferred corporate tax assets VII (22) 119,553,866 53,492,628 119,451,050 53,492,628 Total non-current assets 10,409,650,131 6,867,426,354 7,941,478,796 5,254,987,400 Total assets 29,115,331,106 19,626,599,065 27,819,357,813 19,150,979,105 Attached notes is part of the financial statements. Enterprise legal representative: Zhou Jichang Accounting responsible person: Guan Tongxian Accounting department chief: Wang Jue -3- Shanghai Zhenhua Port Machinery (Group) Co. Ltd. Consolidated and Parent Company's Balance Sheet on Dec. 31, 2007 (Cont'd) (In RMB yuan except for otherwise specified) Dec. 31, 2007 Dec. 31, 2006 Dec. 31, 2007 Dec. 31, 2006 Liabilities and shareholder's equity Notes Consolidated Consolidated Parent Company Parent Company Current liabilities Short-term loan VII (12) 4,731,976,771 3,757,709,700 3,874,562,771 3,468,666,200 Tradable financial liabilities VII (2) 131,973,504 18,868,081 56,713,504 18,868,081 Bills payable VII (13) 2,640,611,925 1,092,987,921 2,640,611,925 1,092,987,921 Short-term bonds payable VII (14) - 1,745,553,699 - 1,745,553,699 Accounts payable VII (15) 1,478,791,188 1,060,084,854 1,421,923,723 985,480,268 Prepayment VII (16) 152,215,124 334,862,610 150,523,094 330,335,774 Settles but not completed VII (7) 2,185,656,339 998,670,286 2,185,656,339 998,670,286 Employee salary payable VII (17) 166,278,072 149,491,801 164,710,032 140,642,972 Taxes payable VII (18) 53,297,354 113,046,682 29,113,735 133,750,688 Dividends payable VII (19) 199,993,500 - 199,993,500 - Other payables VII (20) 674,906,012 571,155,053 579,593,445 672,137,608 Non-current liabilities due within o VII (21) 65,856,800 1,542,102,378 65,856,800 1,511,102,378 Total current liabilities 12,481,556,589 11,384,533,065 11,369,258,868 11,098,195,875 Non-current liabilities Long term loans VII (21) 5,226,197,400 2,199,650,572 5,226,197,400 2,199,650,572 Deferred corporate tax liabilities VII (22) 95,742,421 - 57,839,018 - Total non-current liabilities 5,321,939,821 2,199,650,572 5,284,036,418 2,199,650,572 Total liabilities 17,803,496,410 13,584,183,637 16,653,295,286 13,297,846,447 Owner's equity Capital stock VII (23) 3,207,355,000 3,081,840,000 3,207,355,000 3,081,840,000 Capital reserve VII (24) 3,856,513,159 261,780,835 3,856,513,159 261,780,835 surplus reserve VII (25) 1,187,083,249 981,587,394 1,187,083,249 981,587,394 Undistributed profit 2,862,923,438 1,526,122,457 2,915,111,119 1,527,924,429 Total owner's equity belong to parent co. 11,113,874,846 5,851,330,686 11,166,062,527 5,853,132,658 Minority interest VII (27) 197,959,850 191,084,742 - - Total owner's equity 11,311,834,696 6,042,415,428 11,166,062,527 5,853,132,658 Total liabilities and owner's equity 29,115,331,106 19,626,599,065 27,819,357,813 19,150,979,105 Attached notes is part of the financial statements. Enterprise legal representative: Zhou Jichang Accounting responsible person: Guan Tongxian Accounting department chief: Wang Jue -4- Shanghai Zhenhua Port Machinery (Group) Co. Ltd. Profit and Loss Statements 2007 (In RMB yuan except for otherwise specified) 2,007 2,006 2,007 2,006 Item Note Consolidated Consolidated Parent Company Parent Company I. Operating income VII (28)、VIII (4) 21,005,474,031 17,096,659,139 21,006,958,124 17,092,324,041 Less operating cost VII (28)、VIII (4) (17,831,238,720) (14,508,607,913) (18,010,064,320) (14,592,558,317) business tax and addition (29,189,604) (23,362,730) (2,210,125) (734,572) selling expenses (40,472,969) (35,660,789) (40,472,969) (35,660,789) general expenses (478,460,451) (291,307,936) (383,716,139) (216,171,618) financial expenses - net amount VII (29) (495,984,521) (456,001,413) (458,792,369) (440,798,504) asset devalution provision VII (30) (97,137,581) (56,908,215) (97,137,582) (56,908,215) Add Gains from fair value movement (loss) VII (31) 127,899,163 (15,900,775) 203,159,163 (15,900,775) Investment income VII (32)、VIII (5) 3,271,069 333,311 3,271,069 333,311 II. Operating profit 2,164,160,417 1,709,242,679 2,220,994,852 1,733,924,562 Add non-operating income 53,320,520 33,120,681 1,470,159 602,386 Less non-operating expenses (35,211,686) (21,566,962) (35,053,372) (21,411,998) including: loss from disposal of non-current assets (229,396) (931,555) (229,396) (927,195) III. Total profit 2,182,269,251 1,720,796,398 2,187,411,639 1,713,114,950 Less Corporate tax expenses VII (33) (170,821,307) (102,960,529) (132,453,094) (96,885,374) IV. Net profit 2,011,447,944 1,617,835,869 2,054,958,545 1,616,229,576 Net profit belonging to shareholders of parent company 2,004,572,836 1,606,047,627 2,054,958,545 1,616,229,576 Miniority interest 6,875,108 11,788,242 - - V. EPS (based on consolidated net profit belonging to Fundamental EPS VII (34) 0.65 0.52 Diluted EPS 0.65 0.52 Supplementary documents 2,007 2,006 2,007 2,006 Note Item Item Consolidated Consolidated Parent Company Parent Company 1. total decrease of profit due to movement of account v IV (24) (23,706,519) - (174,908,867) - Attached notes is part of the financial statements. Enterprise legal representative: Zhou Jichang Accounting responsible person: Guan Tongxian Accounting department chief: Wang Jue -5- Shanghai Zhenhua Port Machinery (Group) Co. Ltd. Cash flow statements 2007 Consolidated and Parent Company (In RMB yuan except for otherwise specified) 2,007 2,006 2,007 2,006 Note Item Consolidated Consolidated Parent Company Parent Company I. Cash flow from operating activities cash from sales of commodities and services 20,302,972,417 21,332,174,775 20,336,268,839 21,282,047,435 taxes and expense return 1,154,439,122 987,195,513 1,154,438,528 987,195,513 cash from other operation related activities 70,190,675 175,546,564 38,623,125 251,058,244 total cash flow-in 21,527,602,214 22,494,916,852 21,529,330,492 22,520,301,192 cash paid for commodities and services (19,365,077,517) (20,748,098,902) (19,679,610,922) (21,927,490,899) cash paid for/to staff (711,448,721) (433,198,222) (462,973,687) (330,200,930) taxes and expenses paid (284,397,891) (175,361,260) (184,336,775) (112,229,503) other cash payment for other operation-related activities (618,467,756) (378,188,313) (622,537,423) (394,424,379) total cash flow-out (20,979,391,885) (21,734,846,697) (20,949,458,807) (22,764,345,711) net cash flow from operating activities VII (35) 548,210,329 760,070,155 579,871,685 (244,044,519) II. Cash flow from investment activities Cash from collection of investment income 3,271,069 333,311 3,271,069 333,311 net cash receipt from disposal of fixed assets and construction in progress 102,444,307 66,698,056 6,471,271 36,913,937 cash from investment-related activities 74,654,542 19,987,197 18,936,176 15,074,620 Total cash flow-in from investment activities 180,369,918 87,018,564 28,678,516 52,321,868 cash paid for purchase of fixed assets, construction in progress and intangible as (4,070,050,187) (2,892,356,675) (2,978,957,169) (1,748,974,129) cash paid for investment (38,449,556) - (338,479,983) (100,598,110) tota cash flow-out for investment activities (4,108,499,743) (2,892,356,675) (3,317,437,152) (1,849,572,239) Net cash flow from investment activities (3,928,129,825) (2,805,338,111) (3,288,758,636) (1,797,250,371) III. Cash flow from capital raising activities Cash from investment absorption 3,534,059,945 1,736,100,000 3,534,059,945 1,736,100,000 Cash from loans 12,569,014,672 11,774,639,400 11,934,787,373 11,485,595,900 Total cash flow-in from capital raising activities 16,103,074,617 13,510,739,400 15,468,847,318 13,221,695,900 Cash paid for clearing debts (11,524,666,827) (10,479,252,900) (11,493,666,827) (10,306,743,700) Cash paid for distributed dividends, profit or interest (838,253,997) (823,216,246) (809,676,793) (810,297,217) Total cash flow-out in capital raising activities (12,362,920,824) (11,302,469,146) (12,303,343,620) (11,117,040,917) Net cash flow from capital-raising activities 3,740,153,793 2,208,270,254 3,165,503,698 2,104,654,983 IV. Impact on cash flow or equivalent by exchange rate change - - - - V. net addition of cash and cash equivalent 360,234,297 163,002,298 456,616,747 63,360,093 Add: starting balance of cash and cash equivalent 726,693,946 563,691,648 477,003,670 413,643,577 VI. Closing balance of cash and cash equivalent VII (35) 1,086,928,243 726,693,946 933,620,417 477,003,670 Attached notes is part of the financial statements. Enterprise legal representative: Zhou Jichang Accounting responsible person: Guan Tongxian Accounting department chief: Wang Jue -6- Shanghai Zhenhua Port Machinery (Group) Co. Ltd. 2007 Consolidated Shareholder's Equity Movement Statements (In RMB yuan except for otherwise specified) Equity Belonging to Parent Company Foreign Item Note Currency Minority Interest Total Equity Less: shares Transaltion Capital Stock Capital Reserve in stock Surplus Reserve Undistributed Profit Difference Closing balance at Dec. 31, 2005 1,540,920,000 1,186,332,835 - 823,473,350 1,020,593,765 - 179,296,500 4,750,616,450 Accounting policy change - - - - - - - - prior error correction - - - - - - - - Initial implementatiion of enterprise accounting standards - - - (3,508,913) (14,343,978) - - (17,852,891) Starting balance at Jan.1, 2006 1,540,920,000 1,186,332,835 - 819,964,437 1,006,249,787 - 179,296,500 4,732,763,559 Movement in 2006 Net profit - - - - 1,606,047,627 - 11,788,242 1,617,835,869 gains directly into equity - - - - - - - - Net movement of fair value of marketable financial assets - - - - - - - - Impact of other owner's equity movement of investee in equity method - - - - - - - - Impact of corporate tax related to owner's equity - - - - - - - - Others - - - - - - - - Sub-total - - - - 1,606,047,627 - 11,788,242 1,617,835,869 Added or Lessed capital from owners Added by owner - - - - - - - - Amount of share payment into owner's equity - - - - - - - - Others - - - - - - - - Profit Distribution Accrued surplus reserve - - - 161,622,957 (161,622,957) - - - Distribution to shareholders - - - - (308,184,000) - - (308,184,000) Dividends distributed 616,368,000 - - - (616,368,000) - - - Internal transfer within equity Capital reserve into capital stock 924,552,000 (924,552,000) - - - - - - Surplus reserve into capital stock - - - - - - - - Surplus reserve compensation on loss - - - - - - - - Others - - - - - - - - Closing balance at Dec. 31, 2006 3,081,840,000 261,780,835 - 981,587,394 1,526,122,457 - 191,084,742 6,042,415,428 Starting balance at Jan. 1, 2007 3,081,840,000 261,780,835 - 981,587,394 1,526,122,457 191,084,742 6,042,415,428 Movement in 2007 Net profit - - - - 2,004,572,836 - 6,875,108 2,011,447,944 gains directly into equity - - - - - - - - Net movement of fair value of marketable financial assets - - - - - - - - Impact of other owner's equity movement of investee in equity method - - - - - - - - Impact of corporate tax related to owner's equity - (32,856,596) - - - - - (32,856,596) Hedging reserve - 219,043,975 - - - - - 219,043,975 Sub-total - 186,187,379 - - 2,004,572,836 - 6,875,108 2,197,635,323 Addition and deduction of investment by owners Addition of capital by owners 125,515,000 3,408,544,945 - - - - - 3,534,059,945 Amount of share payment into owner's equity - - - - - - - - Others - - - - - - - - Profit Distribution Accrued surplus reserve - - - 205,495,855 (205,495,855) - - - Distribution to shareholders - - - - (462,276,000) - - (462,276,000) Others - - - - - - - - Internal transfer of owner's equity Capital reserve into capital stock - - - - - - - - Surplus reserve into capital stock - - - - - - - - Surplus reserve compensation on loss - - - - - - - - Others - - - - - - - - - Closing balance at Dec. 31, 2007 3,207,355,000 3,856,513,159 - 1,187,083,249 2,862,923,438 - 197,959,850 11,311,834,696 - - Attached notes is part of the financial statements. Enterprise legal representative: Zhou Jichang Accounting responsible person: Guan Tongxian Accounting department chief: Wang Jue -7- Shanghai Zhenhua Port Machinery (Group) Co. Ltd. 2007 Parent Company Shareholder's Equity Movement Statements (In RMB yuan except for otherwise specified) Less: shares Item Note Capital stock Capital Reserve in stock Surplus Reserve Undistributed Profit Total Equity Closing balance at Dec. 31, 2005 1,540,920,000 1,186,332,835 - 823,473,350 1,029,450,028 4,580,176,213 Accounting policy change - - - - - - prior error correction - - - - - - Initial implementatiion of enterprise accounting standards - - - (3,508,913) (31,580,218) (35,089,131) Starting balance at Jan.1, 2006 1,540,920,000 1,186,332,835 - 819,964,437 997,869,810 4,545,087,082 Movement in 2006 Net profit - - - - 1,616,229,576 1,616,229,576 gains directly into equity - - - - - - Net movement of fair value of marketable financial assets - - - - - - Impact of other owner's equity movement of investee in equity metho - - - - - - Impact of corporate tax related to owner's equity - - - - - - Others - - - - - - Sub-total - - - - 1,616,229,576 1,616,229,576 Added or Lessed capital from owners Added by owner - - - - - - Amount of share payment into owner's equity - - - - - - Others - - - - - - Profit Distribution Accrued surplus reserve - - - 161,622,957 (161,622,957) - Distribution to shareholders - - - - (308,184,000) (308,184,000) Dividends distributed 616,368,000 - - - (616,368,000) - Internal transfer within equity Capital reserve into capital stock 924,552,000 (924,552,000) - - - - Surplus reserve into capital stock - - - - - - Surplus reserve compensation on loss - - - - - - Others - - - - - - Closing balance at Dec. 31, 2006 3,081,840,000 261,780,835 - 981,587,394 1,527,924,429 5,853,132,658 Starting balance at Jan. 1, 2007 3,081,840,000 261,780,835 - 981,587,394 1,527,924,429 5,853,132,658 Movement in 2007 Net profit - - - - 2,054,958,545 2,054,958,545 gains directly into equity - - - - - - Net movement of fair value of marketable financial assets - - - - - - Impact of other owner's equity movement of investee in equity metho - - - - - - Impact of corporate tax related to owner's equity - (32,856,596) - - - (32,856,596) Hedging reserve - 219,043,975 - - - 219,043,975 Sub-total - 186,187,379 - - 2,054,958,545 2,241,145,924 Addition and deduction of investment by owners Addition of capital by owners 125,515,000 3,408,544,945 - - - 3,534,059,945 Amount of share payment into owner's equity - - - - - - Others - - - - - - Profit Distribution Accrued surplus reserve - - - 205,495,855 (205,495,855) - Distribution to shareholders - - - - (462,276,000) (462,276,000) Others - - - - - - Internal transfer of owner's equity Capital reserve into capital stock - - - - - - Surplus reserve into capital stock - - - - - - Surplus reserve compensation on loss - - - - - - Others - - - - - - Closing balance at Dec. 31, 2007 3,207,355,000 3,856,513,159 - 1,187,083,249 2,915,111,119 11,166,062,527 Attached notes is part of the financial statements. Enterprise legal representative: Zhou Jichang Accounting responsible person: Guan Tongxian Accounting department chief: Wang Jue -8- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) I. General information Shanghai Zhenhua Port Machinery (Group) Co., Ltd. (hereinafter “the Company” or “Parent Company”) was established in Shanghai, on 8 September 1997 as part of an exercise to reorganise its predecessor, Shanghai Zhenhua Port Machinery Company Limited. The Company is registered in P. R. China’s Shanghai. As approved by ZhengWeiFaZi (1997) No. 42 document issued by the Securities Commission under the State Council, the Company issued 100 million listed foreign investment shares (B-shares) to overseas investors from July 15, 1997 till July 17, 1997. The B-shares were listed for trading at Shanghai Stock Exchange on Aug. 5, 1997. As approved by GongsiZi (2000) No. 200 of China Securities Regulatory Commission, the Company added issuing of 88 million RMB common shares (A-shares) to domestic investors in Dec. 2000. The A-shares were listed for trading at Shanghai Stock Exchange on Dec. 21, 2000. In accordance with ZhenJianFaXingZi (2004) No. 165 by China Securities Regulatory Commission, the Company issued 114,280,000 A-shares to domestic investors on Dec. 23, 2004. The said issuances were listed at Shanghai Stock Exchange respectively on Dec. 31, 2004 and Jan. 31, 2005 for trading. In accordance with ZhenJianFaXingZi (2007) No. 346 by China Securities Regulatory Commission, the Company issued 125,515,000 A-shares to domestic investors on Oct. 15, 2007. The said issuances were listed at Shanghai Stock Exchange respectively on Oct. 23, 2007 and Jan. 23, 2008 for trading. With completion of the added issuances, total capital stock of the Company has been raised to 3,207,355,000 shares, par value 1 yuan, totally amounting to 3,207,355,000 yuan. On Dec. 18, 2005, China Road and Bridge Construction Group General Company combined with the company’s controlling holder China Harbor Construction (Group) General Company after reorganization into China Transportation Construction (Group) Co. Ltd. (hereafter called Communications Group). In accordance with the Reply to Issue Concerning Listing of China Communications Construction Co. Ltd. Entirely after Reorganization on Both Domestic and Overseas Market (Guozi Gaige [2006] No. 1063) by State Assets Commission on Aug. 16, 2006, Reply to Issue Concerning Management of State Stock of China Communications Construction Co. Ltd. (Guozi Chanquan [2006] No. 1072) on Sep. 30, 2006, which granted the reorganization proposal of Communications Group, and in addition to the Reply to Approve China Communications Construction Co. Ltd.’s Announcement of Purchase Report of Road and Bridge Construction Co. Ltd. and Shanghai Zhenhua Port Machinery (Group) Co. Ltd. and the Exemption of Purchase Offer Obligations (Zhengjian Gongsi Zi [2006] No. 227), on Oct. 8, 2006 Communications Group solely initiated the establishment of China Communications Construction Co. Ltd. (hereafter Communications Company), and invested the stock rights of the Company it held into the newly established Communications Company. With completion of reorganization, Communications Company thus becomes the controlling shareholder of the Company. -2- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) On Mar. 24, 2006, the Company issued the ZPMC Bulletin on Implementation of Stock Reform Plan, by which Communications Group, the Company’s State Corporate Shareholder of Non-circulating Shares, agreed to pay a total consideration of 108,855,000 shares on the basis of 2.5 shares for every 10 based on the total domestic circulating shares of 435,420,000 shares on the stock right registration day (i.e. Mar. 27, 2007). The considered shares from the stock reform were put into market for circulating on Mar. 29, 2006. For the listing of shares with sales conditions, see Note VII (23). The Company and its subsidiaries (together called “the Group”) are engaged in design, building, sales and installation of heavy port machinery, engineering vessels, large metal structures & components, parts; leasing of self-manufactured cranes; sales of self-produced products; professional contracting of international ocean shipping and steel structure engineering with special vessels for whole-machine transportation. This financial report is disclosed on Apr. 8, 2008 through approval by the Company’s board of directors. II. Basis of preparation for financial statements The Group prepared its financial statements on the basis of Enterprise Accounting Standards issued before Feb. 15, 2006 and Enterprise Accounting Systems issued on Dec. 29, 2000 and related regulations (hereafter all called “former standards and systems”). From Jan. 1, 2007 the Company implements Enterprise Accounting Standards – Basic Standards and 38 concrete accounting standards issued on Feb. 15, 2006, and guidelines and explanation of the accounting standards, and other related stipulations (hereafter called “Enterprise Accounting Standards”). The 2007 financial statements are the first ones prepared on the basis of Enterprise Accounting Standards. While preparing 2007 financial statements, related comparative data in 2006 are adjusted retrospectively in accordance with Enterprise Accounting Standards No. 38 – Initial Implementation of Enterprise Accounting Standards and re-reported on basis of Enterprise Accounting Standards. Retrospective adjustments are as follows: (1) Fully offset equity investment differences generated from consolidation of enterprises under the same controller but not yet fully amortized; (2) Put minority interest originally recorded individually between liabilities and shareholders’ equity in consolidated B/S into shareholders’ equity. In addition to the retrospective adjustment according to items described in Article 5 to 19 in the Enterprise Accounting Standards No. 38 – Initial Implementation of Enterprise Accounting Standards and Enterprise Accounting Standards No. 1, upon initial implementation of Enterprise Accounting Standards on Jan. 1, 2007, the Group also made retrospective adjustments, based on Enterprise Accounting Standards Explanation No. 1, to the long term equity investment in subsidiaries held by the Company in the parent -3- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Company’s financial statements, as a result it is regarded that the said subsidiary made the accounting on cost basis as if ever from the beginning. Related financial figures in parent company’s statements are re-reported in the adjusted figures. The adjustment of 2006 starting and closing consolidated shareholder’s equity, 2006 consolidated net profit reported in former accounting standards and systems to that reported in new enterprise accounting standards is shown in Note XIII. III. Declaration on abiding by the Enterprise Accounting Standards The Group and the Company follow the requirements of enterprise accounting standards in preparing 2007 consolidated and parent company’s financial reports, which authentically and completely reflect the Group and the Company’s financial status on Dec. 31 of 2007 and the operating result and cash flow during of 2007. IV. Major accounting policies and accounting estimates (1) Accounting year Calendar year, from January 1 till December 31. (2) Monetary Currency RMB is the monetary currency of the Group. -4- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) (3) Foreign currency translation (a) Foreign currency translation Except for accounting of foreign currency capital, transactions denominated in foreign currencies are translated into RMB by the rate on the transaction day. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into RMB at the exchange rates at sight. Exchange differences arising from these translations are taken to the income statement, with exception that gains/losses related to special foreign currency fund borrowing during fixed assets purchase period are capitalized. Foreign currency of non-monetary items valued by fair value are translated into RMB on the sight standard rate of the date of fair value recognition, difference from translation directly booked into current income statement as fair value movement. On B/S day, non-monetary foreign current items valued by historical cost are translated still by the sight standard rate of transaction day, RMB amount remaining unchanged. Foreign currency capital is booked in RMB translated by the standard rate on the day of payment. Translation difference arising from different rates of related capital entry and paid-in capital entry is booked into capital reserve. (b) Foreign currency statements translation All assets and liabilities in the foreign currency balance statements of the Group’s overseas subsidiaries consolidated into the Group are translated into RMB at the exchange rate at sight on B/S day. Shareholders equity is translated into RMB at the exchange rate at sight on the day of the transaction, except for undistributed profit, which is confirmed by the amount in the profit distribution statement after translation. Entries reflecting occurrence amount in the income statements and profit distribution statements are translated into RMB at average exchange rates for the year, differences thus occurred are taken into the translation difference item in the balance sheet. Foreign currency cash flow and overseas subsidiary’s cash flow are translated by annual average rate. Impact of rate movement on cash is individually reflected in cash flow statements. -5- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) (4) Cash and cash equivalents Cashes in the cash flow statement means cash on hand and deposits held at call with banks; cash equivalents comprise investment due within 3 months, with high liquidity, easily translated into affirmative amount of cash, and with little value change risk. (5) Financial assets - receivables Receivables refer to account receivable and other receivables. Possible bad debt loss is accounted on provision basis. Receivables are recorded by the net value of actual occurrence deducting bad debt provision. (a) Account receivable Account receivable consists of that from related parties and that from non-related parties. Account receivable, due on B/S day as agreed in contract, proven not collectable or not possibly collectable, are fully provided for on individual confirmation basis. Besides, in case account receivable exceeds collectable term, provision of bad debt is made by the term overdue. Details are as follows: Term overdue % of provision 1－6 months - 7－12 months 10% 1－2 years 30% 2－3 years 50% 3 years above 100% (b) Other receivables The Group make special bad debt provision for other receivables by individual recognition. (c) Bad debt loss confirmation standard To the proven non-collectable receivables such as when debtors dissolved or bankrupt or insufficient assets to cover debts or insufficient cash flow, bad debt loss is confirmed and will offset accrued corresponding bad debt provision. (d) Transfer or discount of receivables -6- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) In case of account receivables and bills receivable or discount the company transfers to financial institutions with no retrospective rights retained, it shall be considered cash has been received from purchaser or labour receiver, the difference between the transaction amount and the moved receivables’ book value and related taxes is taken into current period income statement. (6) Derivative financial tool and hedging accounting The Group is mainly engaged in exporting business. In order to avoid foreign exchange risks, the Company enters into time foreign exchange contract with many banks for long term loans on flexible interest rate. Swap contracts on interest rate are signed with banks to avoid flexible interest rate risks of long term loans. Forward foreign exchange contracts and interest rate swap contracts are booked by actual cost and their fair value is evaluated by year end. Time foreign exchange contract and interest rate swap contract, besides being hedging tool subject to hedging accounting, are both used as derivative tools, gains/losses of which at end-of-year are directly booked into current profit/loss statement. In order to hedge, the Group designates partial forward foreign exchange contracts as hedging tool, fair value or cash flow movement expectation of which can offset the movement of the fair value or cash flow of hedged items. The confirmation methods of evaluation gains/losses of end-of-year fair value of time foreign exchange contract and interest rate swap contract acted as derivative financial tools are classified on the basis of whether applicable to hedging accounting into the following: Hedging is classified into fair value hedging and cash flow hedging. Only when fair value hedging and cash flow hedging simultaneously meet the following conditions can hedging accounting method be used: (a) When hedging starts, the Group has official designation of hedging relations (i.e. relations between hedging tool and hedged item) and has prepared official written documents of hedging relations, risk managing goals and hedging strategies. (b) The hedging expectation is highly effective and is in compliance with the risk managing strategy designated initially for the hedging relation by the Group. (c) In case of hedging cash flow of expected transaction, the expected transaction should most probably happen and it must put the Group against cash flow risk impacting eventual profit. (d) Effectiveness of hedging can be reliably valued. (e) The Group makes continuous valuation of the effectiveness of hedging and ensures the hedging is highly effective in the designated term of hedging relations. -7- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Hedging is considered highly effective in case of meeting the following conditions simultaneously: (a) At the beginning of hedging and during later process, the hedging expectation will highly effectively offset fair value or cash flow movement caused by the hedging risks during the designated hedging term. (b) The actual offset effect ranges between 80% and125%. Gains or losses valued by fair value at period end of the hedging tool for fair value are directly accounted into current income statement. Gains or losses valued by fair value at period end of the hedging tool for cash flow are differentiated into effective hedging and non-effective hedging, the former booked into hedging reserve in capital reserve while the latter into current income statement. When the future transaction or promise incurs and is confirmed as an asset or liability, the valued gains/losses booked into hedging reserve in capital reserve will be transferred into cost of the related asset or liability; when the future transaction or promise incurs and is not confirmed as an asset or liability, the valued gains/losses booked into hedging reserve in capital reserve will be transferred into current income statement; when the future transaction does not incur, the valued gains/losses booked into hedging reserve in capital reserve will be transferred directly into current income statement. (7) Stock Stock includes raw materials purchased spare parts and semi-products, reported in the lower between cost and cashable net value. The cost of stock when delivered is calculated on the basis of weighted average. When stock cost higher than net realizable value, the part less than the net realizable value is provided as devaluation provision. Stock devaluation provision is made based on individual items when cost higher than net realizable value. The net realizable value of items in normal manufacturing process is calculated on the amount of estimated selling price deducting future cost, selling expenses and taxes till the completeness of the manufacture. (8) Building contracts For customized large port equipment with fixed price, because the start and the finishing of the project are in different accounting years, the Company uses building-contract method to calculate the revenue and the cost. If the selling result of individual building contract can be reliably estimated, the revenue and expenses can be recognized in proportion of completeness on the day of balance sheet. -8- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) (a) Project progress proportion is made on the report day according to the revenue recognition stage stipulated in the contract. The Company confirmed the following 3 revenue recognition stages: Stage 1: body steel structure completed and erected; Stage 2: manufacturing, installation and initial testing completed, product ex-plant qualification certificate issued, shipping documents acquired, product ready to be shipped; Stage 3: product finally delivered after being checked and approved by purchaser, final delivery certificate issued by purchaser acquired. The Group will analyze the building contracts completed in prior year and recognize progress proportion of each revenue recognition stage on the basis of the proportion of the cost of the revenue recognition stage in real total costs and recognize it as the progress proportion at various stages in current period. (b) For heavy ocean equipment, progress of completeness is recognized by the proportion of accumulated cost incurred in total expected cost. The accumulated cost does not include that related to contracted future activities. When individual building contract result is not able to be reliably estimated, the following methods are used: (i) When contract cost can be covered, contract revenue is recognized according to real contract cost that can be covered, contract cost is recognized as expenses in the period when cost incurs. (ii) When contract cost can not be covered, it can be recognized as expenses immediately when it incurs; no contract revenue is confirmed. When expected total contract cost exceeds total revenue, the expected losses should be immediately recognized as expenses in current period. When contract value is settled in installments, the settled installment is recognized as settled value, which will be transferred and set off with related accumulated costs and confirmed margin on the day of building contract completed. On the balance sheet day, when the addition of accumulated costs and confirmed margin exceeds the accumulated settled value, the difference is listed as completed but not yet settled item in current assets. Otherwise, it will be listed in settled but not completed item in current liabilities. (9) Long term share investment Long term share investment consists of those into the Company’s subsidiaries and associates and others to be held longer than one year. -9- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Subsidiary refers to an investee, in which the Group takes over 50% voting shares, or when the Company has great influence over investee’s financial or operational decisions and earns from the investee’s operational activities; investment to subsidiaries is recorded in the amount confirmed by cost method in the Company’s individual financial statements, and consolidated after adjustment in equity method while compiling consolidated statements. Associate is an investee in which the Company takes 20% or above to 50% of investee’s total voting shares, or the Company can exercise big influence over the investee’s financial or operational decisions. Investment in associates is initially valued by real cost, and then followed in future valuing on equity basis. In case initial investment cost is higher than the publicly recognized asset fair value share in the investee at the time when investment is made, the difference is included in initial investment cost; in case initial investment cost is lower than the publicly recognized asset fair value share in the investee at the time when investment is made, the difference is included in current income statement while at the same time long term equity investment cost is adjusted. Other equity investment to be held over one year means that the Group exercises no control, common control or great influence over the investee and the long term equity investment possesses no quotes on active market and its fair value can not be reliably valued. Cost method is adopted to the accounting of such investment. Long term share investment accounted in cost method is valued by original cost. Cash dividend or profit announced by the investee is confirmed into current period’s investment income. Confirmed investment income is only limited to the distributed share of cumulative net profit of the investee from acceptance of the investment. Net profit or cash dividend exceeding the mentioned amount is confirmed as reverse of original investment cost. In equity method, gains/losses of investment are recognized by the amount of investee’s current period net profit or net loss share enjoyable or bearable by the Group. The confirmed investee’s net loss is limited to zero in the book value of the long term share investment. Whereas when the Group bears extra liability for loss and when the extra liability meets requirements for stipulated probable events, investment loss and expected liability is further confirmed. For the movement of investee’s equity other than net gains/losses, when proportion of hold remains unchanged, the Group calculates the part it enjoys or bears in accordance with its proportion of share holding and directly book it into capital reserve. The announced investee’s distributed profit or cash dividends shall correspondingly deduct the book value of long term equity investment of the Group at the time of the announcement. However when cash dividends exceed already confirmed investment gains but do not exceed that part of the investee’s book value profit realized after the investment is made which is enjoyed by the Group in proportion of holding, it is confirmed as current period investment income. Gains/losses from internal transactions between the Group and the investee enjoyed by the group according to proportion of share-holding are confirmed as investment gains/losses after setoff is made. When loss from internal transactions between the Group and the investee belongs to asset devaluation loss, the loss is fully confirmed, unrealized gains/losses from which will not be setoff. -10- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) When collectable amount of long term equity investment is lower than its book value, the book valued is deducted to the collectable amount (see Note IV ). (10) Fixed assets Fixed assets consist of tangible assets related to operation with rather high individual value, for use of at least above one year owned or held for manufacturing goods, providing service, leasing or business management. Purchased or newly built fixed assets are booked according to the costs at acquisition. The fixed assets valued at the time when the Company was reorganized are booked in the valuation made by the state-owned assets administration authorities. Follow-up expenses related to fixed assets, when related economic benefits will most probably flow in the Group and related cost can be reliably valued, are accounted into fixed assets cost; for the replaced part, related book value ceases confirmation; all other follow-up expenses are booked into current income statement at the time of incurrence. Depreciation of fixed assets is made in average year method and is accrued by deducting expected net residual value from purchase value within the expected years for use. When devaluation provision have been made to fixed assets, the depreciation ratio and amount will be decided on the net book value after devaluation and the remained years for use. -11- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Fixed assets expected years for use, net residual value ratio and annual depreciation ratio are listed as below: Expected years for Expected net Annual use residual value depreciation ratio ratio House and building - costs 20 years 0% 5% Manufacturing equipment 10 years 0% 10% Transportation means (other 5 years 0% 20% than vessels) Vessels 5-10 years Based on Calculated in international average years market price of after purchase wasted vessel value less net steel residual value Other equipment 5 years 0% 20% Office equipment 5 years 0% 20% Difference between disposal income from fixed assets sales, transfer, waste or damage and the book value and taxes is taken into non-operational income/expense. When collectable amount of fixed assets is lower than its book value, the book valued is deducted to the collectable amount (see Note IV ). (11) Construction in progress Construction in progress is booked as project costs in real expenditure. Project costs consist of building expenses, other necessary expenses which make the construction in progress reach expected status of use, and loan expenses occurred before it reaches the condition for use which meets qualification of capitalization. When the project under construction reaches the expected condition for use, it is transferred into fixed assets items and depreciation will be made from the following month. When collectable amount of construction in progress is lower than its book value, the book valued is deducted to the collectable amount (see Note IV ). (12) Intangible assets Intangible assets consist of land use rights and software use cost. They are booked in really paid price or in the estimated value at the re-structuring of the Company, and are amortized in straight line method in the following expected years for use: Expected years for use -12- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Land use rights years of land use Software use cost 5 years Paid price in purchasing land and building is distributed between building and land use right. When difficult to distribute, it is recognized as fixed assets. When collectable amount of intangible assets is lower than its book value, the book valued is deducted to the collectable amount (see Note IV ). (13) Asset devaluation When signs of devaluation exist on B/S day with long term equity investment, fixed assets, construction in progress and intangible assets, simulating test is made to the devaluation. When test result shows collectible amount is lower than its book value, provision is made on basis of the difference and booked into devaluation loss. The collectible amount is the higher between net amount of asset’s fair value deducting disposal expenses and the present value of expected future cash flow. Asset devaluation provision is calculated and confirmed by individual piece of asset. In case collectible amount of individual asset is difficult to value, collectible amount of asset group to which the said individual asset belongs is confirmed. Asset group refers to the minimum asset portfolio which independently generates cash in-flow. Once asset devaluation provision is made, it shall not be transferred back even though the asset value is resumed in later period. (14) Loan expenses Loan expenses such as interest and foreign exchange differences from loans for purchasing fixed assets are capitalized and calculated into that asset’s cost, at the time when asset expenditure and loan expenses incur and when purchasing or building activities start as a necessity to make that asset reach expected usable condition. When the purchased or built fixed asset reached expected usable condition, capitalization stops and loan expenses that follow are taken into current profit/loss statement. In case purchasing activities of assets ceases accidentally and term of cease exceeds 3 months on end, capitalization of loan expenses stops until purchasing activities resumes. Auxiliary expenses of loans is capitalized upon incurrence when they incur before the purchased fixed assets reach expected condition for use; those incurred after are booked into current income statement. Expenses of other loans are accounted into current period’s income statement. (15) Bonds payable -13- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Bonds issued are recognized as liabilities in total real issuing price. Difference between bond issuing price and bond face value is booked as bond premium/discount, amortized in straight line method during bond existence period. Bond premium/discount’s amortization and issuing expenses are booked into current period income statement. (16) Employee remuneration Employee’s remuneration consists of salary, bonus, allowance and subsidy, benefits, social security and housing fund, trade union fund and education fund and other expenses related to services provided by employees. Staff remuneration is confirmed by employee service period and booked into related asset cost and expenses based on beneficial objects of the services provided by employees. (18) Profit and dividends distribution Cash dividends approved by general annual meeting are confirmed as liabilities within the period of the approval. (19) Deferred corporate tax assets and liabilities The Company confirms deferred income tax assets and deferred income tax liabilities by the difference between the taxable base and the book value (provisional difference). Compensable loss which can compensate future periods’ taxable amount by taxable laws and regulations is confirmed as deferred income taxable asset like provisional difference. In regard to provisional differences generated from initial confirmation of assets or liabilities as a result of non-enterprise consolidation transaction which neither influences accounting profit nor affects taxable amount (or compensable loss), corresponding deferred income tax assets and deferred income tax liabilities are not confirmed. On B/S day, deferred income tax assets and deferred income tax liabilities are calculated by tax rate applicable to the period of term the assets or liabilities are expected to be collected back. The confirmation of deferred income tax assets is limited to the taxable amount to compensate compensable provisional difference, compensable loss and setoff of tax payment. Deferred income tax assets and deferred income tax liabilities generated from investment-related provisional difference of subsidiaries and associates are confirmed. However, when the Group is able to control the transferring time of the provisional difference and the provisional difference will most probably not be transferred back in the foreseeable future, they are not confirmed. (20) Revenue recognition -14- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Revenue is confirmed by the fair value of the contracted or agreed upon price related to commodity sales and service providing in routine operating activities of the Group. Revenue is recorded by the net value after deducting VAT, business discount, selling discount and return of sales. Revenue is confirmed when related benefits can flow into the Group, sales can be reliably calculated and when revenue meets the special sales income recognition standards of the following operating activities: (a) Revenue from sales of large port equipment and ocean heavy equipment is recognized by the proportion of completeness. (See Note IV ) (b) Income from ship transportation is recognized at the completion of the voyage. (c) Revenue from sales of parts in bulk is confirmed upon delivery. (d) Interest income is recognized by deposit term and real interest rate. (e) Subsidy income is recognized by the time of receiving. (f) Operating leasing income is recognized in leasing period by straight line method. (21) Operating leases When all risks and rewards related to assets ownership are still on the side of the lesser, the lease is recognized as operating lease. Operating lease expenses are recognized as current expenses on straight line basis within lease period. (22) Preparation of consolidated statements The consolidated statements consist of those of the Company and the consolidated subsidiaries. Subsidiary is consolidated from the date on which effective control over the subsidiary is exercised by the Company; subsidiary is no longer consolidated from the date when that control ceases. All material inter company transactions, balance and unrealized profit on transactions between group companies are compensated. In the consolidated statements, minority interests refer to equity of consolidated subsidiaries which is not owned by the Group. When there exists discrepancy between accounting policies adopted by subsidiaries and the Company, statements of subsidiaries are adjusted according to the Company’s policies upon consolidation. (23) Fair value confirmation of financial tools -15- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Fair value of financial tools on active market is confirmed by quotes on active market. Fair value of financial tools not on active market is recognized by value-estimating technology. Value-estimating technology consists of market price utilized by voluntary transactional parties with consultation of familiar situations, present fair value of other financial assets similar in essence and discount of cash flow etc. While using value-estimate technology, use market parameter as much as possible, use parameter related specially to the Group as less as possible. (24) Significant changes of accounting policy and accounting estimates In accordance with the accounting policies and accounting estimates set up by China Communications Construction Corporation, the Company’s holding shareholder, and the requirements that uniform accounting policies and accounting estimates shall be employed within China Communications Corporation, the Group changed the following 2 accounting estimates: (a) From Jan. 1, 2007, the Group changed the expected net residual rate of fixed assets (see Note IV ), as a result of which total annual profit of the Group is increased by 60,722,747 yuan. (b) From Jan. 1, 2007, the Group changed the way to make bad debt provision for receivables (see Note IV ), as a result of which total annual profit of the Group is decreased by 84,429,266 yuan. V Taxes Tax bearing of the Company and the Group is listed as follows: (a) VAT VAT is applicable to the Company’s sales. Domestic sales output tax ratio is 17%, export sales output tax ratio is subject to “exemption, compensation, refund”, refunding ratio is 17%. The Company’s input tax for purchasing raw materials, fuel, power (commodity, transportation fee) offsets the output tax. The Company’s VAT payable is the balance after offset between current period’s input and output taxes. (b) Business tax Ocean shipping business of Shanghai Zhenhua Shipping Co., Ltd., the Company’s subsidiary, applies to business tax, rate being 3%. (c) Corporate income tax -16- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) National People’s Congress passed on Mar. 16 P. R. China’s Enterprise Corporate Tax Law (hereafter called “the new corporate tax law”), effective on Jan. 1, 2008. The Company is sure to be qualified as a hi-tech enterprise. Therefore applicable tax rate is changed to 15% from Jan. 1, 2008. Meanwhile, on the basis of the new corporate tax law, subsidiaries of the Company registered in Pudong New Area will gradually adopt the rate of 25% in the 5 years’ period from 2008 till 2012. Other domestic subsidiaries of the Group adopts 25% rate from Jan. 1, 2008. In conformity to Guofa (2007) No. 39 document State Council’s Notification on Implementing Transmitting Favorable Taxation Policy, enterprises who formerly enjoyed fixed-period exemption or deduction of tax policy continue to enjoy former favorable policy till expiration of former period upon implementation of the new taxation law. For such enterprises who have not yet been profitable thus not yet enjoyed any favorable policy, the period of enjoying former favorable policy starts from the year 2008. (1) In accordance with stipulations in Law of Corporate Taxes of Enterprises with Foreign Investment and Foreign Enterprises of P. R. China, the Company is a manufacturing enterprise with foreign investment registered at Shanghai Pudong New Area. Applicable corporate rate is 15%. When current year’s export value reaches 70% of the Company’s total production value in the same year, 10% rate is applicable. For 2007 the export value exceeded 70% of the Company’s total production value. Therefore 10% rate is used to calculate the company’s corporate tax (2006: 10%). (2) Shanghai Zhenhua Port Machinery Pudong Co. Ltd. calculates its corporate tax at 15% rate after application and approval of Shanghai Pudong New Area Financial Office HuShuiPuSanQi (97) No. 0134 based on HuCaiQiYi (1991) No. 166 “Notice on Decrease and Exemption of Corporate Taxes to Newly Established Enterprises in Shanghai Pudong New Area issued by Shanghai Municipal Financial Office, Taxation Office”. (2006: 15%) (3) Shanghai Zhenhua Port Machinery Changxing Spare Parts Co. Ltd. calculates its corporate tax at 33%. (2006: 33%) (4) Shanghai Zhenhua Port Machinery Changxing Precision Casting Co. Ltd. calculates its corporate tax at 33%. (5) Zhenhua Port Machinery (Hong Kong) Co. Ltd. calculates its corporate tax at 17.5% rate. (2006: 17.5%) -17- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) (6) Shanghai Zhenhau Shipping Co. Ltd. calculates its corporate tax at 15% rate based on HuCaiQiYi (1991) No. 166 “Notice on Decrease and Exemption of Corporate Taxes to Newly Established Enterprises in Shanghai Pudong New Area issued by Shanghai Municipal Financial Office, Taxation Office”. (2006: 15%) (7) Shanghai Zhenhua Port Machinery Group Derrick Barge Co. Ltd. calculates its corporate tax at 15% rate based on HuCaiQiYi (1991) No. 166 “Notice on Decrease and Exemption of Corporate Taxes to Newly Established Enterprises in Shanghai Pudong New Area issued by Shanghai Municipal Financial Office, Taxation Office”. (Shanghai Zhenhua Port Machinery Group Derrick Barge Co. Ltd. was still in organizational stage, therefore it had not to pay corporate tax in 2006.) (8) Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd. Calculates income tax by 33%. (Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd. was still in organization stage in 2006, therefore it had not to pay corporate tax.) (9) In accordance with Law of Corporate Taxes of Enterprises with Foreign Investment and Foreign Enterprises of P. R. China, Nantong Zhenhua Steel Structure Processing Co., Ltd. belongs to manufacturing enterprise with foreign investment registered in Nantong Economic and Technological Development Zone, therefore it adopts 15% corporate tax rate and enjoys favourable taxation policy of “two exemptions and three halves”. 2007 is the first profitable year for Nantong Zhenhua Steel Structure Processing Co., Ltd., therefore it does not have to pay corporate tax (2006: no). (10) Jiangyin Zhenhua Labour Project Co., Ltd. adopts assessment-and-collection corporate tax rules based on P. R. China’s Enterprise Corporate Tax Provisional Rules and GuoShuiFa (2000) No. 38 Provisional Measures for Assessment and Collection of Enterprise Corporate Tax issued by State Tax Administration. Corporate tax payable is confirmed by total income multiplied by tax-payable income rate, 33% of corporate income tax rate adopted (2006: 33%). Assessed tax-payable income rate is 5% for the year 2007 (2006: 7%). (11) In accordance with Law of Corporate Taxes of Enterprises with Foreign Investment and Foreign Enterprises of P. R. China, Jiangyin Zhenhua Steel Structure Processing Co., Ltd. belongs to manufacturing enterprise with foreign investment registered in Jiangyin Economic and Technological Development Zone, therefore it adopts 15% corporate tax rate and enjoys favourable taxation policy of “two exemptions and three halves” upon approval by taxation authorities. 2007 is the first profitable year for Jiangyin Zhenhua Steel Structure Processing Co., Ltd., therefore it does not have to pay corporate tax. VI . Controlled subsidiaries Controlled subsidiary Registered Business Scope Investment from Share ratio held by the Consolidat capital (yuan) the Company Company ed or not (yuan) direct indirect -18- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) ZPMC Pudong Co., 5,000,000 manufacture & 4,500,0 90% - Yes Ltd. sales of Large 00 container cranes & Gear-box gears ZPMC Changxing 5,500,000 manufacture & 4,950,000 90% - Yes Spare Parts Co. Ltd. sales of Cranes and its spare parts Shanghai Zhenhua 5,000,000 precision Casting 3,500,000 70% - Yes Changxing Precision & metal cutting Casting Co. Ltd. &cold processing ZPMC (Hong Kong) HK$5,000,000 Design, - 99.99% - Yes Co. Ltd. manufacture And sale of steel Structures and spare parts for cranes Shanghai Zhenhua 120,000,000 near ocean 66,000,000 55% - Yes Shipping Co. Ltd. shipping, national costal and Changjiang M & L Shipping of port Machinery Shanghai Zhenhua 100,000,000 design, building, 51,000,000 51% - Yes Port Machinery sales, leasing of Group Derrick Barge floating cranes Co. Ltd. and port machinery ZPMC(M)SDN.BHD. Ringgit no operating Ringgit 2 100% - No (a) 100,000 activities Jiangyin Zhenhua 500,000 produce & sell - - 58.5% Yes Labour Projects Co. port machinery Ltd. spare parts, coating and installation projects Nantong Zhenhua 400,000,000 installation of 400,000,000 100% - Yes Heavy Equipment large port Manufacturing Co., facilities, Ltd. (b) engineering vessel and large metal structure and parts; leasing of cranes; contracting of steel structure project Nantong ZPMC Steel USD 100,000 manufacturing USD 75,000 75% 25% Yes Structure Processing and installation of Co., Ltd. machinery, processing of steel structure, hardware processing, decaling and coating, contracting of machinery projects Jingyin ZPMC Steel USD 100,000 manufacturing of USD 75,000 75% 25% Yes Structure machinery parts, -19- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Manufacturing Co., sale of Ltd. self-produced goods, steel structure building project, installation of machinery (a) By Dec. 31, 2007, there had been no operating activities in ZPMC (M) SDN.BHD, and therefore not consolidated. (b) In accordance with the resolution at 6th meeting of 4th board on Sep. 15, 2007, the Company added 300,000,000 yuan to the registered capital of Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd. After the addition, total registered capital reached 400,000,000 yuan. (c) Based on resolution of the Company’s 20th meeting of 3rd board on Feb. 5 of 2007, the Company invested Jiangyin ZPMC Steel Structure Building Co., Ltd. on Feb. 28, 2007 jointly with Shanghai ZPMC Group (HK) Co., Ltd., the Company’s subsidiary. The Company takes 75% stake, Shanghai ZPMC Group (HK) taking 25%. It is consolidated from establishment. VII. Notes to major items in the consolidated statements 1 Currency capital Dec. 31, 2007 Dec. 31, 2006 Cash 218,452 397,487 Cash at bank 1,080,728,064 721,132,551 Other cash capital 203,033,096 81,803,258 1,283,979,612 803,333,296 Currency capital consists of the following foreign currency balance: Dec. 31, 2007 Dec. 31, 2006 Foreign Excha In RMB Foreign Exchan In RMB currency nge currency ge rate amount rate amount USD 74,968,830 7.3046 547,617,316 65,499,704 7.8087 511,467,539 10.666 10.266 Euro 28,476,428 9 303,755,210 4,702,399 5 48,277,179 HK dollar 1,034,063 0.9364 968,297 3,211,114 1.0047 3,226,206 14.580 15.337 Pound 18,954 7 276,363 218,395 2 3,349,568 -20- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Canadi an dollar 9,790 7.4419 72,856 8,470 6.7353 57,048 Australi an dollar 6,577 6.4036 42,116 1,534 6.1761 9,474 Japane 0.0656 se yen 475,594 0.0641 30,486 413,889 3 27,164 Singap ore dollar 2,828 5.0518 14,286 562 5.0909 2,861 New Zealand dollar - 5.6589 - 1,155 5.5126 6,367 852,776,930 566,423,406 On Dec. 31, 2007, other currency capital mainly consists of bank deposits for L/C and bank guaranty letter. 2 Tradable financial assets and liabilities Dec. 31, 2007 Dec. 31, 2006 Assets Liabilities Assets Liabilities forward foreign exchange contract-cash flow hedging 182,434,296 - - - forward foreign exchange contract-fair value estimated gains/losses 255,232,223 109,156,899 - 18,868,081 interest rate swap contract-fair value estimated gains/losses 4,640,444 22,816,605 2,967,306 - 442,306,963 131,973,504 2,967,306 18,868,081 (a) Forward foreign exchange contract On Dec. 31, 2007, in the forward foreign exchange contract established by the Group with bank but not due, total amount of principal in USD for RMB contract is USD 1,634,840,582; agreed exchange rate is 6.8410 to 7.6165; contract is due between Jan. 10, 2008 and Dec. 29, 2008. Contract principal Euro for USD is Euro 30,000,000; contracted exchange rate is 1.3773; contract is due on April 26, 2008. Contract principal RMB for USD is 818,460,000 yuan; contracted exchange rate is 0.1350 to 0.1392: contract is due between Jan. 10, 2008 and Jul. 28, 2008. Japanese yen for RMB contract principal is 800,000,000 Japanese yen; contracted exchange rate is 0.1537; contact is due on Jan. 15, 2008. -21- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Closing fair value estimated gains/losses of above forward foreign exchange contract are shown in transactional bank confirmed amount or the amount based on end-of-year market exchange rate. In the forward foreign exchange contract as cash flow hedging tools, the valid hedging of 219,043,974 yuan in the closing fair value estimated gains/losses is booked into capital reserve’s hedging reserve (see Note VII ); time value of 36,609,678 yuan is booked into financial expenses (see Note VII ). In the forward foreign exchange contract as derivative financial tools, the closing fair value estimated net gains are 146,075,324 yuan, booked into fair value movement gains (see Note VII ). (b) Interest rate swap contract On Dec. 31, 2007, estimated fair value gains from the undue USD loan interest rate swap contract the Company established with the bank are shown as follows: fair value estimated principal due day gains/(losses) USD 120,000,000 2010-6-20 4,640,444 USD 200,000,000 2009-11-30 (22,816,605) (18,176,161) For the interest rate swap contract as derivative financial tool, closing fair value estimated net loss is 18,176,161 yuan, booked into fair value movement loss. (See Note VII ) Gains/losses of closing fair value estimation of above interest rate swap contracts are shown in the amount as confirmed by the transactional bank. 3 Account receivable Dec. 31, 2007 Dec. 31, 2006 Account receivable 3,862,287,204 2,949,716,061 Less: bad debt provision (201,850,740) (130,431,223) 3,660,436,464 2,819,284,838 Account receivable aging and relevant bad debt provision: Dec. 31, 2007 Dec. 31, 2006 amount Proportion bad debt amount Proporti bad debt (%) provision on (%) provision -22- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Aging Within 3,550,405,841 92 (16,763,586) 2,773,491,389 94 (26,977,828) one year One to 157,124,769 4 (62,539,208) 107,174,145 4 (36,003,573) two years Two to three 91,456,548 2 (61,130,134) 63,597,762 2 (61,997,057) years Above three 63,300,046 2 (61,417,812) 5,452,765 - (5,452,765) years 3,862,287,204 100 (201,850,740) 2,949,716,061 100 (130,431,223) On Dec. 31, 2007，for account receivable aging within one year, 10% bad debt provision is made by the Group based on related accounting policy. Dec. 31, 2007, for the total amount of 23,790,741 yuan account receivable aging between 1 to 2 years, which consists of those from Gothenburg bridge crane project, Chili TPS bridge crane project, Panama MIT dock bridge crane project and Panama MIT dock tire crane project etc, the Group made full amount bad debt provision, because the Group think they are difficult to collect. In addition, the Group made 30% bad debt provision for account receivable aging between 1 to 2 years based on relevant accounting policy. On Dec. 31, 2007, for the total amount of 33,679,391 yuan account receivable aging 2 to 3 years, consisting of that from Maersk New Jersey Bridge Crane project and American Long Beach Bridge Crane project, the Group has made full provision of bad debt, for the Group considers them not collectible. In addition, the Group made 50% bad debt provision for account receivable aging between 2 to 3 years based on relevant accounting policy. -23- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) On Dec. 31, 2007, for the total amount of 61,417,812 yuan account receivable aging above 3 years, consisting of that from American Long Beach Bridge Crane project, Brazil APPA ship-loading machine project and Dominica bridge and tire crane project, the Group has made full provision of bad debt, for the Group considers them not collectible. On Dec. 31, 2007, 429,016,426 yuan among the account receivable of the Company is the pledged amount for short term loans (see Note VII ) (Dec. 31, 2006: No). On Dec. 31, 2007, account receivable amount from shareholders holding above 5% (including 5%) is shown as follows: Dec. 31, 2007 Dec. 31, 2006 China Communications Corporation 71,299,602 12,525,477 Closing account receivable from top 5 debtors amounts to 1,234,194,218 yuan, 32%of total account receivable amount. Account receivable includes the following foreign currency balance: Dec. 31, 2007 Dec. 31, 2006 Foreign Excha In RMB Foreign Exchan In RMB currency nge currency ge rate amount rate amount USD 374,951,381 7.3046 2,738,869,858 286,348,686 7.8087 2,236,010,984 Euro 38,005,523 10.666 405,401,113 18,619,991 10.2665 191,162,138 9 Singapo 36,528,926 5.0518 184,536,828 1,215,514 5.0926 6,190,127 re dollar Saudi 53,237,813 1.9485 103,733,879 - - - dollar Japane 783,315,327 0.0641 50,210,512 - - - se yen Hong 50,916,624 0.9364 47,678,327 50,479,847 1.0047 50,717,102 Kong dollar Pound 949,620 14.580 13,846,124 11,294,231 15.3232 173,063,760 7 Australi 1,140,000 6.4036 7,300,104 - - - an dollar 3,551,576,745 2,657,144,111 -24- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) 4 Other receivables Dec. 31, 2007 Dec. 31, 2006 Other receivables 233,619,294 246,863,082 Less: bad debt provision - (11,736,425) 233,619,294 235,126,657 Other receivables ages and bad debt provision: Dec. 31, 2007 Dec. 31, 2006 amount propor bad debt amount Propor bad debt tion(% provision tion provision ) (%) Aging Within one 225,658,857 97 - 231,678,355 94 - year One to two 5,303,171 2 - 1,981,802 1 - years Two to three 1,552,500 1 - 379,148 - - years Above three 1,104,766 - - 12,823,777 5 (11,736,425) years 233,619,294 100 - 246,863,082 100 (11,736,425) The Company had made full amount bad debt provision in prior years for the 11,736,425 yuan VAT amount receivable from end-user’s export-to-domestic sales. In Sep., 2007, as a result of judging by the court and as the result of final confirmation, the said amount is not collectible. Therefore the Company wrote off the full amount. Other receivables do not include any from shareholders holding 5% (inclusive) shares of the Company. Closing other receivables from top 5 debtors amount to 206,542,860 yuan, 88% of the total other receivables amount. Other receivables include the follow foreign currency balance: Dec. 31, 2007 Dec. 31, 2006 Foreign Excha In RMB Foreign Exchan In RMB currency nge currency ge rate amount rate amount USD 15,689,534 7.3046 114,605,770 4,013,378 7.8087 31,339,265 -25- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) 5 Advances Dec. 31, 2007 Dec. 31, 2006 amount Proportion (%) amount Proportion (%) Aging 1,219,347,74 Within one year 3,563,359,744 99 9 98 One to two years 50,468,656 1 21,884,970 2 Above 2 years 476,134 - - - 1,241,232,71 3,614,304,534 100 9 100 On Dec. 31, 2007，2,773,523,586 yuan of the advances (Dec. 31, 2006: 938,232,423 yuan) is payment in advance for fixing the purchase price of 950,000 tons of steel from key steel suppliers as agreed in contracts. Advances do not include any to shareholders holding 5% (inclusive) shares of the Company. Advances include the follow foreign currency balance: Dec. 31, 2007 Dec. 31, 2006 Foreign Excha In RMB Foreign Exchan In RMB currency nge currency ge rate amount rate amount USD 31,282,393 7.3046 228,505,368 16,791,969 7.8087 131,123,448 Euro 10.666 30,380,198 9 324,062,534 11,824,624 10.2665 121,397,502 500,098,594 252,520,950 6 Inventories Dec. 31, 2007 Dec. 31, 2006 raw materials and purchased parts 1,669,775,734 1,243,653,102 Less: Inventories devaluation provision (29,201,176) (21,758,503) 1,640,574,558 1,221,894,599 Inventories devaluation provision moved as follows: Deduction 2006 Addition report 2007 Dec.31, report period period Dec.31, raw materials and 21,758,503 7,442,673 - 29,201,176 -26- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) purchased parts 7 Work completed payment not settled/Payment settled work not completed Work completed payment not settled – Dec. 31, 2007 Dec. 31, 2006 Accumulated cost incurred 20,721,417,451 15,836,078,576 Add: Accumulated margin confirmed 3,047,932,936 2,177,278,017 Less: Accumulated settled payment (15,905,797,088) (11,568,115,987) Accumulated confirmed expected contract loss (39,093,749) (9,907,310) 7,824,459,550 6,435,333,296 Payment settled work not completed – Dec. 31, 2007 Dec. 31, 2006 Accumulated settled payment 4,314,591,858 4,061,040,806 Less: Accumulated confirmed (margin)/losses 34,085,034 (207,869,205) Accumulated cost incurred (2,164,161,274) (2,866,553,084) Add: Accumulated confirmed expected contract loss 1,140,721 12,051,769 2,185,656,339 998,670,286 Expected contract losses – Addition Deduction report report Dec. 31, 2006 period period Dec. 31, 2007 Work completed not settled 9,907,310 29,186,439 - 39,093,749 Settled work not completed 12,051,769 - (10,911,048) 1,140,721 21,959,079 29,186,439 (10,911,048) 40,234,470 On Dec. 31, 2007, amount of contracts still in construction is about 47,786,805,309 yuan (excluding VAT) (Dec. 31, 2006: 32,750,712,316 yuan). Probable fines in case of delay in delivery as contracted: Dec. 31, 2007 Dec. 31, 2006 bank issued valid guaranty letter 14,617,329,172 8,734,632,782 -27- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) bank not issued guaranty letter 896,683,165 3,091,972,633 15,514,012,337 11,826,605,415 8 Long term equity investment Dec. 31, 2007 Dec. 31, 2006 Unconsolidated subsidiary 4 4 Associated enterprises 549,556 - Other long term equity investment 45,820,489 7,920,489 46,370,049 7, 920,493 There are no limits to cashability and earning return of the Group’s long term equity investment. (a) Unconsolidated subsidiary Proportion in investee’s registered capital Initial Investment 2006 2007 investment Name of investee Period Dec.31, Dec.31, amount ZPMC (M) SDN. BHD. 2002- 100% 100% 4 Reasons why above mentioned companies are not consolidated will be given in Note VI. -28- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) (b) Associated enterprises Dec. 31, Registe red Registered proporti voting Assets place Type of business capital on proportion amount Shanghai ZPMC Manufacturing Steel Structure and selling of Co., Ltd. Shangh steel structures ai and port 150,000 China machinery parts USD 49% 49% 549,556 Investment to associated enterprises is shown as follows: addition Net gains/losses Initial 2006 adjusted on investment Dec.31, equity basis Shanghai ZPMC Steel Structure 549,556 Co., Ltd. 549,556 - - (c) Other long term equity investment 2006 Addition Deduc Name of investee Dec.31, report period report pe Zhonggang Shujun Co. Ltd. 6,120,489 19,400,000 Shanghai Zhenhua Port Machinery (Group) 1,000,000 18,000,000 -29- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Fengcheng Brake Co. Ltd. Shanghai Zhenhua Port Machinery (Group) Ningbo Transmission Machinery Co. Ltd. 300,000 - Shanghai Zhenhua Port Machinery (Group) Shenyang Lift Co. Ltd. 500,000 - Shanghai Zhenhua Port Machinery (Group) Longchang Lift Equipment Co. Ltd. - 500,000 7,920,489 37,900,000 -30- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) 9 Fixed assets and accumulative depreciation House and Production Office Transport Other Total building equipment facilities vehicle equipment Purchase value Dec. 31, 2006 2,143,449,680 1,640,816,827 91,171,130 2,702,582,138 27,460,889 6,605,480,664 Transfer from Construction in385,952,065 188,692,318 2,627,102 668,708,481 1,392,450 1,247,372,416 progress other addition5,174,624 110,834,708 14,980,542 65,683,128 4,268,859 200,941,861 Deduction report (1,798,520) (5,592,571) (19,493,228) (91,162,366) (58,425) (118,105,110) period Dec. 31, 2007 2,532,777,849 1,934,751,282 89,285,546 3,345,811,381 33,063,773 7,935,689,831 Accumulative depreciation Dec. 31, 2006 376,293,744 505,233,760 51,809,120 572,009,334 12,622,658 1,517,968,616 Accrued current year 154,072,975 209,258,953 26,697,976 126,468,439 522,649,413 6,151,070 Deduction report (325,369) (4,361,378) (19,327,523) (37,717,881) (61,790,574) period (58,423) Dec. 31, 2007 530,041,350 710,131,335 59,179,573 660,759,892 18,715,305 1,978,827,455 Net amount Dec. 31, 2007 2,002,736,499 1,224,619,947 30,105,973 2,685,051,489 14,348,468 5,956,862,376 Dec. 31, 2006 1,767,155,936 1,135,583,067 39,362,010 2,130,572,804 14,838,231 5,087,512,048 By Dec. 31, 2007 the Company has not obtained real estate property license for house and building with net value of 199,653,550 yuan. By Dec. 31, 2007, equipment with purchase value of 332,894,844 yuan (2006: 373,896,619 yuan) has been fully depreciated but still in use. In 2007, depreciation booked into operating costs, operating expenses and general expenses is respectively 511,222,373 yuan, 1,771,914 yuan and 9,655,126 yuan (2006: 389,916,342 yuan, 932,521 yuan and 4,823,806 yuan). -31- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) 10 Construction in progress Transfer into Other 2006 Addition report Transfer into production c decrease Construction budget Dec.31, period fixed assets ost Changxing 3,500,000,0 1,221,840,3 (492,657,842 1 base 726,015,043 (5,885,001) - infrastructure 00 94 ) Base heavy machinery and (351,712,03 engineering 1) 2 equipment in 750,000,000 466,618,918 205,494,904 (54,554,666) - construction Zhenhua No.23 - 1 rebuilding 190,000,000 - 155,697,723 - - Zhenhua No.24 - 1 rebuilding 168,005,800 - 136,994,589 - - Nantong base - 2,109,000,0 4 infrastructure 53,256,896 523,181,843 (98,778,002) - construction 00 (117,281,514 - 1 284,000,000 27,932,447 199,608,093 - Barge building ) Head office - (3,733,42 125,000,000 39,380,747 21,205,285 (28,133,387) 2 building renewal 0) - Half-diving dock 80,000,000 - 18,422,567 - - 1 Zhangjiang site - 50,000,000 1,017,255 17,586,272 (1,017,255) - 1 rebuilding Jiangyin site - 13,959,807 1,397,881 (3,542,371) - 1 rebuilding 47,000,000 Office building on - Dongfang Road. 800,000,000 - 3,868,607 - - Changxing - Precision Casting 10,000,000 7,317,265 405,377 - - -32- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Works Changzhou site - 5,500,000 232,740 - (232,740) - rebuilding Zhenhua No.20 (201,350,662 - rebuilding 201,350,662 152,057,756 49,292,906 - ) Zhenhua No.21 (131,550,004 - rebuilding 131,550,004 - 131,550,004 - ) Zhenhua No.22 (118,273,973 - rebuilding 118,273,973 - 118,273,973 - ) 1,487,788,8 2,804,820,4 (1,247,372,4 (357,597,03 (3,733,42 2 total 74 18 16) 2) 0) Including: capitalized loan - expenses - 2,881,101 - - The amount of construction into production cost transferred in 2007 mainly refers to the fact that cost of the original accounted in construction in progress is transferred into entry of “Work completed payment not settled” as a result o the Company and Ocean Oil Engineering Co., Ltd. on Jul. 31, 2007. Capitalization rate employed in 2007 is 5.54%(2006: n.a.). -33- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) 11 Intangible assets 2006 2007 Purchase price Dec.31, Addition report period Amortization current period Dec.31, Cu Land use right 1,638,237,627 226,752,919 1,376,282,991 (7,801,035) 1,595,234,875 Software use fee 8,202,741 3,959,392 4,176,241 (413,095) 7,722,538 1,646,440,368 230,712,311 1,380,459,232 (8,214,130) 1,602,957,413 Except for 1997 when added land use right is real cost, other purchase price of land use right is estimates at by State-owned Assets Administration. On Dec. 31, 2007, for real estate with net value of 1,121,567,051 yuan, the Company has not obtained prop -34- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) 12 Short term loan Dec. 31, 2007 Dec. 31, 2006 Mortgaged loans - USD loans 1,742,772,111 - - Euroloans 153,603,360 - Credit loans - RMB loans 900,000,000 1,288,600,000 - USD loans 1,796,931,600 1,842,853,200 - Euro loans 138,669,700 626,256,500 4,731,976,771 3,757,709,700 On Dec. 31, 2007, mortgaged loans of the Group are obtained with mortgage of 429,016,426 yuan (2006: n.a.) account receivable (Note VII (3)) and 1,467,359,045 yuan (Dec. 31, 2006: n.a.) account receivable to be confirmed in later year. 2007 RMB bank interest rate is 5.27% to 6.72% (2006：4.86% to 5.85%) , USD and Euro rate is LIBOR+0.5% to LIBOR+1.3% (2006：LIBOR+0.5% to LIBOR+0.95%). 13 Bills payable Dec. 31, 2007 Dec. 31, 2006 Commercial acceptance drafts 1,561,560,557 1,092,987,921 Bank acceptance drafts 1,079,051,368 - 2,640,611,925 1,092,987,921 14 Short term bonds payable issues discounted a 2006 current issues current discount am 2007 total face value mount Dec.31, period period ortized Dec.31, Short term financing bonds - issued in 2006 1,800,000,000 (63,900,000) 1,745,553,699 - (1,800,000,000) 54,446,301 - The Company had fully paid back principal of the short term bonds issued in 2006 by Nov. 7, 2007, the due day. 15 Accounts payable On Dec. 31, 2007 the balance contains no payables to shareholders who hold 5% (inclusive) of the Company’s voting share. -35- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) By Dec. 31, 2007, accounts payable aging above 1 year amount to 167,078,473 yuan (Dec. 31, 2006: 115,910,462 yuan), mainly being payables of quality guaranty deposit for equipment and engineering. Because the contracted payment day is not due, settlement has not been made. Account payable includes the following foreign currency balance: Dec. 31, 2007 Dec. 31, 2006 Foreign Exchan In RMB Foreign Excha In RMB currency ge rate currency nge amount amount rate USD 47,783,375 7.3046 349,038,441 40,639,430 7.8087 317,341,117 Euro 10.666 10.266 26,681,969 9 284,613,895 26,688,983 5 274,002,444 633,652,336 591,343,561 16 Prepayment By Dec. 31, 2007, the balance contains no prepayments from shareholders who hold 5% (inclusive) of the Company’s voting share. By Dec. 31, 2007, no prepayment in the balance is older than 1 year. Prepayment includes the following foreign currency balance: Dec. 31, 2007 Jan. 1, 2007 Foreign Exchan In RMB Foreign Excha In RMB currency ge rate currency nge amount amount rate USD 6,411,517 7.3046 46,833,567 40,516,872 7.808 316,384,098 7 Euro 2,199,650 10.666 23,463,447 - - - 9 Pound 1,194,432 14.580 17,415,655 - - - 7 HK 897,643 0.9364 840,553 - - - dollar 88,553,222 316,384,098 -36- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) 17 Payables to employees 2006 Addition Deduction 2007 Dec.31, report report Dec.31, period period Salary, bonus, 132,000,00 551,038,56 (531,268,56 151,770,00 allowance and subsidy 0 6 6) 0 Staff welfare (58,649,374 7,187,027 51,462,347 - ) Social security (70,702,065 - 71,939,960 1,237,895 ) Including: medical (19,894,341 - 20,115,743 221,402 insurance ) pension (44,443,240 - 45,339,349 896,109 ) Unemployment - 3,919,554 (3,799,170) 120,384 fund Labor injury fund - 1,478,841 (1,478,841) - Birth insurance - 1,086,473 (1,086,473) - Auxiliary pension (34,089,431 - 34,089,431 - ) Housing fund (10,499,050 - 10,499,050 - ) Trade union fund and employee education 10,304,774 9,205,638 (6,240,235) 13,270,177 fund 149,491,801 728,234,992 (711,448,721) 166,278,072 18 Taxes Dec. 31, 2007 Dec. 31, 2006 Corporate tax payable 195,762,043 162,188,388 VAT to be compensated (148,515,220) (52,893,582) Other taxes payable 6,050,531 3,751,876 53,297,354 113,046,682 19 Dividends payable Dec. 31, 2007 Dec. 31, 2006 China Communications 111,843,900 - Corporation Hong Kong Zhenhua 86,501,250 - Engineering Co., Ltd. Macau Zhenhua Bay 1,648,350 - -37- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Engineering Co., Ltd. 199,993,500 - 20 Other payables Dec. 31, 2007 Dec. 31, 2006 Estimated after-sales service cost 513,317,523 333,140,278 Compensation for land withdrawal to 52,237,169 - Zhangjiang Base (Note XII) Loan interest 28,817,834 19,480,434 government subsidy 20,578,360 17,281,150 Contracting construction team deposit 19,112,255 18,654,818 Prepayment of wasted steel sales 6,795,971 8,413,810 VAT to be settled 2,322,028 78,380,204 Factoring payable to ICBC - 84,662,054 Others 31,724,872 11,142,305 674,906,012 571,155,053 By Dec. 31, 2007, other payables contain nothing to shareholders who hold 5% (inclusive) of the Company’s voting share. By Dec. 31, 2007, other payables aging above 1 year amount to 2,158,105 yuan (Dec. 31, 2006: 11,808,025 yuan), mainly being payables for deposit from constructing team. 21 Long term loans Dec. 31, 2007 Dec. 31, 2006 Guaranteed loans - USD loans 58,436,800 140,556,600 Credit loans - USD loans 4,276,843,300 3,244,514,850 - Euro loans 949,354,100 318,261,500 - RMB loans 7,420,000 38,420,000 5,292,054,200 3,741,752,950 Less: Long term loans due within one year Guaranteed loans - USD loans 58,436,800 78,087,000 Credit loans - USD loans - 1,425,595,378 - RMB loans 7,420,000 38,420,000 65,856,800 1,542,102,378 5,226,197,400 2,199,650,572 -38- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) By Dec. 31, 2007, guaranteed bank loans (including those due within one year) are guaranteed by China Transportation Construction Group, interest paid once every quarter, loan principal to be paid off by Jan. 31, 2008. By Dec. 31, 2007, the Company had paid credit loan interest by the quarter and credit loan principal shall be paid off between Aug. 20, 2009 and Nov. 9, 2010. 2007 long term loans’ annual interest rate ranges from LIBOR+0.33% to LIBOR+0.9% (2006: LIBOR+0.55% to LIBOR+0.9%). 22 Deferred Corporate Income Tax Assets and Liabilities (a) Deferred Corporate Income Tax Assets Dec. 31, 2007 Dec. 31, 2006 Deferred Compensabl Deferred Compensable corporate tax e provisional corporate tax provisional Assets difference Assets difference Assets devaluation 42,453,422 283,022,811 18,588,523 185,885,230 provision Fair value - - 1,590,078 15,900,785 movement Depreciation of fixed 102,816 411,263 - - assets Accrued after-sales 76,997,628 513,317,523 33,314,027 333,140,270 service cost 119,553,866 796,751,597 53,492,628 534,926,285 (b) Deferred corporate tax liabilities Dec. 31, 2007 Dec. 31, 2006 Deferred Tax payable Deferred Tax payable corporate tax provisional corporate provisional Liabilities difference tax difference Liabilities Depreciation of fixed 37,903,402 151,613,611 - - assets Fair value movement 57,839,019 385,593,459 - - 95,742,421 537,207,070 - - As stated in Note V, corporate tax rate applicable to the Company and its subsidiaries is adjusted according to the new taxation law from Jan. 1, 2008. As the tax rate used to -39- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) calculate deferred corporate tax assets and deferred corporate tax liabilities is the rate applicable as described by the new taxation law during the period to be expected to collect the assets or clear the liabilities, the Company adjusted the book value of the deferred corporate tax assets and deferred corporate tax liabilities already confirmed by the day of new taxation law or to be transferred back after Jan. 1, 2008, the applicable tax rate accordingly. Difference of 26,746,314 yuan thus incurred sets off current period’s corporate tax costs (Note VII ). 23 Capital Stock Listing of shar 2006 Added es with sales 2007 Dec.31, issuance conditions Dec.31, Shares with sales limitation - State corporate shares 745,626,000 3,300,000 (154,092,000) 594,834,000 Domestic corporate shares - 4,646,400 4,646,400 Overseas corporate shares 587,664,000 - - 587,664,000 Shares with sales limitation in total 1,333,290,000 7,946,400 (154,092,000) 1,187,144,400 Shares without sales limitation - RMB common shares listed on domestic market 1,088,550,000 117,568,600 154,092,000 1,360,210,600 Foreign investment shares listed on domestic market 660,000,000 - - 660,000,000 Shares without sales limitation in total 1,748,550,000 117,568,600 154,092,000 2,020,210,600 Shares 3,081,840,000 125,515,000 - 3,207,355,000 According to Announcement on Implementation of Stock Reform Plan of ZPMC, 154,092,000 shares of shares with sales limitations held by State corporate shareholders are listed from Mar. 31, 2007 on. By Dec. 31, 2007, 591,534,000 State corporate shares with sales conditions held by China Communications Corporation and 587,664,000 overseas corporate shares with sales conditions held by Hong Kong Zhenhua Engineering Co., Ltd. and Macau Zhenhua Bay Engineering Co., Ltd. have not yet been listed for trade. -40- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) According to the Zhenjian Faxing Zi (2007) No. 346 Notice on the Approval of Public Issuance of Stock ZPMC issued by CSRC on Sep. 29, 2007, the Company added 125,515,000 RMB common shares to domestic investors on Oct. 15, 2007, including 7,946,400 shares held by China Communications Corporation and some other domestic investors only to be traded in three months from the day of listing. The addition of capital stock due to new issuance of RMB common shares has been reviewed and verified by PriceWaterHouseCoopers Zhongtian CPA Co. Ltd. and the PriceWaterHouseCoopers Zhongtian Yanzi (2007) No. 134 Capital Verification Report is produced. 24 Capital reserve Deduction 2006 Addition report report 2007 Dec.31, period period Dec.31, Capital stock premium 132,661,966 3,408,544,945 - 3,541,206,911 Other capital reserve － Hedging tool fair value movement (Note VII ) - 219,043,974 - 219,043,974 Deferred corporate tax impact related to Hedging tool fair value movement - (32,856,595) - (32,856,595) Transfer from capital reserve based on former system 129,118,869 - - 129,118,869 261,780,835 3,594,732,324 - 3,856,513,159 25 Surplus reserve 2006 Deduction 2007 Dec.31, Addition report period Dec.31, Statutory surplus 689,208,726 205,495,855 - 894,704,581 reserve Discretionary 292,378,668 - - 292,378,668 surplus reserve 981,587,394 205,495,855 - 1,187,083,249 PRC Company Law, the Articles of Association and board meeting resolutions require the Company to appropriate 10% of its net profit for the year to the statutory surplus reserve. When the balance of such fund reaches 50 percent of the Company’s registered share -41- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) capital, any further appropriation is optional. The statutory surplus reserve can be utilised to offset prior years’ losses or for the addition of capital stock. In 2007 the Company accrued 10% of net profit as statutory surplus reserve, total amount being 205,495,855 yuan (2006: 161,622,957 yuan). 26 Profit distribution According to shareholders general meeting resolutions on May 18, the Company totally distributes dividends of 462,276,000 yuan, based on the issued 3,081,840,000 shares, with 1.5 yuan cash dividend (before tax) for every 10 shares to all shareholders. Based on board meeting resolutions on Apr. 8, 2008, the board suggests the Company to distribute 0.17 yuan cash dividends for every share to all shareholders. Based on the issued 3,207,355,000 shares, total cash dividends to be distributed will be 545,250,350 yuan. This plan is subject to approval by the shareholder’s general meeting. 27 Minority interest Minority interest belonging to subsidiaries: Dec. 31, 2007 Dec. 31, 2006 Shanghai Zhenhua Shipping Co., Ltd. 145,669,212 139,034,393 Shanghai ZPMC Pudong Co., Ltd. 920,939 901,314 Shanghai ZPMC Changxing Parts 609,434 590,671 Manufacturing Co., Ltd. Shanghai Zhenhua Changxing Precision 1,782,306 1,674,440 Casting Co., Ltd. Shanghai ZPMC Group Barge Crane Co., 48,939,793 49,000,000 Ltd. Jiangyin Zhenhua Labor Engineering Co., 38,166 (116,076) Ltd. 197,959,850 191,084,742 28 Operating income and operating cost 2007 2006 Major operating income 20,643,578,355 16,808,374,363 Other operating income 361,895,676 288,284,776 21,005,474,031 17,096,659,139 (a) Major operating income and major operating cost -42- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) (i) In products: 2007 2006 Major operating major operating Major operating major operating income cost income cost Container cranes 16,878,120,889 14,418,727,872 15,327,666,502 13,063,892,598 bulk parts 2,299,464,504 2,265,605,903 1,480,707,861 1,416,470,806 Ocean heavy equipment 1,418,907,147 1,087,255,972 - - Shipping transportation 47,085,815 32,560,696 - - 20,643,578,355 17,804,150,443 16,808,374,363 14,480,363,404 (ii) In regions: 2007 2006 Major operating major operating Major operating major operating income cost income cost Mainland China (export) (I) 6,256,369,167 5,305,667,072 4,268,611,505 3,502,863,371 Asia (excluding Mainland China) 4,367,340,722 3,802,833,330 3,422,208,400 3,137,499,046 Europe 3,355,947,232 3,030,421,939 2,912,730,961 2,449,444,806 America 2,611,914,039 2,235,239,053 2,118,542,189 2,429,440,520 Mainland China 2,576,548,564 2,313,310,633 2,681,202,551 1,802,700,736 Africa 1,132,423,403 837,964,774 880,151,549 714,174,298 Oceania 343,035,228 278,713,642 524,927,208 444,240,627 20,643,578,355 17,804,150,443 16,808,374,363 14,480,363,404 (I) In this part, amounts listed in the 2007 and 2006 Mainland China (export) item refer to the major operating income and cost the Company firstly exports to its subsidiary ZPMC Hong Kong Co., Ltd. and the latter sells to domestic customers. (iii) Income from top 5 clients is 4,289,968,992 yuan, taking 21% of total sales income of the Group. (b) Other operating income and other operating cost 2007 2006 Other operating Other Other Other -43- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) income operating cost operating operating cost income Sales of wasted steel 322,064,939 - 241,970,485 - Sales of materials 22,422,004 22,759,692 24,794,357 24,380,688 Equipment leasing and others 17,408,733 4,328,585 21,519,934 3,863,821 361,895,676 27,088,277 288,284,776 28,244,509 29 Financial expenses -- Net 2007 2006 Interests expenses - 619,037,476 461,455,373 Loans interest 510,363,899 398,701,962 Time value of hedging tool (Note VII ) 36,609,678 - Bill discount interest 72,063,899 62,753,411 Less: interest income (22,417,373) (17,014,949) Foreign exchange loss 187,265,629 110,008,961 Less: foreign exchange income (366,567,235) (143,225,068) Amortization of short term financing bond discount 54,446,301 23,653,699 (Note VII ) Others 24,219,723 21,123,397 495,984,521 456,001,413 30 Asset devaluation loss 2007 2006 Bad debt loss (Note VII ) 71,419,517 31,646,405 Inventories devaluation loss (Note VII ) 7,442,673 3,511,225 Expected contract loss (Note VII ) 18,275,391 21,750,585 97,137,581 56,908,215 31 Fair value movement gains/(losses) 2007 2006 tradable financial Assets － Fair value movement gains (Note VII ) 259,872,667 2,967,306 tradable financial Liabilities － Fair value movement losses (Note VII ) (131,973,504) (18,868,081) -44- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) 127,899,163 15,900,775 32 Investment income 2007 2006 Dividends announced to be distributed by investee 3,271,069 333,311 calculated in cost method During 2007 the Group received the announced 2007 cash dividends totally of 3,271,069 yuan, including 2,400,000 yuan, 106,949 yuan, 357,120 yuan and 407,000 yuan respectively from Zhonggang Shujun Co., Ltd., Shanghai ZPMC (Group) Fengcheng Brake Co., Ltd. , Shanghai ZPMC Shenyang Lift Co., Ltd. and Shanghai ZPMC (Group) Ningbo Transmission Machinery Co., Ltd. 33 Corporate tax 2007 2006 Current period corporate tax 173,996,719 118,626,995 Deferred corporate tax (3,175,412) (15,666,466) 170,821,307 102,960,529 2007 2006 Profit 2,182,269,251 1,720,796,398 Corporate tax expenses calculated by the rate of 218,226,925 172,079,640 10% Impact of new corporate tax on formerly confirmed deferred corporate tax balance (Note VII ) (26,746,314) - Non-taxable income (1,849,102) (33,331) Non-deductible cost, expenses and loss 4,263,212 3,577,764 Impact of tax rate on corporate tax expenses 380,592 2,346,924 Impact of difference between current period’s tax rate and the rate at time difference transfer on 17,937,124 - corporate tax expenses Compensable loss of non-confirmed deferred 9,865,772 312,393 corporate tax assets current period Time difference of non-confirmed deferred corporate 7,461,546 - tax assets current period Corporate tax exempted or deducted from purchase (58,718,448) (75,322,861) of domestic equipment Corporate tax expenses 170,821,307 102,960,529 -45- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) 34 Earning per share (a) Basic Earning per share Basic Earnings per share is calculated by dividing consolidated net profit belonging to common share holders of parent company by the weighted average number of common shares publicly issued by parent company: 2007 2006 Consolidated net profit belonging to common 2,004,572,836 1,606,047,627 share holders of parent company weighted average number of common shares 3,102,759,167 3,081,840,000 publicly issued by parent company Basic Earnings per share 0.65 0.52 (b) Diluted Earnings per Share There are not any diluted potential common shares in the Company. Therefore, diluted earnings per share equal basic earnings per share. 35 Cash flow statement notes (a) Adjust net profit to cash flow in operating activities 2007 year 2006 year Net Profit 2,011,447,944 1,617,835,869 Add: assets devaluation provision 97,137,581 56,908,215 Fixed assets depreciation 522,649,413 395,672,669 Intangible assets amortization 8,214,130 11,569,773 Gains from disposal of fixed assets and other long term assets (42,396,351) (23,409,622) Fair value movement（gains）/ loss (127,899,163) 69,329,068 financial expenses 331,286,881 345,658,453 Investment gains (3,271,069) (333,311) Deferred corporate liabilities /(assets) (3,175,412) (15,666,466) Stock（increase）/ decrease (426,122,632) 103,146,579 Addition of construction contract amount (220,415,592) (1,694,525,799) Operating receivables increase (3,287,303,857) (1,341,147,823) Operating payables increase 1,688,058,456 1,235,032,550 Net cash flow from operation activities 548,210,329 760,070,155 (b) Statement of changes in net addition of cash or cash equivalents 2007 2006 Closing amount of cash or cash 1,086,928,243 726,693,946 equivalents Loss: starting amount of cash or cash (726,693,946) (563,691,648) -46- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) equivalents Net addition of cash or cash equivalents 360,234,297 163,002,298 (c) Cash or cash equivalents 2007 2006 Cash capital - Cash in hand 218,452 397,487 Bank deposits 1,080,728,064 721,132,551 Other cash capital 203,033,096 81,803,258 1,283,979,612 803,333,296 Less: other cash capital with limitation (197,051,369) (76,639,350) Closing balance of cash or cash 1,086,928,243 726,693,946 equivalents VIII. Notes to major items in the parent company’s statements 1 Account receivable 2007Dec.31, Dec. 31, 2006 Account receivable 3,912,587,178 3,151,388,740 Less: bad debt (201,850,740) provision (130,431,223) 3,710,736,438 3,020,957,517 Account receivable aging and bad debt provision: Dec.31, 2007 Dec. 31, 2006 amount proportion( bad debt amount proportio bad debt %) provision n(%) provision Aging Within 3,605,463,652 92 (16,763,586) 2,982,153,145 95 (26,977,828) one year One to 157,124,769 4 (62,539,208) 101,785,773 3 (36,003,573) two years Two to three 88,580,948 2 (61,130,134) 61,997,057 2 (61,997,057) years Above three 61,417,809 2 (61,417,812) 5,452,765 - (5,452,765) years 3,912,587,178 100 (201,850,740) 3,151,388,740 100 (130,431,223) -47- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) On Dec. 31, 2007，for account receivable aging between 7 and 12 months, 10% bad debt provision is made by the Group based on related accounting policy. Dec. 31, 2007, for the total amount of 23,790,741 yuan account receivable aging between 1 to 2 years, which consists of those from Gothenburg bridge crane project, Chili TPS bridge crane project, Panama MIT dock bridge crane project and Panama MIT dock tire crane project etc, the Group made full amount bad debt provision, because the Group think they are difficult to collect. In addition, the Group made 30% bad debt provision for account receivable aging between 1 to 2 years based on relevant accounting policy. On Dec. 31, 2007, for the total amount of 33,679,391 yuan account receivable aging 2 to 3 years, consisting of that from Maersk New Jersey Bridge Crane project and American Long Beach Bridge Crane project, the Group has made full provision of bad debt, for the Group considers them not collectible. In addition, the Group made 50% bad debt provision for account receivable aging between 2 to 3 years based on relevant accounting policy. On Dec. 31, 2007, for the total amount of 61,417,812 yuan account receivable aging above 3 years, consisting of that from American Long Beach Bridge Crane project, Brazil APPA ship-loading machine project and Dominica bridge and tire crane project, the Group has made full provision of bad debt, for the Group considers them not collectible. On Dec. 31, 2007, 429,016,426 yuan among the account receivable of the Company is the pledged amount for short term loans (see Note VII ) (Dec. 31, 2006: No). On Dec. 31, 2007, account receivable amount from shareholders holding above 5% (including 5%) is shown as follows: Dec.31, 2007 Dec. 31, 2006 China Communications Corporation 71,299,602 12,525,477 Closing account receivable from top 5 debtors amounts to 1,234,194,218 yuan, 32%of total account receivable amount. 2 Other receivables 2007Dec.31, Dec. 31, 2006 Other receivables 2,363,530,430 1,766,831,802 Less: bad debt provision - (11,736,425) 2,363,530,430 1,755,095,377 Other receivables ages and bad debt provision: Dec.31, 2007 Dec. 31, 2006 -48- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) amount proportio bad debt amount proportio bad debt n(%) provision n(%) provision Aging Within one 2,362,266,942 100 - 99 - year 1,753,609,658 One to two 1,025,000 - - - - years 685,352 Two to three 37,500 - - - - years 340,070 Above three 200,988 - - 1 (11,736,425) years 12,196,722 2,363,530,430 100 - 1,766,831,802 100 (11,736,425) The Company had made full amount bad debt provision in prior years for the 11,736,425 yuan VAT amount receivable from end-user’s export-to-domestic sales. In Sep., 2007, as a result of judging by the court and as the result of final confirmation, the said amount is not collectible. Therefore the Company wrote off the full amount. Other receivables do not include any from shareholders holding 5% (inclusive) shares of the Company. Closing other receivables from top 5 debtors amount to 2,172,530,808 yuan, aging within one year, 92% of the total other receivables amount. 3 Long term equity investment 2007Dec.31, Dec. 31, 2006 Subsidiaries 605,388,770 304,808,787 Other long term equity 45,820,489 7,920,489 investment 651,209,259 312,729,276 (a) Subsidiaries Addition of i nvestment Dec.31, Addition Deduction Initial 2006 report report Dec.31, 2007 investment period period Shanghai ZPMC Pudong Co., Ltd. 4,500,000 - 4,500,000 - - 4,500,000 -49- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Shanghai ZPMC Changxing Parts Manufacturing Co., Ltd. 4,950,000 - 4,950,000 - - 4,950,000 Shanghai Zhenhua Changxing Precision Casting Co., Ltd. 3,500,000 - 3,500,000 - - 3,500,000 ZPMC (Hong Kong) Co. Ltd. - - - - - - ZPMC (M) SDN. BHD. 4 - 4 - - 4 Shanghai Zhenhua Shipping Co., Ltd. 140,260,673 - 140,260,673 - - 140,260,673 Shanghai ZPMC Group Barge Crane Co., Ltd. 51,000,000 - 51,000,000 - - 51,000,000 Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd. 100,000,000 - 100,000,000 300,000,000 - 400,000,000 Nantong ZPMC Steel Structure Processing Co., Ltd. 598,110 - 598,110 - - 598,110 Jingyin ZPMC Steel Structure Manufacturing Co., Ltd. 579,983 - - 579,983 - 579,983 - 304,808,787 300,579,983 - 605,388,770 (b) Other long term equity investment Deducti on 2006 Addition report report 2007 Name of investee Dec.31, period period Dec.31, Zhonggang Shujun Co. Ltd. 6,120,489 19,400,000 - 25,520,489 Shanghai Zhenhua Port Machinery (Group) Fengcheng Brake Co. Ltd. 1,000,000 18,000,000 - 19,000,000 Shanghai Zhenhua Port Machinery (Group) Ningbo Transmission Machinery Co. Ltd. 300,000 - - 300,000 Shanghai Zhenhua Port Machinery (Group) Shenyang Lift Co. Ltd. 500,000 - - 500,000 Shanghai Zhenhua Port Machinery (Group) Longchang Lift Equipment Co. Ltd. - 500,000 - 500,000 7,920,489 37,900,000 - 45,820,489 -50- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) 4 Operating income and cost 2007 2006 Major operating income 20,649,875,500 16,808,374,363 Other operating income 357,082,624 283,949,678 21,006,958,124 17,092,324,041 (a) Major operating income and major operating cost 2007 2006 Major operating major operating Major operating major operating income cost income cost Container cranes 16,878,120,889 14,609,790,643 15,327,666,502 13,143,022,652 bulk parts 2,352,847,464 2,290,177,236 1,480,707,861 1,425,154,703 Ocean heavy equipment 1,418,907,147 1,087,255,972 - - 20,649,875,500 17,987,223,851 16,808,374,363 14,568,177,355 Income from top 5 clients is 4,289,968,992 yuan, taking 21% of total sales income of the Group. (b) Other operating income and other business cost 2007 2006 Other operating Other business Other operating Other business income cost income cost Sales of wasted steel 322,064,939 - 241,970,485 - Sales of materials 22,422,004 22,759,692 24,794,357 24,380,688 Equipment leasing and others 12,595,681 80,777 17,184,836 274 357,082,624 22,840,469 283,949,678 24,380,962 5 Investment income 2007 2006 Dividends announced to be distributed by 3,271,069 333,311 investee calculated in cost method -51- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) During 2007 the Group received the announced 2007 cash dividends totally of 3,271,069 yuan, including 2,400,000 yuan, 106,949 yuan, 357,120 yuan and 407,000 yuan respectively from Zhonggang Shujun Co., Ltd., Shanghai ZPMC (Group) Fengcheng Brake Co., Ltd. , Shanghai ZPMC Shenyang Lift Co., Ltd. and Shanghai ZPMC (Group) Ningbo Transmission Machinery Co., Ltd. IX. Related parties and related transaction (1) Parent company and subsidiaries For details of subsidiaries, please see Note VI. (a) Profile of parent company Registered address Type of business China Communications No. 88, C Andingmen Harbor project Corporation Wai Street, Dongcheng contracting and related District, Beijing businesses China Communications Construction Group Corporation is the ultimate controller of the Company. (b) Parent company’s registered capital and the movement Dec.31, 2006 Addition Deduction Dec.31, 2007 report report , period period China 14,825,000,000 - - 14,825,000,000 Communications Corporation (c) Parent company’s holding proportion and voting proportion in the Company: Dec.31, 2007 Dec. 31, 2006 proportion voting proportion voting proportion proportion China Communications 24.94% 24.94% 24.19% 24.19% Corporation -52- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Till Dec.31, 2007, China Communications Corporation and its controlled Hong Kong Zhenhua Engineering Co., Ltd. and Macau Zhenhua Bay Engineering Co., Ltd. together hold 43.26% of the Company’s stake (Dec. 31, 2006: 43.26%). (2) Nature of related parties without controlling relations Relation with the Group Hong Kong Zhenhua Engineering Co., Ltd. Controlled by the same parent company with the Company and holding 17.98% stake of the Company Macau Zhenhua Bay Engineering Co., Ltd. Controlled by the same parent company with the Company and holding 0.34% stake of the Company China Communications No. 3 Navigation Controlled by the same parent company Bureau Xing’anji Construction Engineering Co., Ltd. (3) Related transactions Except for the related guaranteed loans listed in Note VII (21), other significant transactions with related parties: (a) Pricing policy Price of commodities the Group sold to related parties is based on market price. (b) Selling products 2007 2006 China Communications 297,180,642 - Corporation China Communications Group - 40,085,470 297,180,642 40,085,470 (c) The following related party built docks and workshops for the Group: 2007 2006 China Communications No. 3 Navigation Bureau Xing’anji 106,824,020 - Construction Engineering Co., Ltd. -53- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) (d) The Group paid dividends to the following related parties 2007 2006 China Communications - 112,831,699 Corporation Hong Kong Zhenhua Engineering - 80,734,500 Co., Ltd. Macau Zhenhua Bay Engineering - 1,538,460 Co., Ltd. - 195,104,659 (4) Balance of receivables and payables of related parties Except for the account receivable from related parties and dividends payable to related parties listed in Note VII (3) and (19), other receivables and payables with related parties are as follows: (a) Account payable 2007Dec.31, Dec. 31, 2006 China Communications No. 3 Navigation Bureau Xing’anji 6,146,878 - Construction Engineering Co., Ltd. X Promises (1) Capital promises List in the following is the capital expenses promises not yet to be confirmed in the financial statements but the contracts have been signed on the reporting day. 2007Dec.31, Dec. 31, 2006 House, building and equipment 268,152,542 272,893,993 (2) Operating leasing promises According to non-revocable operating leasing contracts signed, the minimum rent to be paid is listed as follows: 31. 12, 2007 Dec. 31, 2006 within 1 year 14,729,226 45,463,759 -54- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) within 1 to 2 years 14,729,226 14,729,226 within 2 to 3 years 14,729,226 14,729,226 above 3 years 150,372,374 165,101,599 194,560,052 240,023,810 (3) L/C promises The company entrusted bank to issue several L/C’s to purchase imported components or parts. By Dec.31, 2007, payables under the L/C’s amount to 1,988,246,982 yuan (Dec., 31, 2006: 1,164,796,400 yuan) XI B/S future events As approved by People’s Bank of China’s (2007) No. 487 Notification of People’s Bank of China on the Issuance of Short Term Financing Bonds by Shanghai Zhenhua Port Machinery (Group) Co., Ltd. on Jan. 4, 2008, the Company issues short term financing bonds within the amount of 2.3 billion yuan in instalments. The limited amount is valid till end of December of 2008. Bank of China is the major consignee. XII. Other Significant Events (1) The Group’s affiliated Shanghai ZPMC established agreement with Shanghai Pudong New Area Zhangjiang Town Collective Assets Investment Operating and Management Co., Ltd. in May, 2007, where both parties agreed upon issues related to the withdrawal of all the land used by Zhangjiang Production Base of Shanghai ZPMC Pudong Co., Ltd. Till Dec. 31, 2007, Shanghai ZPMC Pudong Co., Ltd. has received a compensation of 52,237,169 yuan (Note VII ). (2) The Company held its 10th meeting of 4th board of directors on Dec. 12, 2007, which reviewed and passed the Proposal on Adding Investment into Shanghai Zhenhua Port Machinery Group (Hong Kong) Co. Ltd. According to the proposal, the Company will add HKD 45,000,000 yuan investment in cash to Shanghai Zhenhua Port Machinery Group (Hong Kong) Co. Ltd. After the addition of investment, registered capital of the subsidiary will reach HKD 50,000,000 yuan. By Dec. 31, 2007, the Company has not yet made the said investment. (3) The Company held its 8th meeting of 4th board of directors on Dec. 12, 2007, which reviewed and passed the proposal to add investment into Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd. The said added investment had been made by Feb. 27, 2008. After the addition of investment, registered capital of Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd. reaches 1.08 billion yuan. The addition of registered capital has been verified by Shanghai Xingaoxin CPAs and the Xingaoxin CaiShenYan Zi (2008) No. 0303 capital verification report is produced. -55- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) (4) China Communications Corporation and some other domestic investors obtained 7,946,400 shares of the Company’s added issuances by way of offline Class-A purchase (Note VII ), to be circulating from Jan. 23, 2008. (5) According to the Announcement on Listing of Circulating Shares with Sales Conditions of Shanghai ZPMC (Group) Co., Ltd. the Company announced on Mar. 26, 2008, the 154,092,000 shares with sales conditions held by China Communications Corporation start to circulate on the market from March 31, 2008. By the mentioned date, accumulated shares with sales conditions held by China Communications Corporation reached 308,184,000 shares. A balance of 437,442,000 shares with sales conditions remains. XIII Initial implement of Enterprise Accounting Standards The 2006 starting and closing shareholder’s equity and the 2006 net profit reported in former accounting standards and systems are adjusted by present enterprise accounting standards as follows: Consolidated Consolidated stoc Consolidated kholder’s equity stockholder’s net profit 31. 12, Dec. 2006 equity 2006 1, Jan. 2006 Reporting amount according to original accounting standards and institution 4,571,319,950 1,602,472,072 5,865,608,022 Transfer to minority interest 179,296,500 11,788,242 191,084,742 Long term equity investment difference (17,877,798) 3,575,555 (14,302,243) Including: Long term equity investment difference from consolidation of companies under the same controller (17,877,798) 3,575,555 (14,302,243) Long term investment to subsidiaries is accounted on cost basis 24,907 - 24,907 Reporting amount according to new enterprise accounting standards. 4,732,763,559 1,617,835,869 6,042,415,428 On Jan. 1, 2007, the Company first started to implement Enterprise Accounting Standards. The shareholders’ equity on Jan. 1, 2007 after retrospective adjustment on basis of -56- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Enterprise Accounting Standards is released in the adjustment statements of consolidated shareholder’s equity differences between former and new accounting standards in the 2006 annual report. While preparing the current financial statements, the Company double-checked the book value balances of assets, liabilities and owner’s equity on the initial implementation day, according to requirements by Enterprise Accounting Standards Explanation No. 1 and made the following revision to shareholder’s equity on Jan. 1, 2007. 2007 2006 Difference Reason after revision Annual repor for revi t sion Reporting amount according to original accounting standards and institution. 5,865,608,022 5,865,608,022 - Transfer to minority interest 191,084,742 191,084,742 - Long term equity investment difference (14,302,243) (14,302,243) - Long term equity investment difference from consolidation of companies under the same controller. (14,302,243) (14,302,243) - Long term investment to subsidiaries is accounted on (2) cost basis 24,907 - 24,907 Deferred gains from refundable corporate tax due to purchase of domestic (1) equipment - (114,881,288) 114,881,288 Reporting amount according to enterprise accounting standards. 6,042,415,428 5,927,509,233 114,906,195 (1) Based on the Enterprise Accounting Standards Explanation, the Company accounted the refundable corporate tax for purchasing domestic equipment according to Enterprise Accounting Standards No. 18 – Corporate Income Tax. (2) Based on the Enterprise Accounting Standards Explanation No. 1, the Company made retrospective adjustment to gains/losses of investment in unconsolidated subsidiaries of under the entry of long term investment confirmed in prior years. XIV Net profit after deducting irregular gains/losses -57- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) 2007 2006 Net profit 2,004,572,836 1,606,047,627 Add: Gains from disposal of non-current assets (42,396,351) (23,409,622) Lose: Net income of other non-operating income 24,287,517 11,855,903 Impact of corporate tax for non-recurring gains/losses 2,214,255 3,560,370 Net profit after deducting irregular gains/losses 1,988,678,257 1,598,054,278 -58- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Shanghai Zhenhua Port Machinery (Group) Co., Ltd. 2007 Financial Statements Supplementary Documents -59- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Shanghai ZPMC (Group) Co., Ltd. (hereafter “the Group”) prepared the following supplementary documents to financial statements of 2007, in accordance with stipulations over supplementary documents in Chapter IV of Publicly Issuing Securities Company’s Information Disclosure Reporting Rules No. 15 – Financial Report General Provisions issued by CSRC. I. Net asset earning ratio and earnings per share calculated on weighted average and fully diluted Net Asset Earning Earning per share Ratio (%) (yuan/share) Profit Report Fully Weighted Fully Weighted Item Period diluted average diluted average Major operating profit 2,810,238,308 25.29 39.18 0.88 0.91 Operating profit 2,164,160,417 19.47 30.17 0.67 0.70 Net profit belonging to shareholders of parent company 2,004,572,836 18.04 27.95 0.62 0.65 Net profit after deducting irregular gains/loss 1,988,678,257 17.89 27.72 0.62 0.64 Calculation details of above financial data: Calculation of fully diluted net asset earning ratio and EPS: fully diluted net asset earning ratio = report period profit ÷ closing net asset fully diluted EPS = report period profit ÷ closing number of shares Weighted average net asset earning ratio (ROE) is as follows: P ROE = ———————————————— E0+NP÷2+Ei×Mi÷M0-Ej×Mj÷M0 Among which: P is proft in report period; NP is net profit in report period; E0 is starting net assets; Ei is addition of net assets in report period from new issuance or liabilities transferred into shares; Ej is decreased net assets due to buy-back or cash dividends; M0 is number of months in report period; Mi is number of months from the month following the month when new asset addition incurrs to end of report period; Mj number of months from the month following the month when decrease of asset incurrs to end of report period Weighted average earnings ratio per share (EPS) is calculated as follows: P EPS = ———————————————— -60- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) S0+S1+Si×Mi÷M0-Sj×Mj÷M0 Among which: P is profit in report period; S0 is starting total shares; S1 is addition of shares due to public reserve into capital stock or dividends distribution; Si is addition of shares due to new issuance or shares from liabilities; Sj is deduction of shares due to buy-back or shrinkage of shares; M0 is number of months in report period; Mi is number of months from the month following the month when new shares addition incurrs to end of report period; Mj number of months from the month following the month when decrease of shares incurrs to end of report period -61- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) II. Dec. 31, 2007 assets devaluation provision statements Item Dec. 31, 2006 Addition Report Period Deduction Report Period Dec. 31, 2007 reverse due to transfer out due total asset to other reasons appreciation Consolida Parent Consolid Parent Consol Parent Cons Paren Consolida Parent Consolida Parent ted Company ated Company idated Comp olidat t ted Company ted Company any ed Comp any I. total bad debt provision 130,431,223 130,431,223 71,419,517 71,419,517 - - - - - - 201,850,740 201,850,740 Including: receivables 130,431,223 130,431,223 71,419,517 71,419,517 - - - - - - 201,850,740 201,850,740 Other receivables - - - - - - - - - - - - II. short term investment devaluation provision - - - - - - - - - - - - total Including: share investment - - - - - - - - - - - - Bond investment - - - - - - - - - - - - III. total stock devaluation provision 21,758,503 21,758,503 7,442,673 7,442,673 - - - - - - 29,201,176 29,201,176 Including: stocked goods - - - - - - - - - - - - Raw materials 21,758,503 21,758,503 7,442,673 7,442,673 - - - - - - 29,201,176 29,201,176 IV. Expected contract loss 21,959,079 21,959,079 18,275,391 18,275,391 - - - - - - 40,234,470 40,234,470 V. total long term investment devaluation - - - - - - - - - - - - provision Including: long term - - - - - - - - - - - - share investment Long term liability - - - - - - - - - - - - investment VI. Fixed assets - - - - - - - - - - - - devaluation total Including: housing, - - - - - - - - - - - - building Machinery and - - - - - - - - - - - - equipment VII. intangible assets - - - - - - - - - - - - devaluation provision Including: patents - - - - - - - - - - - - Trade mark rights - - - - - - - - - - - - VIII. Construction in - - - - - - - - - - - - progress devaluation provision IX. Entrusted loan - - - - - - - - - - - - devaluation provision X. Total 174,148,805 174,148,805 97,137,581 97,137,581 - - - - - - 271,286,386 271,286,386 Enterprise legal representative: Zhou Jichang Accounting responsible person: Guan Tongxian Accounting department chief: Wang Jue -62- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) III. Analysis of data movement in accounting statements Analysis of items whose date movement over 30% (inclusive) in consolidated statements and taking up to 5% (inclusive) of total daily assets in the consolidated statements or taking up to 10% (inclusive) of total profit in the report period: B/S items Item Dec. 31, 2007 Dec. 31, 2006 Movement Note Consolidated Consolidated Amount % Currency capital 1,283,979,612 803,333,296 480,646,316 60% (1) Tradable financial assets 442,306,963 2,967,306 439,339,657 14806% (2) Account receivable 3,660,436,464 2,819,284,838 841,151,626 30% (3) Advances 3,614,304,534 1,241,232,719 2,373,071,815 191% (4) Stock 1,640,574,558 1,221,894,599 418,679,959 34% (5) Work completed settlement not made 7,824,459,550 6,435,333,296 1,389,126,254 22% (6) Long term equity investment 46,370,049 7,920,493 38,449,556 485% (7) Fixed assets 5,956,862,376 5,087,512,048 869,350,328 17% (8) Construction in progress 2,683,906,427 1,487,788,874 1,196,117,553 80% (9) Intangible assets 1,602,957,413 230,712,311 1,372,245,102 595% (10) Deferred corporate tax assets 119,553,866 53,492,628 66,061,238 123% (11) Short term loans 4,731,976,771 3,757,709,700 974,267,071 26% (12) Tradable financial liabilities 131,973,504 18,868,081 113,105,423 599% (13) Bills payable 2,640,611,925 1,092,987,921 1,547,624,004 142% (14) Short term bonds payable - 1,745,553,699 (1,745,553,699) -100% (15) Account payable 1,478,791,188 1,060,084,854 418,706,334 39% (16) Prepayment 152,215,124 334,862,610 (182,647,486) -55% (17) Settled but work not completed 2,185,656,339 998,670,286 1,186,986,053 119% (18) Taxes payable 53,297,354 113,046,682 (59,749,328) -53% (19) Long term loans 5,226,197,400 2,199,650,572 3,026,546,828 138% (20) Capital stock 3,207,355,000 3,081,840,000 125,515,000 4% (21) Capital reserve 3,856,513,159 261,780,835 3,594,732,324 1373% (22) Undistributed profit 2,862,923,438 1,526,122,457 1,336,800,981 88% (23) Income statement movement 2007 2006 Movement Note Consolidated Consolidated Amount % operating income 21,005,474,031 17,096,659,139 3,908,814,892 23% (24) operating cost 17,831,238,720 14,508,607,913 3,322,630,807 23% (24) General expenses 478,460,451 291,307,936 187,152,515 64% (25) Financial expense -net 495,984,521 456,001,413 39,983,108 9% (26) amount Asset devaluation loss 97,137,581 56,908,215 40,229,366 71% (27) Fair value movement 127,899,163 (15,900,775) 143,799,938 -904% (28) gains/(losses) Non-operating income 53,320,520 33,120,681 20,199,839 61% (29) Non-operating expenses 35,211,686 21,566,962 13,644,724 63% (30) Corporate tax expenses 170,821,307 102,960,529 67,860,778 66% (31) -63- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) Notes: (1) Currency capital: Increase of currency capital is due to increase of cash flow as a result of 2007 business growth and added bank loans. (2) Tradable Tradable financial assets increased due to increase of gains from financial assets: estimation of fair value of time foreign exchange contracts with banks. (3) Account Account receivable increased due to increase of project settlement as a receivable: result of increase of projects in report year. (4) Advances: Increase of advances is due to increase of advances for purchase of steel. Considering the fact that more contracts have been signed, the Company expects more demand for steel. Therefore the Company made advances to ensure supply of steel material. (5) Stock: Stock increase is due to growth of business. (6) Work completed settlement not Increase of “Work completed settlement not made” is due to increase of made： building contracts as a result of business growth in report year. (7) Long term equity Increase of long term equity investment is due to addition of investment by investment: clients to Shanghai ZPMC Fengcheng Brake Co., Ltd. and Zhonggang Shujun. (8) Fixed assets - Fixed assets increased due to increase of new vessels and new net value: machinery and equipment. (9) Construction in Construction in progress increased due to the move project as a result of progress: expansion of Changxing Island base, expenses on office building project on Dongfang Road and rebuilding of newly purchased vessels. (10) Intangible assets: Intangible assets increased due to purchase of land use rights of Kangqiao land lots, office building land on Dongfang Road, and land for expansion of Changxing Island. (11) Deferred Deferred corporate tax assets increased due to increase of after-sales corporate tax service fee and estimated installation fee from time difference as a result assets: of growth in number of projects in report year. (12) Short term loans: Short term loans increased due to increased demand for fixed assets investment and operating fund as a result of expansion of business in report period. (13) Tradable Tradable financial liabilities increased due to increase of loss from financial estimated fair value of time foreign exchange contracts established with liabilities: banks. (14) Bills payable: Bills payable increased due to big increase of raw material purchase as a result of business grow in report year. (15) Short term bonds Short term bonds payable decreased due to pay-back of short term payable: financing bonds issued in prior year. -64- SHANGHAI ZHENHUA PORT MACHINERY CO., LTD. FINANICAL STATEMENTS & AUDITORS REPORT 2007 (Unit being RMB yuan except for otherwise specified) (16) Account payable: Account payable increased due to increase of imported purchase of parts as a result of increased project contracts in report period. (17) Prepayment: Decrease of prepayment balance is mainly due to out transfer of prepayment as a result of income confirmed from steel structure projects and settlement of projects. (18) Settled but work Increase of ‘settled but work not completed’ item is due to increase of not completed: building contracts as a result of business growth in report year. (19) Taxes payable: Decrease of taxes payable is due to increase of refundable input VAT tax amount as a result of increase of purchase in report year. (20) Long term loans: Long term loans increased due to increased demand for fixed assets investment and operating fund as a result of expansion of business in report period. (21) Capital stock: Capital stock increased due to new issuance of RMB common shares. (22) Capital reserve: Capital reserve increased due to capital stock premium of new issuance of RMB common shares in report period. (23) Undistributed Increase of undistributed profit is a result of increase of business volume profit: which leads to increase of net profit. (24) Major operating Major operating income and cost increased due to big improvement of income and cost: productivity which leads to big increase of sales. (25) General General expenses increased due to increase in R&D expenses and expenses: employee remuneration as a result of operational scale expansion. (26) Financial Financial expenses increased due to big increase of bank loans in report expense -net period. amount: (27) Asset Asset devaluation loss increased due to increase of bad debt provision as devaluation loss: a result of adjustment of current year bad debt accrual according to policies of the Group. (28) Fair value Fare value movement gains are the result of increase of closing fair value movement movement gains as an impact of the fact that customers signed lots of gains/(losses): time foreign exchange contracts with banks to avoid foreign exchange rate change risks. (29) Non-operating Non-operating income increased due to income from disposal of vessels. income： (30) Non-operating Non-operating expenses increased due to increase of donations in report expenses: period. (31) Corporate tax Corporate tax expenses increased due to increase of profit in report expenses: period. -65-