FOSHAN ELECTRICAL AND LIGHTING CO., LTD.
FIRST QUARTER REPORT 2020
April 2020
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,supervisors and senior management of Foshan Electrical and Lighting Co., Ltd. (hereinafterreferred to as the “Company”) hereby guarantee the factuality, accuracy and completeness ofthe contents of this Report and its summary, and shall be jointly and severally liable for anymisrepresentations, misleading statements or material omissions therein.All the Company’s directors have attended the Board meeting for the review of this Reportand its summary.He Yong, the Company’s legal representative, Liu Xingming, the Company’s GeneralManager, and Tang Qionglan, the Company’s Chief Financial Officer (CFO) herebyguarantee that the Financial Statements carried in this Report are factual, accurate andcomplete.This Report have been prepared in both Chinese and English. Should there be anydiscrepancies or misunderstandings between the two versions, the Chinese versions shallprevail.
Part II Key Corporate InformationI Key Financial InformationIndicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
Q1 2020 | Q1 2019 | Change (%) | |
Operating revenue (RMB) | 560,357,960.57 | 889,232,750.52 | -36.98% |
Net profit attributable to the listed company’s shareholders (RMB) | 32,282,776.35 | 86,659,035.18 | -62.75% |
Net profit attributable to the listed company’s shareholders before exceptional items (RMB) | 34,187,987.98 | 74,681,526.84 | -54.22% |
Net cash generated from/used in operating activities (RMB) | -24,040,955.33 | 29,966,955.13 | -180.22% |
Basic earnings per share (RMB/share) | 0.0231 | 0.0619 | -62.68% |
Diluted earnings per share (RMB/share) | 0.0231 | 0.0619 | -62.68% |
Weighted average return on equity (%) | 0.65% | 1.82% | -1.17% |
31 March 2020 | 31 December 2019 | Change (%) | |
Total assets (RMB) | 6,196,213,408.53 | 6,175,200,008.24 | 0.34% |
Equity attributable to the listed company’s shareholders (RMB) | 5,013,575,515.11 | 4,880,736,800.07 | 2.72% |
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item | Q1 2020 | Note |
Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) | -664,717.71 | |
Government subsidies charged to the profit/loss for this Reporting Period (except for the government grants closely related to the business of the Company and given at a fixed quota or amount in accordance with the State’s uniform standards) | 143,128.00 |
Gain or loss on fair-value changes in trading financial assets and liabilities and derivative financial assets and liabilities & investment income from disposal of trading financial assets and liabilities and derivative financial assets and liabilities, and invest in other debt obligations (exclusive of effective portion of hedges that arise in the Company’s ordinary course of business) | -1,528,400.00 | |
Non-operating income and expense other than above | 2,129.38 | |
Less: Income tax effects | -147,020.11 | |
Non-controlling interests effects (net of tax) | 4,371.41 | |
Total | -1,905,211.63 | -- |
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in theExplanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases for the Reporting Period.II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2020
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well asHoldings of Top 10 Shareholders
Unit: share
Number of ordinary shareholders at the period-end | 82,890 | Number of preferred shareholders with resumed voting rights at the period-end (if any) | 0 | |||
Top 10 shareholders | ||||||
Name of shareholder | Nature of shareholder | Shareholding percentage | Total shares held | Restricted shares held | Shares in pledge or frozen | |
Status | Shares | |||||
Hong Kong Wah Shing Holding Company Limited | Foreign legal person | 13.47% | 188,496,430 | In pledge | 92,363,251 | |
Prosperity Lamps & Components Limited | Foreign legal person | 10.50% | 146,934,857 | |||
Shenzhen Rising Investment Development Co., Ltd. | State-owned legal person | 5.12% | 71,696,136 | In pledge | 35,800,000 |
Guangdong Electronics Information Industry Group Ltd. | State-owned legal person | 4.74% | 66,393,501 | In pledge | 32,532,815 | |
Central Huijin Asset Management Co., Ltd. | State-owned legal person | 2.42% | 33,878,900 | |||
Essence International Securities (Hong Kong) Co., Ltd. | Foreign legal person | 2.22% | 31,028,913 | |||
Hong Kong Rising Investment Development Co., Ltd. | Foreign legal person | 1.82% | 25,482,252 | |||
DBS VICKERS (HONG KONG) LTD A/C CLIENTS | Foreign legal person | 1.57% | 22,002,137 | |||
China Merchants Securities (Hong Kong) Co., Ltd | State-owned legal person | 0.87% | 12,160,316 | |||
Zhuang Jianyi | Foreign natural person | 0.85% | 11,903,509 | 8,927,632 | ||
Top 10 unrestricted shareholders | ||||||
Name of shareholder | Unrestricted shares held | Shares by type | ||||
Type | Shares | |||||
Hong Kong Wah Shing Holding Company Limited | 188,496,430 | RMB-denominated ordinary stock | 188,496,430 | |||
Prosperity Lamps & Components Limited | 146,934,857 | RMB-denominated ordinary stock | 146,934,857 | |||
Shenzhen Rising Investment Development Co., Ltd. | 71,696,136 | RMB-denominated ordinary stock | 71,696,136 | |||
Guangdong Electronics Information Industry Group Ltd. | 66,393,501 | RMB-denominated ordinary stock | 66,393,501 | |||
Central Huijin Asset Management Co., Ltd. | 33,878,900 | RMB-denominated ordinary stock | 33,878,900 | |||
Essence International Securities (Hong Kong) Co., Ltd. | 31,028,913 | Domestically listed foreign stock | 31,028,913 |
Hong Kong Rising Investment Development Co., Ltd. | 25,482,252 | Domestically listed foreign stock | 25,482,252 |
DBS VICKERS (HONG KONG) LTD A/C CLIENTS | 22,002,137 | Domestically listed foreign stock | 22,002,137 |
China Merchants Securities (Hong Kong) Co., Ltd. | 12,160,316 | Domestically listed foreign stock | 12,160,316 |
Guangdong Rising Financial Holding Co., Ltd. | 11,434,762 | RMB-denominated ordinary stock | 11,434,762 |
Related or acting-in-concert parties among the shareholders above | Among the top 10 shareholders and top 10 unrestricted shareholders, Hong Kong Wah Shing Holding Company Limited, Shenzhen Rising Investment Development Co., Ltd., Guangdong Electronics Information Industry Group Ltd., Hong Kong Rising Investment Development Co., Ltd. and Guangdong Rising Financial Holding Co., Ltd. are acting-in-concert parties; and Prosperity Lamps & Components Limited and Zhuang Jianyi are acting-in-concert parties. Apart from that, it is unknown whether there is among the top 10 shareholders any other related parties or acting-in-concert parties as defined in the Administrative Measures for the Acquisition of Listed Companies. | ||
Top 10 ordinary shareholders involved in securities margin trading (if any) | None |
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinaryshareholders of the Company conducted any promissory repo during the Reporting Period.
□ Yea √ No
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
Part III Significant EventsI Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
Unit: RMB
Item | Q1 2020/31 March 2020 | Q1 2019/31 December 2019 | Change (%) | Explanation of why |
Held-for-trading financial assets | 617,674,635.62 | 901,166,682.64 | -31.46% | primarily driven by a decrease in outstanding investments in bank's wealth management products in the Current Period. |
Other non-current assets | 5,978,312.17 | 9,861,098.08 | -39.37% | Settlement of prepayments for equipment |
Advances from customers | 50,449,357.17 | -100.00% | Reclassification of certain advances from customers to contractual liabilities due to the adoption of the new accounting standard governing revenue | |
Contractual liabilities | 61,086,542.09 | N/A | Reclassification of certain advances from customers to contractual liabilities due to the adoption of the new accounting standard governing revenue | |
Payroll payable | 44,523,464.80 | 83,156,852.86 | -46.46% | Payment in the Current Period of the year-end bonuses of last year to the employees |
Operating revenue | 560,357,960.57 | 889,232,750.52 | -36.98% | Postponement of work resumption of the Company and its upstream and downstream companies due to the COVID-19 outbreak, as well as the impact of traffic limitation on raw material purchase, product delivery, market promotion, etc. |
Cost of sales | 436,510,926.18 | 686,392,508.53 | -36.41% | Corresponding to a decrease in operating revenue |
Taxes and surchages | 7,083,895.77 | 10,992,127.94 | -35.55% | Corresponding to a decrease in operating revenue |
R&D expense | 19,828,312.32 | 14,375,055.48 | 37.94% | Increase in patent royalties paid |
Finance costs | -13,908,499.01 | 3,967,630.69 | -450.55% | Increase in foreign exchange gain due to the depreciation of RMB against the U.S. dollar |
Interest income | 10,597,188.92 | 4,993,925.50 | 112.20% | Increase in interest on bank deposits |
Return on investment | 8,050,462.45 | 20,086,440.56 | -59.92% | Q1 2019 recorded income from the sale of the equity interests held in Chengdu Hongbo Industrial Co., Ltd. |
Gain on changes in fair value | -1,528,400.00 | 377,800.00 | -504.55% | As the forward forex settlement products outstanding at the beginning of the period |
were delivered upon maturity in the period,the gain/loss on changes in the correspondingfair value was transferred to return oninvestment
Credit impairment loss | -730,317.40 | -2,181,356.17 | 66.52% | Decrease in allowances for doubtful accounts |
Non-operating income | 72,280.75 | 207,409.53 | -65.15% | Decrease in government subsidies that are not associated with operating activities |
Non-operating expense | 684,869.08 | 24,008.40 | 2752.62% | Increase in loss on disposal of fixed assets |
Profit before tax | 38,812,200.10 | 102,690,409.91 | -62.20% | Decrease in operating revenue |
Income tax expense | 6,072,161.84 | 16,233,962.80 | -62.60% | Decrease in profit before tax |
Net profit | 32,740,038.26 | 86,456,447.11 | -62.13% | Decrease in profit before tax |
Net profit attributable to owners of the Company as the parent | 32,282,776.35 | 86,659,035.18 | -62.75% | Decrease in net profit |
Net profit attributable to non-controlling interests | 457,261.91 | -202,588.07 | 325.71% | Increase in profits of non-wholly-owned subsidiaries |
Other comprehensive income, net of tax | 100,555,938.69 | 239,269,215.96 | -57.97% | Smaller increase in the fair value of investments in other equity instruments |
Other comprehensive income, net of tax, attributable to owners of the Company as the parent | 100,555,938.69 | 239,269,215.96 | -57.97% | Smaller increase in the fair value of investments in other equity instruments |
Changes in the fair value of investments in other equity instruments | 100,595,067.77 | 239,287,933.48 | -57.96% | Smaller increase in the fair value of investments in other equity instruments |
Differences arising from the translation of foreign currency-denominated financial statements | -39,129.08 | -18,717.52 | -109.05% | Appreciation of euro against RMB |
Total comprehensive income | 133,295,976.95 | 325,725,663.07 | -59.08% | Smaller increase in the fair value of investments in other equity instruments |
Net cash generated from/used in operating activities | -24,040,955.33 | 29,966,955.13 | -180.22% | Larger decrease in proceeds from sale of commodities and rendering of services than in payments for commodities and services |
Net cash generated from/used in investing activities | 277,193,052.58 | 59,745,391.61 | 363.96% | Increase in investments withdrawn from bank’s wealth management products upon maturity |
Net increase in cash and cash equivalents | 253,239,792.74 | 87,083,045.17 | 190.80% | Increase in net cash generated from investing activities |
II Progress, Influence and Solutions with regard to Significant Events
□ Applicable √ Not applicable
Progress of any share repurchase:
□ Applicable √ Not applicable
Progress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during theReporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.IV Securities Investments
√ Applicable □ Not applicable
Unit: RMB
Security type | Security code | Security name | Initial investment cost | Measurement method | Beginning carrying value | Gain/Loss on fair-value changes in Reporting Period | Accumulated fair-value changes charged to equity | Purchased in Reporting Period | Sold in Reporting Period | Gain/loss in Reporting Period | Ending carrying value | Accounting title | Funding source |
Domestically/Overseas listed stock | 002074 | Guoxuan High-tech | 160,000,000.00 | Fair value method | 661,377,161.25 | 133,184,541.75 | 574,326,563.36 | 794,561,703.00 | Investments in other equity instruments | Self-funded | |||
Domestically/Overseas listed stock | 601818 | China Everbright Bank | 30,828,816.00 | Fair value method | 81,791,185.14 | -14,837,403.20 | 43,304,034.12 | 66,953,781.94 | Investments in other equity instruments | Self-funded | |||
Domesti | N/A | Xiamen | 292,574 | Fair | 706,517 | 413,943 | 706,517 | Investm | Self-fun |
cally/Overseas listed stock | Bank | ,133.00 | value method | ,718.67 | ,585.67 | ,718.67 | ents in other equity instruments | ded | |||||
Domestically/Overseas listed stock | N/A | Foshan branch of Guangdong Development Bank | 500,000.00 | Fair value method | 500,000.00 | 500,000.00 | Investments in other equity instruments | Self-funded | |||||
Total | 483,902,949.00 | -- | 1,450,186,065.06 | 118,347,138.55 | 1,031,574,183.15 | 0.00 | 0.00 | 0.00 | 1,568,533,203.61 | -- | -- | ||
Disclosure date of announcement on Board’s consent for securities investments | |||||||||||||
Disclosure date of announcement on general meeting’s consent for securities investments (if any) |
V Cash Entrusted for Wealth Management
√ Applicable □ Not applicable
Unit: RMB'0,000
Specific type | Capital resources | Amount incurred | Undue Balance | Overdue amount |
Bank financial products | Self-owned funds | 47,000 | 33,500 | 0 |
Structural deposits | Self-owned funds | 43,000 | 28,000 | 0 |
Total | 90,000 | 61,500 | 0 |
Particulars of cash entrusted for wealth management with single significant amount or low security, bad liquidity,and no capital preservation
√ Applicable □ Not applicable
Unit: RMB'0,000
Trustee | Type of trustee | Type of wealth management product | Principal | Source of principal | Beginning date | Ending date | Use of principal | Determination of yield | Annualized yield rate for reference | Expected yield (if any) | Actual gain/loss in Reporting Period | Receipt/payment of such gain/loss | Allowance for impairment (if any) | Prescribed procedure executed or not | Plan for more transaction or not | Index to transaction summary and other information (if any) |
China Guangfa Bank, Guangzhou development area sub-branch | Bank | Principal-protected with floating yield | 8,000 | The Company’s own idle funds | 16 January 2020 | 15 April 2020 | Investment | Repayment of principal with yield | 4.00% | 78.9 | 65.75 | To be received | Yes | Yes | www.cninfo.com.cn | |
Huaxia Bank, Foshan branch | Bank | Principal-protected with floating yield | 5,000 | The Company’s own idle funds | 14 February 2020 | 14 May 2020 | Investment | Repayment of principal with yield | 3.80% | 46.85 | 23.95 | To be received | Yes | Yes | www.cninfo.com.cn | |
China Bohai Bank Shenzhen Chegongmiao sub-branch | Bank | Principal-protected with floating yield | 2,500 | The Company’s own idle funds | 19 February 2020 | 19 May 2020 | Investment | Repayment of principal with yield | 3.80% | 23.42 | 10.67 | To be received | Yes | Yes | www.cninfo.com.cn | |
Huaxia | Bank | Principal-prot | 3,000 | The Comp | 19 Februa | 19 May | Investment | Repayment | 3.80% | 28.11 | 13.12 | To be receiv | Yes | Yes | www.cninfo |
Bank, Foshan branch | ected with floating yield | any’s own idle funds | ry 2020 | 2020 | of principal with yield | ed | .com.cn | |||||||||
China Guangfa Bank, Guangzhou development area sub-branch | Bank | Principal-protected with floating yield | 2,000 | The Company’s own idle funds | 19 February 2020 | 19 May 2020 | Investment | Repayment of principal with yield | 3.85% | 18.99 | 8.86 | To be received | Yes | Yes | www.cninfo.com.cn | |
China Minsheng Bank Foshan sub-branch | Bank | Principal-protected with floating yield | 8,000 | The Company’s own idle funds | 26 February 2020 | 26 May 2020 | Investment | Repayment of principal with yield | 4.00% | 78.9 | 29.81 | To be received | Yes | Yes | www.cninfo.com.cn | |
China Guangfa Bank, Guangzhou development area sub-branch | Bank | Principal-protected with floating yield | 5,000 | The Company’s own idle funds | 26 February 2020 | 26 May 2020 | Investment | Repayment of principal with yield | 3.85% | 47.47 | 17.93 | To be received | Yes | Yes | www.cninfo.com.cn | |
Industrial Bank, Guangzhou Baiyun sub-br | Bank | Principal-protected with floating yield | 12,000 | The Company’s own idle funds | 11 February 2020 | 12 May 2020 | Investment | Repayment of principal with yield | 3.90% | 116.68 | 62.83 | To be received | Yes | Yes | www.cninfo.com.cn |
anch | ||||||||||||||||
China Minsheng Bank Foshan sub-branch | Bank | Principal-protected with floating yield | 16,000 | The Company’s own idle funds | 20 March 2020 | 1 July 2020 | Investment | Repayment of principal with yield | 3.85% | 173.83 | 18.56 | To be received | Yes | Yes | www.cninfo.com.cn | |
Total | 61,500 | -- | -- | -- | -- | -- | -- | 613.15 | 251.48 | -- | -- | -- | -- |
Whether there is the case where the principal cannot be recovered at maturity or other case which may causeimpairment of cash entrusted for wealth management
□ Applicable √ Not applicable
VI Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
Unit: USD’0,000
Operating party | Relationship with the Company | Related-party transaction or not | Type of derivative | Initial investment amount | Beginning date | Ending date | Beginning investment | Purchased in Reporting Period | Sold in Reporting Period | Impairment allowance (if any) | Ending investment | Ending investment as % of the Company’s ending net assets | Actual gain/loss in Reporting Period |
Foshan branch of Bank of China | Not related | Not | Ordinary forward forex settlement | 800 | 4 November 2019 | 7 January 2020 | 400 | 400 | 3.67 | ||||
Foshan branch of the Agricultural Bank of China | Not related | Not | Ordinary forward forex settlement | 1,200 | 4 December 2019 | 15 April 2020 | 1,200 | 800 | 400 | 0.56% | 10.37 | ||
Foshan branch | Not | Not | Ordinary forward | 100 | 17 March | 27 March | 100 | 100 | -0.65 |
of Guangzhou Rural Commercial Bank | related | forex settlement | 2020 | 2020 | |||||||||
Total | 2,100 | -- | -- | 1,600 | 100 | 1,300 | 400 | 0.56% | 13.39 | ||||
Funding source | All from the Company’s own money | ||||||||||||
Legal matters involved (if applicable) | N/A | ||||||||||||
Disclosure date of board announcement approving derivative investment (if any) | 23 May 2018 | ||||||||||||
Disclosure date of general meeting announcement approving derivative investment (if any) | |||||||||||||
Analysis of risks and control measures associated with derivative investments held in Reporting Period (including but not limited to market risk, liquidity risk, credit risk, operational risk, legal risk, etc.) | Risk Analysis of Forward Exchange Settlement Business: 1. Risk of exchange rate fluctuations. In the case of large fluctuations in the exchange rate, the quoted price of the bank’s forward exchange rate may be lower than the Company’s quoted exchange rate to the customer, which will make the Company unable to lock the quoted exchange rate to the customer or the bank’s forward exchange rate may deviate from the exchange rate at the time of the Company’s actual receipt and payment, and causes exchange losses. 2. Risk of customer default. The customer’s accounts receivable may be overdue, and the payment for goods cannot be recovered within the predictable payback period, which will result in the loss of the Company due to the delayed forward settlement. 3. Risk of payback prediction. The marketing department shall made corresponding payback prediction based on customer orders and expected orders. However, during the actual implementation process, customers may adjust their orders and predictions, which will result in the Company’s incorrect payback prediction and cause the risk of delayed delivery of forward exchange settlement. Adopted Risk Control Measures: 1. The Company will strengthen the research and analysis of the exchange rate. When the exchange rate fluctuates greatly, it will adjust the business strategy in a timely manner to stabilize the export business and avoid exchange losses to the utmost. 2. The Management System for Forward Settlement and Sales of Foreign Exchanges reviewed and approved by the board of directors of the Company stipulates that all forward foreign exchange settlement businesses of the Company shall be based on the normal production and operation, and relied on specific business operations to avoid and prevent various exchange rate risks. However, speculative transaction and interest arbitrage are not allowed. At the same time, the system clearly defines the operating principles, approval authority, responsible department and responsible person, internal operation procedures, information isolation measures, internal risk reporting system, risk management procedures, and information disclosure related to the forward settlement business as well. In fact, the system is conducive to strengthen the management of the Company’s forward foreign |
exchange settlement business and prevent investment risks. 3. In order to prevent any delay in the forward exchange settlement, the Company will strengthen the management of accounts receivable, actively collect receivables, and avoid any overdue receivables. In the meantime, the Company plans to increase the export purchases and purchase corresponding credit insurance so as to reduce the risk of default and customer default. 4. The Company’s forward foreign exchange settlement transactions must be based on the Company’s foreign exchange earnings prediction. Besides, the Company shall strictly control the scale of its forward foreign exchange settlement business, and manage all risks that the Company may face within a controllable range. 5. The internal audit department of the Company shall check the actual signing and execution situation of all trading contracts on a regular or irregular basis. | |
Changes in market prices or fair value of derivative investments in Reporting Period (fair value analysis should include measurement method and related assumptions and parameters) | The Company has invested ordinary forward exchange settlement product and the exchange settlement shall be carried out in accordance with the currency, amount and exchange rate stipulated in the forward exchange settlement contract, and the fair value of the product will change. |
Major changes in accounting policies and specific accounting principles adopted for derivative investments in Reporting Period compared to last reporting period | N/A |
Opinion of independent directors on derivative investments and risk control | The independent directors of the Company are of the opinion that during the Reporting Period, the Company carried out forward forex settlement in strict compliance with the Company Law, the Regulations of the People’s Bank of China on Foreign Exchange Settlement, Sale and Payment and the Company’s Management Rules for Forward Foreign Exchange Settlement and Sale, among others, as well as within the Board’s authorization. Such trading is primarily aimed to prevent exchange rate fluctuations from impacting the Company’s export business and operating earnings, with no speculative trading involved. It is a necessity, and the risk is well under control. |
VII Communications with the Investment Community such as Researches, Inquiries andInterviews during the Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.VIII Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IX Occupation of the Company’s Capital by the Controlling Shareholder or Its RelatedParties for Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
Part IV Financial StatementsI Financial Statements
1. Consolidated Balance Sheet
Prepared by Foshan Electrical and Lighting Co., Ltd.
31 March 2020
Unit: RMB
Item | 31 March 2020 | 31 December 2019 |
Current assets: | ||
Monetary assets | 1,388,237,154.04 | 1,125,456,662.64 |
Settlement reserve | ||
Interbank loans granted | ||
Held-for-trading financial assets | 617,674,635.62 | 901,166,682.64 |
Derivative financial assets | ||
Notes receivable | 94,402,341.97 | 109,444,480.94 |
Accounts receivable | 638,198,118.23 | 712,175,266.51 |
Accounts receivable financing | ||
Prepayments | 8,849,906.99 | 7,851,390.78 |
Premiums receivable | ||
Reinsurance receivables | ||
Receivable reinsurance contract reserve | ||
Other receivables | 25,208,373.76 | 22,307,344.76 |
Including: Interest receivable | ||
Dividends receivable | ||
Financial assets purchased under resale agreements | ||
Inventories | 659,682,396.21 | 637,336,584.06 |
Contractual assets | ||
Assets classified as held for sale | ||
Current portion of non-current assets | ||
Other current assets | 54,587,262.37 | 52,502,863.59 |
Total current assets | 3,486,840,189.19 | 3,568,241,275.92 |
Non-current assets: | ||
Loans and advances to customers | ||
Investments in debt obligations | ||
Investments in other debt obligations | ||
Long-term receivables | ||
Long-term equity investments | 179,013,334.93 | 181,093,725.43 |
Investments in other equity instruments | 1,573,087,380.01 | 1,454,740,241.46 |
Other non-current financial assets | ||
Investment property | ||
Fixed assets | 619,966,978.24 | 629,832,098.35 |
Construction in progress | 126,040,645.31 | 119,030,610.16 |
Productive living assets | ||
Oil and gas assets | ||
Use rights assets | ||
Intangible assets | 166,728,438.65 | 167,826,499.74 |
R&D expense | ||
Goodwill | ||
Long-term prepaid expense | 7,365,707.75 | 7,727,394.74 |
Deferred income tax assets | 31,192,422.28 | 36,847,064.36 |
Other non-current assets | 5,978,312.17 | 9,861,098.08 |
Total non-current assets | 2,709,373,219.34 | 2,606,958,732.32 |
Total assets | 6,196,213,408.53 | 6,175,200,008.24 |
Current liabilities: | ||
Short-term borrowings | ||
Borrowings from the central bank | ||
Interbank loans obtained | ||
Held-for-trading financial liabilities | ||
Derivative financial liabilities | ||
Notes payable | 402,453,555.39 | 374,665,327.74 |
Accounts payable | 432,907,849.35 | 559,016,692.70 |
Advances from customers | 50,449,357.17 | |
Contractual liabilities | 61,086,542.09 | |
Financial assets sold under repurchase agreements |
Customer deposits and interbank deposits | ||
Payables for acting trading of securities | ||
Payables for underwriting of securities | ||
Payroll payable | 44,523,464.80 | 83,156,852.86 |
Taxes payable | 12,373,363.79 | 17,211,068.21 |
Other payables | 47,422,480.53 | 46,073,344.71 |
Including: Interest payable | ||
Dividends payable | ||
Handling charges and commissions payable | ||
Reinsurance payables | ||
Liabilities directly associated with assets classified as held for sale | ||
Current portion of non-current liabilities | ||
Other current liabilities | ||
Total current liabilities | 1,000,767,255.95 | 1,130,572,643.39 |
Non-current liabilities: | ||
Insurance contract reserve | ||
Long-term borrowings | ||
Bonds payable | ||
Including: Preferred shares | ||
Perpetual bonds | ||
Lease liabilities | ||
Long-term payables | ||
Long-term payroll payable | ||
Provisions | ||
Deferred income | ||
Deferred income tax liabilities | 154,738,947.48 | 137,216,136.70 |
Other non-current liabilities | ||
Total non-current liabilities | 154,738,947.48 | 137,216,136.70 |
Total liabilities | 1,155,506,203.43 | 1,267,788,780.09 |
Owners’ equity: | ||
Share capital | 1,399,346,154.00 | 1,399,346,154.00 |
Other equity instruments | ||
Including: Preferred shares | ||
Perpetual bonds | ||
Capital reserves | 158,608,173.07 | 158,608,173.07 |
Less: Treasury stock | ||
Other comprehensive income | 876,816,286.88 | 776,260,348.19 |
Specific reserve | ||
Surplus reserves | 836,559,645.36 | 836,559,645.36 |
General reserve | ||
Retained earnings | 1,742,245,255.80 | 1,709,962,479.45 |
Total equity attributable to owners of the Company as the parent | 5,013,575,515.11 | 4,880,736,800.07 |
Non-controlling interests | 27,131,689.99 | 26,674,428.08 |
Total owners’ equity | 5,040,707,205.10 | 4,907,411,228.15 |
Total liabilities and owners’ equity | 6,196,213,408.53 | 6,175,200,008.24 |
Legal representative: He Yong General manager: Liu Xingming Chief Financial Officer: Tang Qionglan
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item | 31 March 2020 | 31 December 2019 |
Current assets: | ||
Monetary assets | 1,325,624,026.11 | 1,059,001,233.28 |
Held-for-trading financial assets | 617,674,635.62 | 901,166,682.64 |
Derivative financial assets | ||
Notes receivable | 88,168,041.97 | 107,567,164.99 |
Accounts receivable | 581,441,036.33 | 666,106,832.53 |
Accounts receivable financing | ||
Prepayments | 27,878,139.97 | 6,614,791.10 |
Other receivables | 51,582,773.76 | 37,934,614.96 |
Including: Interest receivable | ||
Dividends receivable | ||
Inventories | 571,102,261.26 | 553,557,529.00 |
Contractual assets | ||
Assets classified as held for sale |
Current portion of non-current assets | ||
Other current assets | 47,647,959.63 | 43,118,385.01 |
Total current assets | 3,311,118,874.65 | 3,375,067,233.51 |
Non-current assets: | ||
Investments in debt obligations | ||
Investments in other debt obligations | ||
Long-term receivables | ||
Long-term equity investments | 462,806,437.19 | 464,886,827.69 |
Investments in other equity instruments | 1,573,087,380.01 | 1,454,740,241.46 |
Other non-current financial assets | ||
Investment property | ||
Fixed assets | 563,257,071.26 | 573,844,707.66 |
Construction in progress | 125,379,749.88 | 116,240,559.37 |
Productive living assets | ||
Oil and gas assets | ||
Use rights assets | ||
Intangible assets | 124,753,315.22 | 125,673,065.66 |
R&D expense | ||
Goodwill | ||
Long-term prepaid expense | 4,949,385.66 | 4,891,398.93 |
Deferred income tax assets | 28,446,561.21 | 34,205,213.27 |
Other non-current assets | 4,659,512.17 | 8,440,448.08 |
Total non-current assets | 2,887,339,412.60 | 2,782,922,462.12 |
Total assets | 6,198,458,287.25 | 6,157,989,695.63 |
Current liabilities: | ||
Short-term borrowings | ||
Held-for-trading financial liabilities | ||
Derivative financial liabilities | ||
Notes payable | 405,403,555.39 | 376,265,327.74 |
Accounts payable | 579,571,098.24 | 689,846,497.35 |
Advances from customers | 46,758,714.00 | |
Contractual liabilities | 68,606,340.51 | |
Payroll payable | 32,660,750.28 | 68,658,329.30 |
Taxes payable | 10,796,113.24 | 12,374,430.19 |
Other payables | 115,602,104.01 | 125,001,875.83 |
Including: Interest payable | ||
Dividends payable | ||
Liabilities directly associated with assets classified as held for sale | ||
Current portion of non-current liabilities | ||
Other current liabilities | ||
Total current liabilities | 1,212,639,961.67 | 1,318,905,174.41 |
Non-current liabilities: | ||
Long-term borrowings | ||
Bonds payable | ||
Including: Preferred shares | ||
Perpetual bonds | ||
Lease liabilities | ||
Long-term payables | ||
Long-term payroll payable | ||
Provisions | ||
Deferred income | ||
Deferred income tax liabilities | 154,738,947.48 | 137,216,136.70 |
Other non-current liabilities | ||
Total non-current liabilities | 154,738,947.48 | 137,216,136.70 |
Total liabilities | 1,367,378,909.15 | 1,456,121,311.11 |
Owners’ equity: | ||
Share capital | 1,399,346,154.00 | 1,399,346,154.00 |
Other equity instruments | ||
Including: Preferred shares | ||
Perpetual bonds | ||
Capital reserves | 166,211,779.15 | 166,211,779.15 |
Less: Treasury stock | ||
Other comprehensive income | 876,838,055.67 | 776,242,987.90 |
Specific reserve | ||
Surplus reserves | 836,559,645.36 | 836,559,645.36 |
Retained earnings | 1,552,123,743.92 | 1,523,507,818.11 |
Total owners’ equity | 4,831,079,378.10 | 4,701,868,384.52 |
Total liabilities and owners’ equity | 6,198,458,287.25 | 6,157,989,695.63 |
Legal representative: He Yong General manager: Liu Xingming Chief Financial Officer: Tang Qionglan
3. Consolidated Income Statement
Unit: RMB
Item | Q1 2020 | Q1 2019 |
1. Revenue | 560,357,960.57 | 889,232,750.52 |
Including: Operating revenue | 560,357,960.57 | 889,232,750.52 |
Interest income | ||
Premium income | ||
Handling charge and commission income | ||
2. Costs and expenses | 526,847,116.01 | 805,155,026.13 |
Including: Cost of sales | 436,510,926.18 | 686,392,508.53 |
Interest expense | ||
Handling charge and commission expense | ||
Surrenders | ||
Net claims paid | ||
Net amount provided as policy reserve | ||
Expenditure on policy dividends | ||
Reinsurance premium expense | ||
Taxes and surcharges | 7,083,895.77 | 10,992,127.94 |
Selling expense | 46,466,589.81 | 56,726,445.41 |
Administrative expense | 30,865,890.94 | 32,701,258.08 |
R&D expense | 19,828,312.32 | 14,375,055.48 |
Finance costs | -13,908,499.01 | 3,967,630.69 |
Including: Interest expense | ||
Interest income | 10,597,188.92 | 4,993,925.50 |
Add: Other income | 122,198.82 | 146,400.00 |
Return on investment (“-” for loss) | 8,050,462.45 | 20,086,440.56 |
Including: Share of profit or loss of joint ventures and associates |
Income from the derecognition of financial assets at amortized cost (“-” for loss) | ||
Foreign exchange gain (“-” for loss) | ||
Net gain on exposure hedges (“-” for loss) | ||
Gain on changes in fair value (“-” for loss) | -1,528,400.00 | 377,800.00 |
Credit impairment loss (“-” for loss) | -730,317.40 | -2,181,356.17 |
Asset impairment loss (“-” for loss) | ||
Asset disposal income (“-” for loss) | ||
3. Operating profit (“-” for loss) | 39,424,788.43 | 102,507,008.78 |
Add: Non-operating income | 72,280.75 | 207,409.53 |
Less: Non-operating expense | 684,869.08 | 24,008.40 |
4. Profit before tax (“-” for loss) | 38,812,200.10 | 102,690,409.91 |
Less: Income tax expense | 6,072,161.84 | 16,233,962.80 |
5. Net profit (“-” for net loss) | 32,740,038.26 | 86,456,447.11 |
5.1 By operating continuity | ||
5.1.1 Net profit from continuing operations (“-” for net loss) | 32,740,038.26 | 86,456,447.11 |
5.1.2 Net profit from discontinued operations (“-” for net loss) | ||
5.2 By ownership | ||
5.2.1 Net profit attributable to owners of the Company as the parent | 32,282,776.35 | 86,659,035.18 |
5.2.1 Net profit attributable to non-controlling interests | 457,261.91 | -202,588.07 |
6. Other comprehensive income, net of tax | 100,555,938.69 | 239,269,215.96 |
Attributable to owners of the Company as the parent | 100,555,938.69 | 239,269,215.96 |
6.1 Items that will not be reclassified to profit or loss | 100,595,067.77 | 239,287,933.48 |
6.1.1 Changes caused by remeasurements on defined benefit pension schemes |
6.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method | ||
6.1.3 Changes in the fair value of investments in other equity instruments | 100,595,067.77 | 239,287,933.48 |
6.1.4 Changes in the fair value of the company’s credit risks | ||
6.1.5 Other | ||
6.2 Items that will be reclassified to profit or loss | -39,129.08 | -18,717.52 |
6.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method | ||
6.2.2 Changes in the fair value of investments in other debt obligations | ||
6.2.3 Other comprehensive income arising from the reclassification of financial assets | ||
6.2.4 Allowance for credit impairments in investments in other debt obligations | ||
6.2.5 Reserve for cash flow hedges | ||
6.2.6 Differences arising from the translation of foreign currency-denominated financial statements | -39,129.08 | -18,717.52 |
6.2.7 Other | ||
Attributable to non-controlling interests | ||
7. Total comprehensive income | 133,295,976.95 | 325,725,663.07 |
Attributable to owners of the Company as the parent | 132,838,715.04 | 325,928,251.14 |
Attributable to non-controlling interests | 457,261.91 | -202,588.07 |
8. Earnings per share | ||
8.1 Basic earnings per share | 0.0231 | 0.0619 |
8.2 Diluted earnings per share | 0.0231 | 0.0619 |
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees beforethe combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.Legal representative: He Yong General manager: Liu Xingming Chief Financial Officer: Tang Qionglan
4. Income Statement of the Company as the Parent
Unit: RMB
Item | Q1 2020 | Q1 2019 |
1. Operating revenue | 525,496,491.07 | 852,343,699.73 |
Less: Cost of sales | 418,987,671.28 | 670,506,168.18 |
Taxes and surcharges | 6,177,097.24 | 9,152,146.60 |
Selling expense | 43,453,718.50 | 51,507,913.46 |
Administrative expense | 26,821,027.28 | 28,180,888.78 |
R&D expense | 17,626,070.34 | 14,051,923.39 |
Finance costs | -13,775,921.87 | 4,084,122.70 |
Including: Interest expense | ||
Interest income | 10,456,543.51 | 4,878,769.66 |
Add: Other income | 75,128.00 | 146,400.00 |
Return on investment (“-” for loss) | 8,050,462.45 | 20,416,668.76 |
Including: Share of profit or loss of joint ventures and associates | ||
Income from the derecognition of financial assets at amortized cost (“-” for loss) | ||
Net gain on exposure hedges (“-” for loss) | ||
Gain on changes in fair value (“-” for loss) | -1,528,400.00 | 377,800.00 |
Credit impairment loss (“-” for loss) | 772,220.24 | -1,386,674.74 |
Asset impairment loss (“-” for loss) | ||
Asset disposal income (“-” for loss) | ||
2. Operating profit (“-” for loss) | 33,576,238.99 | 94,414,730.64 |
Add: Non-operating income | 18,235.94 | 53,128.97 |
Less: Non-operating expense | -71,320.11 | 10,418.62 |
3. Profit before tax (“-” for loss) | 33,665,795.04 | 94,457,440.99 |
Less: Income tax expense | 5,049,869.23 | 14,168,616.14 |
4. Net profit (“-” for net loss) | 28,615,925.81 | 80,288,824.85 |
4.1 Net profit from continuing operations (“-” for net loss) | 28,615,925.81 | 80,288,824.85 |
4.2 Net profit from discontinued operations (“-” for net loss) | ||
5. Other comprehensive income, net of tax | 100,595,067.77 | 239,287,933.48 |
5.1 Items that will not be reclassified to profit or loss | 100,595,067.77 | 239,287,933.48 |
5.1.1 Changes caused by remeasurements on defined benefit pension schemes | ||
5.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method | ||
5.1.3 Changes in the fair value of investments in other equity instruments | 100,595,067.77 | 239,287,933.48 |
5.1.4 Changes in the fair value of the company’s credit risks | ||
5.1.5 Other | ||
5.2 Items that will be reclassified to profit or loss | ||
5.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method | ||
5.2.2 Changes in the fair value of investments in other debt obligations | ||
5.2.3 Other comprehensive income arising from the reclassification of financial assets | ||
5.2.4 Allowance for credit impairments in investments in other debt obligations | ||
5.2.5 Reserve for cash flow hedges | ||
5.2.6 Differences arising from the translation of foreign currency-denominated financial statements | ||
5.2.7 Other | ||
6. Total comprehensive income | 129,210,993.58 | 319,576,758.33 |
7. Earnings per share | ||
7.1 Basic earnings per share |
7.2 Diluted earnings per share |
Legal representative: He Yong General manager: Liu Xingming Chief Financial Officer: Tang Qionglan
5. Consolidated Cash Flow Statement
Unit: RMB
Item | Q1 2020 | Q1 2019 |
1. Cash flows from operating activities: | ||
Proceeds from sale of commodities and rendering of services | 666,737,548.22 | 860,544,423.63 |
Net increase in customer deposits and interbank deposits | ||
Net increase in borrowings from the central bank | ||
Net increase in loans from other financial institutions | ||
Premiums received on original insurance contracts | ||
Net proceeds from reinsurance | ||
Net increase in deposits and investments of policy holders | ||
Interest, handling charges and commissions received | ||
Net increase in interbank loans obtained | ||
Net increase in proceeds from repurchase transactions | ||
Net proceeds from acting trading of securities | ||
Tax rebates | 15,719,615.48 | 25,748,584.53 |
Cash generated from other operating activities | 15,110,878.20 | 17,661,656.41 |
Subtotal of cash generated from operating activities | 697,568,041.90 | 903,954,664.57 |
Payments for commodities and services | 483,605,896.41 | 610,047,969.13 |
Net increase in loans and advances to customers | ||
Net increase in deposits in the central bank and in interbank loans granted |
Payments for claims on original insurance contracts | ||
Net increase in interbank loans granted | ||
Interest, handling charges and commissions paid | ||
Policy dividends paid | ||
Cash paid to and for employees | 164,552,051.15 | 173,108,110.24 |
Taxes paid | 15,571,789.20 | 37,615,521.94 |
Cash used in other operating activities | 57,879,260.47 | 53,216,108.13 |
Subtotal of cash used in operating activities | 721,608,997.23 | 873,987,709.44 |
Net cash generated from/used in operating activities | -24,040,955.33 | 29,966,955.13 |
2. Cash flows from investing activities: | ||
Proceeds from disinvestment | 280,000,000.00 | 51,000,000.00 |
Return on investment | 12,613,429.83 | 21,535,662.08 |
Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | 109,978.12 | |
Net proceeds from the disposal of subsidiaries and other business units | ||
Cash generated from other investing activities | ||
Subtotal of cash generated from investing activities | 292,723,407.95 | 72,535,662.08 |
Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 15,530,355.37 | 12,790,270.47 |
Payments for investments | ||
Net increase in pledged loans granted | ||
Net payments for the acquisition of subsidiaries and other business units | ||
Cash used in other investing activities | ||
Subtotal of cash used in investing activities | 15,530,355.37 | 12,790,270.47 |
Net cash generated from/used in investing activities | 277,193,052.58 | 59,745,391.61 |
3. Cash flows from financing activities: |
Capital contributions received | ||
Including: Capital contributions by non-controlling interests to subsidiaries | ||
Borrowings obtained | ||
Cash generated from other financing activities | ||
Subtotal of cash generated from financing activities | ||
Repayments of borrowings | ||
Payments for interest and dividends | ||
Including: Dividends paid by subsidiaries to non-controlling interests | ||
Cash used in other financing activities | ||
Subtotal of cash used in financing activities | ||
Net cash generated from/used in financing activities | ||
4. Effect of foreign exchange rate changes on cash and cash equivalents | 87,695.49 | -2,629,301.57 |
5. Net increase in cash and cash equivalents | 253,239,792.74 | 87,083,045.17 |
Add: Cash and cash equivalents, beginning of the period | 1,049,833,555.02 | 795,285,756.38 |
6. Cash and cash equivalents, end of the period | 1,303,073,347.76 | 882,368,801.55 |
Legal representative: He Yong General manager: Liu Xingming Chief Financial Officer: Tang Qionglan
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item | Q1 2020 | Q1 2019 |
1. Cash flows from operating activities: | ||
Proceeds from sale of commodities and rendering of services | 640,471,098.43 | 828,912,698.12 |
Tax rebates | 15,714,059.77 | 25,745,430.08 |
Cash generated from other operating activities | 12,361,475.68 | 13,446,529.19 |
Subtotal of cash generated from operating activities | 668,546,633.88 | 868,104,657.39 |
Payments for commodities and services | 497,890,855.63 | 636,614,939.04 |
Cash paid to and for employees | 127,807,771.53 | 133,856,759.29 |
Taxes paid | 8,859,709.89 | 24,163,638.62 |
Cash used in other operating activities | 54,781,434.63 | 49,548,623.78 |
Subtotal of cash used in operating activities | 689,339,771.68 | 844,183,960.73 |
Net cash generated from/used in operating activities | -20,793,137.80 | 23,920,696.66 |
2. Cash flows from investing activities: | ||
Proceeds from disinvestment | 280,000,000.00 | 51,000,000.00 |
Return on investment | 12,613,429.83 | 21,865,890.28 |
Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | 103,361.02 | |
Net proceeds from the disposal of subsidiaries and other business units | ||
Cash generated from other investing activities | ||
Subtotal of cash generated from investing activities | 292,716,790.85 | 72,865,890.28 |
Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 14,962,496.05 | 12,531,880.47 |
Payments for investments | ||
Net payments for the acquisition of subsidiaries and other business units | ||
Cash used in other investing activities | ||
Subtotal of cash used in investing activities | 14,962,496.05 | 12,531,880.47 |
Net cash generated from/used in investing activities | 277,754,294.80 | 60,334,009.81 |
3. Cash flows from financing activities: | ||
Capital contributions received | ||
Borrowings obtained | ||
Cash generated from other financing activities | ||
Subtotal of cash generated from financing activities |
Repayments of borrowings | ||
Payments for interest and dividends | ||
Cash used in other financing activities | ||
Subtotal of cash used in financing activities | ||
Net cash generated from/used in financing activities | ||
4. Effect of foreign exchange rate changes on cash and cash equivalents | 120,937.17 | -2,601,705.96 |
5. Net increase in cash and cash equivalents | 257,082,094.17 | 81,653,000.51 |
Add: Cash and cash equivalents, beginning of the period | 983,378,125.66 | 747,588,730.42 |
6. Cash and cash equivalents, end of the period | 1,240,460,219.83 | 829,241,730.93 |
Legal representative: He Yong General manager: Liu Xingming Chief Financial Officer: Tang Qionglan
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of any NewStandards Governing Revenue or Leases from 2020
√ Applicable □ Not applicable
Consolidated balance sheet
Unit: RMB
Item | 31 December 2019 | 1 January 2020 | Adjustment |
Current assets: | |||
Monetary assets | 1,125,456,662.64 | 1,125,456,662.64 | |
Held-for-trading financial assets | 901,166,682.64 | 901,166,682.64 | |
Notes receivable | 109,444,480.94 | 109,444,480.94 | |
Accounts receivable | 712,175,266.51 | 712,175,266.51 | |
Prepayments | 7,851,390.78 | 7,851,390.78 | |
Other receivables | 22,307,344.76 | 22,307,344.76 | |
Inventories | 637,336,584.06 | 637,336,584.06 | |
Other current assets | 52,502,863.59 | 52,502,863.59 | |
Total current assets | 3,568,241,275.92 | 3,568,241,275.92 |
Non-current assets: | |||
Long-term equity investments | 181,093,725.43 | 181,093,725.43 | |
Investments in other equity instruments | 1,454,740,241.46 | 1,454,740,241.46 | |
Fixed assets | 629,832,098.35 | 629,832,098.35 | |
Construction in progress | 119,030,610.16 | 119,030,610.16 | |
Intangible assets | 167,826,499.74 | 167,826,499.74 | |
Long-term prepaid expense | 7,727,394.74 | 7,727,394.74 | |
Deferred income tax assets | 36,847,064.36 | 36,847,064.36 | |
Other non-current assets | 9,861,098.08 | 9,861,098.08 | |
Total non-current assets | 2,606,958,732.32 | 2,606,958,732.32 | |
Total assets | 6,175,200,008.24 | 6,175,200,008.24 | |
Current liabilities: | |||
Notes payable | 374,665,327.74 | 374,665,327.74 | |
Accounts payable | 559,016,692.70 | 559,016,692.70 | |
Advances from customers | 50,449,357.17 | -50,449,357.17 | |
Contractual Liabilities | 50,449,357.17 | 50,449,357.17 | |
Payroll payable | 83,156,852.86 | 83,156,852.86 | |
Taxes payable | 17,211,068.21 | 17,211,068.21 | |
Other payables | 46,073,344.71 | 46,073,344.71 | |
Total current liabilities | 1,130,572,643.39 | 1,130,572,643.39 | |
Non-current liabilities: | |||
Deferred income tax liabilities | 137,216,136.70 | 137,216,136.70 | |
Total non-current liabilities | 137,216,136.70 | 137,216,136.70 | |
Total liabilities | 1,267,788,780.09 | 1,267,788,780.09 | |
Owners’ equity: | |||
Share capital | 1,399,346,154.00 | 1,399,346,154.00 | |
Capital reserves | 158,608,173.07 | 158,608,173.07 | |
Other comprehensive income | 776,260,348.19 | 776,260,348.19 | |
Surplus reserves | 836,559,645.36 | 836,559,645.36 | |
Retained earnings | 1,709,962,479.45 | 1,709,962,479.45 |
Total equity attributable to owners of the Company as the parent | 4,880,736,800.07 | 4,880,736,800.07 | |
Non-controlling interests | 26,674,428.08 | 26,674,428.08 | |
Total owners’ equity | 4,907,411,228.15 | 4,907,411,228.15 | |
Total liabilities and owners’ equity | 6,175,200,008.24 | 6,175,200,008.24 |
Notes to the adjustmentAccording to the new standards governing revenues, “Contractual liabilities” refer to the obligation of the company to transfercommodity to customers due to the company’s customer consideration received or receivable. The “advances from customers”received by the Company in advance due to performing contractual obligations by customers shall be adjusted into the “Contractualliabilities”.
Balance sheet of the Company as the parent
Unit: RMB
Item | 31 December 2019 | 1 January 2020 | Adjustment |
Current assets: | |||
Monetary assets | 1,059,001,233.28 | 1,059,001,233.28 | |
Held-for-trading financial assets | 901,166,682.64 | 901,166,682.64 | |
Notes receivable | 107,567,164.99 | 107,567,164.99 | |
Accounts receivable | 666,106,832.53 | 666,106,832.53 | |
Prepayments | 6,614,791.10 | 6,614,791.10 | |
Other receivables | 37,934,614.96 | 37,934,614.96 | |
Inventories | 553,557,529.00 | 553,557,529.00 | |
Other current assets | 43,118,385.01 | 43,118,385.01 | |
Total current assets | 3,375,067,233.51 | 3,375,067,233.51 | |
Non-current assets: | |||
Long-term equity investments | 464,886,827.69 | 464,886,827.69 | |
Investments in other equity instruments | 1,454,740,241.46 | 1,454,740,241.46 | |
Fixed assets | 573,844,707.66 | 573,844,707.66 | |
Construction in progress | 116,240,559.37 | 116,240,559.37 | |
Intangible assets | 125,673,065.66 | 125,673,065.66 | |
Long-term prepaid expense | 4,891,398.93 | 4,891,398.93 |
Deferred income tax assets | 34,205,213.27 | 34,205,213.27 | |
Other non-current assets | 8,440,448.08 | 8,440,448.08 | |
Total non-current assets | 2,782,922,462.12 | 2,782,922,462.12 | |
Total assets | 6,157,989,695.63 | 6,157,989,695.63 | |
Current liabilities: | |||
Notes payable | 376,265,327.74 | 376,265,327.74 | |
Accounts payable | 689,846,497.35 | 689,846,497.35 | |
Advances from customers | 46,758,714.00 | -46,758,714.00 | |
Contractual Liabilities | 46,758,714.00 | 46,758,714.00 | |
Payroll payable | 68,658,329.30 | 68,658,329.30 | |
Taxes payable | 12,374,430.19 | 12,374,430.19 | |
Other payables | 125,001,875.83 | 125,001,875.83 | |
Total current liabilities | 1,318,905,174.41 | 1,318,905,174.41 | |
Non-current liabilities: | |||
Deferred income tax liabilities | 137,216,136.70 | 137,216,136.70 | |
Total non-current liabilities | 137,216,136.70 | 137,216,136.70 | |
Total liabilities | 1,456,121,311.11 | 1,456,121,311.11 | |
Owners’ equity: | |||
Share capital | 1,399,346,154.00 | 1,399,346,154.00 | |
Capital reserves | 166,211,779.15 | 166,211,779.15 | |
Other comprehensive income | 776,242,987.90 | 776,242,987.90 | |
Surplus reserves | 836,559,645.36 | 836,559,645.36 | |
Retained earnings | 1,523,507,818.11 | 1,523,507,818.11 | |
Total owners’ equity | 4,701,868,384.52 | 4,701,868,384.52 | |
Total liabilities and owners’ equity | 6,157,989,695.63 | 6,157,989,695.63 |
Notes to the adjustmentAccording to the new standards governing revenues, “Contractual liabilities” refer to the obligation of the company to transfercommodity to customers due to the company’s customer consideration received or receivable. The “advances from customers”received by the Company in advance due to performing contractual obligations by customers shall be adjusted into the “Contractualliabilities”.
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of any NewStandards Governing Revenue or Leases from 2020
□ Applicable √ Not applicable
III Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□ Yes √ No
These financial statements have not been audited by such an auditor.
The Board of DirectorsFoshan Electrical and Lighting Co., Ltd.23 April 2020