Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
Midea Group Co., Ltd.
Interim Report for the First Quarter 2017
April 2017
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
Section I Important Reminders
1. The Board of Directors, the Supervisory Committee as well as all the
directors, supervisors and senior management staff of Midea Group Co., Ltd.
(hereinafter referred to as the “Company”) have warranted that this Report
contains no false records, misleading statements or material omissions. And
they shall be jointly and severally liable for the factuality, accuracy and
completeness of the information given in this Report.
2. All the directors have attended the Q1 report review board meeting.
3. The financial statements contained in this Report have not been audited by
a certified public auditors (CPAs) firm.
4. Mr. Fang Hongbo, Chairman of the Board and President of the Company,
and Mr. Xiao Mingguang, responsible person for the Company’s financial
affairs, have represented and warranted that the financial statements in this
Report are factual, accurate and complete.
5. This Report has been prepared in both Chinese and English. Should there
be any discrepancy between the two versions, the Chinese version shall
prevail.
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
Section II Company Profile
1. Major Accounting Data and Financial Indicators
Does the Company adjust retrospectively or restate accounting data of previous years due to changes in
accounting policy or correction of any accounting error?
□ Yes √ No
Jan.-Mar. 2017 Jan.-Mar. 2016 YoY Change (%)
Sales revenues (RMB’000) 59,755,914 38,341,624 55.85%
Net profit attributable to shareholders of
4,352,587 3,907,252 11.40%
the Company (RMB’000)
Net profit attributable to shareholders of
the Company before non-recurring 4,263,125 3,745,392 13.82%
gains and losses (RMB’000)
Net cash flows from operating activities
7,008,571 6,595,024 6.27%
(RMB’000)
Basic EPS (RMB / share) 0.67 0.61 9.84%
Diluted EPS (RMB / share) 0.67 0.61 9.84%
Weighted average ROE (%) 6.87% 7.58% -0.71%
31 Mar. 2017 31 Dec. 2016 Change (%)
Total assets (RMB’000) 225,914,387 170,600,711 32.42%
Net assets attributable to shareholders
65,533,771 61,126,923 7.21%
of the Company (RMB’000)
Note: KUKA Aktiengesellschaft (KUKA), Toshiba Lifestyle Products & Services Corporation (TLSC) and other acquired
entities were included in the Company’s consolidated financial statements for the first quarter of 2017. Upon the
evaluation of these acquired assets by a professional international evaluation agency, the asset premium was amortized
as per the accounting standards, and a amortized cost of RMB600,145,400 was recognized for the first quarter of 2017.
Excluding the said amortized cost, the consolidated net profit for this quarter increased 22% compared with a year earlier.
KUKA and TLSC both delivered an excellent performance for the first three months of 2017. To be specific, KUKA
achieved sales revenue of RMB5,807,296,560, up 26% year on year, and net profit of RMB195,588,490, 27% higher than
the same period of last year, indicating effective growth in business; while TLSC realized sales revenue of
RMB3,777,047,000 and net profit of RMB-187,988,610, better than the first quarter of 2016.
Excluding the acquired entities, the consolidated sales revenue of the first quarter of 2017 grew 31% year on year and the
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
consolidated net profit went up 22%.
Non-recurring gains and losses
√ Applicable □ N/A
Unit: RMB’000
Item Jan.-Mar. 2017 Note
Gains/losses from the disposal of non-current assets
-7,145
(including the offset part of asset impairment provisions)
Government grants recognized in the current period, other
than those closely related to business of the Company and
246,686
granted at a fixed amount or quantity in accordance with
certain national standards
Gains/losses arising from changes in fair value of financial
assets and liabilities held for trading, (other than effective
hedging instruments related to the Company’s normal
-260,859
operations), as well as investment gains from disposal of
financial assets and liabilities held for trading and financial
assets available for sale
Other non-operating income and expenses except the
75,150
above items
Less: Income tax effects -11,482
Minority interests effects (after tax) -24,148
Total 89,462 -
Explain the reasons if the Company classifies an item as a non-recurring gain/loss according to the
definition in the , or classifies any non-recurring
gain/loss item mentioned in the said explanatory announcement as a recurring gain/loss item
□ Applicable √ N/A
No such cases in the Report Period.
2. Total number of shareholders and shareholdings of the top ten shareholders at the
period-end
2.1 Total number of common shareholders and shareholdings of the top ten common
shareholders at the period-end
Unit: share
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
Total number of preference
Total number of common shareholders shareholders with resumed
118,808
at the period-end voting rights at the
period-end (if any)
Top ten shareholders
Pledged or frozen
shares
Shareholding Number of
Nature of Number of Status
Name of shareholder percentage restricted
shareholder shares held of Number of
(%) shares held
share shares
s
Domestic
2,244,375,00 Pledg
Midea Holding Co., Ltd. non-state-owned 34.71 854,955,000
0 ed
corporation
State-owned
China Securities Finance Co., Ltd. 2.18 140,695,026
corporation
Hong Kong Exchanges and Clearing Foreign
2.12 136,994,785
Limited corporation
Domestic 102,742,86
Fang Hongbo 2.12 136,990,492
individual
Hillhouse Capital Management Limited Foreign
1.76 113,891,138
－HCM China Fund corporation
Domestic Pledg
Huang Jian 1.36 88,000,000 22,999,900
individual ed
Domestic
Xiaomi Technology Co., Ltd non-state-owned 1.28 82,500,000 82,500,000
corporation
Domestic Pledg
Yuan Liqun 1.24 79,915,900 9,304,000
individual ed
Central Huijin Asset Management Co., State-owned
1.21 78,474,900
Ltd. corporation
Domestic
He Xiangjian 1.20 77,334,548
individual
Top ten non-restricted common shareholders
Number of non-restricted Type of shares
Name of shareholder common shares held at the
Type Number
period-end
Midea Holding Co., Ltd. 2,244,375,000 RMB ordinary shares 2,244,375,000
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
China Securities Finance Co., Ltd. 140,695,026 RMB ordinary shares 140,695,026
Hong Kong Exchanges and Clearing Limited 136,994,785 RMB ordinary shares 136,994,785
Hillhouse Capital Management Limited－
113,891,138 RMB ordinary shares 113,891,138
HCM China Fund
Huang Jian 88,000,000 RMB ordinary shares 88,000,000
Yuan Liqun 79,915,900 RMB ordinary shares 79,915,900
Central Huijin Asset Management Co., Ltd. 78,474,900 RMB ordinary shares 78,474,900
He Xiangjian 77,334,548 RMB ordinary shares 77,334,548
Li Jianwei 73,977,047 RMB ordinary shares 73,977,047
Guotai Junan – Construction Bank -
69,426,617 RMB ordinary shares 69,426,617
Shanghai HSBC
Explanation of connected relationship or/and
The controlling shareholder of Midea Holding Co., Ltd is Mr. He Xiangjian,
acting-in-concert parties among the
which makes them acting-in-concert parties.
above-mentioned shareholders
Top ten non-restricted common shareholders
N/A
taking part in securities margin trading (if any)
Did any of the top 10 common shareholders or the top 10 non-restricted common shareholders of the
Company carry out any agreed buy-back in the Report Period?
□ Yes √ No
No such cases in the Report Period.
2.2 Total number of preference shareholders and shareholdings of the top ten preference
shareholders at the period-end
□ Applicable √ N/A
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
Section III Significant Events
1. Major changes of main items in financial statements and financial indicators
within the Report Period, as well as the reasons for the changes
√ Applicable □ N/A
Unit: RMB’000
Balance sheet
31 March 31 December
items Change (%) Main reasons for the changes
2017
(consolidated)
Derivative financial Mainly due to changes in the fair value of
280,926 412,813 -31.95%
assets derivative financial assets
Mainly due to the increased sales and the
Accounts receivable 18,026,613 13,454,511 33.98%
consolidation of KUKA and TLSC
Inventories 21,977,297 15,626,897 40.64% Mainly due to the consolidation of KUKA
Available-for-sale
1,773,706 5,187,732 -65.81% Mainly due to the consolidation of KUKA
financial assets
Long-term accounts
459,520 33,868 1,256.80% Mainly due to the consolidation of KUKA
receivable
Construction in Mainly due to the increased inputs to
809,709 580,729 39.43%
progress construction
Intangible assets 16,655,839 6,868,538 142.49% Mainly due to the consolidation of KUKA
Goodwill 27,314,731 5,730,995 376.61% Mainly due to the consolidation of KUKA
Short-term
32,139,135 3,024,426 962.65% Mainly due to the increased borrowings
borrowings
Customer deposits
and deposits from Mainly due to the changes in the operation of
70,836 36,708 92.97%
banks and other Midea Group Finance
financial institutions
Derivative financial Mainly due to changes in the fair value of
156,403 89,838 74.09%
liabilities derivative financial assets
Mainly due to the increased profit, the
Taxes payable 3,571,091 2,364,446 51.03% increased income tax and the consolidation
of KUKA
Interest payable 97,110 21,343 355.00% Mainly due to the increased borrowings
Dividends payable Mainly due to the payout of last year’s
14,443 105,641 -86.33%
dividends in the current year
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
Long-term borrowings 4,040,286 2,254,348 79.22% Mainly due to the consolidation of KUKA
Long-term employee
2,426,373 1,449,954 67.34% Mainly due to the consolidation of KUKA
benefits payable
Deferred income tax Mainly due to the asset revaluation gains
4,608,469 1,831,973 151.56%
liabilities resulted from the consolidation of KUKA
Other comprehensive
-177,571 13,125 -1,452.92% Mainly due to the consolidation of KUKA
income
Income statement
January-March January-March YoY
items Main reasons for the changes
2017 2016 Change (%)
(consolidated)
Mainly due to the increased sales and the
Sales revenue 59,755,914 38,341,624 55.85%
consolidation of KUKA and TLSC
Fee and commission Mainly due to the changes in the operation of
1 2,805 -99.96%
income Midea Group Finance
Mainly due to the increased sales and the
Cost of sales 44,782,859 26,906,188 66.44%
consolidation of KUKA and TLSC
Mainly due to the changes in the operation of
Interest expenses 93,334 132,167 -29.38%
Midea Group Finance
Mainly due to the reclassification of the
Taxes and surtaxes 361,767 276,519 30.83%
stamp tax and the property tax
Selling and Mainly due to the increased sales and the
6,820,223 4,977,071 37.03%
distribution expenses consolidation of KUKA and TLSC
General and
Mainly due to the increased sales and the
administrative 3,178,001 1,662,776 91.13%
consolidation of KUKA and TLSC
expenses
Finance cost Mainly due to the increased interest
-183,364 -282,083 -35.00%
expenses
Mainly due to the consolidation of KUKA and
Investment income 726,487 253,713 186.34% the increased gains on bank’s wealth
management products
Non-operating Mainly due to the increased government
387,856 292,676 32.52%
income subsidies
Non-operating
63,474 21,506 195.15% Mainly due to the increased donations
expenses
Cash flow
January-March January-March YoY
statement items Main reasons for the changes
2017 2016 Change (%)
(consolidated)
Net cash flows from
-26,909,489 -9,560,260 181.47% Mainly due to the acquisition of KUKA
investing activities
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
Net cash flows from
28,551,856 4,802,468 494.52% Mainly due to the increased borrowings
financing activities
2. Progress, influence and solutions of significant events
√ Applicable □ N/A
The acquisition of KUKA through tender offer has been formally completed on 6 January 2017 following
the execution of all required decision-making and approval procedures. The 32,233,536 shares of KUKA
have been all transferred to MECCA International (BVI) Limited (MECCA), for which MECCA has paid
EUR3,706,856,640.
As such, Midea Group holds, via its wholly-owned foreign subsidiary MECCA, altogether 37,605,732
shares in KUKA, accounting for approximately 94.55% of KUKA’s outstanding shares.
Overview of the significant event Date of disclosure Website for disclosure
Announcement on Consummation of Acquisition of KUKA
7 January 2017 www.cninfo.com.cn
Aktiengesellschaft through Tender Offer
Report of Midea Group Co., Ltd. on Acquisition of KUKA
12 January 2017 www.cninfo.com.cn
Aktiengesellschaft through Tender Offer
3. Overdue commitments of the Company’s actual controller, shareholders, related
parties and acquirer, as well as the Company and other commitment makers in the
Report Period or ongoing at the period-end
□ Applicable √ N/A
4. Operating result forecast for January-June 2017
Warning of possible loss or considerable YoY change of the accumulated net profit made during the
period-start until the end of the next Report Period according to predictions as well as any explanations
for these reasons:
□ Applicable √ N/A
5. Securities investment
□ Applicable √ N/A
No such cases in the Report Period.
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
No such cases in the Report Period.
6. Investments in financial derivatives
√ Applicable □ N/A
Unit: RMB’0,000
Proporti
on of
Rel the
ated Purch closing
Sold
-par ased investm
Rel Type Initial Opening in Impair Closing Actual
ty in ent
Opera atio of investme investme Repor ment investme gain/loss
tran Start date End date Repor amount
tor nshi deriva nt nt t provis nt in Report
sact t in the
p tive amount amount Perio ion amount Period
ion Perio Compa
d
or d ny’s
not closing
net
assets
Futur Futur
es es 1 January
N/A No -11.50 Decembe -11.50 - - - 723.76 0.01% 1,240.31
comp contra
r 2017
any cts
Forwa
rd
excha 32,817.6 1 January 32,817.6 22,329.6
Bank N/A No Decembe - - - 0.34% -10,604.61
nge 0 2017 0
r 2017
contra
cts
32,806.1 32,806.1 23,053.4
Total -- -- - - - 0.35% -9,364.30
0 0
Capital source for
All the Company’s own funds
derivative investment
Lawsuits involved (if
N/A
applicable)
Disclosure date of the
board announcement
31 March 2017
approving the derivative
investment (if any)
Disclosure date of the
22 April 2017
general meeting
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
announcement
approving the derivative
investment (if any)
In order to reduce the price risk of the Company's bulk purchases of raw materials as a result of
significant fluctuations in raw material prices, the Company not only carried out futures
business for some of the materials, but also made use of bank financial instruments and
promoted forex funds business, with the purpose of reducing the risks associated with
exchange and interest rate fluctuations, realizing the preservation and appreciation of forex
assets, reducing forex liabilities, and achieving locked-in costs. The Company has undertaken
extensive evaluation and risk control with regard to derivative investment positions, details of
which are as follows:
1. Legal risk: The Company's futures business and forex funds businesses are conducted in
compliance with laws and regulations, with clearly defined responsibilities and obligations
between the Company and agencies.
Control measures: The Company has designated relevant departments with the responsibility
for enhancing expertise in laws, regulations and market rules, conducting strict examination
and verification of contracts, defining responsibility and obligations, and strengthening
compliance checks, so as to ensure that the Company's derivatives investment and position
operations meet the requirements of the laws and regulations and internal management
Analysis of risks and
system of the Company.
control measures of
2. Operational risk: Risks caused by imperfect internal processes, staff, systems and external
derivative products held
issues may cause the Company to incur losses during the course of its futures business and
in the Report Period
forex funds business.
(including but not limited
Control measures: The Company has not only developed relevant management systems that
to market risk, liquidity
clearly define the assignment of responsibility and approval process for the futures business
risk, credit risk,
and forex funds businesses, but has also established a well-developed monitoring mechanism,
operational risk, legal
aimed at effectively reducing operational risk by strengthening its risk control over the business,
risk, etc.)
decision-making and trading processes.
3. Market risk: Uncertainties caused by changes in the prices of bulk commodities and
exchange rate fluctuations in foreign exchange markets could lead to greater market risk in the
futures business and forex funds business. Meanwhile, the inability to raise sufficient funds in a
timely manner in order to establish and maintain hedging positions in futures operations, or
forex funds required for performance in forex funds operations that are unable to be credited
into account could also result in loss and default risks.
Control measures: The futures business and forex funds business of the Company are always
conducted by adhering to prudent operation principles. For futures business, futures
transaction volumes and applications have been strictly determined according to the
requirements for production and operations, and a stop-loss mechanism has been
implemented. Furthermore, to determine the prepared margin amount which may be required
to be supplemented, a futures risk measuring system has been established to measure and
calculate the margin amount already in use, floating gains and losses, margin amount available
and margin amount required for intended positions. As for forex funds business, a hierarchical
management mechanism has been implemented, whereby the operating unit which has
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
submitted applications for funds business should conduct a risk analysis on the conditions and
environment that could affect the operating profit and loss, evaluate the possible greatest
revenue and loss, and report the greatest acceptable margin ratio or total margin amount, so
that the Company can update the operating status of the funds business on a timely basis thus
ensuring the arrangement of proper funds before expiry dates.
Changes in market
prices or fair values of
the invested derivatives
1. Profit/loss from futures hedging contracts incurred during the Report Period was
during the Report
RMB12.4031 million;
Period. Analysis of the
2. Profit/loss from forward forex contracts incurred during the Report Period was
derivative’s fair value
RMB-106.0461 million;
should include the
3. Public quotations in futures market or forward forex quotations announced by Bank of China
specific methods of use
are used in the analysis of the derivatives fair value.
and the relevant
assumptions and
parameters.
Whether significant
changes occurred to the
Company’s accounting
policy and specific
No change
accounting principles of
derivatives in the Report
Period compared to the
previous Report Period
The Company's independent directors are of the view that: the futures hedging business is an
effective instrument for the Company to eliminate price volatility and implement risk prevention
Specific opinion from
measures through enhanced internal controls, thereby improving the operation and
independent directors
management of the Company; the Company's foreign exchange risk management capability
on the Company’s
can be further improved through the forex funds business, so as to maintain and increase the
derivatives investment
value of foreign exchange assets; the abovementioned investment in derivatives can help the
and risk control
Company to fully realize its competitive advantages. Therefore, it is practical for the Company
to carry out derivatives investment business when the risks are controllable.
7. Visits received during the Report Period
√ Applicable □ N/A
Date Type of visit Type of visitor Discussions
Please refer to Investor Relations Activities from
4-21 January 2017 Field research Institution 4 January 2017 to 21 January 2017 on the
website of www.cninfo.com.cn
Please refer to Investor Relations Activities on
20 February 2017 Field research Institution 20 February 2017 on the website of
www.cninfo.com.cn
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
Please refer to Investor Relations Activities from
22-24 February 2017 Field research Institution 22 February 2017 to 24 February 2017 on the
website of www.cninfo.com.cn
Please refer to Investor Relations Activities on
31 March 2017 Field research Institution 31 March 2017 on the website of
www.cninfo.com.cn
8. Irregular provision of guarantees
□ Applicable √ N/A
No such cases in the Report Period.
9. Occupation of the Company’s funds by the controlling shareholder or its related
parties for non-operating purposes
□ Applicable √ N/A
No such cases in the Report Period.
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
Section IV Financial Statements
1. Financial statements
Balance Sheet
Prepared by Midea Group Co., Ltd. Unit:RMB’000
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
Assets
Consolidated Consolidated The Company The Company
Current assets
Cash at bank and
35,292,098 27,169,118 21,079,937 17,135,480
on hand
Derivative financial
280,926 412,813
assets - -
Notes receivable 8,747,847 7,427,488
- -
Accounts
18,026,613 13,454,511
receivable - -
Advances to
2,037,448 1,587,366 26,202 8,252
suppliers
Loans and
10,599,809 10,273,397
advances - -
Dividends
285,916
receivable - - -
Other receivables 1,392,703 1,140,133 14,907,159 12,644,592
Inventories 21,977,297 15,626,897
- -
Other current
47,683,258 43,529,597 26,884,842 24,165,141
assets
Total current
146,037,999 120,621,320 62,898,140 54,239,381
assets
Non-current assets
Available-for-sale
1,773,706 5,187,732 36,868 28,931
financial assets
Long-term accounts
459,520 33,868
receivable - -
Long-term equity
2,266,419 2,211,732 23,572,452 23,058,980
investments
Investment 487,468 494,122 597,821 604,881
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
properties
Fixed assets 22,904,995 21,056,791 946,198 984,666
Construction in
809,709 580,729 501,679 467,053
progress
Intangible assets 16,655,839 6,868,538 235,968 236,083
Goodwill 27,314,731 5,730,995
- -
Long-term prepaid
640,024 625,971 39,579 46,090
expenses
Deferred income
3,639,034 3,030,383 54,655 62,711
tax assets
Other non-current
2,924,943 4,158,530 2,477,000 3,342,000
assets
Total
79,876,388 49,979,391 28,462,220 28,831,395
non-current assets
TOTAL
225,914,387 170,600,711 91,360,360 83,070,776
ASSETS
Legal representative: Fang Hongbo Accounting head for this Report: Xiao Mingguang
Head of the accounting division: Chen Lihong
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
Balance Sheet (Continued)
Prepared by Midea Group Co., Ltd. Unit:RMB’000
Liabilities and Shareholders' 31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
Equity Consolidated Consolidated The Company The Company
Current liabilities
Short-term borrowings
32,139,135 3,024,426 1,600,000
-
Customer deposits and deposits
from banks and other financial 70,836 36,708
- -
institutions
Derivative financial liabilities
156,403 89,838
- -
Notes payable
20,284,017 18,484,939
- -
Accounts payable
32,390,349 25,356,960
- -
Advances from customers
11,831,751 10,252,375
- -
Employee benefits payable 3,351,787 3,154,387 189,115 199,842
Taxes payable 3,571,091 2,364,446 129,327 103,848
Interest payable 97,110 21,343 106,940 76,776
Dividends payable
14,443 105,641
- -
Other payables 1,965,146 1,571,422 60,589,822 54,461,578
Current portion of non-current
162,893 158,545
liabilities - -
Other current liabilities 27,379,037 24,562,970 48,210 140,264
Total current liabilities 133,413,998 89,184,000 62,663,414 54,982,308
Non-current liabilities
Long-term borrowings
4,040,286 2,254,348
- -
Debentures payable
4,796,167 4,818,769
- -
Long-term payables 468,993 366,881
- -
Payables for specific projects
2,500 2,405
- -
Provisions
341,296 325,217
- -
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
Deferred revenue
500,877 502,316
- -
Long-term employee benefits
2,426,373 1,449,954
payable - -
Deferred income tax liabilities
4,608,469 1,831,973
- -
Other non-current liabilities
885,168 888,152
- -
Total non-current liabilities
18,070,129 12,440,015
- -
Total liabilities 151,484,127 101,624,015 62,663,414 54,982,308
Shareholders' equity
Share capital 6,465,677 6,458,767 6,465,677 6,458,767
Capital surplus 13,834,616 13,596,569 5,688,522 5,455,268
Less: treasury stock
- - - -
Other comprehensive income (177,571) 13,125 (22,054) (9,069)
Surplus reserve 2,804,469 2,804,469 2,804,469 2,804,469
General reserve
148,602 148,602
- -
Undistributed profits 42,457,978 38,105,391 13,760,332 13,379,033
Total equity attributable to
shareholders of the parent 65,533,771 61,126,923 28,696,946 28,088,468
company
Minority interests
8,896,489 7,849,773
- -
Total shareholders' equity 74,430,260 68,976,696 28,696,946 28,088,468
TOTAL LIABILITIES AND
225,914,387 170,600,711 91,360,360 83,070,776
SHAREHOLDERS' EQUITY
Legal representative: Fang Hongbo Accounting head for this Report: Xiao Mingguang
Head of the accounting division: Chen Lihong
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
Income Statement
Prepared by Midea Group Co., Ltd. Unit: RMB’000
January-March January-March January-March January-March
Item 2017 2016 2017
Consolidated Consolidated The Company The Company
1. Total revenue 59,988,619 38,599,501 334,192 295,466
Including: Sales revenue 59,755,914 38,341,624 334,192 295,466
Interest income
232,704 255,072
- -
Fee and commission income
1 2,805
- -
2. Total Cost (55,281,140) (33,884,840) (161,996) (131,125)
Including: Cost of sales (44,782,859) (26,906,188) (9,683) (4,792)
Interest expenses
(93,334) (132,167)
- -
Fee and commission expenses
(756) (666)
- -
Taxes and surtaxes (361,767) (276,519) (1,854) (956)
Selling and distribution expenses
(6,820,223) (4,977,071)
- -
General and administrative expenses (3,178,001) (1,662,776) (79,016) (87,582)
Financial expenses – net 183,364 282,083 (70,893) (37,770)
Asset impairment (loss)/reversal (227,564) (211,536) (550) (25)
Add: Gains/(losses) on changes in fair
(168,515) (239,146) 22,673
value -
Investment income 726,487 253,713 289,640 134,422
Including: Share of profit of associates
87,936 81,800 42,380 55,455
and a joint venture
3. Operating profit 5,265,451 4,729,228 461,836 321,436
Add: Non-operating income 387,856 292,676 337
Including: Gains on disposal of
8,743 1,423
non-current assets - -
Less: Non-operating expenses (63,474) (21,506) (1,008) (2,076)
Including: Losses on disposal of
(15,889) (12,537) (88)
non-current assets -
4. Total profit 5,589,833 5,000,398 461,165 320,055
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
Less: Income tax expenses (903,968) (833,631) (79,866) (66,511)
5. Net profit 4,685,865 4,166,767 381,299 253,544
Including: Net profit achieved by
consolidated entities before
- - - -
consolidation
Attributable to shareholders of the
4,352,587 3,907,252 381,299 253,544
parent company
Minority interests
333,278 259,515
- -
6. Other comprehensive income net
(179,644) 648,965 (12,985) (100)
of tax
Attributable to shareholders of the
(190,696) 630,038 (12,985) (100)
parent company
(1) Other comprehensive income items
which will not be reclassified
6,365 - - -
subsequently to profit or loss
1) Changes in net liabilities or assets
with a defined benefit plan upon
6,365 - - -
re-measurement
2) Shares in other comprehensive
incomes in investees that cannot be
reclassified into gains and losses under - - - -
the equity method
(2) Other comprehensive income items
which will be reclassified subsequently (197,061) 630,038 (12,985) (100)
to profit or loss
1) Share of the other comprehensive
income of the investee accounted for
using equity method which will be (18,790) (52,591) (12,985) (100)
reclassified subsequently to profit and
loss
2) Changes in fair value of
(309,321) 549,616
available-for-sale financial assets - -
3) Effective portion of cash flow hedging
gains or losses - - - -
4) Translation of foreign currency
97,869 147,624
financial statements - -
5) Foreign-currency financial statement
33,181 (14,611)
translation difference - -
Attributable to minority shareholders 11,052 18,927
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
- -
7. Total comprehensive income 4,506,221 4,815,732 368,314 253,444
Attributable to shareholders of the
4,161,891 4,537,290 368,314 253,444
parent company
Attributable to minority shareholders
344,330 278,442
- -
8. Earnings per share (Restated)
Basic earnings per share (RMB Yuan) 0.67 0.61 N/A N/A
Diluted earnings per share (RMB Yuan) 0.67 0.61 N/A N/A
Legal representative: Fang Hongbo Accounting head for this Report: Xiao Mingguang
Head of the accounting division: Chen Lihong
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
Cash Flow Statement
Prepared by Midea Group Co., Ltd. Unit: RMB’000
January-March January-March January-March January-March
Item 2017 2016 2017
Consolidated Consolidated The Company The Company
1. Cash flows from operating
activities
Cash received from sales of goods or
47,125,873 32,056,847
rendering of services - -
Net increase in customer deposits and
deposits from banks and other 34,128
- - -
financial institutions
Net decrease in deposits with central
270,547
bank - - -
Cash received from interest, fee and
246,210 257,877
commission - -
Refund of taxes and surtaxes
1,384,056 1,588,785
- -
Cash received relating to other
1,160,334 1,564,570 6,368,959 9,967,594
operating activities
Sub-total of cash inflows 49,950,601 35,738,626 6,368,959 9,967,594
Cash paid for goods and services
(26,421,269) (17,512,729)
- -
Net decrease in customer deposits
and deposits from banks and other (19,252)
- - -
financial institutions
Net increase in loans and advances
(349,405) (1,779,265)
- -
Net increase in deposits with central
(317,043)
bank - - -
Cash paid for interest, fee and
(94,090) (132,833)
commission - -
Cash paid to and on behalf of
(6,338,017) (3,254,369) (12,672) (17,997)
employees
Payments of taxes and surtaxes (2,729,906) (2,003,485) (35,399) (26,836)
Cash paid relating to other operating
(6,692,300) (4,441,669) (2,466,800) (3,830,862)
activities
Sub-total of cash outflows (42,942,030) (29,143,602) (2,514,871) (3,875,695)
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
Net cash flows from operating
7,008,571 6,595,024 3,854,088 6,091,899
activities
2. Cash flows from investing
activities
Cash received from withdrawal of
26,720,523 16,846,496 17,024,406 9,282,040
investments
Cash received from returns on
490,466 406,105 654,204 556,038
investments
Net cash received from disposal of
fixed assets, intangible assets and 13,902 2,987 12,049
-
other long-term assets
Net cash received from disposal of
subsidiaries and other business units - - - -
Cash received relating to other
investing activities - - - -
Sub-total of cash inflows 27,224,891 17,255,588 17,690,659 9,838,078
Cash paid to acquire fixed assets,
intangible assets and other long-term (510,405) (484,331) (36,702) (148,301)
assets
Cash paid to acquire investments (28,410,748) (26,331,517) (22,291,936) (14,046,586)
Net cash paid to acquire subsidiaries
(25,213,227)
and other business units - - -
Cash paid to other investment
activities - - - -
Sub-total of cash outflows (54,134,380) (26,815,848) (22,328,638) (14,194,887)
Net cash flows from investing
(26,909,489) (9,560,260) (4,637,979) (4,356,809)
activities
3. Cash flows from financing
activities
Cash received from capital
161,107 161,107
contributions 19,234 19,234
Including: Cash received from capital
contributions by minority shareholders
- - - -
of subsidiaries
Cash received from borrowings
29,829,202 7,773,335 1,600,000
500,000
Cash received from commercial paper
issued - - - -
Cash received relating to other
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
financing activities - - - -
Sub-total of cash inflows 29,990,309 7,792,569 1,761,107 519,234
Cash repayments of borrowings
(1,153,671) (2,847,658) (1,290,000)
-
Cash repayments of commercial
paper - - - -
Cash payments for interest expenses
(189,407) (142,443) (125,351) (261,178)
and distribution of dividends or profits
Including: Cash payments for
dividends or profit to minority (91,200) (106,543)
- -
shareholders of subsidiaries
Cash payments to other financing
(95,375)
activities - - -
Sub-total of cash outflows (1,438,453) (2,990,101) (125,351) (1,551,178)
Net cash flows from financing
28,551,856 4,802,468 1,635,756 (1,031,944)
activities
4. Effect of foreign exchange rate
changes on cash and cash 48,314 (2,347)
- -
equivalents
5. Net decrease in cash and cash
8,699,252 1,834,885 851,865 703,146
equivalents
Add: Opening cash and cash
12,513,730 5,187,317 8,174,915 6,245,008
equivalents
6. Closing cash and cash
21,212,982 7,022,202 9,026,780 6,948,154
equivalents
Legal representative: Fang Hongbo Accounting head for this Report: Xiao Mingguang
Head of the accounting division: Chen Lihong
Interim Report for the First Quarter 2017 of Midea Group Co., Ltd.
2. Auditor’s report
Is this Report audited by a CPAs firm?
□ Yes √ No
This Report is un-audited by a CPAs firm.
Midea Group Co., Ltd.
Legal Representative: Fang Hongbo
29 April 2017 | 美的集团：2017年第一季度报告全文（英文版） （下载公告） |
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| 公告日期:2017-05-03 |
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| 附件：公告原文 |
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