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粤照明B:2019年第一季度报告全文(英文版) 下载公告
公告日期:2019-04-26

Foshan Electrical and Lighting Co., Ltd. First Quarter Report 2019

FOSHAN ELECTRICAL AND LIGHTING CO., LTD.

FIRST QUARTER REPORT 2019

April 2019

Foshan Electrical and Lighting Co., Ltd. First Quarter Report 2019

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 and its summary have been prepared in both Chinese and English. Should therebe any discrepancies or misunderstandings between the two versions, the Chinese versionsshall prevail.

Part II Key Corporate Information

I Key Financial Information

Indicate by tick mark whether there is any retrospectively restated datum in the table below.□ Yes √ No

Q1 2019Q1 2018Change (%)
Operating revenue (RMB)889,232,750.521,123,376,512.26-20.84%
Net profit attributable to the listed company’s shareholders (RMB)86,659,035.1896,552,712.99-10.25%
Net profit attributable to the listed company’s shareholders before exceptional items (RMB)74,681,526.8496,033,861.87-22.23%
Net cash flows from operating activities (RMB)29,966,955.13124,450,627.91-75.92%
Basic earnings per share (RMB/share)0.06190.0690-10.29%
Diluted earnings per share (RMB/share)0.06190.0690-10.29%
Weighted average return on equity (%)1.82%2.00%-0.18%
31 March 201931 December 2018Change (%)
Total assets (RMB)5,799,151,823.185,588,166,699.303.78%
Equity attributable to the listed company’s shareholders (RMB)4,645,187,669.604,319,259,418.467.55%

Exceptional gains and losses:

√ Applicable □ Not applicable

Unit: RMB

ItemQ1 2019Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs)-630.50
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)163,829.98
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 and13,927,800.00Investment income received from selling the equities of Chengdu Hongbo Industry Co., Ltd in the
liabilities and derivative financial assets and liabilities, and other creditors’ investment (exclusive of effective portion of hedges that arise in the Company’s ordinary course of business)Reporting Period
Non-operating income and expense other than above20,201.65
Less: Income tax effects2,130,749.24
Non-controlling interests effects (net of tax)2,943.55
Total11,977,508.34--

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 applicableNo such cases for the Reporting Period.

II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2019

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-end88,597Number of preferred shareholders with resumed voting rights at the period-end (if any)0
Top 10 shareholders
Name of shareholderNature of shareholderShareholding percentageTotal shares heldRestricted shares heldShares in pledge or frozen
StatusShares
Hong Kong Wah Shing Holding Company LimitedForeign legal person13.47%188,496,430In pledge92,363,251
Prosperity Lamps & Components LimitedForeign legal person10.50%146,934,857
Shenzhen Rising Investment Development Co., Ltd.State-owned legal person5.12%71,696,136In pledge35,800,000
Guangdong Electronics Information Industry Group Ltd.State-owned legal person4.74%66,393,501In pledge32,532,815
Central Huijin Asset Management Co., Ltd.State-owned legal person2.42%33,878,900
Essence International Securities (Hong Kong) Co., Ltd.Foreign legal person2.10%29,332,186
Hong Kong Rising Investment Development Co., Ltd.Foreign legal person1.82%25,482,252
DBS Vickers (Hong Kong) Ltd A/C ClientsForeign legal person1.58%22,102,137
China Merchants Securities (Hong Kong) Co., LtdForeign legal person0.88%12,338,236
Zhuang JianyiForeign natural person0.85%11,903,5098,927,632
Top 10 unrestricted shareholders
Name of shareholderUnrestricted shares heldShares by type
TypeShares
Hong Kong Wah Shing Holding Company Limited188,496,430RMB-denominated ordinary stock188,496,430
Prosperity Lamps & Components Limited146,934,857RMB-denominated ordinary stock146,934,857
Shenzhen Rising Investment Development Co., Ltd.71,696,136RMB-denominated ordinary stock71,696,136
Guangdong Electronics Information Industry Group Ltd.66,393,501RMB-denominated ordinary stock66,393,501
Central Huijin Asset Management Co., Ltd.33,878,900RMB-denominated ordinary stock33,878,900
Essence International Securities (Hong Kong) Co., Ltd.29,332,186Domestically listed foreign stock29,332,186
Hong Kong Rising Investment Development Co., Ltd.25,482,252Domestically listed foreign stock25,482,252
DBS Vickers (Hong Kong) Ltd A/C Clients22,102,137Domestically listed foreign stock22,102,137
China Merchants Securities (Hong Kong) Co., Ltd12,338,236Domestically listed foreign stock12,338,236
Shenzhen Xingsen Asset Management Co., Ltd—Phase II Private Fund of Xingsen8,633,126RMB-denominated ordinary stock8,633,126
Related or acting-in-concert parties among the shareholders aboveAmong the top 10 shareholders, Hong Kong Wah Shing Holding Company Limited, Shenzhen Rising Investment Development Co., Ltd., Guangdong Electronics Information Industry Group Ltd. and Hong Kong Rising Investment Development 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)Among the top 10 unrestricted shareholders, shareholder Shenzhen Xingsen Asset Management Co., Ltd—Phase II Private Fund of Xingsen holds 57,250 shares through common securities account, and holds 8,575,876 shares through an account of collateral securities for margin trading, where the total shares is 8,633,126.

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 √ NoNo such cases in the Reporting Period.2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them□ Applicable √ Not applicable

Part III Significant Events

I Changes in Key Financial Statement Line Items and Explanation of why

√ Applicable □ Not applicable

Unit: RMB

Item31 March 2019/Q1 2019Q1 2018/31 December 2018Change (%)Explanation of why
Available-for-sale financial assets897,716,590.20-100.00%The transfer of certain available-for-sale financial assets to investments in other equity instruments according to the new accounting standards governing financial instruments issued in the Reporting Period
Investments in other equity instruments1,173,231,806.05N/A
Trading financial liabilities99,400.00N/AThe transfer of certain financial liabilities at fair value through profit or loss to trading financial liabilities according to the new accounting standards governing financial instruments issued in the Reporting Period
Financial liabilities at fair value through profit or loss477,200.00-100.00%
Payroll payable66,724,183.8396,088,621.59-30.56%The payment in the current period of the year-end bonuses of last year to the employees
Deferred income tax liabilities94,757,791.3752,530,509.0080.39%The rise in the fair value of the Company’s shareholdings in other companies in the current period
Other comprehensive income536,937,088.76297,667,872.8080.38%The rise in the fair value of the Company’s shareholdings in other companies in the current period
Administrative expense32,701,258.0848,496,349.98-32.57%A smaller amount of salary provision as a result of lower revenue
R&D expense14,375,055.487,920,976.2481.48%A greater R&D investment
Asset impairment loss2,181,356.176,299,423.27-65.37%A smaller amount of allowances for doubtful accounts
Return on investment20,086,440.567,509,169.19167.49%Income from the sale of the Company’s equity interests in Chengdu Hongbo Industrial Co., Ltd. in the current period
Other income146,400.00355,982.00-58.87%A smaller amount of government subsidies received in the Company’s

ordinary course of businessNon-operating income

Non-operating income207,409.53692,142.62-70.03%A smaller amount of government subsidies not related to the Company’s operating activities
Non-operating expense24,008.4072,651.12-66.95%The payment of miscellaneous compensations in the same period of last year
Net profit attributable to non-controlling interests-202,588.072,600,282.32-107.79%A smaller amount of profits of non-wholly-owned subsidiaries
Other comprehensive income, net of tax239,269,215.96-9,187,456.232704.30%A rise in the fair value of investments in other equity instruments
Changes in the fair value of investments in other equity instruments239,287,933.48N/AThe transfer of certain available-for-sale financial assets to investments in other equity instruments according to the new accounting standards governing financial instruments issued in the Reporting Period, with the changes in the related fair value recorded into the changes in the fair value of investments in other equity instruments
Gain/Loss on changes in the fair value of available-for-sale financial assets-9,186,346.21100.00%
Differences arising from the translation of foreign currency-denominated financial statements-18,717.52-1,110.02-1586.23%The appreciation of euro against Renminbi
Total comprehensive income325,725,663.0789,965,539.08262.06%A rise in the fair value of investments in other equity instruments
Total comprehensive income attributable to owners of the Company as the parent325,928,251.1487,365,256.76273.06%
Net cash flows from operating activities29,966,955.13124,450,627.91-75.92%Mature bank acceptance bills were honored in the current period
Net cash flows from investing activities59,745,391.61-54,668,249.60209.29%A higher amount of proceeds from disinvestment and a smaller amount of payments for the acquisition of fixed assets
Net increase in cash and cash equivalents87,083,045.1766,459,645.2631.03%Increase in net cash flows from investing activities

II Progress, Influence and Solutions with regard to Significant Events

√ Applicable □ Not applicable1. The Company held the 26

th

Meeting of the 8

th

Board of Directors on 7 September 2018, on which the Proposal

on Cancellation of Wholly-owned Subsidiary was reviewed and approved. The cancellation of the wholly-ownedsubsidiary Guangdong FSL Financing Lease Co., Ltd. was agreed by the board of directors. The cancellationregistration procedure of Guangdong FSL Financing Lease Co., Ltd. has been completed on 26 March 2019.2. The Company held the 28

th

Meeting of the 8

th

Board of Directors on 7 March 2019, on which the Proposal onTransfer of Shares in Chengdu Hongbo Industrial Co., Ltd. was reviewed and approved. The transfer of 6.94% ofshares held by the Company in Chengdu Hongbo Industrial Co., Ltd. at the price of RMB19.55 million wasagreed by the board of directors. As of the period-end, the Company has received the share transfer payment andcompleted the share transfer registration procedure.

Summary of the significant eventDisclosure dateIndex to the related announcement
Cancellation of wholly-owned subsidiary Guangdong FSL Financing Lease Co., Ltd.2 April 2019www.cninfo.com.cn
Transfer of shares of Chengdu Hongbo Industrial Co., Ltd.8 March 2019www.cninfo.com.cn

Progress of any share repurchase:

□ Applicable √ Not applicableProgress 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 applicableNo such cases in the Reporting Period.

IV Operating Performance Forecast for H1 2019

Warning of a forecast loss on or a forecast significant year-on-year change in the net profit of H1 2019, as well asexplanation of why:

□ Applicable √ Not applicable

V Securities Investments

□ Applicable √ Not applicableNo such cases in the Reporting Period.

VI Investments in Derivative Financial Instruments

√ Applicable □ Not applicable

Unit: USD’0,000

Operating partyRelationship with the CompanyRelated-party transaction or notType of derivativeInitial investment amountBeginning dateEnding dateBeginning investmentPurchased in Reporting PeriodSold in Reporting PeriodImpairment allowance (if any)Ending investmentEnding investment as % of the Company’s ending net assetsActual gain/loss in Reporting Period
Foshan branch of China Construction BankNot relatedNotForward forex settlement portfolio1,20012 July 201814 January 201920020000.00%-1.81
Foshan branch of the Agricultural Bank of ChinaNot relatedNotForward forex settlement portfolio1,2002 August 20181 February 201940040000.00%-0.14
Foshan branch of Guangzhou Rural Commercial BankNot relatedNotOrdinary forward forex settlement60022 March 201912 June 20196006000.87%-1.48
Total3,000----6006006006000.87%-3.43
Funding sourceAll 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 should1. The Company has invested various derivatives including Forward Exchange Settlement 3+3 Portfolio. This product portfolio is superior to other ordinary forward settlement products during the same period. The first three sessions of vesting conditions of this
include measurement method and related assumptions and parameters)portfolio are: the spot exchange rate at maturity is lower than the agreed front-end exchange rate, and the exchange settlement shall be carried out based on the agreed front-end exchange rate; if the spot exchange rate at maturity is higher than the agreed front-end exchange rate, the Company can choose not to settle the exchange or choose to settle the exchange based on the spot exchange rate at maturity. The back-end three sessions of vesting conditions are: the spot exchange rate at maturity is lower than the agreed back-end exchange rate, and the Company can choose not to settle the exchange or choose to settle the exchange based on the spot exchange rate at maturity; if the spot exchange rate at maturity is higher than the agreed back-end exchange rate, the exchange settlement shall be carried out based on the agreed back-end exchange rate. At present, in terms of Forward Exchange Settlement 3+3 Portfolio purchased by the Company, the spot exchange rates at maturity are all higher than the agreed front-end exchange rates, and the Company chooses not to exercise the right. Therefore, the product’s fair value has not changed. 2. 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 periodN/A
Opinion of independent directors on derivative investments and risk controlThe 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

DateWay of communicationType of communication partyIndex to main information communicated
21 February 2019By one-on-one meetingInstitutionCninf-Interactive-Investor Relations
19 March 2019By one-on-one meetingInstitutionCninf-Interactive-Investor Relations

VIII Irregularities in the Provision of Guarantees

□ Applicable √ Not applicableNo 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 applicableNo such cases in the Reporting Period.

Part IV Financial Statements

I Financial Statements

1. Consolidated Balance Sheet

Prepared by Foshan Electrical and Lighting Co., Ltd.

31 March 2019

Unit: RMB

Item31 March 201931 December 2018
Current assets:
Monetary capital950,691,746.55896,646,719.87
Settlement reserve
Interbank loans granted
Trading financial assets
Financial assets at fair value through profit or loss
Derivative financial assets
Notes and accounts receivable982,213,059.72941,927,209.55
Including: Notes receivable135,080,457.47107,506,613.50
Accounts receivable847,132,602.25834,420,596.05
Prepayments17,021,181.8413,811,905.18
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables21,802,949.6521,745,690.53
Including: Interest receivable6,320,543.455,152,364.04
Dividends receivable
Financial assets purchased under resale agreements
Inventories659,861,575.74767,319,599.00
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets815,531,430.50864,093,663.30
Total current assets3,447,121,944.003,505,544,787.43
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Available-for-sale financial assets897,716,590.20
Investments in other debt obligations
Held-to-maturity investments
Long-term receivables
Long-term equity investments182,458,559.69182,458,559.69
Investments in other equity instruments1,173,231,806.05
Other non-current financial assets
Investment property
Fixed assets508,352,567.33512,106,912.39
Construction in progress227,866,204.56224,624,447.16
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets171,618,097.10172,725,277.21
R&D expense
Goodwill
Long-term prepaid expense7,994,885.246,852,985.35
Deferred income tax assets33,010,063.7937,831,704.45
Other non-current assets47,497,695.4248,305,435.42
Total non-current assets2,352,029,879.182,082,621,911.87
Total assets5,799,151,823.185,588,166,699.30
Current liabilities:
Short-term borrowings
Borrowings from central bank
Interbank loans obtained
Trading financial liabilities99,400.00
Financial liabilities at fair value through profit or loss477,200.00
Derivative financial liabilities
Notes and accounts payable855,258,604.84985,280,820.92
Advances from customers42,765,323.3743,850,788.04
Financial assets sold under repurchase agreements
Customer deposits and interbank deposits
Payables for acting trading of securities
Payables for underwriting of securities
Payroll payable66,724,183.8396,088,621.59
Taxes payable28,039,849.0025,354,466.37
Other payables44,350,475.9843,115,011.68
Including: Interest payable
Dividends payable
Handling charges and commissions payable
Reinsurance payables
Contractual liabilities
Liabilities directly associated with assets classified as held for sale
Current portion of non-current liabilities
Other current liabilities
Total current liabilities1,037,237,837.021,194,166,908.60
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 income116,250.33155,000.31
Deferred income tax liabilities94,757,791.3752,530,509.00
Other non-current liabilities
Total non-current liabilities94,874,041.7052,685,509.31
Total liabilities1,132,111,878.721,246,852,417.91
Owners’ equity:
Share capital1,399,346,154.001,399,346,154.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves158,608,173.07158,608,173.07
Less: Treasury stock
Other comprehensive income536,937,088.76297,667,872.80
Specific reserve
Surplus reserves809,456,186.20809,456,186.20
General reserve
Retained earnings1,740,840,067.571,654,181,032.39
Total equity attributable to owners of the Company as the parent4,645,187,669.604,319,259,418.46
Non-controlling interests21,852,274.8622,054,862.93
Total owners’ equity4,667,039,944.464,341,314,281.39
Total liabilities and owners’ equity5,799,151,823.185,588,166,699.30

Legal representative: He Yong General manager: Liu Xingming Chief Financial Officer: Tang Qionglan

2. Balance Sheet of the Company as the Parent

Unit: RMB

Item31 March 201931 December 2018
Current assets:
Monetary capital897,564,675.93848,949,693.91
Trading financial assets
Financial assets at fair value through profit or loss
Derivative financial assets
Notes and accounts receivable946,084,406.78900,843,331.26
Including: Notes receivable133,737,856.97104,945,398.61
Accounts receivable812,346,549.81795,897,932.65
Prepayments27,314,944.0625,444,445.34
Other receivables52,583,961.8643,538,848.72
Including: Interest receivable6,320,543.455,152,364.04
Dividends receivable
Inventories602,250,378.73692,681,479.03
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets809,274,492.71856,504,839.81
Total current assets3,335,072,860.073,367,962,638.07
Non-current assets:
Investments in debt obligations
Available-for-sale financial assets897,716,590.20
Investments in other debt obligations
Held-to-maturity investments
Long-term receivables
Long-term equity investments466,251,661.95466,251,661.95
Investments in other equity instruments1,173,231,806.05
Other non-current financial assets
Investment property
Fixed assets426,146,813.45427,947,613.74
Construction in progress226,183,855.03222,570,503.14
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets128,432,316.98129,452,067.42
R&D expense
Goodwill
Long-term prepaid expense6,475,878.825,106,268.25
Deferred income tax assets31,042,289.3335,908,741.15
Other non-current assets46,110,695.4246,852,235.42
Total non-current assets2,503,875,317.032,231,805,681.27
Total assets5,838,948,177.105,599,768,319.34
Current liabilities:
Short-term borrowings
Trading financial liabilities99,400.00
Financial liabilities at fair value through profit or loss477,200.00
Derivative financial liabilities
Notes and accounts payable1,027,536,865.541,134,173,851.66
Advances from customers39,780,260.6541,912,301.85
Contractual liabilities
Payroll payable54,321,859.4284,220,746.16
Taxes payable20,363,003.0517,528,644.83
Other payables127,660,528.13114,073,355.23
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 liabilities1,269,761,916.791,392,386,099.73
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 liabilities94,757,791.3752,530,509.00
Other non-current liabilities
Total non-current liabilities94,757,791.3752,530,509.00
Total liabilities1,364,519,708.161,444,916,608.73
Owners’ equity:
Share capital1,399,346,154.001,399,346,154.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves166,211,779.15166,211,779.15
Less: Treasury stock
Other comprehensive income536,960,817.82297,672,884.34
Specific reserve
Surplus reserves809,456,186.20809,456,186.20
Retained earnings1,562,453,531.771,482,164,706.92
Total owners’ equity4,474,428,468.944,154,851,710.61
Total liabilities and owners’ equity5,838,948,177.105,599,768,319.34

Legal representative: He Yong General manager: Liu Xingming Chief Financial Officer: Tang Qionglan

3. Consolidated Income Statement

Unit: RMB

ItemQ1 2019Q1 2018
1. Revenue889,232,750.521,123,376,512.26
Including: Operating revenue889,232,750.521,123,376,512.26
Interest income
Premium income
Handling charge and commission income
2. Costs and expenses807,336,382.301,012,171,251.73
Including: Cost of sales686,392,508.53874,409,768.15
Interest expense
Handling charge and commission expense
Surrenders
Net claims paid
Net amount provided as insurance contract reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and surcharges10,992,127.9414,410,687.99
Selling expense56,726,445.4155,410,407.71
Administrative expense32,701,258.0848,496,349.98
R&D expense14,375,055.487,920,976.24
Finance costs3,967,630.695,223,638.39
Including: Interest expense
Interest income4,993,925.502,238,215.91
Asset impairment loss2,181,356.176,299,423.27
Credit impairment loss
Add: Other income146,400.00355,982.00
Return on investment (“-” for loss)20,086,440.567,509,169.19
Including: Share of profit or loss of joint ventures and associates-316,136.14
Foreign exchange gain (“-” for loss)
Net gain on exposure hedges (“-” for loss)
Gain on changes in fair value (“-” for loss)377,800.00
Asset disposal income (“-” for loss)
3. Operating profit (“-” for loss)102,507,008.78119,070,411.72
Add: Non-operating income207,409.53692,142.62
Less: Non-operating expense24,008.4072,651.12
4. Profit before tax (“-” for loss)102,690,409.91119,689,903.22
Less: Income tax expense16,233,962.8020,536,907.91
5. Net profit (“-” for net loss)86,456,447.1199,152,995.31
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net loss)86,456,447.1199,152,995.31
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 parent86,659,035.1896,552,712.99
5.2.1 Net profit attributable to non-controlling interests-202,588.072,600,282.32
6. Other comprehensive income, net of tax239,269,215.96-9,187,456.23
Attributable to owners of the Company as the parent239,269,215.96-9,187,456.23
6.1 Items that will not be reclassified to profit or loss239,287,933.48
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 instruments239,287,933.48
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-18,717.52-9,187,456.23
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 Gain/Loss on changes in the fair value of available-for-sale financial assets-9,186,346.21
6.2.4 Other comprehensive income arising from the reclassification of financial assets
6.2.5 Gain/Loss arising from the reclassification of held-to-maturity investments to available-for-sale financial assets
6.2.6 Allowance for credit impairments in investments in other debt obligations
6.2.7 Reserve for cash flow hedges
6.2.8 Differences arising from the translation of foreign currency-denominated financial statements-18,717.52-1,110.02
6.2.9 Other
Attributable to non-controlling interests
7. Total comprehensive income325,725,663.0789,965,539.08
Attributable to owners of the Company as the parent325,928,251.1487,365,256.76
Attributable to non-controlling interests-202,588.072,600,282.32
8. Earnings per share
8.1 Basic earnings per share0.06190.0690
8.2 Diluted earnings per share0.06190.0690

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

ItemQ1 2019Q1 2018
1. Operating revenue852,343,699.731,067,787,968.82
Less: Cost of sales670,506,168.18858,449,485.00
Taxes and surcharges9,152,146.6012,057,313.68
Selling expense51,507,913.4648,345,146.83
Administrative expense28,180,888.7843,861,856.58
R&D expense14,051,923.398,015,732.18
Finance costs4,084,122.705,409,152.86
Including: Interest expense
Interest income4,878,769.662,043,799.05
Asset impairment loss1,386,674.745,508,500.39
Credit impairment loss
Add: Other income146,400.00355,982.00
Return on investment (“-” for loss)20,416,668.765,613,752.53
Including: Share of profit or loss of joint ventures and associates-316,136.14
Net gain on exposure hedges (“-” for loss)
Gain on changes in fair value (“-” for loss)377,800.00
Asset disposal income (“-” for loss)
2. Operating profit (“-” for loss)94,414,730.6492,110,515.83
Add: Non-operating income53,128.97645,474.35
Less: Non-operating expense10,418.6272,650.61
3. Profit before tax (“-” for loss)94,457,440.9992,683,339.57
Less: Income tax expense14,168,616.1413,949,921.35
4. Net profit (“-” for net loss)80,288,824.8578,733,418.22
4.1 Net profit from continuing operations (“-” for net loss)80,288,824.8578,733,418.22
4.2 Net profit from discontinued operations (“-” for net loss)
5. Other comprehensive income, net of tax239,287,933.48-9,186,346.21
5.1 Items that will not be reclassified to profit or loss239,287,933.48
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 instruments239,287,933.48
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-9,186,346.21
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 Gain/Loss on changes in the fair value of available-for-sale financial assets-9,186,346.21
5.2.4 Other comprehensive income arising from the reclassification of financial assets
5.2.5 Gain/Loss arising from the reclassification of held-to-maturity investments to available-for-sale financial assets
5.2.6 Allowance for credit impairments in investments in other debt obligations
5.2.7 Reserve for cash flow hedges
5.2.8 Differences arising from the translation of foreign currency-denominated financial statements
5.2.9 Other
6. Total comprehensive income319,576,758.3369,547,072.01
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

ItemQ1 2019Q1 2018
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services860,544,423.63888,818,669.95
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
Net increase in proceeds from disposal of financial assets at fair value through profit or loss
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 rebates25,748,584.5314,547,468.34
Cash generated from other operating activities17,661,656.4128,140,908.49
Subtotal of cash generated from operating activities903,954,664.57931,507,046.78
Payments for commodities and services610,047,969.13520,963,882.48
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 financial assets held for trading purposes
Net increase in interbank loans granted
Interest, handling charges and commissions paid
Policy dividends paid
Cash paid to and for employees173,108,110.24181,134,694.05
Taxes paid37,615,521.9453,369,965.83
Cash used in other operating activities53,216,108.1351,587,876.51
Subtotal of cash used in operating activities873,987,709.44807,056,418.87
Net cash generated from/used in operating activities29,966,955.13124,450,627.91
2. Cash flows from investing activities:
Proceeds from disinvestment51,000,000.0010,000,000.00
Return on investment21,535,662.0810,035,191.59
Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets
Net proceeds from the disposal of subsidiaries and other business units
Cash generated from other investing activities
Subtotal of cash generated from investing activities72,535,662.0820,035,191.59
Payments for the acquisition of fixed assets, intangible assets and other long-lived assets12,790,270.4774,703,441.19
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 activities12,790,270.4774,703,441.19
Net cash generated from/used in59,745,391.61-54,668,249.60
investing activities
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by non-controlling interests to subsidiaries
Borrowings obtained
Net proceeds from the issuance of bonds
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-2,629,301.57-3,322,733.05
5. Net increase in cash and cash equivalents87,083,045.1766,459,645.26
Add: Cash and cash equivalents, beginning of the period795,285,756.38570,184,208.96
6. Cash and cash equivalents, end of the period882,368,801.55636,643,854.22

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

ItemQ1 2019Q1 2018
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services828,912,698.12852,348,438.77
Tax rebates25,745,430.0814,547,468.34
Cash generated from other operating activities13,446,529.1921,047,144.75
Subtotal of cash generated from operating activities868,104,657.39887,943,051.86
Payments for commodities and services636,614,939.04595,935,971.69
Cash paid to and for employees133,856,759.29112,947,808.95
Taxes paid24,163,638.6228,100,581.05
Cash used in other operating activities49,548,623.7844,022,548.07
Subtotal of cash used in operating activities844,183,960.73781,006,909.76
Net cash generated from/used in operating activities23,920,696.66106,936,142.10
2. Cash flows from investing activities:
Proceeds from disinvestment51,000,000.0010,000,000.00
Return on investment21,865,890.2810,035,191.59
Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets
Net proceeds from the disposal of subsidiaries and other business units
Cash generated from other investing activities
Subtotal of cash generated from investing activities72,865,890.2820,035,191.59
Payments for the acquisition of fixed assets, intangible assets and other long-lived assets12,531,880.4772,690,980.48
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 activities12,531,880.4772,690,980.48
Net cash generated from/used in investing activities60,334,009.81-52,655,788.89
3. Cash flows from financing activities:
Capital contributions received
Borrowings obtained
Net proceeds from the issuance of bonds
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-2,601,705.96-3,321,626.93
5. Net increase in cash and cash equivalents81,653,000.5150,958,726.28
Add: Cash and cash equivalents, beginning of the period747,588,730.42502,169,100.40
6. Cash and cash equivalents, end of the period829,241,730.93553,127,826.68

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 Financial Instruments, Revenue or Leases√ Applicable □ Not applicable

Consolidated balance sheet

Unit: RMB

Item31 December 20181 January 2019Adjustment
Current assets:
Monetary capital896,646,719.87896,646,719.87
Trading financial assetsN/A6,000,000.006,000,000.00
Notes and accounts receivable941,927,209.55941,927,209.55
Including: Notes receivable107,506,613.50107,506,613.50
Accounts receivable834,420,596.05834,420,596.05
Prepayments13,811,905.1813,811,905.18
Other receivables21,745,690.5321,745,690.53
Including: Interest receivable5,152,364.045,152,364.04
Inventories767,319,599.00767,319,599.00
Other current assets864,093,663.30864,093,663.30
Total current assets3,505,544,787.433,511,544,787.436,000,000.00
Non-current assets:
Available-for-sale financial assets897,716,590.20N/A-897,716,590.20
Long-term equity investments182,458,559.69182,458,559.69
Investments in other equity instrumentsN/A891,716,590.20891,716,590.20
Fixed assets512,106,912.39512,106,912.39
Construction in progress224,624,447.16224,624,447.16
Intangible assets172,725,277.21172,725,277.21
Long-term prepaid expense6,852,985.356,852,985.35
Deferred income tax assets37,831,704.4537,831,704.45
Other non-current assets48,305,435.4248,305,435.42
Total non-current assets2,082,621,911.872,076,621,911.87-6,000,000.00
Total assets5,588,166,699.305,588,166,699.30
Current liabilities:
Trading financial liabilitiesN/A477,200.00477,200.00
Financial liabilities at fair value through profit or loss477,200.00N/A-477,200.00
Notes and accounts payable985,280,820.92985,280,820.92
Advances from customers43,850,788.0443,850,788.04
Payroll payable96,088,621.5996,088,621.59
Taxes payable25,354,466.3725,354,466.37
Other payables43,115,011.6843,115,011.68
Total current liabilities1,194,166,908.601,194,166,908.60
Non-current liabilities:
Deferred income155,000.31155,000.31
Deferred income tax liabilities52,530,509.0052,530,509.00
Total non-current liabilities52,685,509.3152,685,509.31
Total liabilities1,246,852,417.911,246,852,417.91
Owners’ equity:
Share capital1,399,346,154.001,399,346,154.00
Capital reserves158,608,173.07158,608,173.07
Other comprehensive income297,667,872.80297,667,872.80
Surplus reserves809,456,186.20809,456,186.20
Retained earnings1,654,181,032.391,654,181,032.39
Total equity attributable to owners of the Company as the parent4,319,259,418.464,319,259,418.46
Non-controlling interests22,054,862.9322,054,862.93
Total owners’ equity4,341,314,281.394,341,314,281.39
Total liabilities and owners’ equity5,588,166,699.305,588,166,699.30

Notes to the adjustmentThe Ministry of Finance enacted the revised Accounting Standards for Business Enterprises No. 22-Recognition and Measurement ofFinancial Instruments (CK [2017] No. 7), Accounting Standards for Business Enterprises No. 23-Transfer of Financial Assets (CK[2017] No. 8), Accounting Standards for Business Enterprises No. 24-Hedge Accounting (CK [2017] No. 9) and AccountingStandards for Business Enterprises No. 37-Presentation of Financial Instruments (CK [2017] No. 14) in 2017. The Company starts tocarry out above new financial accounting standards since 1 January 2019. In line with the convergence regulation, the information ofcomparative period is unnecessary to be adjusted and for the difference with former standards when the new standards are carried outon the first day, the beginning retained earnings and other comprehensive income for the Reporting Period shall be retroactivelyadjusted.Those originally recorded into “available-for-sale financial assets” are currently recorded into “trading financial assets” and“investments in other equity instruments”; those originally recorded into “Financial liabilities at fair value through profit or loss” arecurrently recorded into “trading financial liabilities”.

Balance sheet of the Company as the parent

Unit: RMB

Item31 December 20181 January 2019Adjustment
Current assets:
Monetary capital848,949,693.91848,949,693.91
Trading financial assetsN/A6,000,000.006,000,000.00
Notes and accounts receivable900,843,331.26900,843,331.26
Including: Notes receivable104,945,398.61104,945,398.61
Accounts receivable795,897,932.65795,897,932.65
Prepayments25,444,445.3425,444,445.34
Other receivables43,538,848.7243,538,848.72
Including: Interest receivable5,152,364.045,152,364.04
Inventories692,681,479.03692,681,479.03
Other current assets856,504,839.81856,504,839.81
Total current assets3,367,962,638.073,373,962,638.076,000,000.00
Non-current assets:
Available-for-sale financial assets897,716,590.20N/A-897,716,590.20
Long-term equity investments466,251,661.95466,251,661.95
Investments in other equity instrumentsN/A891,716,590.20891,716,590.20
Fixed assets427,947,613.74427,947,613.74
Construction in progress222,570,503.14222,570,503.14
Intangible assets129,452,067.42129,452,067.42
Long-term prepaid expense5,106,268.255,106,268.25
Deferred income tax assets35,908,741.1535,908,741.15
Other non-current assets46,852,235.4246,852,235.42
Total non-current assets2,231,805,681.272,225,805,681.27-6,000,000.00
Total assets5,599,768,319.345,599,768,319.34
Current liabilities:
Trading financial liabilitiesN/A477,200.00477,200.00
Financial liabilities at fair value through profit or loss477,200.00N/A-477,200.00
Notes and accounts payable1,134,173,851.661,134,173,851.66
Advances from customers41,912,301.8541,912,301.85
Payroll payable84,220,746.1684,220,746.16
Taxes payable17,528,644.8317,528,644.83
Other payables114,073,355.23114,073,355.23
Total current liabilities1,392,386,099.731,392,386,099.73
Non-current liabilities:
Deferred income tax liabilities52,530,509.0052,530,509.00
Total non-current liabilities52,530,509.0052,530,509.00
Total liabilities1,444,916,608.731,444,916,608.73
Owners’ equity:
Share capital1,399,346,154.001,399,346,154.00
Capital reserves166,211,779.15166,211,779.15
Other comprehensive income297,672,884.34297,672,884.34
Surplus reserves809,456,186.20809,456,186.20
Retained earnings1,482,164,706.921,482,164,706.92
Total owners’ equity4,154,851,710.614,154,851,710.61
Total liabilities and owners’ equity5,599,768,319.345,599,768,319.34

Notes to the adjustmentThe Ministry of Finance enacted the revised Accounting Standards for Business Enterprises No. 22-Recognition and Measurement ofFinancial Instruments (CK [2017] No. 7), Accounting Standards for Business Enterprises No. 23-Transfer of Financial Assets (CK[2017] No. 8), Accounting Standards for Business Enterprises No. 24-Hedge Accounting (CK [2017] No. 9) and AccountingStandards for Business Enterprises No. 37-Presentation of Financial Instruments (CK [2017] No. 14) in 2017. The Company starts tocarry out above new financial accounting standards since 1 January 2019. In line with the convergence regulation, the information ofcomparative period is unnecessary to be adjusted and for the difference with former standards when the new standards are carried outon the first day, the beginning retained earnings and other comprehensive income for the Reporting Period shall be retroactivelyadjusted.Those originally recorded into “available-for-sale financial assets” are currently recorded into “trading financial assets” and“investments in other equity instruments”; those originally recorded into “Financial liabilities at fair value through profit or loss” arecurrently recorded into “trading financial liabilities”.

2. Retrospective Restatement of Previous Comparative Data due to the First Execution of any NewStandards Governing Financial Instruments or Leases□ 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 √ NoThese financial statements have not been audited by such an auditor.

The Board of Directors

Foshan Electrical and Lighting Co., Ltd.25 April 2019


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