Stock Code: 000570, 200570 Stock Name: Changchai, Changchai-B Announcement No.2022-026
CHANGCHAI COMPANY, LIMITEDFIRST QUARTERLY REPORT 2022
Important Notes:
1. The Board of Directors, the Supervisory Committee as well as the directors, supervisors and seniormanagement of the Company hereby guarantee that the contents of this Report are true, accurate and complete andfree of any misrepresentations, misleading statements or material omissions, and collectively and individuallyaccept legal responsibility for such contents.
2. The Company’s legal representative, General Manager, and head of the financial department (equivalent tofinancial manager) hereby guarantee that the financial statements carried in this Report are true, accurate andcomplete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes √ No
I Key Financial Information(I) Key Accounting Data and Financial IndicatorsIndicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
Changchai Company, Limited (hereinafter referred to as the “Company”) and all the members ofthe Company’s Board of Directors hereby guarantee that the contents of this Report are true,accurate and complete and free of any misrepresentations, misleading statements or materialomissions.
| Q1 2022 | Q1 2021 | YoY change (%) | |
| Operating revenue (RMB) | 675,718,729.65 | 774,218,489.69 | -12.72% |
| Net profit attributable to the listed company’s shareholders (RMB) | -31,087,265.83 | 24,571,254.83 | —— |
| Net profit attributable to the listed company’s shareholders before exceptional items (RMB) | -12,317,891.45 | 23,604,960.00 | —— |
| Net cash generated from/used in operating activities (RMB) | -47,199,474.48 | -184,484,392.45 | —— |
| Basic earnings per share (RMB/share) | -0.0441 | 0.0438 | —— |
| Diluted earnings per share (RMB/share) | -0.0441 | 0.0438 | —— |
| Weighted average return on equity (%) | -1.02% | 1.07% | -2.09% |
| 31 March 2022 | 31 December 2021 | Change (%) | |
| Total assets (RMB) | 4,838,318,261.38 | 4,860,382,961.26 | -0.45% |
| Equity attributable to the listed company’s shareholders (RMB) | 2,968,783,802.50 | 3,077,550,018.33 | -3.53% |
(II) Exceptional Gains and Losses
√ Applicable □ Not applicable
Unit: RMB
| Item | Q1 2022 | Note |
| Government grants through profit or loss (exclusive of government grants continuously given in the Company’s ordinary course of business at fixed quotas or amounts as per the government’s policies and standards) | 272,800.00 | |
| Gain or loss on fair-value changes on held-for-trading financial assets and liabilities & income from disposal of held-for-trading financial assets and liabilities and available-for-sale financial assets (exclusive of the effective portion of hedges that arise in the Company’s ordinary course of business) | -26,731,505.22 | |
| Non-operating income and expense other than the above | 772,250.18 | |
| Less: Income tax effects | -6,917,080.66 | |
| Total | -18,769,374.38 | -- |
Other items that meet the definition of exceptional gain/loss:
□ Applicable √ Not applicable
No such cases in the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the ExplanatoryAnnouncement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases in the Reporting Period.(III) Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
1. Notes receivable increased by RMB90,331,242.37, or 27.02%, as at 31 March 2022 compared to 31 December2021, primarily because the company held an increase in endorsed transfer and discounted bank acceptance billswith lower credit rating at the end of the Report Period.
2. Accounts receivable increased by RMB417,768,603.86, or 111.34%, as at 31 March 2022 compared to 31December 2021, primarily because the Company properly allowed customers’ buying on credit for more marketsin the current quarter and multi-cylinder diesel engine customers are mainly supporting companies of mainengine , which are usually given longer payment days.
3. Receivables financing decreased by RMB210,923,616.92, or 42.41%, as at 31 March 2022 compared to 31December 2021, primarily because the bank acceptance bills with higher credit rating held by the Companydecreased at the end of the Report Period.
4. Prepayments increased by RMB4,248,777.76, or 51.83%, as at 31 March 2022 compared to 31 December 2021,primarily because the subsidiary Changchai Wanzhou Diesel Engine Co., Ltd.’s increase on the supplier's supportby adding more advance purchase funds during the Reporting Period.
5. Other current assets decreased by RMB19,864,684.19, or 45.08%, as at 31 March 2022 compared to 31December 2021, primarily because excess VAT paid by the Company decreased.
6. Long-term equity investments increased by RMB33,520,800.00 as at 31 March 2022 compared to 31 December2021, primarily because the Company won the bid for a 41.5% interest in Zhenjiang Siyang Diesel EngineManufacturing Co., Ltd. and pay the equity transfer during the Reporting Period.
7. Other non-current assets increased by RMB6,312,120.24, or 138.93%, as at 31 March 2022 compared to 31December 2021, primarily driven by the increased prepayments by the wholly-owned Subsidiary JiangsuChangchai Machinery Co., Ltd. at the end of the Report Period.
8. Short-term borrowings increased by RMB69,775,258.31, or 94.33%, as at 31 March 2022 compared to 31
December 2021, primarily driven by the increased bank acceptance notes with lower credit ratings held by theCompany at the end of the Report Period that had been discounted but were undue.
9. Employee benefits payable decreased by RMB28,161,167.31, or 62.05%, as at 31 March 2022 compared to 31December 2021, primarily because salaries and bonuses accrued last year were largely paid in the ReportingPeriod.
10. Taxes and levies payable increased by RMB2,187,975.36, or 41.23%, as at 31 March 2022 compared to 31December 2021, primarily driven by the increased taxes and levies payable such as VAT.
11. Other current liabilities increased by RMB91,049,660.40, or 102.37%, as at 31 March 2022 compared to 31December 2021, primarily driven by the increased bank acceptance notes with lower credit ratings held by theCompany at the end of the Report Period that had been endorsed and transferred but were undue.
12. Finance costs decreased by RMB3,710,731.26 during Q1 2022 compared to Q1 2021, primarily driven by theincreased interest income during the Reporting Period.
13. Return on investment increased by RMB1,965,788.97, or 1050.72%, during Q1 2022 compared to Q1 2021,primarily driven by the increased wealth management income from the Company’s use of idle raised funds andself-owned funds for cash management.
14.Gain on changes in fair value decreased by RMB30,754,097.74 during Q1 2022 compared to Q1 2021,primarily driven by the decreased fair value of held-for-trading financial assets such as shares held bywholly-owned subsidiary Changzhou Horizon Investment Co., Ltd. in Jiangsu Liance ElectromechanicalTechnology Co., Ltd., Kailong High Technology Co., Ltd. and Guilin Stars Science and Technology Co., Ltd. atthe end of the Reporting Period.
15. Non-operating income increased by RMB281,743.12, or 42.93%, during Q1 2022 compared to Q1 2021,primarily driven by the receipt of compensation for breach of contract during the Reporting Period.
16. Non-operating expense decreased by RMB433,662.47, or 72.34%, during Q1 2022 compared to Q1 2021,primarily driven by the year-on-year decreased abandonment loss during the Reporting Period.
17. Net profit attributable to shareholders of the Company as the parent decreased by RMB55,658,520.66 duringQ1 2022 compared to Q1 2021, primarily because during the Reporting Period, affected by the pandemic, certainraw material and component suppliers experienced production halts or restricted logistics, causing a shortage anda rise in the costs of these materials; due to restricted retail channels and weaker market demand, the Companysaw a decrease in operating revenue and gross profit margin, impacting the current profit; and, the drop in the fairvalue of the financial assets held by the Company also had a substantial impact on the current profit.
18.Net cash generated from operating activities increased by RMB137,284,917.97 during Q1 2022 compared toQ1 2021, primarily driven by the year-on-year decrease in cash paid for purchasing goods during the ReportingPeriod.
19. Net cash generated from investing activities increased by RMB33,601,480.40 during Q1 2022 compared to Q12021, primarily driven by the wage investment under construction of the wholly-owned Subsidiary JiangsuChangchai Machinery Co., Ltd. decreased significantly year-on-year during the Reporting Period.
20. Net cash generated from financing activities increased by RMB26,761,473.99 during Q1 2022 compared toQ1 2021, primarily driven by the discounted bank acceptance notes with lower credit ratings during the ReportingPeriod.
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as wellas Holdings of Top 10 Shareholders
Unit: share
| Number of ordinary shareholders | 53,650 | Number of preference shareholders with resumed voting rights (if any) | 0 | ||||
| Top 10 shareholders | |||||||
| Name of shareholder | Nature of shareholder | Shareholding | Total shares held | Restricted | Shares in pledge, marked or frozen | ||
| percentage | shares held | Status | Shares | |||
| Changzhou Investment Group Co., Ltd. | State-owned corporation | 32.26% | 227,663,417 | 56,818,181 | ||
| Nuode Fund- Huazhang Tiandi Media Investment Co., Ltd.-Nuode Fund Pujiang No.64 Single Asset Management Plan | Other | 1.49% | 10,490,336 | |||
| China National Gold Group Asset Management Co., Ltd. | State-owned corporation | 0.92% | 6,520,000 | |||
| Chen Jian | Domestic individual | 0.64% | 4,506,000 | |||
| Changzhou Transportation Construction Investment Development Co., Ltd. | State-owned corporation | 0.47% | 3,345,454 | |||
| KGI ASIA LIMITED | Foreign corporation | 0.44% | 3,101,695 | |||
| Yao Jianquan | Domestic individual | 0.24% | 1,699,954 | |||
| Li Suinan | Domestic individual | 0.22% | 1,548,100 | |||
| Huang Guoliang | Domestic individual | 0.22% | 1,528,891 | |||
| Chen Xiaojing | Domestic individual | 0.20% | 1,408,300 | |||
| Top 10 unrestricted shareholders | ||||||
| Name of shareholder | Unrestricted ordinary shares held | Shares by class | ||||
| Class | Shares | |||||
| Changzhou Investment Group Co., Ltd. | 170,845,236 | RMB-denominated ordinary share | 170,845,236 | |||
| Nuode Fund- Huazhang Tiandi Media Investment Co., Ltd.-Nuode Fund Pujiang No.64 Single Asset Management Plan | 10,490,336 | RMB-denominated ordinary share | 10,490,336 | |||
| China National Gold Group Asset Management Co., Ltd. | 6,520,000 | RMB-denominated ordinary share | 6,520,000 | |||
| Chen Jian | 4,506,000 | RMB-denominated ordinary share | 4,506,000 | |||
| Changzhou Transportation Construction Investment | 3,345,454 | RMB-denominated ordinary share | 3,345,454 | |||
| Development Co., Ltd. | |||
| KGI ASIA LIMITED | 3,101,695 | Domestically listed foreign share | 3,101,695 |
| Yao Jianquan | 1,699,954 | RMB-denominated ordinary share | 1,699,954 |
| Li Suinan | 1,548,100 | Domestically listed foreign share | 1,548,100 |
| Huang Guoliang | 1,528,891 | Domestically listed foreign share | 1,528,891 |
| Chen Xiaojing | 1,408,300 | RMB-denominated ordinary share | 1,408,300 |
| Related or acting-in-concert parties among the shareholders above | It is unknown whether there is among the top 10 public shareholders and the top 10 unrestricted public shareholders any related parties or acting-in-concert parties as defined in the Administrative Measures for Information Regarding Shareholding Alteration. | ||
| Top 10 shareholders engaged in securities margin trading (if any) | Shareholders Chen Jian and Chen Xiaojing respectively held 2,972,000 shares and 1,176,000 shares in the Company through their credit accounts. | ||
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
III Other Significant Events
√ Applicable □ Not applicable
1. Participating in the Public Listed Transfer of 41.5% Equity Interests in Zhenjiang Siyang Diesel EngineManufacturing Co., Ltd.The 6th
Interim Meeting of the Board of Directors in 2021 held by the Company on 28 October 2021 deliberatedon and approved the Proposal on Participating in the Public Listed Transfer of 41.5% Equity Interests inZhenjiang Siyang Diesel Engine Manufacturing Co., Ltd., authorizing the Management of the Company toparticipate in the bidding of the public listed transfer by Jiangsu University of Science and Technology AssetsManagement Co., Ltd. of its 41.5% equity interest in Zhenjiang Siyang Diesel Engine Manufacturing Co., Ltd.On 12 January 2022, the Company received the Confirmation of Transaction on the Transfer of 41.5% EquityInterest (Corresponding to Capital Contribution of RMB830,000) in Zhenjiang Siyang Diesel EngineManufacturing Co., Ltd. and won the 41.5% equity interest in Zhenjiang Siyang Diesel Engine Manufacturing Co.,Ltd. at a price of RMB33,520,800.00. On 23 February 2022, the Company signed the Contract on Transfer ofState-owned Property Rights with Jiangsu University of Science and Technology Assets Management Co., Ltd. On9 March 2022, Zhenjiang Siyang Diesel Engine Manufacturing Co., Ltd. has completed the business changeregistration.
IV Quarterly Financial Statements(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by Changchai Company, Limited
31 March 2022
Unit: RMB
| Item | 31 March 2022 | 31 December 2021 |
| Current assets: | ||
| Monetary assets | 610,076,929.08 | 707,966,678.74 |
| Settlement reserve | ||
| Loans to other banks and financial institutions | ||
| Held-for-trading financial assets | 367,368,261.16 | 404,053,261.57 |
| Derivative financial assets | ||
| Notes receivable | 424,642,479.15 | 334,311,236.78 |
| Accounts receivable | 792,977,730.34 | 375,209,126.48 |
| Receivables financing | 286,465,209.10 | 497,388,826.02 |
| Prepayments | 12,446,196.15 | 8,197,418.39 |
| Premiums receivable | ||
| Reinsurance receivables | ||
| Receivable reinsurance contract reserve | ||
| Other receivables | 31,094,276.52 | 19,515,350.52 |
| Including: Interest receivable | ||
| Dividends receivable | ||
| Financial assets purchased under resale agreements | ||
| Inventories | 538,250,890.61 | 651,083,758.18 |
| Contract assets | ||
| Assets held for sale | ||
| Current portion of non-current assets | ||
| Other current assets | 24,196,138.38 | 44,060,822.57 |
| Total current assets | 3,087,518,110.49 | 3,041,786,479.25 |
| Non-current assets: | ||
| Loans and advances to customers | ||
| Debt investments | 37,898,226.39 | 37,898,226.39 |
| Other debt investments | ||
| Long-term receivables | ||
| Long-term equity investments | 33,520,800.00 | |
| Investments in other equity instruments | 688,490,646.53 | 779,877,646.53 |
| Other non-current financial assets | 112,500,000.00 | 112,500,000.00 |
| Investment property | 43,988,136.32 | 44,597,255.21 |
| Fixed assets | 387,813,926.53 | 402,915,521.65 |
| Construction in progress | 271,494,693.60 | 270,305,690.91 |
| Productive living assets | ||
| Oil and gas assets | ||
| Right-of-use assets | ||
| Intangible assets | 153,614,203.12 | 155,154,745.91 |
| Development costs |
| Goodwill | ||
| Long-term prepaid expense | 129,658.83 | 110,345.30 |
| Deferred income tax assets | 10,494,498.45 | 10,693,809.23 |
| Other non-current assets | 10,855,361.12 | 4,543,240.88 |
| Total non-current assets | 1,750,800,150.89 | 1,818,596,482.01 |
| Total assets | 4,838,318,261.38 | 4,860,382,961.26 |
| Current liabilities: | ||
| Short-term borrowings | 143,746,724.96 | 73,971,466.65 |
| Borrowings from the central bank | ||
| Loans from other banks and financial institutions | ||
| Held-for-trading financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | 572,056,000.00 | 550,774,400.00 |
| Accounts payable | 632,769,855.67 | 666,186,668.82 |
| Advances from customers | 660,965.62 | 660,965.62 |
| Contract liabilities | 27,523,225.52 | 26,864,081.97 |
| Financial assets sold under repurchase agreements | ||
| Customer deposits and deposits from other banks and financial institutions | ||
| Payables for acting trading of securities | ||
| Payables for underwriting of securities | ||
| Employee benefits payable | 17,224,500.17 | 45,385,667.48 |
| Taxes and levies payable | 7,494,354.18 | 5,306,378.82 |
| Other payables | 133,013,147.79 | 148,361,373.29 |
| Including: Interest payable | ||
| Dividends payable | 3,891,433.83 | 3,891,433.83 |
| Fees and commissions payable | ||
| Reinsurance payables | ||
| Liabilities directly associated with assets held for sale | ||
| Current portion of non-current liabilities | ||
| Other current liabilities | 179,987,853.19 | 88,938,192.79 |
| Total current liabilities | 1,714,476,627.10 | 1,606,449,195.44 |
| Non-current liabilities: | ||
| Insurance contract reserve | ||
| Long-term borrowings | ||
| Bonds payable | ||
| Including: Preference shares | ||
| Perpetual bonds | ||
| Lease liabilities | ||
| Long-term payables | ||
| Long-term employee benefits payable | ||
| Provisions |
| Deferred income | 39,615,355.40 | 39,615,355.40 |
| Deferred income tax liabilities | 96,049,875.29 | 117,344,161.11 |
| Other non-current liabilities | ||
| Total non-current liabilities | 135,665,230.69 | 156,959,516.51 |
| Total liabilities | 1,850,141,857.79 | 1,763,408,711.95 |
| Owners’ equity: | ||
| Share capital | 705,692,507.00 | 705,692,507.00 |
| Other equity instruments | ||
| Including: Preference shares | ||
| Perpetual bonds | ||
| Capital reserves | 640,676,218.40 | 640,676,218.40 |
| Less: Treasury stock | ||
| Other comprehensive income | 428,332,549.55 | 506,011,499.55 |
| Specific reserve | 18,812,950.04 | 18,812,950.04 |
| Surplus reserves | 334,144,488.46 | 334,144,488.46 |
| General reserve | ||
| Retained earnings | 841,125,089.05 | 872,212,354.88 |
| Total equity attributable to owners of the Company as the parent | 2,968,783,802.50 | 3,077,550,018.33 |
| Non-controlling interests | 19,392,601.09 | 19,424,230.98 |
| Total owners’ equity | 2,988,176,403.59 | 3,096,974,249.31 |
| Total liabilities and owners’ equity | 4,838,318,261.38 | 4,860,382,961.26 |
Legal representative: Shi Xinkun General Manager: Zhang XinHead of the accounting department: Jiang He
2. Consolidated Income Statement
Unit: RMB
| Item | Q1 2022 | Q1 2021 |
| 1. Revenues | 675,718,729.65 | 774,218,489.69 |
| Including: Operating revenue | 675,718,729.65 | 774,218,489.69 |
| Interest income | ||
| Insurance premium income | ||
| Fee and commission income | ||
| 2. Costs and expenses | 677,470,421.86 | 737,847,784.06 |
| Including: Cost of sales | 610,619,843.16 | 658,879,419.02 |
| Interest expense | ||
| Fee and commission expense | ||
| Surrenders | ||
| Net insurance claims paid | ||
| Net amount provided as insurance contract reserve | ||
| Expenditure on policy dividends | ||
| Reinsurance premium expense | ||
| Taxes and levies | 2,683,173.54 | 3,065,396.25 |
| Selling expense | 29,569,565.13 | 34,871,649.31 |
| Administrative expense | 19,674,958.93 | 22,926,455.83 |
| R&D expense | 19,647,058.28 | 19,118,309.57 |
| Finance costs | -4,724,177.18 | -1,013,445.92 |
| Including: Interest expense | 2,736,515.83 | 778,030.13 |
| Interest income | 7,915,467.81 | 1,419,334.80 |
| Add: Other income | 272,800.00 | 299,348.30 |
| Return on investment (“-” for loss) | 2,152,879.03 | 187,090.06 |
| Including: Share of profit or loss of joint ventures and associates | ||
| Income from the derecognition of financial assets at amortized cost (“-” for loss) | ||
| Exchange gain (“-” for loss) | ||
| Net gain on exposure hedges (“-” for loss) | ||
| Gain on changes in fair value (“-” for loss) | -30,090,071.74 | 664,026.00 |
| Credit impairment loss (“-” for loss) | -9,216,954.12 | -8,105,470.30 |
| Asset impairment loss (“-” for loss) | ||
| Asset disposal income (“-” for loss) | 6,800.10 | |
| 3. Operating profit (“-” for loss) | -38,633,039.04 | 29,422,499.79 |
| Add: Non-operating income | 938,024.81 | 656,281.69 |
| Less: Non-operating expense | 165,774.63 | 599,437.10 |
| 4. Gross profit (“-” for loss) | -37,860,788.86 | 29,479,344.38 |
| Less: Income tax expense | -6,741,893.14 | 4,818,244.01 |
| 5. Net profit (“-” for net loss) | -31,118,895.72 | 24,661,100.37 |
| 5.1 By operating continuity | ||
| 5.1.1 Net profit from continuing operations (“-” for net loss) | -31,118,895.72 | 24,661,100.37 |
| 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 | -31,087,265.83 | 24,571,254.83 |
| 5.2.1 Net profit attributable to non-controlling interests | -31,629.89 | 89,845.54 |
| 6. Other comprehensive income, net of tax | -77,678,950.00 | 128,174,900.00 |
| Attributable to owners of the Company as the parent | -77,678,950.00 | 128,174,900.00 |
| 6.1 Items that will not be reclassified to profit or loss | -77,678,950.00 | 128,174,900.00 |
| 6.1.1 Changes caused by remeasurements on defined benefit 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 | -77,678,950.00 | 128,174,900.00 |
| 6.1.4 Changes in the fair value arising from changes in own credit risk | ||
| 6.1.5 Other | ||
| 6.2 Items that will be reclassified to profit or loss | ||
| 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 other debt investments | ||
| 6.2.3 Other comprehensive income arising from the reclassification of financial assets | ||
| 6.2.4 Credit impairment allowance for other debt investments | ||
| 6.2.5 Reserve for cash flow hedges | ||
| 6.2.6 Differences arising from the translation of foreign currency-denominated financial statements | ||
| 6.2.7 Other | ||
| Attributable to non-controlling interests | ||
| 7. Total comprehensive income | -108,797,845.72 | 152,836,000.37 |
| Attributable to owners of the Company as the parent | -108,766,215.83 | 152,746,154.83 |
| Attributable to non-controlling interests | -31,629.89 | 89,845.54 |
| 8. Earnings per share | ||
| 8.1 Basic earnings per share | -0.0441 | 0.0438 |
| 8.2 Diluted earnings per share | -0.0441 | 0.0438 |
Legal representative: Shi Xinkun General Manager: Zhang XinHead of the accounting department: Jiang He
3. Consolidated Cash Flow Statement
Unit: RMB
| Item | Q1 2022 | Q1 2021 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 481,987,177.76 | 489,688,618.36 |
| Net increase in customer deposits and deposits from other banks and financial institutions | ||
| 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, fees and commissions received | ||
| Net increase in loans from other banks and financial institutions | ||
| Net increase in proceeds from repurchase transactions | ||
| Net proceeds from acting trading of securities | ||
| Tax and levy rebates | 14,647,419.98 | 10,464,646.99 |
| Cash generated from other operating activities | 6,951,907.88 | 2,794,943.41 |
| Subtotal of cash generated from operating activities | 503,586,505.62 | 502,948,208.76 |
| Payments for commodities and services | 415,423,222.76 | 549,122,439.03 |
| Net increase in loans and advances to customers | ||
| Net increase in deposits in the central bank and other banks and financial institutions | ||
| Payments for claims on original insurance contracts | ||
| Net increase in loans to other banks and financial institutions | ||
| Interest, fees and commissions paid | ||
| Policy dividends paid | ||
| Cash paid to and for employees | 97,929,246.11 | 103,795,716.50 |
| Taxes and levies paid | 6,496,378.28 | 12,047,444.92 |
| Cash used in other operating activities | 30,937,132.95 | 22,467,000.76 |
| Subtotal of cash used in operating activities | 550,785,980.10 | 687,432,601.21 |
| Net cash generated from/used in operating activities | -47,199,474.48 | -184,484,392.45 |
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | 26,278,398.53 | 7,300,000.00 |
| Return on investment | 4,673,141.68 | 107,580.06 |
| Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | 43,495.14 | |
| Net proceeds from the disposal of subsidiaries and other business units |
| Cash generated from other investing activities | ||
| Subtotal of cash generated from investing activities | 30,951,540.21 | 7,451,075.20 |
| Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 33,047,751.31 | 64,189,330.18 |
| Payments for investments | 53,384,875.99 | 33,550,000.00 |
| Net increase in pledged loans granted | ||
| Net payments for the acquisition of subsidiaries and other business units | ||
| Cash used in other investing activities | 1,205,687.49 | |
| Subtotal of cash used in investing activities | 87,638,314.79 | 97,739,330.18 |
| Net cash generated from/used in investing activities | -56,686,774.58 | -90,288,254.98 |
| 3. Cash flows from financing activities: | ||
| Capital contributions received | ||
| Including: Capital contributions by non-controlling interests to subsidiaries | ||
| Borrowings received | 7,000,000.00 | 7,000,000.00 |
| Cash generated from other financing activities | 27,990,520.85 | 1,391,000.00 |
| Subtotal of cash generated from financing activities | 34,990,520.85 | 8,391,000.00 |
| Repayment of borrowings | 7,000,000.00 | 7,000,000.00 |
| Interest and dividends paid | 127,375.00 | 289,328.14 |
| Including: Dividends paid by subsidiaries to non-controlling interests | ||
| Cash used in other financing activities | ||
| Subtotal of cash used in financing activities | 7,127,375.00 | 7,289,328.14 |
| Net cash generated from/used in financing activities | 27,863,145.85 | 1,101,671.86 |
| 4. Effect of foreign exchange rates changes on cash and cash equivalents | ||
| 5. Net increase in cash and cash equivalents | -76,023,103.21 | -273,670,975.57 |
| Add: Cash and cash equivalents, beginning of the period | 566,191,095.14 | 629,939,540.50 |
| 6. Cash and cash equivalents, end of the period | 490,167,991.93 | 356,268,564.93 |
(II) Independent Auditor’s ReportIndicate 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 DirectorsChangchai Company, Limited
30 April 2022