ANHUI GUJING DISTILLERY COMPANY LIMITED
THIRD QUARTER REPORT 2017
October 2017
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Part I Important Statements
The board of directors (the “Board”), the supervisory board (the “Supervisory
Board”) as well as the directors, supervisors and senior management of Anhui
Gujing Distillery Company Limited (the “Company”) hereby guarantee the
factuality, accuracy and completeness of the contents of this Report, and shall be
jointly and severally liable for any false representation, misleading statements or
material omissions in this Report.
All the directors of the Company attended the board meeting for the review of
this Report.
Liang Jinhui, head of the Company, Ye Changqing, accounting head for this
Report, and Zhu Jiafeng, head of the accounting department (head of
accounting) of the Company, hereby guarantee that the financial statements
carried in this Report are factual, accurate and complete.
This Report has been prepared in both Chinese and English. Should there be
any discrepancies or misunderstandings between the two versions, the Chinese
version shall prevail.
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Part II Company Fundamentals
I Key Consolidated Operating Results
Indicate by tick mark whether the Company needs to retrospectively restate any of its accounting data.
□ Yes √ No
September 30, 2017 December 31, 2016 Change
Total assets (RMB) 9,995,172,521.06 8,736,205,153.86 14.41%
Equity attributable to owners of the
6,092,557,665.88 5,595,121,383.96 8.89%
parent (RMB)
January-September
July-September 2017 YoY change YoY change
Net sales (RMB) 1,673,566,893.29 14.59% 5,343,694,657.88 18.60%
Net margin attributable to
shareholders of the Company 248,593,418.78 64.21% 797,483,310.43 36.92%
(RMB)
Net margin attributable to
shareholders of the Company
245,301,628.24 91.21% 729,256,642.36 32.23%
before exceptional gains and losses
(RMB)
Net cash flows from operating
-- -- 1,172,185,422.15 -2.55%
activities (RMB)
Basic earnings per share
0.49 63.33% 1.58 36.21%
(RMB/share)
Diluted earnings per share
0.49 63.33% 1.58 36.21%
(RMB/share)
Weighted average return on equity
4.18% 1.44% 13.53% 2.32%
(%)
Unit: RMB
Item January-September 2017 Note
Gains/Losses on disposal of non-current assets (inclusive of offset
-5,360,371.18
asset impairment provisions)
Government grants charged to the profit/loss for the Reporting
Period (except for the government grants closely related to the
26,666,268.85
business of the Company and given at a fixed quota or amount in
accordance with the State’s uniform standards)
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Gains/Losses on fair value changes of trading financial assets and
liabilities & investment income from disposal of trading financial
assets and liabilities as well as financial assets available for sale 52,325,837.54
(exclusive of effective hedges related to normal business
operations of the Company)
Non-operating income and expense other than above 19,564,939.14
Less: Income tax effects 23,017,502.12
Minority interests effects (after tax) 1,952,504.16
Total 68,226,668.07 --
Explanation of why the Company classified an item as an exceptional gain/loss according to the definition in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gains and
Losses, or reclassified any exceptional gain/loss item given as an example in the said explanatory announcement as a recurrent
gain/loss:
□ Applicable √ Not applicable
No such cases in the Reporting Period.
II Total Number of Shareholders and Shareholdings of Top 10 Shareholders at Period-End
1. Numbers of Common Shareholders and Preference Shareholders with Resumed Voting Rights, and
Shareholdings of Top 10 Shareholders
Unit: share
Total number of preference
Total number of common shareholders with resumed
19,228
shareholders at period-end voting rights at period-end (if
any)
Top 10 shareholders
Name of Nature of Shareholding Total shares held Restricted shares Pledged or frozen shares
shareholder shareholder percentage at period-end held at period-end Status Number
ANHUI GUJING
GROUP State-owned
53.89% 271,404,022 Pledged 114,000,000
COMPANY corporation
LIMITED
Foreign
NORGES BANK 2.92% 14,712,309
corporation
GAOLING Foreign
2.47% 12,446,408
FUND,L.P. corporation
UBS (LUX)
Foreign
EQUITY FUND - 1.41% 7,096,361
corporation
CHINA
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
OPPORTUNITY
(USD)
CENTRAL
HUIJIN State-owned
1.30% 6,543,600
INVESTMENT corporation
CO., LTD.
CHINA
CONSTRUCTIO
N BANK
CORPORATION
-YINHUA
Other 1.26% 6,324,381
RICH TOPIC
HYBRID
SECURITIES
INVESTMENT
FUNDS
CHINA INT'L
CAPITAL CORP
Foreign
HONG KONG 1.21% 6,072,690
corporation
SECURITIES
LTD
UBS (LUX)
EQUITY FUND - Foreign
0.98% 4,949,038
GREATER corporation
CHINA (USD)
GREENWOODS
Foreign
CHINA ALPHA 0.98% 4,939,963
corporation
MASTER FUND
BANK OF
CHINA-HUAXI
A RETURN
Other 0.72% 3,632,625
SECURITIES
INVESTMENT
FUND
Top 10 non-restricted shareholders
Type of stock
Name of shareholder Non-restricted shares held at period-end
Type Number
ANHUI GUJING GROUP RMB common
271,404,022 271,404,022
COMPANY LIMITED stock
Domestically
NORGES BANK 14,712,309 14,712,309
listed stock for
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
foreign investors
Domestically
GAOLING FUND,L.P. 12,446,408 listed stock for 12,446,408
foreign investors
Domestically
UBS (LUX) EQUITY FUND -
7,096,361 listed stock for 7,096,361
CHINA OPPORTUNITY (USD)
foreign investors
CENTRAL HUIJIN INVESTMENT RMB common
6,543,600 6,543,600
CO., LTD. stock
CHINA CONSTRUCTION BANK
CORPORATION-YINHUA RICH RMB common
6,324,381 6,324,381
TOPIC HYBRID SECURITIES stock
INVESTMENT FUNDS
Domestically
CHINA INT'L CAPITAL CORP
6,072,690 listed stock for 6,072,690
HONG KONG SECURITIES LTD
foreign investors
Domestically
UBS (LUX) EQUITY FUND -
4,949,038 listed stock for 4,949,038
GREATER CHINA (USD)
foreign investors
Domestically
GREENWOODS CHINA ALPHA
4,939,963 listed stock for 4,939,963
MASTER FUND
foreign investors
BANK OF CHINA-HUAXIA
RMB common
RETURN SECURITIES 3,632,625 3,632,625
stock
INVESTMENT FUND
Among the shareholders above, no affiliated relationship exists between the Company’s
controlling shareholder—Anhui Gujing Group Company Limited—and other shareholders,
nor they are parties acting in concert as defined in the Administrative Measures on
Related or acting-in-concert parties
Information Disclosure of Changes in Shareholding of Listed Companies. As for other
among shareholders above
shareholders, the Company does not know whether they are related parties or whether they
belong to parties acting in concert as defined in the Administrative Measures on Information
Disclosure of Changes in Shareholding of Listed Companies.
Top 10 common shareholders
conducting securities margin trading N/A
(if any)
Indicate by tick mark whether any of the top 10 common shareholders or the top 10 non-restricted common shareholders of the
Company conducted any promissory repo during the Reporting Period.
□ Yea √ No
No such cases in the Reporting Period.
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
2. Total Number of Preference Shareholders and Shareholdings of Top 10 of Them at Period-End
□ Applicable √ Not applicable
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Part III Significant Events
I Changes in Key Consolidated Financial Statement Items and Reasons for Such Changes
√ Applicable □ Not applicable
Unit: RMB
September 30, 2017 December 31, 2016
Balance sheet item Change Main reason for change
(RMB) (RMB)
The main reason is the
Monetary funds 715,513,494.38 532,909,026.07 34.27% increase of sales back
money.
The main reason is the
Financial assets at fair decrease of the financial
202,683.92 429,190.68 -52.78%
value through profit/loss assets held at the end of the
period.
The main reason is the
Notes receivable 858,807,197.36 534,386,586.59 60.71%
increase of sales revenue.
The main reason is the
Accounts receivable 20,524,908.75 12,287,262.88 67.04%
increase of sales revenue.
The main reason is the
Interest receivable 11,123,178.08 2,843,178.08 291.22%
increase of bank interest.
The main reason is to
Notes payable 55,340,583.00 11,298,583.00 389.80% increase the proportion of
issuing bills settlement.
The main reason is the
Accounts payable 645,284,136.52 340,972,366.21 89.25% increase in the amount of
unsettled material.
The main reason is the
Other accounts payable 1,001,979,659.72 641,472,271.53 56.20% increase of dealer's non
settlement discount.
January-September January-September
Income statement item Change Main reason for change
2017 (RMB) 2016 (RMB)
The main reason is the
increase in the proceeds of
Investment income 97,799,330.67 69,221,696.66 41.28%
disposal of available for
sale financial assets.
The main reason is the
Non-operating income 47,769,894.93 33,553,013.41 42.37% increase of government
subsidies.
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
The main reason is the
Gross margin 1,111,204,185.96 794,540,267.34 39.85% increase of operating
income.
Cash flow statement January-September January-September
Change Main reason for change
item 2017 (RMB) 2016 (RMB)
The main reason is the
Cash generated by other
203,473,532.73 382,955,144.81 -46.87% decrease of the deposit
operating activities
receipt.
The main reason is the
Cash received as
93,509,806.38 68,398,591.73 36.71% increase of investment
investment income
income.
The main reason is the
Cash paid for
3,699,390,190.62 2,671,617,710.68 38.47% increase in payment of
investments
financial products.
The main reason is the
Net cash from financing
-302,160,000.00 -49,360,000.00 -512.16% increase of payment of cash
activities
dividends.
II Progress, Influence and Solutions Associated with Significant Events
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties and
Acquirers, as well as the Company and Other Commitment Makers, Failed to Fulfill on Time
during Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
IV Forecast of 2017 Annual Operating Results
Warning of a possible loss on or a significant year-over-year change in accumulative net margin during the period the beginning of the current year through the end of the next reporting period,
as well as the reasons:
□ Applicable √ Not applicable
V Securities Investments
√ Applicable □ Not applicable
Unit: RMB
Gains/Los
ses on fair Cumulative
Code of Initial Source of
Variety of Name of Accounting value fair value Purchased in Sold in Gains/losses
Opening book Closing book Accountin
securitie investment measureme changes changes Reporting Reporting in Reporting investmen
securities securities value value g title
nt model in charged to Period Period Period
s cost t funds
Reporting equity
Period
Available- The
Domestic/over Fair value for-sale Company
000001 PAYH 70,317,243.98 73,172,089.90 0.00 16,162,186.89 0.00 0.00 0.00 89,334,276.79
seas stock method financial ’s own
asset funds
Available- The
Domestic/over Fair value for-sale Company
601988 ZGYH 57,171,459.09 51,177,224.00 0.00 12,715,500.15 14,996,716.49 4,881,468.64 1,515,784.77 74,007,972.00
seas stock method financial ’s own
asset funds
Available- The
Domestic/over Fair value 130,191,424.0 130,191,424.0 47,739,094.0 for-sale Company
600373 ZWCM 91,133,996.80 0.00 0.00 0.00 0.00
seas stock method 0 0 7 financial ’s own
asset funds
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Guangfa
Nest
Available- The
Yuerui No.
150,000,000.0 Fair value 149,488,814.3 157,065,245.5 for-sale Company
Fund 1E 0.00 7,576,431.14 0.00 0.00 0.00
0 method 7 1 financial ’s own
Securities
asset funds
Investment
Fund
CITIC
Available- The
Wings Dapu
200,000,000.0 Fair value 200,000,000.0 208,091,141.3 for-sale Company
Fund No. 1 Asset 0.00 0.00 8,091,141.36 0.00 0.00
0 method 0 6 financial ’s own
Managemen
asset funds
t Plan
568,622,699.8 404,029,552.2 214,996,716.4 135,072,892.6 49,254,878.8 528,498,635.6
Total -- 0.00 44,545,259.54 -- --
7 7 9 4 4
Disclosure date of announcement
about Board’s consent for securities Naught
investment
Disclosure date of announcement
about shareholders’ meeting’s consent Naught
for securities investment (if any)
VI Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
Unit: RMB’0,000
Relationship Related Type of Initial Opening Purchased in Sold in the Impairment Closing Proportion Actual
Operator Starting date Ending date
with the transaction derivative investment investment the Reporting provision (if investment of closing gain/loss in
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Company amount amount Reporting Period any) amount investment the
Period amount in Reporting
the Period
Company’s
closing net
assets
Reverse
Reverse
repurchase
Naught No repurchase of 0.00 01/18/2017 10/11/2017 0.00 152,220 138,220 0.00 14,000 2.30% 200.05
of national
national debt
debt
Total 0.00 -- -- 0.00 152,220 138,220 0.00 14,000 2.30% 200.05
Capital source for derivative investment The Company’s own funds
Lawsuits involved (if applicable) N/A
Disclosure date of board announcement approving
08/30/2013
derivative investment (if any)
Disclosure date of shareholders’ meeting
announcement approving derivative investment (if
any)
Analysis of risks and control measures associated with
derivative investments held in the Reporting Period
The Company has strictly controlled related risks according to Derivative Investment Management System
(including but not limited to market risk, liquidity risk,
credit risk, operational risk, legal risk, etc.)
Changes in market prices or fair value of derivative
investments during the Reporting Period (fair value
Naught
analysis should include measurement method and
related assumptions and parameters)
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Significant changes in accounting policies and specific
accounting principles adopted for derivative
Naught
investments in the Reporting Period compared to
previous reporting period
Based on the sustainable development of the main business of the Company and abundant idle money, the Company increased incomes
by investing reasonable financial derivative instruments, which was beneficial to improve the utilization efficiency of the idle money of
the Company, and the Company has set up corresponding supervision mechanism for financial derivatives business and made reasonable
Opinion of independent directors on derivative
accounting policy and accounting principle to decrease the risks of derivative investments; in addition, the derivative investment
investments and risk control
business regarded the national debt as mortgage target, conforming to the prudent, steady risks management principle and the interests of
the shareholders of the Company. Therefore, agreed the Company to develop the derivative Investment business of reverse repurchase of
national debt not more than the limit of RMB0.3 billion.
VII Visits Paid to the Company for Purposes of Research, Communication, Interview, etc. during Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VIII Irregularities Arising from Provision of Guarantees for Third Parties
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IX Occupation of the Company’s Funds by Its Controlling Shareholder or Related Parties for Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
X Targeted Measures Taken to Help People Lift Themselves out of Poverty
1. Outline of Targeted Measures in the Reporting Period
In accordance with the requirements of the State, Anhui Provincial Party Committee and Government, and Bozhou Municipal Party Committee and Government on precision poverty alleviation,
the Company has established targeted support towards 17 poor families in Bali village, Wuma town, Qiaocheng District, Bozhou. The Company has established a complete and formal long-term
mechanism for poverty alleviation targeted at those families. A supporting policy of one file for one family, one card for one family, and one policy for one family has been implemented based
on the principle of “organizations are responsible for villages and cadres are responsible for families”, and files have been created based on family members, major labor force, farmland and
income structure of poor families in each poor village. Since the work of implementing poverty alleviation, 11 poor households have been out of poverty with fixed income now.
2. Subsequent Targeted Measure Plans
First, the Company will continue to engage in poverty alleviation and strengthen its efforts in targeted support towards poor families; second, the Company will continue to implement the
supporting policy of the Provincial Party Committee and Government and the Municipal Party Committee and Government, soundly advancing the poverty alleviation work in line with the
requirements of relevant poor counties to carry out the social responsibility.
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by Anhui Gujing Distillery Company Limited
September 30, 2017
Unit: RMB
Item September 30, 2017 December 31, 2016
Current assets:
Monetary funds 715,513,494.38 532,909,026.07
Settlement reserve
Interbank lendings
Financial assets at fair value through
202,683.92 429,190.68
profit/loss
Derivative financial assets
Notes receivable 858,807,197.36 534,386,586.59
Accounts receivable 20,524,908.75 12,287,262.88
Accounts paid in advance 97,102,117.42 74,784,221.59
Premiums receivable
Reinsurance premiums receivable
Receivable reinsurance contract reserve
Interest receivable 11,123,178.08 2,843,178.08
Dividends receivable
Other accounts receivable 9,519,458.61 10,765,397.03
Financial assets purchased under
agreements to resell
Inventories 1,810,936,606.32 1,786,433,036.50
Assets held for sale
Non-current assets due within one year
Other current assets 2,301,537,926.48 1,750,278,829.24
Total current assets 5,825,267,571.32 4,705,116,728.66
Non-current assets:
Loans and advances to customers
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Available-for-sale financial assets 528,498,635.66 404,029,552.27
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investments
Investment property 5,402,207.16 8,402,944.74
Fixed assets 1,794,083,695.11 1,865,691,585.06
Construction in progress 58,207,812.56 71,771,324.26
Engineering materials
Disposal of fixed assets
Productive living assets
Oil-gas assets
Intangible assets 692,438,826.77 700,684,529.08
R&D expenses
Goodwill 478,283,495.29 478,283,495.29
Long-term deferred expense 68,752,085.13 93,588,397.35
Deferred income tax assets 231,383,554.29 107,654,597.15
Other non-current assets 312,854,637.77 300,982,000.00
Total non-current assets 4,169,904,949.74 4,031,088,425.20
Total assets 9,995,172,521.06 8,736,205,153.86
Current liabilities:
Short-term borrowings
Borrowings from the Central Bank
Money deposits accepted and inter-bank
deposits
Interbank borrowings
Financial liabilities at fair value through
profit/loss
Derivative financial liabilities
Notes payable 55,340,583.00 11,298,583.00
Accounts payable 645,284,136.52 340,972,366.21
Accounts received in advance 623,448,823.49 623,990,614.91
Financial assets sold for repurchase
Fees and commissions payable
Payroll payable 197,784,546.15 288,027,136.09
Taxes payable 412,246,400.86 486,959,651.85
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Interest payable
Dividends payable
Other accounts payable 1,001,979,659.72 641,472,271.53
Reinsurance premiums payable
Insurance contract reserve
Payables for acting trading of securities
Payables for acting underwriting of
securities
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities 428,064,027.71 241,487,812.54
Total current liabilities 3,364,148,177.45 2,634,208,436.13
Non-current liabilities:
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
Long-term accounts payable
Long-term payroll payable
Special payables
Provisions 1,120,755.50 0.00
Deferred income 45,031,765.70 43,978,795.45
Deferred income tax liabilities 116,888,761.32 117,287,002.52
Other non-current liabilities
Total non-current liabilities 163,041,282.52 161,265,797.97
Total liabilities 3,527,189,459.97 2,795,474,234.10
Owners’ equity:
Share capital 503,600,000.00 503,600,000.00
Other equity instruments
Of which: Preference shares
Perpetual bonds
Capital reserve 1,295,405,592.25 1,295,405,592.25
Less: Treasury shares
Other comprehensive income 38,257,449.44 36,144,477.95
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Special reserve
Surplus reserve 256,902,260.27 256,902,260.27
Provisions for general risks
Retained earnings 3,998,392,363.92 3,503,069,053.49
Equity attributable to owners of the
6,092,557,665.88 5,595,121,383.96
Company
Minority interests 375,425,395.21 345,609,535.80
Total owners’ equity 6,467,983,061.09 5,940,730,919.76
Total liabilities and owners’ equity 9,995,172,521.06 8,736,205,153.86
Legal representative: Liang Jinhui Person-in-charge of the accounting work: Ye Changqing
Chief of the accounting division: Zhu Jiafeng
2. Parent Company Balance Sheet
Unit: RMB
Item September 30, 2017 December 31, 2016
Current assets:
Monetary funds 513,868,135.00 225,792,686.26
Financial assets at fair value through
202,683.92 429,190.68
profit/loss
Derivative financial assets
Notes receivable 681,621,532.91 449,016,169.03
Accounts receivable 6,862,706.04 6,377,346.00
Accounts paid in advance 43,275,161.10 11,815,064.19
Interest receivable
Dividends receivable
Other accounts receivable 78,027,486.27 105,514,906.34
Inventories 1,589,890,899.58 1,549,397,565.11
Assets held for sale
Non-current assets due within one year
Other current assets 2,210,565,718.56 1,750,000,000.00
Total current assets 5,124,314,323.38 4,098,342,927.61
Non-current assets:
Available-for-sale financial assets 527,921,835.66 403,547,952.27
Held-to-maturity investments
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Long-term accounts receivable
Long-term equity investments 1,155,089,408.32 1,155,089,408.32
Investment property 26,832,966.19 30,846,736.84
Fixed assets 1,323,218,118.71 1,375,089,823.91
Construction in progress 39,378,695.59 68,022,146.66
Engineering materials
Disposal of fixed assets
Productive living assets
Oil-gas assets
Intangible assets 184,553,224.30 186,370,081.28
R&D expenses
Goodwill
Long-term deferred expense 66,011,973.28 92,695,064.02
Deferred income tax assets 36,778,706.50 36,366,330.90
Other non-current assets 12,854,637.77 982,000.00
Total non-current assets 3,372,639,566.32 3,349,009,544.20
Total assets 8,496,953,889.70 7,447,352,471.81
Current liabilities:
Short-term borrowings
Financial liabilities at fair value through
profit/loss
Derivative financial liabilities
Notes payable 28,583.00 28,583.00
Accounts payable 578,432,233.10 307,649,868.02
Accounts received in advance 1,681,733,667.38 1,003,521,896.65
Payroll payable 65,902,495.91 90,742,908.53
Taxes payable 197,603,089.12 320,037,309.94
Interest payable
Dividends payable
Other accounts payable 300,695,448.30 282,570,379.80
Liabilities held for sale
Non-current liabilities due within one year
Other current liabilities 46,985,970.69 37,589,367.67
Total current liabilities 2,871,381,487.50 2,042,140,313.61
Non-current liabilities:
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
Long-term payables
Long-term payroll payable
Special payables
Provisions
Deferred income 40,977,788.28 42,745,851.74
Deferred income tax liabilities 15,977,984.99 15,385,289.84
Other non-current liabilities
Total non-current liabilities 56,955,773.27 58,131,141.58
Total liabilities 2,928,337,260.77 2,100,271,455.19
Owners’ equity:
Share capital 503,600,000.00 503,600,000.00
Other equity instruments
Of which: Preference shares
Perpetual bonds
Capital reserve 1,247,162,107.35 1,247,162,107.35
Less: Treasury shares
Other comprehensive income 39,498,202.19 37,315,555.64
Special reserve
Surplus reserve 251,800,000.00 251,800,000.00
Retained earnings 3,526,556,319.39 3,307,203,353.63
Total owners’ equity 5,568,616,628.93 5,347,081,016.62
Total liabilities and owners’ equity 8,496,953,889.70 7,447,352,471.81
3. Consolidated Income Statement for July-September
Unit: RMB
Item July-September 2017 July-September 2016
1. Operating revenue 1,673,566,893.29 1,460,526,002.88
Including: Net sales 1,673,566,893.29 1,460,526,002.88
Interest revenue
Premium revenue
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Fee and commission revenue
2. Operating expenses 1,358,235,844.48 1,295,538,071.74
Including: Cost of sales 403,027,066.48 379,261,657.76
Interest expense
Fee and commission expense
Surrenders
Net claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and surtaxes 270,572,799.66 227,083,386.54
Selling expense 567,852,892.46 522,299,572.98
Administrative expense 121,465,727.34 168,327,112.65
Finance costs -4,682,311.30 -1,469,126.50
Asset impairment losses -330.16 35,468.31
Add: Gains on fair value changes (“-”
66,574.90 -2,064,863.14
for losses)
Investment income (“-” for losses) 16,781,846.20 24,896,841.30
Including: Share of gains/losses of
associates and joint ventures
Exchange gains (“-” for losses)
Other income
3. Operating margin (“-” for losses) 332,179,469.91 187,819,909.30
Add: Non-operating income 8,603,292.10 25,413,316.24
Including: Gains on disposal of
783.47 375,882.42
non-current assets
Less: Non-operating expense 4,710,036.11 377,941.64
Including: Losses on disposal of
4,655,940.34 96,960.62
non-current assets
4. Gross margin (“-” for losses) 336,072,725.90 212,855,283.90
Less: Income tax expense 80,888,483.00 59,011,681.50
5. Net margin (“-” for losses) 255,184,242.90 153,843,602.40
Attributable to owners of the parent 248,593,418.78 151,384,181.93
Attributable to minority interests 6,590,824.12 2,459,420.47
6. Other comprehensive income, net of
22,009,443.57 14,565,128.27
tax
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Other comprehensive income, net
of tax attributable to owners of the 22,009,443.57 14,565,128.27
parent
6.1 Other comprehensive income
that will not be reclassified into
gains/losses
6.1.1 Changes in net liabilities
or assets with a defined benefit plan
upon re-measurement
6.1.2 Share of other
comprehensive income of investees that
cannot be reclassified into gains/losses
under equity method
6.2 Other comprehensive income
to be subsequently reclassified into 22,009,443.57 14,565,128.27
gains/losses
6.2.1 Share of other
comprehensive income of investees that
will be reclassified into gains/losses
under equity method
6.2.2 Gains/Losses on fair
value changes of available-for-sale 22,009,443.57 14,565,128.27
financial assets
6.2.3 Gains/Losses on
reclassifying held-to-maturity
investments into available-for-sale
financial assets
6.2.4 Effective gains/losses on
cash flow hedges
6.2.5 Currency translation
differences
6.2.6 Other
Other comprehensive income, net
of tax attributable to minority interests
7. Total comprehensive income 277,193,686.47 168,408,730.67
Attributable to owners of the parent 270,602,862.35 165,949,310.20
Attributable to minority interests 6,590,824.12 2,459,420.47
8. Earnings per share
8.1 Basic earnings per share 0.49 0.30
8.2 Diluted earnings per share 0.49 0.30
Legal representative: Liang Jinhui Person-in-charge of the accounting work: Ye Changqing
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Chief of the accounting division: Zhu Jiafeng
4. Parent Company Income Statement for July-September
Unit: RMB
Item July-September 2017 July-September 2016
1. Operating revenue 921,576,158.99 804,435,303.66
Less: Operating expenses 369,286,185.89 350,189,125.02
Taxes and surtaxes 239,185,115.80 204,951,334.28
Selling expense 49,208,966.68 75,015,225.25
Administrative expense 85,908,988.33 120,782,364.91
Finance costs -4,231,951.79 -1,303,334.98
Asset impairment losses 0.00 170,676.54
Add: Gains on fair value changes (“-”
66,574.90 -2,097,346.45
for losses)
Investment income (“-” for loss) 13,166,277.13 22,268,798.87
Including: Share of gains/losses of
associates and joint ventures
Other income
2. Operating margin (“-” for losses) 195,451,706.11 74,801,365.06
Add: Non-operating income 5,491,370.44 19,196,694.62
Including: Gains on disposal of
non-current assets
Less: Non-operating expense 4,415,042.93 95,984.32
Including: Losses on disposal of
4,415,042.93 95,984.32
non-current assets
3. Gross margin (“-” for losses) 196,528,033.62 93,902,075.36
Less: Income tax expense 48,553,805.46 23,653,702.19
4. Net margin (“-” for losses) 147,974,228.16 70,248,373.17
5. Other comprehensive income, net of
22,106,418.63 14,589,310.33
tax
5.1 Other comprehensive income that
will not be reclassified into gains and
losses
5.1.1 Changes in net liabilities or
assets with a defined benefit plan upon
re-measurement
5.1.2 Share of other comprehensive
income of investees that cannot be
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
reclassified into gains/losses under
equity method
5.2 Other comprehensive income to
be subsequently reclassified into 22,106,418.63 14,589,310.33
gains/losses
5.2.1 Share of other comprehensive
income of investees that will be
reclassified into gains/losses under
equity method
5.2.2 Gains/Losses on fair value
changes of available-for-sale financial 22,106,418.63 14,589,310.33
assets
5.2.3 Gains/Losses on reclassifying
held-to-maturity investments into
available-for-sale financial assets
5.2.4 Effective gains/losses on cash
flow hedges
5.2.5 Currency translation
differences
5.2.6 Other
6. Total comprehensive income 170,080,646.79 84,837,683.50
7. Earnings per share
7.1 Basic earnings per share 0.30 0.14
7.2 Diluted earnings per share 0.30 0.14
5. Consolidated Income Statement for January-September
Unit: RMB
Item January-September 2017 January-September 2016
1. Operating revenue 5,343,694,657.88 4,505,560,709.61
Including: Net sales 5,343,694,657.88 4,505,560,709.61
Interest revenue
Premium revenue
Fee and commission revenue
2. Operating expenses 4,371,107,557.95 3,808,343,755.26
Including: Cost of sales 1,316,206,265.39 1,159,656,092.42
Interest expense
Fee and commission expense
Surrenders
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Net claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and surtaxes 876,704,154.17 698,322,570.89
Selling expense 1,817,541,653.59 1,536,222,706.22
Administrative expense 384,887,422.77 425,404,568.37
Finance costs -21,946,953.95 -11,233,287.64
Asset impairment losses -2,284,984.02 -28,895.00
Add: Gains on fair value changes (“-”
-53,081.45 15,147.04
for losses)
Investment income (“-” for losses) 97,799,330.67 69,221,696.66
Including: Share of gains/losses of
associates and joint ventures
Exchange gains (“-” for losses)
Other income
3. Operating margin (“-” for losses) 1,070,333,349.15 766,453,798.05
Add: Non-operating income 47,769,894.93 33,553,013.41
Including: Gains on disposal of
488,670.14 381,359.64
non-current assets
Less: Non-operating expense 6,899,058.12 5,466,544.12
Including: Losses on disposal of
5,849,041.32 4,420,995.91
non-current assets
4. Gross margin (“-” for losses) 1,111,204,185.96 794,540,267.34
Less: Income tax expense 283,905,016.12 203,993,450.18
5. Net margin (“-” for losses) 827,299,169.84 590,546,817.16
Attributable to owners of the parent 797,483,310.43 582,439,644.55
Attributable to minority interests 29,815,859.41 8,107,172.61
6. Other comprehensive income, net of
2,112,971.49 -3,554,781.07
tax
Other comprehensive income, net
of tax attributable to owners of the 2,112,971.49 -3,554,781.07
parent
6.1 Other comprehensive income
that will not be reclassified into
gains/losses
6.1.1 Changes in net liabilities
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
or assets with a defined benefit plan
upon re-measurement
6.1.2 Share of other
comprehensive income of investees that
cannot be reclassified into gains/losses
under equity method
6.2 Other comprehensive income
to be subsequently reclassified into 2,112,971.49 -3,554,781.07
gains/losses
6.2.1 Share of other
comprehensive income of investees that
will be reclassified into gains/losses
under equity method
6.2.2 Gains/Losses on fair
value changes of available-for-sale 2,112,971.49 -3,554,781.07
financial assets
6.2.3 Gains/Losses on
reclassifying held-to-maturity
investments into available-for-sale
financial assets
6.2.4 Effective gains/losses on
cash flow hedges
6.2.5 Currency translation
differences
6.2.6 Other
Other comprehensive income, net
of tax attributable to minority interests
7. Total comprehensive income 829,412,141.33 586,992,036.09
Attributable to owners of the parent 799,596,281.92 578,884,863.48
Attributable to minority interests 29,815,859.41 8,107,172.61
8. Earnings per share
8.1 Basic earnings per share 1.58 1.160
8.2 Diluted earnings per share 1.58 1.160
6. Parent Company Income Statement for January-September
Unit: RMB
Item January-September 2017 January-September 2016
1. Operating revenue 2,953,626,991.47 2,543,139,218.98
Less: Operating expenses 1,177,443,742.79 1,116,821,291.46
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Taxes and surtaxes 760,338,385.91 643,663,363.49
Selling expense 168,810,396.78 181,479,242.23
Administrative expense 266,013,406.12 305,915,030.32
Finance costs -12,590,308.28 -9,686,500.62
Asset impairment losses -1,943,865.48 0.00
Add: Gains on fair value changes (“-”
-53,081.45 -58,568.17
for losses)
Investment income (“-” for loss) 88,106,430.10 65,648,174.23
Including: Share of gains/losses of
associates and joint ventures
Other income
2. Operating margin (“-” for losses) 683,608,582.28 370,536,398.16
Add: Non-operating income 28,606,971.71 27,932,610.15
Including: Gains on disposal of
117,524.82 0.00
non-current assets
Less: Non-operating expense 5,213,277.86 4,414,060.57
Including: Losses on disposal of
4,462,721.08 4,414,060.57
non-current assets
3. Gross margin (“-” for losses) 707,002,276.13 394,054,947.74
Less: Income tax expense 185,489,310.37 97,983,312.40
4. Net margin (“-” for losses) 521,512,965.76 296,071,635.34
5. Other comprehensive income, net of
2,182,646.55 -3,129,579.67
tax
5.1 Other comprehensive income that
will not be reclassified into gains and
losses
5.1.1 Changes in net liabilities or
assets with a defined benefit plan upon
re-measurement
5.1.2 Share of other comprehensive
income of investees that cannot be
reclassified into gains/losses under
equity method
5.2 Other comprehensive income to
be subsequently reclassified into 2,182,646.55 -3,129,579.67
gains/losses
5.2.1 Share of other comprehensive
income of investees that will be
reclassified into gains/losses under
equity method
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
5.2.2 Gains/Losses on fair value
changes of available-for-sale financial 2,182,646.55 -3,129,579.67
assets
5.2.3 Gains/Losses on reclassifying
held-to-maturity investments into
available-for-sale financial assets
5.2.4 Effective gains/losses on cash
flow hedges
5.2.5 Currency translation
differences
5.2.6 Other
6. Total comprehensive income 523,695,612.31 292,942,055.67
7. Earnings per share
7.1 Basic earnings per share 1.04 0.590
7.2 Diluted earnings per share 1.04 0.590
7. Consolidated Cash Flow Statement for January-September
Unit: RMB
Item January-September 2017 January-September 2016
1. Cash generated by or used in
operating activities:
Cash generated by sale of
5,433,189,005.14 4,665,181,632.59
commodities and rendering of service
Net increase in money deposits from
customers and interbank placements
Net increase in loans from Central
Bank
Net increase in funds borrowed from
other financial institutions
Cash received as premiums of
original insurance contracts
Net cash generated by reinsurance
business
Net increase in deposits of policy
holders and investment fund
Net increase in disposal of financial
assets at fair value through gains/losses
Interest, fees and commissions
received
Net increase in interbank borrowings
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Net increase in funds in repurchase
business
Tax rebates received 14,260,319.10 16,075,251.07
Cash generated by other operating
203,473,532.73 382,955,144.81
activities
Subtotal of cash generated by operating
5,650,922,856.97 5,064,212,028.47
activities
Cash paid for goods and services 701,247,390.39 813,734,763.05
Net increase in loans and advances to
customers
Net increase in funds deposited in
Central Bank and interbank placements
Cash paid for claims of original
insurance contracts
Interest, fees and commissions paid
Cash paid as policy dividends
Cash paid to and for employees 962,585,070.51 774,961,969.54
Taxes paid 2,164,760,737.13 1,623,032,665.41
Cash used in other operating activities 650,144,236.79 649,635,442.00
Subtotal of cash used in operating
4,478,737,434.82 3,861,364,840.00
activities
Net cash from operating activities 1,172,185,422.15 1,202,847,188.47
2. Cash generated by or used in
investing activities:
Cash generated by disinvestments 3,027,776,929.29 2,687,852,537.76
Cash received as investment income 93,509,806.38 68,398,591.73
Net cash generated by disposal of
fixed assets, intangible assets and other 413,563.04 971,279.86
long-term assets
Net cash generated by disposal of
subsidiaries or other business units
Cash generated by other investing
1,646,000.00 314,000.00
activities
Subtotal of cash generated by investing
3,123,346,298.71 2,757,536,409.35
activities
Cash paid to acquire fixed assets,
intangible assets and other long-term 111,377,061.93 116,075,478.32
assets
Cash paid for investments 3,699,390,190.62 2,671,617,710.68
Net increase in pledged loans
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Net cash paid to acquire subsidiaries
0.00 795,770,032.45
and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
3,810,767,252.55 3,583,463,221.45
activities
Net cash from investing activities -687,420,953.84 -825,926,812.10
3. Cash generated by or used in
financing activities:
Cash received as capital
contributions
Including: Cash received from
minority shareholder investments by
subsidiaries
Cash received as borrowings 0.00 1,000,000.00
Cash generated by issuance of bonds
Cash generated by other financing
activities
Subtotal of cash generated by financing
0.00 1,000,000.00
activities
Repayment of borrowings
Cash paid for interest expenses and
302,160,000.00 50,360,000.00
distribution of dividends or profit
Including: dividends or profit paid
by subsidiaries to minority interests
Cash used in other financing
activities
Sub-total of cash used in financing
302,160,000.00 50,360,000.00
activities
Net cash from financing activities -302,160,000.00 -49,360,000.00
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
182,604,468.31 327,560,376.37
equivalents
Add: Opening balance of cash and
527,849,026.07 1,040,373,733.07
cash equivalents
6. Closing balance of cash and cash
710,453,494.38 1,367,934,109.44
equivalents
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
8. Parent Company Cash Flow Statement for January-September
Unit: RMB
Item January-September 2017 January-September 2016
1. Cash generated by or used in
operating activities:
Cash generated by sale of
3,652,910,092.77 2,585,404,219.49
commodities and rendering of service
Tax rebates received 13,013,817.25 15,009,167.60
Cash generated by other operating
191,916,993.96 249,909,533.84
activities
Subtotal of cash generated by operating
3,857,840,903.98 2,850,322,920.93
activities
Cash paid for goods and services 675,142,223.73 588,723,963.61
Cash paid to and for employees 376,675,264.85 357,751,167.07
Taxes paid 1,463,992,035.18 1,032,959,847.90
Cash used in other operating activities 174,480,145.44 260,998,167.70
Subtotal of cash used in operating
2,690,289,669.20 2,240,433,146.28
activities
Net cash from operating activities 1,167,551,234.78 609,889,774.65
2. Cash generated by or used in
investing activities:
Cash generated by disinvestments 2,910,776,929.29 2,685,870,391.93
Cash received as investment income 92,096,692.18 65,404,965.00
Net cash generated by disposal of
fixed assets, intangible assets and other 0.00 514,500.00
long-term assets
Net cash generated by disposal of
subsidiaries or other business units
Cash generated by other investing
1,646,000.00 0.00
activities
Subtotal of cash generated by investing
3,004,519,621.47 2,751,789,856.93
activities
Cash paid to acquire fixed assets,
intangible assets and other long-term 89,445,216.89 104,776,556.58
assets
Cash paid for investments 3,492,390,190.62 3,463,441,781.52
Net cash paid to acquire subsidiaries
and other business units
Cash used in other investing activities
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Subtotal of cash used in investing
3,581,835,407.51 3,568,218,338.10
activities
Net cash from investing activities -577,315,786.04 -816,428,481.17
3. Cash generated by or used in
financing activities:
Cash received as capital
contributions
Cash received as borrowings
Cash generated by issuance of bonds
Cash generated by other financing
activities
Subtotal of cash generated by financing
activities
Repayment of borrowings
Cash paid for interest expenses and
302,160,000.00 50,360,000.00
distribution of dividends or profit
Cash used in other financing
activities
Sub-total of cash used in financing
302,160,000.00 50,360,000.00
activities
Net cash from financing activities -302,160,000.00 -50,360,000.00
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
288,075,448.74 -256,898,706.52
equivalents
Add: Opening balance of cash and
225,792,686.26 548,650,832.84
cash equivalents
6. Closing balance of cash and cash
513,868,135.00 291,752,126.32
equivalents
II Auditor’s Report
Are the Q3 2017 financial statements audited?
□Yes √ No
These financial statements are unaudited.
Gujing Distillery Aged Original Spirits Third Quarter Report 2017
Board Chairman: Liang Jinhui
Anhui Gujing Distillery Company Limited
October 27, 2017