Stock Code: 600132 Stock Abbreviation: Chongqing Brewery
CHONGQING BREWERY CO., LTD.
Q1 REPORT OF 2024
The board of directors and all directors of the company guarantee that thisannouncement is free of any false records, misleading statements or significantomissions, and that they will bear legal responsibility for the authenticity, accuracyand completeness of its content.
Reminder of important content:
The board of directors, board of supervisors, directors, supervisors and senior management of thecompany guarantee that this quarterly report contains true, accurate and complete information andis free of any false records, misleading statements or significant omissions, and that they will bejointly and severally liable for the legal consequences.The legal representative of the company, officer in charge of accounting and head of accountingdepartment (the chief accountant) guarantee that the financial information in the quarterly report istrue, accurate and complete.Whether the Q1 financial statements are audited
□Yes √No
I. Key Financial Information(I) Major accounting data and financial indicators
Monetary unit: RMB
| Item | For the quarter ended March 31, 2024 (“the reporting period”) | Rate of change (%) | |||
| Operating revenue | 4,292,542,727.03 | 7.16 | |||
| Net profit attributable to shareholders of the Company | 451,938,986.11 | 16.78 | |||
| Net profit attributable to shareholders of the Company excluding non-recurring gains and losses | 445,935,567.05 | 16.91 | |||
| Net cash flows from operating activities | 1,080,755,377.22 | 26.76 | |||
| Basic earnings per share | 0.93 | 16.78 | |||
| Diluted earnings per share | 0.93 | 16.78 | |||
| Weighted average return on equity (%) | 19.10 | Increased by 1.90 p.p. | |||
| As of March 31, 2024 | As of December 31, 2023 | Rate of change (%) | |||
| Total assets | 13,032,283,189.31 | 12,386,911,593.95 | 5.21 | ||
| Net assets attributable to shareholders of the Company | 2,592,041,432.60 | 2,140,200,619.57 | 21.11 | ||
(II) Non-recurring gains and losses
√ Applicable □ Not applicable
Monetary unit: RMB
| Items | For the quarter ended March 31, 2024 | Remarks |
| Gains or losses on disposal of non-current assets, including write-off of provision for impairment | -773,609.11 | |
| Government grants included in gains or losses (excluding those closely related to operating activities of the Company, satisfying government policies and regulations, enjoyed based on certain standards, and continuously affecting gains or losses of the Company) | 10,677,872.49 | |
| Gains or losses on changes in fair value of held-for-trading financial assets, derivative financial assets, held-for-trading financial liabilities and derivative financial liabilities, and investment income from disposal of held-for-trading financial assets, derivative financial assets, held-for-trading financial liabilities, derivative financial liabilities and other debt investments, excluding those arising from hedging business related to operating activities | 3,702,877.36 | |
| Other non-operating revenue or expenditures | 1,540,982.50 | |
| Less: Enterprise income tax affected | 3,345,783.19 | |
| Effect on non-controlling interest (after tax) | 5,798,920.99 | |
| Total | 6,003,419.06 |
Note: Effect on non-recurring gains or losses for the quarter ended March 31, 2023 due toimplementation of “Interpretation Pronouncement on Information Disclosure Criteria for PublicCompanies No. 1 – Non-Recurring Gains or Losses (2023 Edition)”
| Items | Amount |
| Net non-recurring gains or losses attributable to the owner of the parent company for the quarter ended March 31, 2023 | 5,578,384.97 |
| Net non-recurring gains or losses attributable to the owner of the parent company calculated based on the “Interpretation Pronouncement on Information Disclosure Criteria for Public | 4,769,948.68 |
| Companies No. 1 – Non-Recurring Gains or Losses (2023 Edition)” for the quarter ended March 31, 2023 | |
| Difference | 808,436.29 |
Explain the reasons if the Company classifies an item as a recurring gain/loss item, which isenumerated as a non-recurring gain/loss in the “Explanatory Announcement No. 1 on InformationDisclosure for Companies Offering Their Securities to the Public—Non-Recurring Gains andLosses”:
□ Applicable √ Not applicable
(III) The conditions and reason of change for major accounting data and financial indicators
□ Applicable √ Not applicable
II. Main Operating Conditions During the Reporting Period(I) Main operating conditionsFor the quarter ended March 31, 2024, the Company sold 0.8668 million kiloliters of beer, anincrease of 5.25% compared with 0.8236 million kiloliters over the same period of last year. Theoperating revenue was RMB4.293 billion yuan, an increase of 7.16% compared with RMB4.006billion yuan over the same period of last year. Net profit attributable to shareholders of the Companyfor the first quarter of 2024 amounted to RMB0.452 billion yuan, an increase of 16.78% comparedwith RMB0.387 billion yuan over the same period of last year. Net profit attributable to shareholdersof the Company excluding non-recurring profit or loss amounted to RMB0.446 billion yuan, anincrease of 16.91% compared with RMB0.381 billion yuan over the same period of last year.
(II) Revenue by product grade
Monetary unit: RMB
| Product grade | For the quarter ended March 31, 2024 Main business revenue | For the quarter ended March 31, 2023 Main business revenue | YoY (%) | Proportion (%) |
| Premium | 2,571,724,307.81 | 2,375,111,079.58 | 8.28 | 61.56 |
| Mainstream | 1,520,025,140.42 | 1,467,699,634.28 | 3.57 | 36.38 |
| Economy | 86,077,755.11 | 76,590,127.63 | 12.39 | 2.06 |
| Total | 4,177,827,203.34 | 3,919,400,841.49 | 6.59 | 100 |
Note:
1. The Company classifies its products into three grades based on consumption price, i.e, premium
(priced at RMB 8 yuan and above), mainstream (priced between RMB 4-8 yuan, excluding 8yuan), and economy (priced below RMB 4 yuan).
2. During the reporting period, the sales volume of economy beer increased by 1.69%,corresponding to a revenue increase of 12.39%.
(III) Revenue by marketing channel
Monetary unit: RMB
| Channel type | For the quarter ended March 31, 2024 Main business revenue | For the quarter ended March 31, 2023 Main business revenue | YoY (%) |
| Wholesale | 4,170,312,573.17 | 3,910,238,281.65 | 6.65 |
(IV) Revenue by region
Monetary unit: RMB
| Region | For the quarter ended March 31, 2024 Main business revenue | For the quarter ended March 31, 2023 Main business revenue | YoY (%) |
| North-West | 1,159,973,539.97 | 1,123,709,182.58 | 3.23 |
| Central | 1,808,706,339.07 | 1,689,603,165.52 | 7.05 |
| South | 1,209,147,324.30 | 1,106,088,493.39 | 9.32 |
| Total | 4,177,827,203.34 | 3,919,400,841.49 | 6.59 |
Note: The administration area of the company is divided into three regions: North-West region,Central region and Southern region.
(V) DealersFor the quarter ended March 31, 2024, the company added 199 dealers and reduced 299 dealers,with a total of 2,969 dealers at the end of the reporting period and a decrease of 100 compared toDecember 31, 2023.
III. Shareholders(I) Total number of ordinary shareholders, number of preferred shareholders with resumedvoting power and shareholding of top 10 shareholders
Unit: share
| Total number of ordinary shareholders at the end of the reporting period | 56,669 | Total number of preferred shareholders with resumed voting power at the end of the reporting period (if any) | N/A | |||
| Shareholdings of top 10 shareholders (excluding refinancing shares lent) | ||||||
| Name of shareholder | Nature of shareholder | Number of shares held | Shareholding (%) | Number of restricted shares held | Pledge, marking or freezing | |
| Share status | Amount | |||||
| Carlsberg Brewery Hong Kong Limited | Overseas legal person | 205,882,718 | 42.54 | 0 | None | |
| Carlsberg Chongqing Limited | Overseas legal person | 84,500,000 | 17.46 | 0 | None | |
| Hong Kong Securities Clearing Co., Ltd. | Overseas legal person | 28,908,106 | 5.97 | 0 | Unknown | |
| One-one-zero portfolio of National Social Security Fund | Others | 2,692,138 | 0.56 | 0 | Unknown | |
| China Life Insurance Company Limited - Traditional-General Insurance Product－ 005L－CT001 Shanghai | Others | 2,543,606 | 0.53 | 0 | Unknown | |
| China Construction Bank Corporation - PENGHUA CSI LIQUOR ETF | Others | 2,537,652 | 0.52 | 0 | Unknown | |
| Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 ETF | Others | 2,477,213 | 0.51 | 0 | Unknown | |
| New China Life Insurance Company Ltd. - Traditional-General Insurance Product－ 018L－CT001 Shanghai | Others | 2,277,351 | 0.47 | 0 | Unknown | |
| Bank of Korea - Self-owned Fund | Others | 2,056,500 | 0.42 | 0 | Unknown | |
| China Construction Bank Corporation - E Fund CSI 300 ETF | Others | 1,800,000 | 0.37 | 0 | Unknown | |
| Shareholdings of top 10 unrestricted shareholders | ||||||
| Name of shareholder | Number of outstanding unrestricted shares held | Share category and quantity | ||||
| Share category | Amount | |||||
| Carlsberg Brewery Hong Kong Limited | 205,882,718 | RMB ordinary shares | 205,882,718 | |||
| Carlsberg Chongqing Limited | 84,500,000 | RMB ordinary shares | 84,500,000 | |||
| Hong Kong Securities Clearing Co., Ltd. | 28,908,106 | RMB ordinary shares | 28,908,106 | |||
| One-one-zero portfolio of National Social Security Fund | 2,692,138 | RMB ordinary shares | 2,692,138 | |||
| China Life Insurance Company Limited - Traditional-General Insurance Product－ 005L－CT001 Shanghai | 2,543,606 | RMB ordinary shares | 2,543,606 |
| China Construction Bank Corporation - PENGHUA CSI LIQUOR ETF | 2,537,652 | RMB ordinary shares | 2,537,652 |
| Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 ETF | 2,477,213 | RMB ordinary shares | 2,477,213 |
| New China Life Insurance Company Ltd. - Traditional-General Insurance Product－ 018L－CT001 Shanghai | 2,277,351 | RMB ordinary shares | 2,277,351 |
| Bank of Korea - Self-owned Fund | 2,056,500 | RMB ordinary shares | 2,056,500 |
| China Construction Bank Corporation - E Fund CSI 300 ETF | 1,800,000 | RMB ordinary shares | 1,800,000 |
| Remarks on related-party relationships among the aforesaid shareholders or actions in concert | Among the top 10 unrestricted shareholders, Carlsberg Chongqing Limited and Carlsberg Brewery Hong Kong Limited are both controlled by Carlsberg Breweries A/S. It is unknown whether the other shareholders are related to each other and whether the other shareholders are acting in concert. | ||
Refinancing shares lent by shareholders holding more than 5% shares, the top 10 shareholders andthe top 10 unrestricted public shareholders
√ Applicable □ Not applicable
Unit: share
| Refinancing shares lent by shareholders holding more than 5% shares, the top 10 shareholders and the top 10 unrestricted public shareholders | ||||||||
| Name of shareholder (full name) | Beginning shareholding of ordinary accounts and credit accounts | Beginning refinancing shares lent and not yet returned | Ending shareholding of ordinary accounts and credit accounts | Ending refinancing shares lent and not yet returned | ||||
| Quantity Total | Percentage (%) | Quantity Total | Percentage (%) | Quantity Total | Percentage (%) | Quantity Total | Percentage (%) | |
| China Construction Bank Corporation - PENGHUA CSI LIQUOR ETF | 2,957,302 | 0.61 | 621,400 | 0.13 | 2,537,652 | 0.52 | 490,700 | 0.10 |
| Industrial and Commercial Bank of | 1,678,213 | 0.35 | 33,400 | 0.01 | 2,477,213 | 0.51 | 2,200 | 0.001 |
| China Limited - Huatai-PineBridge CSI 300 ETF | ||||||||
| China Construction Bank Corporation - E Fund CSI 300 ETF | 636,500 | 0.13 | 9,800 | 0.002 | 1,800,000 | 0.37 | 23,100 | 0.005 |
Changes in the top 10 shareholders and the top 10 unrestricted public shareholders due torefinancing lending/restitution compared with the previous period
√ Applicable □ Not applicable
Unit: share
| Changes in the top 10 shareholders and the top 10 unrestricted public shareholders due to refinancing lending/restitution compared with the previous period | |||||
| Name of shareholder (full name) | New/exiting shareholder during the period | Number of refinancing shares lent and not yet returned at the end of the period | Number of shares held by ordinary accounts/credit accounts and refinancing shares lent and not yet returned at the end of the period | ||
| Aggregate | Percentage (%) | Aggregate | Percentage (%) | ||
| China Construction Bank Corporation - E Fund CSI 300 ETF | New | 23,100 | 0.005 | 1,823,100 | 0.38 |
IV. Other RemindersOther important information about the company’s operations during the reporting period thatinvestors should be reminded of.
□ Applicable √ Not applicable
V. Quarterly Financial Statements(I) Audit Opinion
□ Applicable √ Not applicable
(II) Financial Statements
Consolidated Balance SheetAs of March 31, 2024Prepared by: Chongqing Brewery Co., Ltd.
Monetary unit: RMB Audit type: Unaudited
| Items | March 31, 2024 | December 31, 2023 |
| Current assets: | ||
| Cash and bank balances | 2,945,120,807.44 | 2,712,720,235.65 |
| Settlement funds | ||
| Loans to other banks | ||
| Held-for-trading financial assets | 901,642,500.00 | 360,202,000.00 |
| Derivative financial assets | 8,084,911.58 | 14,392,732.78 |
| Notes receivable | ||
| Accounts receivable | 105,297,741.70 | 64,628,136.06 |
| Receivables financing | ||
| Advances paid | 38,567,359.12 | 41,831,987.46 |
| Premiums receivable | ||
| Reinsurance accounts receivable | ||
| Reinsurance reserve receivable | ||
| Other receivables | 26,427,132.86 | 23,987,973.67 |
| Including: Interest receivable | ||
| Dividend receivable | ||
| Financial assets under reverse repo | ||
| Inventories | 1,790,897,384.57 | 2,100,354,952.29 |
| Including: Data resources | ||
| Contract assets | ||
| Assets held for sale | ||
| Non-current assets due within one year | ||
| Other current assets | 113,406,979.20 | 146,488,217.09 |
| Total current assets | 5,929,444,816.47 | 5,464,606,235.00 |
| Non-current assets: | ||
| Loans and advances | ||
| Debt investments | ||
| Other debt investments | ||
| Long-term receivables | ||
| Long-term equity investments | 153,847,165.71 | 140,608,195.59 |
| Other equity instrument investments | 17,156,286.50 | 16,625,962.83 |
| Items | March 31, 2024 | December 31, 2023 |
| Other non-current financial assets | ||
| Investment property | ||
| Fixed assets | 3,579,055,632.67 | 3,673,993,109.60 |
| Construction in progress | 1,152,431,743.67 | 783,503,734.86 |
| Productive biological assets | ||
| Oil & gas assets | ||
| Right-of-use assets | 148,726,917.00 | 153,497,044.09 |
| Intangible assets | 663,312,448.18 | 677,053,982.74 |
| Including: Data resources | ||
| Development expenditures | ||
| Including: Data resources | ||
| Goodwill | 699,192,456.06 | 699,192,456.06 |
| Long-term prepayments | ||
| Deferred tax assets | 687,152,449.61 | 679,012,008.03 |
| Other non-current assets | 1,963,273.44 | 98,818,865.15 |
| Total non-current assets | 7,102,838,372.84 | 6,922,305,358.95 |
| Total assets | 13,032,283,189.31 | 12,386,911,593.95 |
| Current liabilities: | ||
| Short-term borrowings | ||
| Central bank loans | ||
| Loans from other banks | ||
| Held-for-trading financial liabilities | ||
| Derivative financial liabilities | 15,759,347.35 | 15,408,026.80 |
| Notes payable | ||
| Accounts payable | 2,796,768,259.25 | 2,607,629,899.17 |
| Advances received | ||
| Contract liabilities | 1,677,390,760.57 | 1,666,791,670.83 |
| Financial liabilities under repo | ||
| Absorbing deposit and interbank deposit | ||
| Deposit for agency security transaction | ||
| Deposit for agency security underwriting | ||
| Employee benefits payable | 390,544,456.21 | 409,937,660.39 |
| Taxes and rates payable | 377,941,631.51 | 86,479,764.60 |
| Other payables | 2,628,258,819.92 | 3,326,996,153.10 |
| Including: Interest payable | ||
| Dividend payable | ||
| Handling fee and commission payable | ||
| Reinsurance accounts payable | ||
| Liabilities held for sale |
| Items | March 31, 2024 | December 31, 2023 |
| Non-current liabilities due within one year | 41,548,353.97 | 42,382,811.96 |
| Other current liabilities | 14,369,907.85 | 26,113,341.32 |
| Total current liabilities | 7,942,581,536.63 | 8,181,739,328.17 |
| Non-current liabilities: | ||
| Insurance policy reserve | ||
| Long-term borrowings | ||
| Bonds payable | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Lease liabilities | 118,772,715.51 | 121,370,635.09 |
| Long-term payables | ||
| Long-term employee benefits payable | 149,436,720.63 | 150,981,389.59 |
| Provisions | 25,161,793.79 | 25,219,093.79 |
| Deferred income | 240,171,640.72 | 247,646,473.34 |
| Deferred tax liabilities | 7,480,882.91 | 7,806,126.04 |
| Other non-current liabilities | ||
| Total non-current liabilities | 541,023,753.56 | 553,023,717.85 |
| Total liabilities | 8,483,605,290.19 | 8,734,763,046.02 |
| Equity: | ||
| Share capital | 483,971,198.00 | 483,971,198.00 |
| Other equity instruments | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Capital reserve | 18,403,177.00 | 16,022,535.00 |
| Less: Treasury shares | ||
| Other comprehensive income | -18,564,257.28 | -16,085,442.20 |
| Special reserve | ||
| Surplus reserve | 241,985,599.00 | 241,985,599.00 |
| General risk reserve | ||
| Undistributed profit | 1,866,245,715.88 | 1,414,306,729.77 |
| Total equity attributable to the parent company | 2,592,041,432.60 | 2,140,200,619.57 |
| Non-controlling interest | 1,956,636,466.52 | 1,511,947,928.36 |
| Total equity | 4,548,677,899.12 | 3,652,148,547.93 |
| Total liabilities & equity | 13,032,283,189.31 | 12,386,911,593.95 |
Legal representative: Jo?o Miguel Ventura Rego AbecasisOfficer in charge of accounting: Chin Wee HuaHead of accounting department: Liping Liu
Consolidated Income StatementFor the Quarter Ended March 31, 2024Prepared by: Chongqing Brewery Co., Ltd.
Monetary unit: RMB Audit type: Unaudited
| Items | For the quarter ended March 31, 2024 | For the quarter ended March 31, 2023 |
| I. Total operating revenue | 4,292,542,727.03 | 4,005,811,752.65 |
| Including: Operating revenue | 4,292,542,727.03 | 4,005,811,752.65 |
| Interest income | ||
| Premiums earned | ||
| Revenue from handling charges and commission | ||
| II. Total operating cost | 3,198,693,094.03 | 3,077,537,348.79 |
| Including: Operating cost | 2,236,546,768.40 | 2,196,941,245.54 |
| Interest expenses | ||
| Handling charges and commission expenditures | ||
| Surrender value | ||
| Net payment of insurance claims | ||
| Net provision of insurance policy reserve | ||
| Premium bonus expenditures | ||
| Reinsurance expenses | ||
| Taxes and surcharges | 267,727,272.93 | 249,505,309.99 |
| Selling expenses | 563,572,398.53 | 518,695,636.80 |
| Administrative expenses | 134,406,900.84 | 124,532,751.47 |
| R&D expenses | 4,702,443.79 | 1,410,077.93 |
| Financial expenses | -8,262,690.46 | -13,547,672.94 |
| Including: Interest expenses | 1,841,440.12 | 1,176,188.15 |
| Interest income | 11,320,886.70 | 15,718,979.95 |
| Add: Other income | 12,321,234.89 | 13,834,104.44 |
| Investment income (or less: losses) | 15,097,347.48 | 12,134,773.12 |
| Including: Investment income from associates and joint ventures | 13,238,970.12 | 12,134,773.12 |
| Gains from derecognition of financial assets at amortized cost | ||
| Gains on foreign exchange (or less: losses) | ||
| Gains on net exposure to hedging risk (or less: losses) | ||
| Gains on changes in fair value (or less: losses) | 1,642,500.00 | |
| Credit impairment loss | -2,629,954.53 | -654,041.53 |
| Assets impairment loss | -14,628,345.68 | -3,945,698.26 |
| Items | For the quarter ended March 31, 2024 | For the quarter ended March 31, 2023 |
| Gains on asset disposal (or less: losses) | 10,480.26 | -131,838.64 |
| III. Operating profit (or less: losses) | 1,105,662,895.42 | 949,511,702.99 |
| Add: Non-operating revenue | 1,592,794.49 | 409,955.74 |
| Less: Non-operating expenditures | 835,901.36 | 454,704.77 |
| IV. Profit before tax (or less: total loss) | 1,106,419,788.55 | 949,466,953.96 |
| Less: Income tax expenses | 207,461,226.09 | 174,706,948.06 |
| V. Net profit (or less: net loss) | 898,958,562.46 | 774,760,005.90 |
| (I) Categorized by the continuity of operations | ||
| 1. Net profit from continuing operations (or less: net loss) | 898,959,658.91 | 774,752,253.19 |
| 2. Net profit from discontinued operations (or less: net loss) | -1,096.45 | 7,752.71 |
| (II) Categorized by the portion of equity ownership | ||
| 1. Net profit attributable to owners of parent company (or less: net loss) | 451,938,986.11 | 387,009,759.80 |
| 2. Net profit attributable to non-controlling shareholders (or less: net loss) | 447,019,576.35 | 387,750,246.10 |
| VI. Other comprehensive income after tax | -4,809,853.27 | 1,111,468.35 |
| (I) Items attributable to the owners of the parent company | -2,478,815.08 | 578,737.83 |
| 1.Not to be reclassified subsequently to profit or loss | 204,519.32 | 492,505.48 |
| (1) Remeasurements of the net defined benefit plan | ||
| (2) Items under equity method that will not be reclassified to profit or loss | ||
| (3) Changes in fair value of other equity instrument investments | 204,519.32 | 492,505.48 |
| (4) Changes in fair value of own credit risk | ||
| 2. To be reclassified subsequently to profit or loss | -2,683,334.40 | 86,232.35 |
| (1) Items under equity method that may be reclassified to profit or loss | ||
| (2) Changes in fair value of other debt investments | ||
| (3) Profit or loss from reclassification of financial assets into other comprehensive income | ||
| Items | For the quarter ended March 31, 2024 | For the quarter ended March 31, 2023 |
| (4) Provision for credit impairment of other debt investments | ||
| (5) Cash flow hedging reserve | -2,683,334.40 | 86,232.35 |
| (6) Translation reserve | ||
| (7) Others | ||
| (II) Items attributable to non-controlling shareholders | -2,331,038.19 | 532,730.52 |
| VII. Total comprehensive income | 894,148,709.19 | 775,871,474.25 |
| (I) Items attributable to the owners of the parent company | 449,460,171.03 | 387,588,497.63 |
| (II) Items attributable to non-controlling shareholders | 444,688,538.16 | 388,282,976.62 |
| VIII. Earnings per share (EPS): | ||
| (I) Basic EPS (yuan per share) | 0.93 | 0.80 |
| (II) Diluted EPS (yuan per share) | 0.93 | 0.80 |
Legal representative: Jo?o Miguel Ventura Rego AbecasisOfficer in charge of accounting: Chin Wee HuaHead of accounting department: Liping Liu
Consolidated Cash Flow StatementFor the Quarter Ended March 31, 2024Prepared by: Chongqing Brewery Co., Ltd.
Monetary unit: RMB Audit type: Unaudited
| Items | For the quarter ended March 31, 2024 | For the quarter ended March 31, 2023 |
| I. Cash flows from operating activities: | ||
| Cash receipts from sale of goods or rendering of services | 4,036,443,604.33 | 3,741,118,313.07 |
| Net increase of client deposit and interbank deposit | ||
| Net increase of central bank loans | ||
| Net increase of loans from other financial institutions | ||
| Cash receipts from original insurance contract premium | ||
| Net cash receipts from reinsurance | ||
| Net increase of policy-holder deposit and investment | ||
| Cash receipts from interest, handling charges and commission | ||
| Net increase of loans from others | ||
| Net increase of repurchase | ||
| Net cash receipts from agency security transaction | ||
| Receipts of tax refund | 295,858.98 | 2,578,768.78 |
| Other cash receipts related to operating activities | 89,336,607.02 | 80,114,182.44 |
| Subtotal of cash inflows from operating activities | 4,126,076,070.33 | 3,823,811,264.29 |
| Cash payments for goods purchased and services received | 1,719,015,477.68 | 1,688,785,272.72 |
| Net increase of loans and advances to clients | ||
| Net increase of central bank deposit and interbank deposit | ||
| Cash payments for insurance indemnities of original insurance contracts | ||
| Net increase of loans to others | ||
| Cash payments for interest, handling charges and commission | ||
| Cash payments for policy bonus | ||
| Items | For the quarter ended March 31, 2024 | For the quarter ended March 31, 2023 |
| Cash paid to and on behalf of employees | 395,415,111.20 | 355,179,827.32 |
| Cash payments for taxes and rates | 467,174,303.78 | 536,000,992.83 |
| Other cash payments related to operating activities | 463,715,800.45 | 391,236,006.72 |
| Subtotal of cash outflows from operating activities | 3,045,320,693.11 | 2,971,202,099.59 |
| Net cash flows from operating activities | 1,080,755,377.22 | 852,609,164.70 |
| II. Cash flows from investing activities: | ||
| Cash receipts from withdrawal of investments | 2,060,377.36 | |
| Cash receipts from investment income | ||
| Net cash receipts from the disposal of fixed assets, intangible assets and other long-term assets | 15,601.00 | 67,466.95 |
| Net cash receipts from the disposal of subsidiaries & other business units | ||
| Other cash receipts related to investing activities | ||
| Subtotal of cash inflows from investing activities | 2,075,978.36 | 67,466.95 |
| Cash payments for the acquisition of fixed assets, intangible assets and other long-term assets | 311,070,673.84 | 176,004,254.07 |
| Cash payments for investments | 540,000,000.00 | |
| Net increase of pledged borrowings | ||
| Net cash payments for the acquisition of subsidiaries & other business units | ||
| Other cash payments related to investing activities | ||
| Subtotal of cash outflows from investing activities | 851,070,673.84 | 176,004,254.07 |
| Net cash flows from investing activities | -848,994,695.48 | -175,936,787.12 |
| III. Cash flows from financing activities: | ||
| Cash receipts from absorbing investments | ||
| Including: Cash received by subsidiaries from non-controlling shareholders as investments | ||
| Cash receipts from borrowings | ||
| Items | For the quarter ended March 31, 2024 | For the quarter ended March 31, 2023 |
| Other cash receipts related to financing activities | ||
| Subtotal of cash inflows from financing activities | ||
| Cash payments for the repayment of borrowings | ||
| Cash payments for distribution of dividends or profits and for interest expenses | ||
| Including: Cash paid by subsidiaries to non-controlling shareholders as dividend or profit | ||
| Other cash payments related to financing activities | 7,883,299.25 | 6,077,533.45 |
| Subtotal of cash outflows from financing activities | 7,883,299.25 | 6,077,533.45 |
| Net cash flows from financing activities | -7,883,299.25 | -6,077,533.45 |
| IV. Effect of foreign exchange rate changes on cash & cash equivalents | ||
| V. Net increase in cash and cash equivalents | 223,877,382.49 | 670,594,844.13 |
| Add: Opening balance of cash and cash equivalents | 2,700,076,206.04 | 3,396,809,241.14 |
| VI. Closing balance of cash and cash equivalents | 2,923,953,588.53 | 4,067,404,085.27 |
Legal representative: Jo?o Miguel Ventura Rego AbecasisOfficer in charge of accounting: Chin Wee HuaHead of accounting department: Liping Liu
(III)The first adoption of new accounting standards or interpretations since 2024 that involveadjustments to the financial statements at the beginning of the year of first adoption.
□ Applicable √ Not applicable
Hereby announced.
Board of Directors of Chongqing Brewery Co., Ltd.
April 26, 2024