Luzhou Laojiao Co., Ltd.
Q1 2021 Report
April 2021
Section I Important Statements
The Board of Directors, Board of Supervisors, other directors, supervisors and senior managementexcept the following directors, supervisors and senior management with statements of objectionsguarantee that the information presented in this report is free of any false records, misleadingstatements or material omissions, and shall individually and together be legally liable for truthfulness,accuracy and completeness of its contents.
Other directors attended the board meeting to deliberate this report by themselves except the followingdirectors.
Name of directors who did not attend the meeting in person | Position of directors who did not attend the meeting in person | Reason for not attending the meeting in person | Name of deputies |
Wang Hongbo | Director | Work | Lin Feng |
Tan Lili | Independent director | Work | Xu Guoxiang |
Qian Xu | Director | Work | Liu Miao |
Ying Hanjie | Director | Work | Liu Miao |
Liu Miao, responsible person for the Company, Xie Hong, responsible person for accounting work andYan Li, responsible person for the Company’s financial affairs (Accounting Supervisor) have warrantedthat the financial statements in this report are true, accurate and complete.
This Report has been prepared in both Chinese and English. Should there be any discrepancies ormisunderstandings between the two versions, the Chinese version shall prevail.
Section II Key Corporate Information
1. Key accounting data and financial indicators
Whether the Company performed a retroactive adjustment to or restatement of accounting data.? Yes √ No
Q1 2021 | Q1 2020 | Change | |
Operating revenues (CNY) | 5,003,680,377.12 | 3,552,467,494.03 | 40.85% |
Net profits attributable to shareholders of the Company (CNY) | 2,166,766,179.07 | 1,707,145,859.72 | 26.92% |
Net profits attributable to shareholders of the Company before non-recurring gains and losses (CNY) | 2,158,046,960.66 | 1,713,748,254.45 | 25.93% |
Net cash flows from operating activities (CNY) | 1,310,035,683.78 | -316,284,597.30 | |
Basic earnings per share (CNY/share) | 1.48 | 1.17 | 26.50% |
Diluted earnings per share (CNY/share) | 1.48 | 1.17 | 26.50% |
Weighted average ROE | 8.97% | 8.43% | 0.54% |
31 March 2021 | 31 December 2020 | Change | |
Total assets (CNY) | 37,107,992,569.57 | 35,009,203,823.45 | 5.99% |
Net assets attributable to shareholders of the Company (CNY) | 25,230,083,810.41 | 23,074,858,552.59 | 9.34% |
Non-recurring profits and losses
√ Applicable ? N/A
Unit: CNY
Item | Q1 2021 | Note |
Profit or loss from disposal of non-current assets (including the write-off portion of the impairment provision) | -1,304.66 | |
Government grants accounted for, in the profit or loss for the current period (except for the government grants closely related to the business of the Company and given at a fixed amount or quantity in accordance with the national uniform standards) | 7,894,230.58 | |
Other non-operating income and expenditure except above-mentioned items | 4,423,690.12 |
Less: Corporate income tax | 3,005,152.80 | |
Minority interests (after tax) | 592,244.83 | |
Total | 8,719,218.41 | -- |
Explain the reasons if the Company classifies an item as a non-recurring profit/loss according to thedefinition in the Explanatory Announcement No. 1 on Information Disclosure for Companies OfferingTheir Securities to the Public-Non-Recurring Profits and Losses, or classifies any non-recurringprofit/loss item mentioned in the said explanatory announcement as a recurring profit/loss item.? Applicable √ N/ANo such cases for the reporting period.
2. Total number of shareholders and shareholdings of top 10 shareholders at the endof the reporting period
2.1 Total numbers of common shareholders and preferred shareholders with resumed votingrights as well as shareholdings of top 10 shareholders
Unit:Share
Total number of common shareholders at the end of the reporting period | 156,207 | Total number of preferred shareholders with resumed voting rights at the end of the reporting period (if any) | 0 | |||
Shareholdings of the top 10 shareholders | ||||||
Name of shareholder | Nature of shareholder | Shareholding percentage | Total shares held | Number of holding restricted shares | Pledged or frozen shares | |
Status of shares | Number of shares | |||||
Luzhou Laojiao Group Co., Ltd. | State-owned corporation | 26.02% | 381,088,389 | 0 | ||
Luzhou XingLu Investment Group Co., Ltd. | State-owned corporation | 24.99% | 365,971,142 | 0 | Pledged | 101,980,000 |
Bank of China Co., Ltd. – Liquor index classification securities investment fund by China Merchants Fund | Other | 2.41% | 35,339,168 | 0 | ||
China Securities Finance Corporation limited | Other | 2.31% | 33,842,059 | 0 | ||
Bank of China Co., | Other | 2.03% | 29,800,044 | 0 |
Ltd.-Blue chip selected hybrid securities investment fund by E Fund | ||||||
Hong Kong Securities Clearing Company Limited | Foreign corporation | 2.00% | 29,337,435 | 0 | ||
Industrial and Commercial Bank of China Co., Ltd.-Newly growth hybrid securities investment fund by Invesco Great Wall | Other | 1.50% | 21,960,000 | 0 | ||
Central Huijin Asset Management Co., Ltd. | State-owned corporation | 1.43% | 20,937,500 | 0 | ||
Agricultural Bank of China Co., Ltd. - Consumption industry stock - based securities investment fund by E Fund | Other | 0.91% | 13,318,732 | 0 | ||
China Life Insurance Company Ltd.-Tradition-General Insurance Product-005L-CT001Shen | Other | 0.76% | 11,062,270 | 0 | ||
Shareholdings of the top 10 non-restricted shareholders | ||||||
Name of shareholder | Number of non-restricted shares held | Type of shares | ||||
Type | Number | |||||
Luzhou Laojiao Group Co., Ltd. | 381,088,389 | CNY common shares | 381,088,389 | |||
Luzhou XingLu Investment Group Co., Ltd. | 365,971,142 | CNY common shares | 365,971,142 | |||
Bank of China Co., Ltd. – Liquor index classification securities investment fund | 35,339,168 | CNY common shares | 35,339,168 |
by China Merchants Fund | |||
China Securities Finance Corporation limited | 33,842,059 | CNY common shares | 33,842,059 |
Bank of China Co., Ltd.-Blue chip selected hybrid securities investment fund by E Fund | 29,800,044 | CNY common shares | 29,800,044 |
Hong Kong Securities Clearing Company Limited | 29,337,435 | CNY common shares | 29,337,435 |
Industrial and Commercial Bank of China Co., Ltd.-Newly growth hybrid securities investment fund by Invesco Great Wall | 21,960,000 | CNY common shares | 21,960,000 |
Central Huijin Asset Management Co., Ltd. | 20,937,500 | CNY common shares | 20,937,500 |
Agricultural Bank of China Co., Ltd. - Consumption industry stock - based securities investment fund by E Fund | 13,318,732 | CNY common shares | 13,318,732 |
China Life Insurance Company Ltd.-Tradition-General Insurance Product-005L-CT001Shen | 11,062,270 | CNY common shares | 11,062,270 |
Related parties or acting-in-concert | 1. Luzhou Laojiao Group Co., Ltd. and Luzhou XingLu Investment Group Co., Ltd. are both holding state-owned companies under the jurisdiction of SASAC of Luzhou. The two companies signed the agreement of persons acting in concert on 31 December 2015. For details, please refer to the announcement of the Company on 5 January 2016 - Announcement on the agreement of persons acting in concert signed by shareholders. The announcement number is 2016-1 (http://www.cninfo.com.cn/). 2. In addition, whether there is an association between the remaining shareholders or they belong to persons acting in concert is unknown. |
Did any of the top 10 common shareholders or the top non-restricted common shareholders of theCompany conduct any promissory repurchase during the reporting period.? Yes √ NoThe top 10 non-restricted common shareholders, the top10 common shareholders did not conduct anypromissory repurchase during the reporting period.
2.2 Total number of preferred shareholders and shareholdings of the top 10 preferredshareholders? Applicable √ N/A
Section III Significant Events
1. Changes in key financial data and indicators in the reporting period and reasonsfor the changes
√ Applicable ? N/A
A. The closing balance of prepayment increased by CNY 71,986,457.31 compared to the openingbalance, indicating an increase of 96.39%. It was mainly due to the increased prepayment to suppliers.B. The closing balance of notes payable decreased by CNY 69,235,000.00 compared to the openingbalance, indicating a decrease of 57.08%. It was mainly due to the settlement of notes payable uponmaturity.C. Operating revenue in the current period increased by CNY 1,451,212,883.09 compared to the sameperiod of last year, indicating an increase of 40.85%. It was mainly due to the increased sales revenuefrom mid- and high-end liquor in the current period.D. Cost of sales in the current period increased by CNY 231,543,797.07 compared to the same period oflast year, indicating an increase of 49.58%. It was mainly due to the increased sales revenue in thecurrent period.E. Taxes and surcharges in the current period increased by CNY 438,590,342.72 compared to the sameperiod of last year, indicating an increase of 208.97%. It was mainly due to the increased sales revenuein the current period.F. Selling and distribution expenses in the current period increased by CNY 188,886,021.38 comparedto the same period of last year, indicating an increase of 38.90%. It was mainly due to the increasedmarketing and promotion expenses in the current period.G. Non-operating expenses in the current period decreased by CNY 15,853,443.05 compared to thesame period of last year, indicating a decrease of 76.88%. It was mainly due to the decreased donationsin the current period.H. Net cash flows from operating activities in the current period increased by CNY 1,626,320,281.08compared to the same period of last year. It was mainly due to the increased cash received from sale ofgoods in the current period.I. Net cash flows from financing activities in the current period decreased by CNY 1,546,057,529.03compared to the same period of last year. It was mainly due to the issuance of corporate bonds in thesame period of last year.
2. Progress, influence and solutions with regard to significant events
√ Applicable ? N/A
A. The Company’s three savings deposits of CNY 500 million, including ABC Changsha Yingxin Branchand ICBC Nanyang Zhongzhou Branch are involved in contract disputes. The Company has reported tothe public security authorities for intervention with the assets preservation measure and filed civil claimsfor two contract disputes among the three cases. Combined with the assets preservation situation of thepublic security authorities and professional legal advice issued by lawyers, the Company has made a
provision of CNY 200 million for bad debts for the deposit of CNY 500 million for contract disputes. TheSupreme People’s Court made a final judgment on the dispute arising out of the deposit contractbetween the Company and ABC Changsha Yingxin Branch. In respect of the losses that couldn’t berecovered through criminal procedures, ABC Changsha Yingxin Branch should bear 40% of thecompensation liability, ABC Changsha Hongxing Branch 20%, and the remaining losses should beborne by the Company. The Company applied to Hunan Province Higher People's Court for enforcementof the verdict. Hunan Province Higher People's Court has filed the case and ruled that Hunan ChangshaIntermediate People’s Court should see to the execution of the verdict. Henan Province Higher People’sCourt had made the judgment of the first trial on the lawsuit of the Company with ICBC NanyangZhongzhou Branch over a deposit dispute: for the losses that the Company cannot recover throughcriminal execution procedures, 50% shall be borne by ICBC Nanyang Zhongzhou Branch; for the lossesthat the Company cannot recover through criminal execution procedures concerning CNY 122.1 millionof principal in the case, 10% shall be borne by Sanya Rural Commercial Bank Hongsha Branch, and therest shall be borne by the Company itself. As of 31 March 2021, the Company had recovered an amountof CNY 214,955,100 for three of the disputes.
See details in the Company’s announcements:
Date of announcement | No. | Catalogue | Official website |
15 October 2014 | 2014-35 | Announcement of significant litigation |
http://www.cninfo.com.cn/
12 November 2014
12 November 2014 | 2014-41 | Announcement of significant litigation progress |
6 December 2014 | 2014-43 | Announcement of significant litigation progress part II |
10 January 2015 | 2015-1 | Announcement of significant events |
4 February 2015 | 2015-4 | Announcement of significant events progress |
25 March 2015 | 2015-11 | Announcement of significant litigation progress part III |
18 April 2015 | 2015-20 | Announcement of significant litigation progress part IV |
22 April 2015 | 2015-21 | Announcement of significant events progress part II |
24 April 2015 | 2015-25 | Announcement of significant litigation progress part V |
15 July 2015 | 2015-44 | Announcement of significant litigation progress part VI |
22 July 2015 | 2015-45 | Announcement of significant litigation progress part VII |
6 June 2018 | 2018-17 | Announcement of significant |
litigation progress part VIII | ||
7 May 2019 | 2019-11 | Announcement of significant litigation progress part IX |
17 May 2019 | 2019-13 | Announcement of significant litigation progress part X |
24 March 2020 | 2020-6 | Announcement of significant litigation progress part XI |
6 May 2020 | 2020-14 | Announcement of significant litigation progress part XII |
7 November 2020 | 2020-34 | Announcement of significant litigation progress part XIII |
B. The Company disclosed the technical renovation project of brewing invested by Brewing Company, asubsidiary of the Company. The total investment amount is CNY 7,414,280,000. See details in theannouncement disclosed on 28 April 2016 About subsidiary technical renovation project of brewing , No:
2016-12 (http://www.cninfo.com.cn/). Based on actual needs arising from the construction of the project,the Company convened a general meeting on 30 June 2020, at which the Proposal on IncreasingInvestment in the Technical Renovation Project of Brewing was approved. As such, the total projectinvestment was increased to CNY 8,877,276,500. For more information, please refer to the followingannouncements: Announcement No. 2020-17 on Increasing Investment in the Technical RenovationProject of Brewing disclosed on 2 June 2020; and Announcement No. 2020-20 on the Resolutions of the2019 Annual General Meeting disclosed on 1 July 2020 (both disclosed on http://www.cninfo.com.cn/).As of the end of the reporting period, construction was completed for the project, with the project imageprogress reaching 100%. Quality inspection and acceptance of the relevant sub-projects was finished.Other inspection and acceptance, as well as settlement were progressing in an orderly manner.
C. The Company decides to implement the Accounting Standards for Enterprises No. 21--Lease (C.K.[2018] No. 35) since 1 January 2021, which was revised and published by the Ministry of Finance.According to the new standards, there are no leasing businesses in the Company that need to beadjusted retrospectively, and the changes in accounting policies do not affect shareholders' equity, netprofit and other financial indicators of the Company in 2020.
D. The Company disclosed the Prompt Announcement on Free Transfer of Part of State-owned Equity ofthe Company and its Controlling Shareholders to Enrich the Social Security Fund (Announcement No.:
2020-33), the Announcement on the Progress of the Free transfer of Part of State-owned Equity of theCompany and its Controlling Shareholders to Enrich the Social Security Fund (Announcement No.:
2020-35), and the Announcement on the Progress of the Free transfer of Part of State-owned Equity ofthe Company and its Controlling Shareholders to Enrich the Social Security Fund (Announcement No.:
2021-1) on 30 October 2020, 26 November 2020 and 6 January 2021, respectively. State-owned AssetsSupervision and Administration Commission of Luzhou intends to transfer freely to Sichuan ProvincialFinance Department 111,193 state-owned shares held by Luzhou Laojiao (accounting for 10% of theCompany's shares held by State-owned Assets Supervision and Administration Commission of Luzhou,
and 0.008% of the Company's total shares),10% equity of Luzhou Laojiao Group Co., Ltd., thecontrolling shareholder of the Company, and the 10% equity of Luzhou Xinglu Investment Group Co.,Ltd., the person acting in concert with Luzhou Laojiao Group Co., Ltd. These will be held by SichuanProvincial Finance Department on behalf of the Social Security Fund. By the disclosure date of thisreport, Luzhou Laojiao Group Co., Ltd. and Luzhou Xinglu Investment Group Co., Ltd. had completedthe transfer procedures of state-owned equity. The transfer procedures of the Company's shares directlyheld by the State-owned Assets Supervision and Administration Commission of Luzhou had not beencompleted. This transfer of state-owned equity will not change the Company's actual controllers andcontrolling shareholders.
Implementation progress of shares repurchases
□ Applicable √ N/A
Implementation progress of share buyback reduction through centralized bidding
□ Applicable √ N/A
3. Undertakings of the Company's actual controller, shareholders, related partiesand acquirer, as well as the Company and other commitment makers ongoing in thereporting period? Applicable √ N/ANo such cases in the reporting period.
4. Financial assets investment
4.1 Securities investment
√ Applicable ? N/A
Unit: CNY
Category of securities | Stock code | Abbreviation of securities | Initial investment cost | Accounting measurement model | Beginning book balance | Changes in fair value recognized in profit or loss | Changes in the cumulative fair value recorded into equity | Amount of purchase | Amount of sale | Profit and loss during the reporting period | Closing book balance | Accounting item | Capital source |
Domestic and foreign stock | 601211 | GTJA | 12,719,156.76 | Fair value measure | 206,450,757.39 | -15,192,326.13 | 178,539,274.50 | 191,258,431.26 | Investments in other equity | Own fund |
ment | instruments | ||||||||||||
Domestic and foreign stock | 002246 | SNC | 1,030,000.00 | Fair value measurement | 11,460,858.15 | -1,219,572.91 | 9,211,285.24 | 10,241,285.24 | Investments in other equity instruments | Own fund | |||
Domestic and foreign stock | 01983 | LZBANK | 51,120,000.00 | Fair value measurement | 95,561,825.55 | -1,126,145.35 | 43,315,680.20 | 94,435,680.20 | Investments in other equity instruments | Own fund | |||
Total | 64,869,156.76 | -- | 313,473,441.09 | -17,538,044.39 | 231,066,239.94 | 0.00 | 0.00 | 0.00 | 295,935,396.70 | -- | -- |
4.2 Derivative investment
? Applicable √ N/ANo such cases in the reporting period.
5. Progress of projects financed with funds raised
√ Applicable □ N/A
The Technical Renovation Project of Brewing was completed and the project image progress reached100%. The quality inspection of related sub-projects was completed, and other inspects and accountssettlement work is in process as planned.
Project of Intelligent Upgrading and Building of the Information Management System was underconstruction.
The Project of Acquiring Sealing Equipment for the Cellar of Huangyi Brewing Base was completed, andthe follow-up settlement work is proceeded in an orderly manner.
The Project of Acquiring Accessory Equipment for Leaven Making for Huangyi Brewing Base wascompleted, and the follow-up settlement work is proceeded in an orderly manner.
6. Operating performance forecast for January-June 2021
Warning of a forecast negative net profit for the period from the beginning of the year to the end of thenext reporting period or a considerable YoY change therein, as well as the reasons:
? Applicable √ N/A
7. Significant contracts arising from routine operation
? Applicable √ N/A
8. Entrust assets management
? Applicable √ N/ANo such cases in the reporting period.
9. Irregularities in the provision of guarantees
? Applicable √ N/ANo such cases in the reporting period.
10. Occupation of the Company's fund by the controlling shareholder or its relatedparties for non-operating purposes? Applicable √ N/ANo such cases in the reporting period.
11. Visits paid to the Company for purposes of research, communication, interview,etc.? Applicable √ N/ANo such cases in the reporting period.
Section IV Financial Statements
1. Financial statements
1.1 Consolidated balance sheet
Prepared by: Luzhou Laojiao Co., Ltd.
Unit: CNY
Item | 31 March 2021 | 31 December 2020 |
Current assets: | ||
Cash and cash equivalents | 12,469,738,488.32 | 11,624,870,340.60 |
Settlement reserves | ||
Lending funds | ||
Held-for-trading financial assets | ||
Derivative financial assets | ||
Notes receivables | ||
Accounts receivables | 1,563,983.25 | 1,507,852.43 |
Accounts receivables financing | 3,641,758,209.01 | 3,209,371,766.35 |
Prepayment | 146,671,994.69 | 74,685,537.38 |
Premiums receivable | ||
Reinsurance accounts receivable | ||
Reinsurance contract reserve | ||
Other receivables | 122,509,098.31 | 127,032,931.42 |
Including: Interests receivable | ||
Dividends receivable | ||
Buying back the sale of financial assets | ||
Inventories | 5,152,641,418.83 | 4,695,663,431.25 |
Contractual assets | ||
Assets held for sale | ||
Non-current assets due within one year | ||
Other current assets | 153,961,577.69 | 156,565,424.18 |
Total current assets | 21,688,844,770.10 | 19,889,697,283.61 |
Non-current assets: | ||
Disbursement of loans and advances | ||
Investments in debt obligations | ||
Investments in other debt obligations | ||
Long-term receivables | ||
Long-term equity investments | 2,515,726,003.02 | 2,477,667,171.27 |
Investments in other equity instruments | 329,622,355.03 | 347,160,399.42 |
Other non-current financial assets | ||
Investment property | ||
Fixed assets | 7,255,105,544.38 | 6,887,108,174.72 |
Construction in progress | 1,831,763,271.93 | 2,012,129,880.15 |
Productive biological assets | ||
Oil and gas assets | ||
Use right assets | 59,065,551.59 | |
Intangible assets | 2,641,182,029.18 | 2,657,118,025.37 |
Development expenses | ||
Goodwill | ||
Long-term deferred expenses | 2,095,393.96 | 2,305,902.21 |
Deferred tax assets | 773,804,224.52 | 725,210,660.84 |
Other non-current assets | 10,783,425.86 | 10,806,325.86 |
Total non-current assets | 15,419,147,799.47 | 15,119,506,539.84 |
Total assets | 37,107,992,569.57 | 35,009,203,823.45 |
Current liabilities: | ||
Short-term loans | ||
Borrowings from the central bank | ||
Loans from other banks | ||
Held-for-trading financial liabilities | ||
Derivative financial liabilities | ||
Notes payable | 52,050,117.60 | 121,285,117.60 |
Accounts payable | 2,519,679,839.87 | 2,604,289,199.77 |
Advance from customer | ||
Contractual liabilities | 1,692,175,528.57 | 1,678,837,166.94 |
Financial assets sold for repurchase |
Deposits from customers and inter-bank | ||
Customer brokerage deposits | ||
Securities underwriting brokerage deposits | ||
Employee benefits payable | 442,839,233.73 | 505,022,627.19 |
Taxes payable | 2,129,142,076.26 | 2,046,027,211.13 |
Other payable | 501,976,469.29 | 501,623,924.54 |
Including: Interests payable | ||
Dividends payable | ||
Handling charges and commissions payable | ||
Reinsurance accounts payable | ||
Liabilities held for sale | ||
Non-current liabilities due within one year | 64,413,287.40 | 72,219,178.08 |
Other current liabilities | 218,250,759.98 | 218,267,353.36 |
Total current liabilities | 7,620,527,312.70 | 7,747,571,778.61 |
Non-current liabilities: | ||
Insurance contract reserves | ||
Long-term loans | ||
Bonds payable | 3,988,635,254.75 | 3,987,872,100.02 |
Including: Preferred shares | ||
Perpetual bonds | ||
Lease liabilities | 50,084,133.27 | |
Long-term payables | ||
Long-term payroll payables | ||
Accrued liabilities | ||
Deferred income | 34,796,928.57 | 29,739,000.00 |
Deferred tax liabilities | 57,766,560.01 | 62,151,071.11 |
Other non-current liabilities | ||
Total non-current liabilities | 4,131,282,876.60 | 4,079,762,171.13 |
Total liabilities | 11,751,810,189.30 | 11,827,333,949.74 |
Owners' equity | ||
Share capital | 1,464,752,476.00 | 1,464,752,476.00 |
Other equity instruments | ||
Including: Preferred shares | ||
Perpetual bonds | ||
Capital reserves | 3,722,777,063.13 | 3,722,777,063.13 |
Less: treasury stock | ||
Other comprehensive income | 174,522,403.78 | 186,063,325.03 |
Special reserves | ||
Surplus reserves | 1,464,752,476.00 | 1,464,752,476.00 |
General risk reserve | ||
Undistributed profits | 18,403,279,391.50 | 16,236,513,212.43 |
Total equity attributable to owners of the parent company | 25,230,083,810.41 | 23,074,858,552.59 |
Non-controlling interests | 126,098,569.86 | 107,011,321.12 |
Total owners' equity | 25,356,182,380.27 | 23,181,869,873.71 |
Total liabilities and owners' equity | 37,107,992,569.57 | 35,009,203,823.45 |
Legal representative:Liu MiaoPerson in charge of accounting affairs:Xie HongPerson in charge of accounting department:Yan Li
1.2 Balance sheet of parent company
Unit: CNY
Item | 31 March 2021 | 31 December 2020 |
Current assets: | ||
Cash and cash equivalents | 11,859,796,536.59 | 11,100,327,211.33 |
Held-for-trading financial assets | ||
Derivative financial assets | ||
Notes receivables | ||
Accounts receivables | 1,759,580.22 | 3,927.50 |
Accounts receivables financing | ||
Prepayment | 14,581,837.63 | 1,431,698.57 |
Other receivables | 7,589,020,976.34 | 7,052,749,694.83 |
Including: Interests receivable | ||
Dividends receivable | ||
Inventories | 6,237,418.46 | 850,076.30 |
Contractual assets | ||
Assets held for sale | ||
Non-current assets due within one year | ||
Other current assets | 113,908.90 | 78,509.44 |
Total current assets | 19,471,510,258.14 | 18,155,441,117.97 |
Non-current assets: | ||
Investments in debt obligations | ||
Investments in other debt obligations | ||
Long-term receivables | ||
Long-term equity investments | 5,922,641,924.56 | 5,884,091,712.47 |
Investments in other equity instruments | 329,293,433.40 | 346,831,477.79 |
Other non-current financial assets | ||
Investment property | ||
Fixed assets | 633,930,149.25 | 640,254,574.76 |
Construction in progress | 513,433,871.93 | 550,932,404.00 |
Productive biological assets | ||
Oil and gas assets | ||
Use right assets | 700,089.77 | |
Intangible assets | 678,442,615.47 | 684,010,106.13 |
Development expenses | ||
Goodwill | ||
Long-term deferred expenses | 1,976,773.83 | 2,180,811.89 |
Deferred tax assets | 91,218,421.79 | 89,484,552.65 |
Other non-current assets | 1,526,325.86 | 1,526,325.86 |
Total non-current assets | 8,173,163,605.86 | 8,199,311,965.55 |
Total assets | 27,644,673,864.00 | 26,354,753,083.52 |
Current liabilities: | ||
Short-term loans | ||
Held-for-trading financial liabilities | ||
Derivative financial liabilities | ||
Notes payable | ||
Accounts payable | 89,141,333.54 | 80,663,835.54 |
Advance from customer |
Contractual liabilities | 8,327,814.91 | 753,349.81 |
Employee benefits payable | 156,913,887.39 | 168,254,646.38 |
Taxes payable | 140,369,803.39 | 153,437,992.21 |
Other payables | 1,742,035,319.50 | 699,733,563.56 |
Including: Interests payable | ||
Dividends payable | ||
Liabilities held for sale | ||
Non-current liabilities due within one year | 55,015,041.09 | 72,219,178.08 |
Other current liabilities | 1,082,615.94 | 116,457.13 |
Total current liabilities | 2,192,885,815.76 | 1,175,179,022.71 |
Non-current liabilities: | ||
Long-term loans | ||
Bonds payable | 3,988,635,254.75 | 3,987,872,100.02 |
Including: Preferred shares | ||
Perpetual bonds | ||
Lease liabilities | 243,035.74 | |
Long-term payables | ||
Long-term payroll payables | ||
Accrued liabilities | ||
Deferred income | 1,428,000.00 | 1,904,000.00 |
Deferred tax liabilities | 57,766,560.01 | 62,151,071.11 |
Other non-current liabilities | ||
Total non-current liabilities | 4,048,072,850.50 | 4,051,927,171.13 |
Total liabilities | 6,240,958,666.26 | 5,227,106,193.84 |
Owners' equity | ||
Share capital | 1,464,752,476.00 | 1,464,752,476.00 |
Other equity instruments | ||
Including: Preferred shares | ||
Perpetual bonds | ||
Capital reserves | 3,706,816,950.12 | 3,706,816,950.12 |
Less: treasury stock | ||
Other comprehensive income | 173,757,100.94 | 185,441,302.55 |
Special reserves |
Surplus reserves | 1,464,752,476.00 | 1,464,752,476.00 |
Undistributed profits | 14,593,636,194.68 | 14,305,883,685.01 |
Total owners' equity | 21,403,715,197.74 | 21,127,646,889.68 |
Total liabilities and owners' equity | 27,644,673,864.00 | 26,354,753,083.52 |
1.3 Consolidated income statement
Unit: CNY
Item | Q1 2021 | Q1 2020 |
1. Total operating revenue | 5,003,680,377.12 | 3,552,467,494.03 |
Including: Operating revenue | 5,003,680,377.12 | 3,552,467,494.03 |
Interest income | ||
Earned premium | ||
Fee and commission income | ||
2. Total operating costs | 2,176,691,151.80 | 1,285,561,805.00 |
Including: Cost of sales | 698,531,899.11 | 466,988,102.04 |
Interest expense | ||
Handling charges and commission expenses | ||
Refunded premiums | ||
Net payments for insurance claims | ||
Net provision for insurance contracts | ||
Bond insurance expense | ||
Reinsurance Expenses | ||
Taxes and surcharges | 648,467,990.32 | 209,877,647.60 |
Selling and distribution expenses | 674,499,560.18 | 485,613,538.80 |
General and administrative expenses | 197,605,329.26 | 162,202,429.84 |
Research and Development expenses | 14,110,650.06 | 10,759,004.98 |
Financial expenses | -56,524,277.13 | -49,878,918.26 |
Including: Interest expenses | 27,138,723.39 | 25,735,318.66 |
Interest income | 82,968,567.12 | 74,031,795.61 |
Plus: Other income | 7,894,230.58 | 8,578,919.67 |
Investment income ("-" for losses) | 44,769,830.41 | 38,469,805.49 |
Including: income from investment in associates and joint ventures | 37,082,283.26 | 38,469,805.49 |
Income from the derecognition of financial assets measured at amortized cost | ||
Foreign exchange gains ("-" for losses) | ||
Net gain on exposure hedges (“-” for losses) | ||
Gains from the changes in fair values (“-“ for losses) | ||
Credit impairment losses (“-” for losses) | -982,348.33 | -5,177,762.20 |
Asset impairment losses (“-“ for losses) | ||
Gains from disposal of assets ("-" for losses) | -1,304.66 | |
3. Operating profits ("-" for losses) | 2,878,669,633.32 | 2,308,776,651.99 |
Plus: non-operating income | 9,191,273.23 | 3,255,361.87 |
Less: non-operating expenses | 4,767,583.11 | 20,621,026.16 |
4. Total profits before tax ("-" for total losses) | 2,883,093,323.44 | 2,291,410,987.70 |
Less: income tax expenses | 703,243,781.49 | 565,129,663.84 |
5. Net profit ("-" for net loss) | 2,179,849,541.95 | 1,726,281,323.86 |
5.1 By operating continuity | ||
1) Net profit from continuing operation ("-" for losses) | 2,179,849,541.95 | 1,726,281,323.86 |
2) Net profit from discontinued operation ("-" for losses) | ||
5.2 By ownership | ||
1) Attributable to shareholders of the | 2,166,766,179.07 | 1,707,145,859.72 |
parent company | ||
2) Attributable to non-controlling interests | 13,083,362.88 | 19,135,464.14 |
6. Net of tax from other comprehensive income | -11,423,499.40 | -39,075,095.45 |
Net of tax from other comprehensive income to the owner of the parent company | -11,540,921.25 | -34,146,018.29 |
6.1 Other comprehensive income that cannot be reclassified into the profit and loss: | -13,153,533.29 | -31,446,050.54 |
1) Remeasure the variation of net indebtedness or net asset of defined benefit plans | ||
2) Share in other comprehensive income that cannot be classified into profit and loss under equity method | ||
3) Changes in fair value of investments in other equity instruments | -13,153,533.29 | -31,446,050.54 |
4) Changes in fair value of the company’s credit risks | ||
5) Other | ||
6.2 Other comprehensive income that will be reclassified into the profit and loss | 1,612,612.04 | -2,699,967.75 |
1) Share in other comprehensive income that will be classified into profit and loss under equity method | 1,469,331.68 | 3,323,761.00 |
2) Changes in fair value of investments in other debt obligations | ||
3) Other comprehensive income arising from the reclassification of financial assets | ||
4) Allowance for credit impairments in investments in other debt obligations | ||
5) Reserve for cash-flow hedge | ||
6) Balance arising from the translation of foreign currency financial | 143,280.36 | -6,023,728.75 |
statements | ||
7) Others | ||
Net of tax from other comprehensive income to non-controlling interests | 117,421.85 | -4,929,077.16 |
7. Total comprehensive income | 2,168,426,042.55 | 1,687,206,228.41 |
Total comprehensive income attributable to owners of the parent company | 2,155,225,257.82 | 1,672,999,841.43 |
Total comprehensive income attributable to non-controlling interests | 13,200,784.73 | 14,206,386.98 |
8. Earnings per share | ||
(1) Basic earnings per share | 1.48 | 1.17 |
(2) Diluted earnings per share | 1.48 | 1.17 |
Legal representative:Liu MiaoPerson in charge of accounting affairs:Xie HongPerson in charge of accounting department:Yan Li
1.4 Income statement of parent company
Unit: CNY
Item | Q1 2021 | Q1 2020 |
1. Operating revenue | 1,868,851,309.95 | 315,730,603.07 |
Less: Cost of sales | 1,447,126,696.57 | 215,663,482.49 |
Taxes and surcharges | 7,190,177.19 | 1,476,450.02 |
Selling and distribution expenses | ||
General and administrative expenses | 151,066,080.64 | 127,521,163.51 |
Research and Development expenses | 3,869,370.29 | 3,445,121.56 |
Financial expenses | -64,115,043.10 | -63,259,190.75 |
Including: Interest expenses | 1,723,333.34 | 4,694,458.33 |
Interest income | 79,261,807.58 | 69,209,056.74 |
Plus: Other income | 2,890,215.16 | 6,199,400.00 |
Investment income ("-" for losses) | 37,080,880.41 | 38,469,805.49 |
Including: income from investment in associates and joint ventures | 37,080,880.41 | 38,469,805.49 |
Income from the derecognition of financial assets at amortized cost (“-” for losses) | ||
Net gain on exposure hedges (“-” for losses) | ||
Gains from the changes in fair values (“-“ for losses) | ||
Credit impairment losses (“-” for losses) | -297,519.30 | -752,426.69 |
Asset impairment losses (“-” for losses) | ||
Gains from disposal of assets ("-" for losses) | -1,304.66 | |
2. Operating profits ("-" for losses) | 363,386,299.97 | 74,800,355.04 |
Plus: non-operating income | 6,446,860.10 | 2,568,253.42 |
Less: non-operating expenses | 835,266.16 | 20,491,664.66 |
3. Total profits before tax ("-" for total losses) | 368,997,893.91 | 56,876,943.80 |
Less: income tax expenses | 81,245,384.24 | 2,019,566.55 |
4. Net profit ("-" for net loss) | 287,752,509.67 | 54,857,377.25 |
4.1 Net profit from continuing operation ("-" for losses) | 287,752,509.67 | 54,857,377.25 |
4.2 Net profit from discontinued operation ("-" for losses) | ||
5. Net of tax from other comprehensive income | -11,684,201.61 | -28,122,289.54 |
5.1 Other comprehensive income that cannot be reclassified into the profit and loss: | -13,153,533.29 | -31,446,050.54 |
1) Remeasure the variation of net indebtedness or net asset of defined benefit plans | ||
2) Share in other comprehensive income that cannot be classified into profit and loss under equity method |
3) Changes in fair value of investments in other equity instruments | -13,153,533.29 | -31,446,050.54 |
4) Changes in fair value of the company’s credit risks | ||
5) Other | ||
5.2 Other comprehensive income that will be reclassified into the profit and loss | 1,469,331.68 | 3,323,761.00 |
1) Share in other comprehensive income that will be classified into profit and loss under equity method | 1,469,331.68 | 3,323,761.00 |
2) Changes in fair value of investments in other debt obligations | ||
3) Other comprehensive income arising from the reclassification of financial assets | ||
4) Allowance for credit impairments in investments in other debt obligations | ||
5) Reserve for cash-flow hedge | ||
6) Balance arising from the translation of foreign currency financial statements | ||
7) Others | ||
6. Total comprehensive income | 276,068,308.06 | 26,735,087.71 |
7. Earnings per share | ||
(1) Basic earnings per share | 0.20 | 0.04 |
(2) Diluted earnings per share | 0.20 | 0.04 |
1.5 Consolidated statement of cash flows
Unit: CNY
Item | Q1 2021 | Q1 2020 |
1. Cash flows from operating activities | ||
Cash received from sale of goods and rendering of services | 6,447,302,776.34 | 2,709,764,363.56 |
Net increase in customer bank |
deposits and placement from banks and other financial institutions | ||
Net increase in loans from central bank | ||
Net increase in loans from other financial institutions | ||
Premiums received from original insurance contracts | ||
Net cash received from reinsurance business | ||
Net increase in deposits and investments from policyholders | ||
Cash received from interest, handling charges and commissions | ||
Net increase in placements from other financial institutions | ||
Net capital increase in repurchase business | ||
Net cash received from customer brokerage deposits | ||
Refunds of taxes and surcharges | 158,646.02 | 2,984,693.31 |
Cash received from other operating activities | 115,758,781.39 | 145,217,970.22 |
Subtotal of cash inflows from operating activities | 6,563,220,203.75 | 2,857,967,027.09 |
Cash paid for goods purchased and services received | 2,604,353,042.20 | 794,862,329.49 |
Net increase in loans and advances to customers | ||
Net increase in deposits in central bank and other banks and financial institutions | ||
Cash paid for original insurance contract claims | ||
Net increase in lending funds | ||
Cash paid for interests, handling charges and commissions | ||
Cash paid for policy dividends |
Cash paid to and on behalf of employees | 335,972,928.17 | 290,931,958.65 |
Cash paid for taxes and surcharges | 1,814,051,071.85 | 1,490,541,545.95 |
Cash paid for other operating activities | 498,807,477.75 | 597,915,790.30 |
Subtotal of cash outflows from operating activities | 5,253,184,519.97 | 3,174,251,624.39 |
Net cash flows from operating activities | 1,310,035,683.78 | -316,284,597.30 |
2. Cash flows from investing activities | ||
Cash received from disposal of investments | ||
Cash received from returns on investments | 1,412,900.00 | |
Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 8,800.00 | 363,665.57 |
Net cash received from disposal of subsidiaries and other business units | ||
Cash received from other investing activities | ||
Subtotal of cash inflows from investing activities | 1,421,700.00 | 363,665.57 |
Cash paid to acquire and construct fixed assets, intangible assets and other long-term assets | 437,859,053.59 | 435,218,874.05 |
Cash paid for investments | ||
Net increase in pledge loans | ||
Net cash paid to acquire subsidiaries and other business units | ||
Cash paid for other investing activities | ||
Subtotal of cash outflows from investing activities | 437,859,053.59 | 435,218,874.05 |
Net cash flows from investing activities | -436,437,353.59 | -434,855,208.48 |
3. Cash flows from financing activities | ||
Cash received from investors | 5,886,464.02 | 5,621,368.05 |
Including: cash received by subsidiaries from investments by minority shareholders | 5,886,464.02 | 5,621,368.05 |
Cash received from borrowings | 1,494,000,000.00 | |
Cash received from other financing activities | ||
Subtotal of cash inflows from financing activities | 5,886,464.02 | 1,499,621,368.05 |
Cash paid for debt repayments | ||
Cash paid for distribution of dividends and profits or payment of interest | 52,502,625.00 | |
Including: dividends and profits paid to minority shareholders by subsidiaries | ||
Cash paid for other financing activities | 180,000.00 | |
Subtotal of cash outflows from financing activities | 52,502,625.00 | 180,000.00 |
Net cash flows from financing activities | -46,616,160.98 | 1,499,441,368.05 |
4. Effect of fluctuation in exchange rate on cash and cash equivalents | 1,275,210.76 | 2,023,536.30 |
5. Net increase in cash and cash equivalents | 828,257,379.97 | 750,325,098.57 |
Plus: balance of cash and cash equivalents at the beginning of the period | 11,568,195,062.81 | 9,752,266,526.78 |
6. Balance of cash and cash equivalents at the end of the period | 12,396,452,442.78 | 10,502,591,625.35 |
1.6 Cash flow statement of parent company
Unit: CNY
Item | Q1 2021 | Q1 2020 |
1. Cash flows from operating activities | ||
Cash received from sale of goods and rendering of services | 2,117,620,792.62 | 653,025,597.30 |
Refunds of taxes and surcharges | ||
Cash received from other operating activities | 109,471,952.85 | 84,003,498.08 |
Subtotal of cash inflows from operating activities | 2,227,092,745.47 | 737,029,095.38 |
Cash paid for goods purchased and services received | 872,450,122.68 | 300,960,894.55 |
Cash paid to and on behalf of employees | 325,937,947.45 | 285,439,755.10 |
Cash paid for taxes and surcharges | 168,193,365.90 | 88,834,694.01 |
Cash paid for other operating activities | 38,780,177.86 | 977,736,127.34 |
Subtotal of cash outflows from operating activities | 1,405,361,613.89 | 1,652,971,471.00 |
Net cash flows from operating activities | 821,731,131.58 | -915,942,375.62 |
2. Cash flows from investing activities | ||
Cash received from disposal of investments | ||
Cash received from returns on investments | 1,407,900.00 | |
Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 8,800.00 | |
Net cash received from disposal of subsidiaries and other business units | ||
Cash received from other investing |
activities | ||
Subtotal of cash inflows from investing activities | 1,416,700.00 | |
Cash paid to acquire and construct fixed assets, intangible assets and other long-term assets | 27,786,649.07 | 64,878,208.78 |
Cash paid for investments | ||
Net cash paid to acquire subsidiaries and other business units | ||
Cash paid for other investing activities | ||
Subtotal of cash outflows from investing activities | 27,786,649.07 | 64,878,208.78 |
Net cash flows from investing activities | -26,369,949.07 | -64,878,208.78 |
3. Cash flows from financing activities | ||
Cash received from investors | ||
Cash received from loans | 1,494,000,000.00 | |
Cash received from other financing activities | ||
Subtotal of cash inflows from financing activities | 1,494,000,000.00 | |
Cash paid for debt repayments | ||
Cash paid for distribution of dividends and profits or payment of interest | 52,502,625.00 | |
Cash paid for other financing activities | 180,000.00 | |
Subtotal of cash outflows from financing activities | 52,502,625.00 | 180,000.00 |
Net cash flows from financing activities | -52,502,625.00 | 1,493,820,000.00 |
4. Effect of fluctuation in exchange rate on cash and cash equivalents | ||
5. Net increase in cash and cash equivalents | 742,858,557.51 | 512,999,415.60 |
Plus: balance of cash and cash equivalents at the beginning of the period | 11,045,051,933.54 | 8,872,692,385.79 |
6. Balance of cash and cash equivalents at the end of the period | 11,787,910,491.05 | 9,385,691,801.39 |
2. Adjustments to the financial statements
2.1 Adjustments to the financial statements at the beginning of 2021 when the new accountingstandards governing leases were first adopted
√ Applicable □ N/A
Whether items of balance sheets at the beginning of the year need to be adjusted
√ Yes □ No
Consolidated balance sheet
Unit: CNY
Item | 31 December 2020 | 1 January 2021 | Adjustment |
Current assets: | |||
Cash and cash equivalents | 11,624,870,340.60 | 11,624,870,340.60 | |
Accounts receivables | 1,507,852.43 | 1,507,852.43 | |
Accounts receivables financing | 3,209,371,766.35 | 3,209,371,766.35 | |
Prepayment | 74,685,537.38 | 74,685,537.38 | |
Other receivables | 127,032,931.42 | 127,032,931.42 | |
Inventories | 4,695,663,431.25 | 4,695,663,431.25 | |
Other current assets | 156,565,424.18 | 156,565,424.18 | |
Total current assets | 19,889,697,283.61 | 19,889,697,283.61 | |
Non-current assets: | |||
Long-term equity investments | 2,477,667,171.27 | 2,477,667,171.27 | |
Investments in other equity instruments | 347,160,399.42 | 347,160,399.42 | |
Fixed assets | 6,887,108,174.72 | 6,887,108,174.72 | |
Construction in progress | 2,012,129,880.15 | 2,012,129,880.15 |
Right-of-use assets | 50,201,409.36 | 50,201,409.36 | |
Intangible assets | 2,657,118,025.37 | 2,657,118,025.37 | |
Long-term deferred expenses | 2,305,902.21 | 2,305,902.21 | |
Deferred tax assets | 725,210,660.84 | 725,210,660.84 | |
Other non-current assets | 10,806,325.86 | 10,806,325.86 | |
Total non-current assets | 15,119,506,539.84 | 15,169,707,949.20 | 50,201,409.36 |
Total assets | 35,009,203,823.45 | 35,059,405,232.81 | 50,201,409.36 |
Current liabilities: | |||
Notes payable | 121,285,117.60 | 121,285,117.60 | |
Accounts payable | 2,604,289,199.77 | 2,604,289,199.77 | |
Contractual liabilities | 1,678,837,166.94 | 1,678,837,166.94 | |
Employee benefits payable | 505,022,627.19 | 505,022,627.19 | |
Taxes payable | 2,046,027,211.13 | 2,046,027,211.13 | |
Other payable | 501,623,924.54 | 501,623,924.54 | |
Non-current liabilities due within one year | 72,219,178.08 | 82,207,133.16 | 9,987,955.08 |
Other current liabilities | 218,267,353.36 | 218,267,353.36 | |
Total current liabilities | 7,747,571,778.61 | 7,757,559,733.69 | 9,987,955.08 |
Non-current liabilities: | |||
Bonds payable | 3,987,872,100.02 | 3,987,872,100.02 | |
Lease liabilities | 40,213,454.28 | 40,213,454.28 | |
Deferred income | 29,739,000.00 | 29,739,000.00 | |
Deferred tax liabilities | 62,151,071.11 | 62,151,071.11 | |
Total non-current liabilities | 4,079,762,171.13 | 4,119,975,625.41 | 40,213,454.28 |
Total liabilities | 11,827,333,949.74 | 11,877,535,359.10 | 50,201,409.36 |
Owners' equity | |||
Share capital | 1,464,752,476.00 | 1,464,752,476.00 | |
Capital reserves | 3,722,777,063.13 | 3,722,777,063.13 | |
Other comprehensive income | 186,063,325.03 | 186,063,325.03 | |
Surplus reserves | 1,464,752,476.00 | 1,464,752,476.00 | |
Undistributed profits | 16,236,513,212.43 | 16,236,513,212.43 | |
Total equity attributable to | 23,074,858,552.59 | 23,074,858,552.59 |
owners of the parent company | |||
Non-controlling interests | 107,011,321.12 | 107,011,321.12 | |
Total owners' equity | 23,181,869,873.71 | 23,181,869,873.71 | |
Total liabilities and owners' equity | 35,009,203,823.45 | 35,059,405,232.81 | 50,201,409.36 |
Note to the adjustments:
As required by the Accounting Standard No. 21 for Business Enterprises-Leases issued by the Ministryof Finance, the Company starts to implement the said standards since 1 January 2021. For the influenceon specific items and amount thereof, please see above adjustment statement.
Balance sheet of parent company
Unit: CNY
Item | 31 December 2020 | 1 January 2021 | Adjustment |
Current assets: | |||
Cash and cash equivalents | 11,100,327,211.33 | 11,100,327,211.33 | |
Accounts receivables | 3,927.50 | 3,927.50 | |
Prepayment | 1,431,698.57 | 1,431,698.57 | |
Other receivables | 7,052,749,694.83 | 7,052,749,694.83 | |
Inventories | 850,076.30 | 850,076.30 | |
Other current assets | 78,509.44 | 78,509.44 | |
Total current assets | 18,155,441,117.97 | 18,155,441,117.97 | |
Non-current assets: | |||
Long-term equity investments | 5,884,091,712.47 | 5,884,091,712.47 | |
Investments in other equity instruments | 346,831,477.79 | 346,831,477.79 | |
Fixed assets | 640,254,574.76 | 640,254,574.76 | |
Construction in progress | 550,932,404.00 | 550,932,404.00 | |
Right-of-use assets | 730,727.38 | 730,727.38 | |
Intangible assets | 684,010,106.13 | 684,010,106.13 | |
Long-term deferred expenses | 2,180,811.89 | 2,180,811.89 | |
Deferred tax assets | 89,484,552.65 | 89,484,552.65 | |
Other non-current assets | 1,526,325.86 | 1,526,325.86 | |
Total non-current assets | 8,199,311,965.55 | 8,200,042,692.93 | 730,727.38 |
Total assets | 26,354,753,083.52 | 26,355,483,810.90 | 730,727.38 |
Current liabilities: | |||
Accounts payable | 80,663,835.54 | 80,663,835.54 | |
Contractual liabilities | 753,349.81 | 753,349.81 | |
Employee benefits payable | 168,254,646.38 | 168,254,646.38 | |
Taxes payable | 153,437,992.21 | 153,437,992.21 | |
Other payables | 699,733,563.56 | 699,733,563.56 | |
Non-current liabilities due within one year | 72,219,178.08 | 72,613,678.08 | 394,500.00 |
Other current liabilities | 116,457.13 | 116,457.13 | |
Total current liabilities | 1,175,179,022.71 | 1,175,573,522.71 | 394,500.00 |
Non-current liabilities: | |||
Bonds payable | 3,987,872,100.02 | 3,987,872,100.02 | |
Lease liabilities | 336,227.38 | 336,227.38 | |
Deferred income | 1,904,000.00 | 1,904,000.00 | |
Deferred tax liabilities | 62,151,071.11 | 62,151,071.11 | |
Total non-current liabilities | 4,051,927,171.13 | 4,052,263,398.51 | 336,227.38 |
Total liabilities | 5,227,106,193.84 | 5,227,836,921.22 | 730,727.38 |
Owners' equity | |||
Share capital | 1,464,752,476.00 | 1,464,752,476.00 | |
Capital reserves | 3,706,816,950.12 | 3,706,816,950.12 | |
Other comprehensive income | 185,441,302.55 | 185,441,302.55 | |
Surplus reserves | 1,464,752,476.00 | 1,464,752,476.00 | |
Undistributed profits | 14,305,883,685.01 | 14,305,883,685.01 | |
Total owners' equity | 21,127,646,889.68 | 21,127,646,889.68 | |
Total liabilities and owners' equity | 26,354,753,083.52 | 26,355,483,810.90 | 730,727.38 |
Note to the adjustments:
As required by the Accounting Standard No. 21 for Business Enterprises-Leases issued by the Ministryof Finance, the Company starts to implement the said standards since 1 January 2021. For the influenceon specific items and amount thereof, please see above adjustment statement.
2.2 Retrospective restatement of previous comparative data due to the execution of the newstandard governing lease from 2021? Applicable √ N/A
3. Auditor’s report
Whether the financial statements of this report have been audited by an auditor
□ Yes √ No
The said financial statements are unaudited by an auditor.