SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE
& PROPERTIES (GROUP) CO., LTD.
THIRD QUARTER REPORT 2019
2019-075
October 2019
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,supervisors and senior management of Shenzhen Special Economic Zone Real Estate &Properties (Group) Co., Ltd. (together with its consolidated subsidiaries, the “Company”,except where the context otherwise requires) hereby guarantee the factuality, accuracy andcompleteness of the contents of this Report and its summary, and shall be jointly and severallyliable for any misrepresentations, misleading statements or material omissions therein.All the Company’s directors have attended the Board meeting for the review of this Reportand its summary.Zhou Jianguo, chairman of the Company’s Board, Chen Maozheng, the Company’s GeneralManager, Tang Xiaoping, the Company’s head for financial affairs, and Qiao Yanjun, head ofthe Company’s financial department (equivalent to financial manager) hereby guarantee thatthe Financial Statements carried in this Report are factual, accurate and complete.This Report and its summary have been prepared in both Chinese and English. Should therebe any discrepancies or misunderstandings between the two versions, the Chinese versionsshall prevail.
Part II Key Corporate Information
I Key Consolidated Financial InformationIndicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
| 30 September 2019 | 31 December 2018 | Change (%) | ||||
| Total assets (RMB) | 5,356,733,785.86 | 4,665,891,514.25 | 14.81% | |||
| Equity attributable to the listed company’s shareholders (RMB) | 3,567,776,133.53 | 3,332,259,641.39 | 7.07% | |||
| Q3 2019 | YoY change (%) | Q1-Q3 2019 | YoY change (%) | |||
| Operating revenue (RMB) | 652,161,755.98 | 130.78% | 1,903,499,558.55 | 18.96% | ||
| Net profit attributable to the listed company’s shareholders (RMB) | 106,361,655.99 | 136.70% | 439,517,499.40 | 17.52% | ||
| Net profit attributable to the listed company’s shareholders before exceptional items (RMB) | 105,876,740.20 | 136.54% | 438,722,772.58 | 17.34% | ||
| Net cash generated from/used in operating activities (RMB) | -- | -- | 1,041,915,679.29 | 56.73% | ||
| Basic earnings per share (RMB/share) | 0.1051 | 136.71% | 0.4345 | 17.53% | ||
| Diluted earnings per share (RMB/share) | 0.1051 | 136.71% | 0.4345 | 17.53% | ||
| Weighted average return on equity (%) | 3.08% | 1.59% | 12.74% | 0.33% | ||
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
| Item | Q1-Q3 2019 | Note |
| Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) | -8,109.05 | |
| Non-operating income and expense other than above | 1,067,744.81 | |
| Less: Income tax effects | 264,908.94 | |
| Total | 794,726.82 | -- |
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the ExplanatoryAnnouncement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/LossItems:
□ Applicable √ Not applicable
No such cases for the Reporting Period.II Total Number of Shareholders and Holdings of Top 10 Shareholders at 30 September 2019
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well asHoldings of Top 10 Shareholders
Unit: share
| Number of ordinary shareholders | 76,443 | Number of preferred shareholders with resumed voting rights (if any) | 0 | ||||||
| Top 10 shareholders | |||||||||
| Name of shareholder | Nature of shareholder | Shareholding percentage | Number of shares | Restricted shares | Shares in pledge or frozen | ||||
| Status | Shares | ||||||||
| Shenzhen Investment Holdings Co., Ltd | State-owned legal person | 63.55% | 642,884,262 | ||||||
| Shandong Gold Financial Holding Capital Management Co., Ltd.－Shandong Gold Financial Holding Sustaining Fund 1 | Domestic non-state-owned legal person | 1.02% | 10,300,000 | ||||||
| Lu Zhigao | Domestic natural person | 0.32% | 3,246,949 | ||||||
| Tan Shiqing | Domestic natural person | 0.13% | 1,286,701 | ||||||
| Yang Shuilian | Domestic natural person | 0.13% | 1,273,700 | ||||||
| Yang Jianxiong | Domestic natural person | 0.12% | 1,255,750 | ||||||
| Central Huijin Asset Management Co., Ltd. | State-owned legal person | 0.12% | 1,165,500 | ||||||
| Peng Wei | Domestic natural person | 0.11% | 1,129,082 | ||||||
| Wu Haoyuan | Foreign natural person | 0.11% | 1,109,300 | ||||
| Guotai Junan Securities (Hong Kong) Limited | Foreign legal person | 0.10% | 1,015,683 | ||||
| Top 10 unrestricted shareholders | |||||||
| Name of shareholder | Unrestricted shares | Shares by type | |||||
| Type | Shares | ||||||
| Shenzhen Investment Holdings Co., Ltd | 642,884,262 | RMB-denominated ordinary stock | 642,884,262 | ||||
| Shandong Gold Financial Holding Capital Management Co., Ltd.－Shandong Gold Financial Holding Sustaining Fund 1 | 10,300,000 | RMB-denominated ordinary stock | 10,300,000 | ||||
| Lu Zhigao | 3,246,949 | RMB-denominated ordinary stock | 3,246,949 | ||||
| Tan Shiqing | 1,286,701 | RMB-denominated ordinary stock | 1,286,701 | ||||
| Yang Shuilian | 1,273,700 | RMB-denominated ordinary stock | 1,273,700 | ||||
| Yang Jianxiong | 1,255,750 | Domestically listed foreign stock | 1,255,750 | ||||
| Central Huijin Asset Management Co., Ltd. | 1,165,500 | RMB-denominated ordinary stock | 1,165,500 | ||||
| Peng Wei | 1,129,082 | RMB-denominated ordinary stock | 1,129,082 | ||||
| Wu Haoyuan | 1,109,300 | Domestically listed foreign stock | 1,109,300 | ||||
| Guotai Junan Securities (Hong Kong) Limited | 1,015,683 | Domestically listed foreign stock | 1,015,683 | ||||
| Related or acting-in-concert parties among shareholders above | The Company has found no related parties or acting-in-concert parties as defined in the Administrative Measures for Shareholding Changes in Listed Companies among the shareholders above. | ||||||
| Top 10 ordinary shareholders involved in securities margin trading (if any) | The fourth shareholder holds all his shares in the Company in his accounts of credit. And the third shareholder holds some of his shares in the Company in such accounts. | ||||||
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of theCompany conducted any promissory repo during the Reporting Period.
□ Yes √ No
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
Part III Significant Events
I Changes in Key Consolidated Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
| Key income statement items | Q1~Q3 2019 | Q1~Q3 2018 | Change (%) | Explanation of why |
| Operating revenue | 1,903,499,558.55 | 1,600,129,891.28 | 18.96% | Rise in property sales |
| Taxes and surcharges | 582,491,558.12 | 316,767,417.97 | 83.89% | Withdrawal of taxes |
| Selling expense | 49,974,829.49 | 41,241,971.51 | 21.17% | Rise in sales agent fees and commissions for sale |
| Investment income | 13,914,978.88 | 827,100.00 | 1,582.38% | Rise in wealth management income from structured deposits |
| Key cash flow statement items | Q1~Q3 2019 | Q1~Q3 2018 | Change (%) | Explanation of why |
| Net cash generated from/used in operating activities | 1,041,915,679.29 | 664,798,431.71 | 56.73% | Rise in funds returned of property sales |
| Net cash generated from/used in investing activities | -388,654,134.68 | -599,463,465.47 | 35.17% | Increase/decrease in purchase of six-month bank structured deposit |
| Net cash generated from/used in financing activities | -204,332,000.00 | -136,127,057.86 | -50.10% | Payment of 2018 annual dividend |
| Key balance sheet items | 30 September 2019 | 31 December 2018 | Change (%) | Explanation of why |
| Other current assets | 1,376,743,413.84 | 6,780,999.56 | 20,202.96% | Purchase of six-month bank structured deposit of RMB1.3 billion |
| Short-term borrowings | 50,540,833.79 | 17,260,103.46 | 192.82% | Rise in commercial acceptance bill discounting and the use of such bills as pledge for loans by Shenzhen Zhentong Engineering Co., Ltd. |
| Advances from customers | 409,595,478.21 | 156,426,152.86 | 161.85% | Rise in property presales |
| Taxes payable | 650,486,840.43 | 300,547,372.98 | 116.43% | Withdrawal of land VAT |
II Progress, Influence and Solutions Associated with Significant Events
√ Applicable □ Not applicable
Since the controlling shareholder of the Company is planning a significant event that involves theCompany, upon the application to the Shenzhen Stock Exchange, trading in the stocks of theCompany (A-stock under the name of “SPG” and the code of “000029”; B-stock under the name of“SPG-B” and the code of “200029”) was suspended starting from the opening of 14 September2016. The Company disclosed the Announcement on Share Trading Suspension due to Planning ofSignificant Event (No. 2016-022), the Announcement on Continued Share Trading Suspension dueto Planning of Significant Event (No. 2016-023) and the Announcement on Continued ShareTrading Suspension due to Planning of Significant Event (No. 2016-024) on 14 September 2016, 22September 2016 and 29 September 2016, respectively. Upon ascertainment, the event constituted amaterial asset restructuring. The Company disclosed the Announcement on Share TradingSuspension due to Planning of Major Assets Restructuring (No. 2016-025) on 30 September 2016and the Announcement on Signing Cooperation Agreement on Restructuring and Listing (No.2016-027) on 10 October 2016.The Company convened the 33
rd Meeting of the 7
thBoard of the Directors on 11 November 2016,which the Proposal on Continued Share Trading Suspension due to Planning of Major AssetsRestructuring was reviewed and approved. For details, see the Announcement on Continued ShareTrading Suspension after Expiration of Period of Share Trading Suspension due to Planning ofMajor Assets Restructuring (No. 2016-039) disclosed on 14 November 2016.The Company convened the 1
st
Extraordinary General Meeting of 2016 on 12 December 2016, onwhich the Proposal on Continued Share Trading Suspension due to Planning of Major AssetsRestructuring was reviewed and approved. For details, see the Announcement on Application forContinued Share Trading Suspension after Expiration of Period of Share Trading Suspension dueto Planning of Major Assets Restructuring (No. 2016-047) disclosed on 13 December 2016.The Company held an online illustration meeting to investors on 10 March 2017, communicatingthis major assets restructuring with them and answering questions that they were generallyconcerned about with the information allowed to be disclosed. For details, see the Announcement onOnline Illustration Meeting to Investors (No. 2017-012) disclosed on 11 March 2017.To ensure the smooth progress of this major assets restructuring, prevent abnormal fluctuations inthe prices of its stocks and protect the rights and interests of its non-controlling interests, theCompany has applied to the Shenzhen Stock Exchange for continued share trading suspension forno more than 1 month as of 14 October 2019. For details, see the Announcement on Delay of ShareTrading Resumption due to the Major Assets Restructuring in Planning (No. 2019-069) disclosedon 14 October 2019.During the share trading suspension period, the Company shall disclose the progress of this majorassets restructuring at least every five trading days in strict accordance with the requirements ofapplicable laws and regulations. At present, this major assets restructuring is proceeding smoothly.This major assets restructuring is subject to great uncertainty. Therefore, investors are kindlyreminded to pay attention to possible investment risk.
| Summary of the significant event | Disclosure date | Index to the related announcement |
| Delay of share trading resumption due to the major assets restructuring | 14 October 2019 | Announcement on Delay of Share Trading Resumption due to the Major Assets Restructuring in Planning disclosed on www.cninfo.com.cn |
Progress of any share repurchase:
□ Applicable √ Not applicable
Progress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during theReporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IV Securities Investments
□ Applicable √ Not applicable
No such cases in the Reporting Period.V Wealth Management Entrustment
√ Applicable □ Not applicable
Unit: RMB’0,000 (in RMB ten thousand yuan)
| Type of wealth management | Funding source | Principal | Outstanding amount before maturity | Overdue amount |
| Wealth management product purchased from bank | Idly self-funded | 130,000 | 130,000 | 0 |
| Total | 130,000 | 130,000 | 0 | |
High-risk wealth management entrustments with amounts that are individually significant, or with low security, low liquidity, or noprotection of the principal:
□ Applicable √ Not applicable
Wealth management entrustments with possible impairments including an expectedly unrecoverable principal:
□ Applicable √ Not applicable
VI Investments in Derivative Financial Instruments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VII Communications with the Investment Community such as Researches, Inquiries andInterviews during the Reporting Period
√ Applicable □ Not applicable
| Date | Way of communication | Type of communication party | Index to main information communicated |
| 4 July 2019 | By phone | Individual | Inquired of semi-annual operating conditions of the Company, the progress of assets restructuring and the expected time for share trading resumption, and didn’t offer written materials |
| 24 July 2019 | By phone | Individual | Inquired of the progress of assets restructuring and the time for share trading resumption, and didn’t offer written materials |
| 5 August 2019 | By phone | Individual | Inquired of the progress of assets restructuring, time for share trading resumption, the estimated disclosed time of interim report, and didn’t offer written materials |
| 12 September 2019 | By phone | Individual | Inquired of the progress of assets restructuring and the time for share trading resumption, and didn’t offer written materials |
| 18 September 2019 | By phone | Individual | Inquired of the progress of assets restructuring and the time for share trading resumption, and didn’t offer written materials |
| 30 September 2019 | By phone | Individual | Inquired of the progress of assets restructuring, the operating conditions of the Company and the estimated disclosed time of third quarter report, and didn’t offer written materials |
VIII Irregularities in Provision of Guarantees for External Parties
□ Applicable √ Not applicable
No such cases in the Reporting Period.IX Occupation of the Company’s Capital by Controlling Shareholder or Its Related Partiesfor Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.
30 September 2019
Unit: RMB
| Item | 30 September 2019 | 31 December 2018 |
| Current assets: | ||
| Monetary capital | 1,596,992,324.87 | 2,048,522,435.93 |
| Settlement reserve | ||
| Interbank loans granted | ||
| Trading financial assets | ||
| Financial assets at fair value through profit or loss | ||
| Derivative financial assets | ||
| Notes receivable | ||
| Accounts receivable | 4,617,431.10 | 18,166,888.19 |
| Accounts receivable financing | 50,540,833.79 | 15,260,103.46 |
| Prepayments | 4,258,825.79 | 4,177,767.88 |
| Premiums receivable | ||
| Reinsurance receivables | ||
| Receivable reinsurance contract reserve | ||
| Other receivables | 48,847,322.80 | 45,018,027.61 |
| Including: Interests receivable | 2,453,067.78 | |
| Dividends receivable | 1,052,192.76 | 1,052,192.76 |
| Financial assets purchased under resale agreements | ||
| Inventories | 1,535,048,270.34 | 1,685,152,051.26 |
| Contractual assets | ||
| Assets classified as held for sale | ||
| Current portion of non-current assets |
| Other current assets | 1,376,743,413.84 | 6,780,999.56 |
| Total current assets | 4,617,048,422.53 | 3,823,078,273.89 |
| Non-current assets: | ||
| Loans and advances to customers | ||
| Investments in debt obligations | ||
| Available-for-sale financial assets | ||
| Investments in other debt obligations | ||
| Held-to-maturity investments | ||
| Long-term receivables | ||
| Long-term equity investments | 12,561,107.24 | 12,561,107.24 |
| Investments in other equity instruments | 17,464,240.74 | 17,464,240.74 |
| Other non-current financial assets | ||
| Investment property | 606,216,103.06 | 623,930,838.15 |
| Fixed assets | 30,722,640.76 | 33,926,198.52 |
| Construction in progress | ||
| Productive living assets | ||
| Oil and gas assets | ||
| Right-of-use assets | ||
| Intangible assets | ||
| R&D expense | ||
| Goodwill | ||
| Long-term prepaid expense | 237,604.04 | 387,066.91 |
| Deferred income tax assets | 72,483,667.49 | 154,543,788.80 |
| Other non-current assets | ||
| Total non-current assets | 739,685,363.33 | 842,813,240.36 |
| Total assets | 5,356,733,785.86 | 4,665,891,514.25 |
| Current liabilities: | ||
| Short-term borrowings | 50,540,833.79 | 17,260,103.46 |
| Borrowings from central bank | ||
| Interbank loans obtained | ||
| Trading financial liabilities | ||
| Financial liabilities at fair value through profit or loss | ||
| Derivative financial liabilities |
| Notes payable | ||
| Accounts payable | 102,124,885.10 | 216,758,906.71 |
| Advances from customers | 409,595,478.21 | 156,426,152.86 |
| Contractual liabilities | ||
| Financial assets sold under repurchase agreements | ||
| Customer deposits and interbank deposits | ||
| Payables for acting trading of securities | ||
| Payables for underwriting of securities | ||
| Payroll payable | 50,007,436.05 | 45,836,830.05 |
| Taxes payable | 650,486,840.43 | 300,547,372.98 |
| Other payables | 651,191,058.48 | 721,819,898.48 |
| Including: Interest payable | 16,535,277.94 | 16,535,277.94 |
| Dividends payable | ||
| Handling charges and commissions payable | ||
| Reinsurance payable | ||
| Liabilities directly associated with assets classified as held for sale | ||
| Current portion of non-current liabilities | ||
| Other current liabilities | ||
| Total current liabilities | 1,913,946,532.06 | 1,458,649,264.54 |
| Non-current liabilities: | ||
| Insurance contract reserve | ||
| Long-term borrowings | ||
| Bonds payable | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Lease liabilities | ||
| Long-term payables | 7,228,924.42 | 6,507,139.20 |
| Long-term payroll payable | ||
| Provisions | ||
| Deferred income |
| Deferred income tax liabilities | ||
| Other non-current liabilities | ||
| Total non-current liabilities | 7,228,924.42 | 6,507,139.20 |
| Total liabilities | 1,921,175,456.48 | 1,465,156,403.74 |
| Owners’ equity: | ||
| Share capital | 1,011,660,000.00 | 1,011,660,000.00 |
| Other equity instruments | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Capital reserves | 978,244,910.11 | 978,244,910.11 |
| Less: Treasury stock | ||
| Other comprehensive income | 8,895,378.71 | 10,564,385.97 |
| Specific reserve | ||
| Surplus reserves | 95,906,222.59 | 95,906,222.59 |
| General reserve | ||
| Retained earnings | 1,473,069,622.12 | 1,235,884,122.72 |
| Total equity attributable to owners of the Company as the parent | 3,567,776,133.53 | 3,332,259,641.39 |
| Non-controlling interests | -132,217,804.15 | -131,524,530.88 |
| Total owners’ equity | 3,435,558,329.38 | 3,200,735,110.51 |
| Total liabilities and owners’ equity | 5,356,733,785.86 | 4,665,891,514.25 |
Legal representative: Zhou Jianguo Head for financial affairs: Tang XiaopingHead of the financial department: Qiao Yanjun
2. Balance Sheet of the Company as the Parent
Unit: RMB
| Item | 30 September 2019 | 31 December 2018 |
| Current assets: | ||
| Monetary capital | 1,115,908,985.50 | 1,344,486,378.53 |
| Trading financial assets | ||
| Financial assets at fair value through profit or loss | ||
| Derivative financial assets | ||
| Notes receivable |
| Accounts receivable | 4,525,949.25 | 5,164,795.67 |
| Accounts receivable financing | ||
| Prepayments | 200,000.00 | 200,000.00 |
| Other receivables | 832,710,786.71 | 770,374,849.84 |
| Including: Interests receivable | 2,380,301.11 | |
| Dividends receivable | ||
| Inventories | 459,920,302.31 | 543,912,100.37 |
| Contractual assets | ||
| Assets classified as held for sale | ||
| Current portion of non-current assets | ||
| Other current assets | 1,300,411,933.22 | 215,745.41 |
| Total current assets | 3,713,677,956.99 | 2,664,353,869.82 |
| Non-current assets: | ||
| Investments in debt obligations | ||
| Available-for-sale financial assets | ||
| Investments in other debt obligations | ||
| Held-to-maturity investments | ||
| Long-term receivables | ||
| Long-term equity investments | 235,284,776.57 | 235,284,776.57 |
| Investments in other equity instruments | 12,000,000.00 | 12,000,000.00 |
| Other non-current financial assets | ||
| Investment property | 495,010,020.93 | 511,040,299.65 |
| Fixed assets | 20,120,995.57 | 21,942,842.11 |
| Construction in progress | ||
| Productive living assets | ||
| Oil and gas assets | ||
| Right-of-use assets | ||
| Intangible assets | ||
| R&D expense | ||
| Goodwill | ||
| Long-term prepaid expense | 208,098.37 | 346,015.72 |
| Deferred income tax assets | 16,699,980.23 | 16,699,980.23 |
| Other non-current assets |
| Total non-current assets | 779,323,871.67 | 797,313,914.28 |
| Total assets | 4,493,001,828.66 | 3,461,667,784.10 |
| Current liabilities: | ||
| Short-term borrowings | ||
| Trading financial liabilities | ||
| Financial liabilities at fair value through profit or loss | ||
| Derivative financial liabilities | ||
| Notes payable | ||
| Accounts payable | 11,094,133.23 | 16,743,360.96 |
| Advances from cu | 233,432,577.05 | 22,035,608.45 |
| Contractual liabilities | ||
| Payroll payable | 27,646,915.84 | 19,687,728.50 |
| Taxes payable | 632,866,442.01 | 144,621,616.85 |
| Other payables | 197,866,802.45 | 594,392,900.98 |
| Including: Interests payable | 16,535,277.94 | 16,535,277.94 |
| Dividends payable | ||
| Liabilities directly associated with assets classified as held for sale | ||
| Current portion of non-current liabilities | ||
| Other current liabilities | ||
| Total current liabilities | 1,102,906,870.58 | 797,481,215.74 |
| Non-current liabilities: | ||
| Long-term borrowings | ||
| Bonds payable | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Lease liabilities | ||
| Long-term payables | ||
| Long-term payroll payable | ||
| Provisions | ||
| Deferred income | ||
| Deferred income tax liabilities | ||
| Other non-current liabilities |
| Total non-current liabilities | ||
| Total liabilities | 1,102,906,870.58 | 797,481,215.74 |
| Owners’ equity: | ||
| Share capital | 1,011,660,000.00 | 1,011,660,000.00 |
| Other equity instruments | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Capital reserves | 964,711,931.13 | 964,711,931.13 |
| Less: Treasury stock | ||
| Other comprehensive income | ||
| Specific reserve | ||
| Surplus reserves | 72,776,609.18 | 72,776,609.18 |
| Retained earnings | 1,340,946,417.77 | 615,038,028.05 |
| Total owners’ equity | 3,390,094,958.08 | 2,664,186,568.36 |
| Total liabilities and owners’ equity | 4,493,001,828.66 | 3,461,667,784.10 |
3. Consolidated Income Statement for Q3
Unit: RMB
| Item | Q3 2019 | Q3 2018 |
| 1. Revenue | 652,161,755.98 | 282,588,259.93 |
| Including: Operating revenue | 652,161,755.98 | 282,588,259.93 |
| Interest income | 0.00 | 0.00 |
| Premium income | 0.00 | 0.00 |
| Handling charge and commission income | 0.00 | 0.00 |
| 2. Operating costs and expenses | 508,167,839.25 | 220,922,105.26 |
| Including: Cost of sales | 225,926,024.78 | 166,327,629.97 |
| Interest expense | 0.00 | 0.00 |
| Handling charge and commission expense | 0.00 | 0.00 |
| Surrenders | 0.00 | 0.00 |
| Net claims paid | 0.00 | 0.00 |
| Net amount provided as insurance contract reserve | 0.00 | 0.00 |
| Expenditure on policy dividends | 0.00 | 0.00 |
| Reinsurance premium expense | 0.00 | 0.00 |
| Taxes and surcharges | 242,162,059.26 | 39,426,927.21 |
| Selling expense | 31,500,769.16 | 4,074,837.74 |
| Administrative expense | 12,335,872.01 | 12,770,414.32 |
| R&D expense | 0.00 | 0.00 |
| Finance costs | -3,756,885.96 | -1,677,703.98 |
| Including: Interest expense | 799,841.10 | |
| Interest income | 3,166,663.05 | 2,555,154.36 |
| Add: Other income | 0.00 | 0.00 |
| Investment income (“-” for loss) | -373,119.67 | 0.00 |
| Including: Share of profit or loss of joint ventures and associates | 0.00 | 0.00 |
| Derecognition income of financial assets measured at amortized cost | 0.00 | 0.00 |
| Foreign exchange gain (“-” for loss) | -351,902.84 | 521,899.87 |
| Net gain on exposure hedges (“-” for loss) | 0.00 | 0.00 |
| Gain on changes in fair value (“-” for loss) | 0.00 | 0.00 |
| Credit impairment loss (“-” for loss) | 0.00 | 0.00 |
| Assets impairment loss (“-” for loss) | 0.00 | 0.00 |
| Asset disposal income (“-” for loss) | -8,109.05 | -19,206.48 |
| 3. Operating profit (“-” for loss) | 143,260,785.17 | 62,168,848.06 |
| Add: Non-operating income | 815,092.19 | 421,906.22 |
| Less: Non-operating expense | 107,300.67 | 151,583.73 |
| 4. Profit before tax (“-” for loss) | 143,968,576.69 | 62,439,170.55 |
| Less: Income tax expense | 37,567,074.64 | 17,457,900.83 |
| 5. Net profit (“-” for net loss) | 106,401,502.05 | 44,981,269.72 |
| 5.1 By operating continuity | ||
| 5.1.1 Net profit from continuing operations (“-” for net loss) | 106,401,502.05 | 44,981,269.72 |
| 5.1.2 Net profit from discontinued operations (“-” for net loss) | 0.00 | 0.00 |
| 5.2 By ownership | ||
| 5.2.1 Net profit attributable to owners of the Company as the parent | 106,361,655.99 | 44,934,281.00 |
| 5.2.2 Net profit attributable to non-controlling interests | 39,846.06 | 46,988.72 |
| 6. Other comprehensive income, net of tax | -2,506,066.59 | -3,127,250.66 |
| Attributable to owners of the Company as the parent | -1,754,246.62 | -2,189,075.46 |
| 6.1 Items that will not be reclassified to profit or loss | 0.00 | 0.00 |
| 6.1.1 Changes in net liabilities or assets caused by remeasurements on defined benefit pension schemes | 0.00 | 0.00 |
| 6.1.2 Share of other comprehensive income of investees that will not be reclassified to profit or loss under equity method | 0.00 | 0.00 |
| 6.1.3 Changes in the fair value of investments in other equity instruments | 0.00 | 0.00 |
| 6.1.4 Changes in the fair value of the company’s credit risks | 0.00 | 0.00 |
| 6.1.5 Other | 0.00 | 0.00 |
| 6.2 Items that may subsequently be reclassified to profit or loss | -1,754,246.62 | -2,189,075.46 |
| 6.2.1 Share of other comprehensive income of investees that will be reclassified to profit or loss under equity method | 0.00 | 0.00 |
| 6.2.2 Changes in the fair value of investments in other debt obligations | 0.00 | 0.00 |
| 6.2.3 Gain/Loss on changes in the fair value of available-for-sale financial assets | 0.00 | 0.00 |
| 6.2.4 Other comprehensive income arising from the reclassification of financial assets | 0.00 | 0.00 |
| 6.2.5 Gain/Loss arising from the reclassification of held-to-maturity investments to available-for-sale financial assets | 0.00 | 0.00 |
| 6.2.6 Allowance for credit impairments in investments in other debt obligations | 0.00 | 0.00 |
| 6.2.7 Reserve for cash flow hedges | 0.00 | 0.00 |
| 6.2.8 Differences arising from the translation of foreign currency-denominated financial statements | -1,754,246.62 | -2,189,075.46 |
| 6.2.9 Other | 0.00 | 0.00 |
| Attributable to non-controlling interests | -751,819.97 | -938,175.20 |
| 7. Total comprehensive income | 103,895,435.46 | 41,854,019.06 |
| Attributable to owners of the Company as the parent | 104,607,409.37 | 42,745,205.54 |
| Attributable to non-controlling interests | -711,973.91 | -891,186.48 |
| 8. Earnings per share | ||
| 8.1 Basic earnings per share | 0.1051 | 0.0444 |
| 8.2 Diluted earnings per share | 0.1051 | 0.0444 |
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees beforethe combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.Legal representative: Zhou Jianguo Head for financial affairs: Tang XiaopingHead of the financial department: Qiao Yanjun
4. Income Statement of the Company as the Parent for Q3
Unit: RMB
| Item | Q3 2019 | Q3 2018 |
| 1. Operating revenue | 457,189,896.78 | 14,863,056.88 |
| Less: Cost of sales | 68,196,735.27 | 6,069,598.33 |
| Taxes and surcharges | 230,200,579.16 | 1,897,242.49 |
| Selling expense | 24,802,601.53 | 456,770.95 |
| Administrative expense | 5,178,201.72 | 3,578,442.56 |
| R&D expense | 0.00 | 0.00 |
| Finance costs | -13,883,609.15 | -14,104,390.04 |
| Including: Interest expense | 434,797.18 | |
| Interest income | 9,068,023.21 | 7,303,315.43 |
| Add: Other income | 0.00 | 0.00 |
| Investment income (“-” for loss) | -373,119.67 | 0.00 |
| Including: Share of profit or loss of joint ventures and associates | 0.00 | 0.00 |
| Derecognition income of financial assets measured at amortized cost | 0.00 | 0.00 |
| Net gain on exposure hedges (“-” for loss) | 0.00 | 0.00 |
| Gain on changes in fair value (“-” for loss) | 0.00 | 0.00 |
| Credit impairment loss (“-” for loss) | 0.00 | 0.00 |
| Assets impairment loss (“-” for loss) | 0.00 | 0.00 |
| Asset disposal income (“-” for loss) | 0.00 | -13,299.25 |
| 2. Operating profit (“-” for loss) | 142,322,268.58 | 16,952,093.34 |
| Add: Non-operating income | 418,858.34 | 0.04 |
| Less: Non-operating expense | 30,000.00 | 86,700.75 |
| 3. Profit before tax (“-” for loss) | 142,711,126.92 | 16,865,392.63 |
| Less: Income tax expense | 35,721,721.55 | 4,252,167.10 |
| 4. Net profit (“-” for net loss) | 106,989,405.37 | 12,613,225.53 |
| 4.1 Net profit from continuing operations (“-” for net loss) | 106,989,405.37 | 12,613,225.53 |
| 4.2 Net profit from discontinued operations (“-” for net loss) | 0.00 | 0.00 |
| 5. Other comprehensive income, net of tax | 0.00 | 0.00 |
| 5.1 Items that will not be reclassified to profit or loss | 0.00 | 0.00 |
| 5.1.1 Changes in net liabilities or assets caused by remeasurements on defined benefit pension schemes | 0.00 | 0.00 |
| 5.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method | 0.00 | 0.00 |
| 5.1.3 Changes in the fair value of investments in other equity instruments | 0.00 | 0.00 |
| 5.1.4 Changes in the fair value of the company’s credit risks | 0.00 | 0.00 |
| 5.1.5 Other | 0.00 | 0.00 |
| 5.2 Items that may subsequently be reclassified to profit or loss | 0.00 | 0.00 |
| 5.2.1 Share of other comprehensive income of investees that will be reclassified to profit or loss under equity method | 0.00 | 0.00 |
| 5.2.2 Changes in the fair value of investments in other debt obligations | 0.00 | 0.00 |
| 5.2.3 Gain/Loss on changes in the fair value of available-for-sale financial assets | 0.00 | 0.00 |
| 5.2.4 Other comprehensive income arising from the reclassification of financial assets | 0.00 | 0.00 |
| 5.2.5 Gain/Loss arising from the reclassification of held-to-maturity investments to available-for-sale financial assets | 0.00 | 0.00 |
| 5.2.6 Allowance for credit impairments in investments in other debt obligations | 0.00 | 0.00 |
| 5.2.7 Reserve for cash flow hedges | 0.00 | 0.00 |
| 5.2.8 Differences arising from the translation of foreign currency-denominated financial statements | 0.00 | 0.00 |
| 5.2.9 Other | 0.00 | 0.00 |
| 6. Total comprehensive income | 106,989,405.37 | 12,613,225.53 |
| 7. Earnings per share | ||
| 7.1 Basic earnings per share | 0.1058 | 0.0125 |
| 7.2 Diluted earnings per share | 0.1058 | 0.0125 |
5. Consolidated Income Statement for Q1~Q3
Unit: RMB
| Item | Q1~Q3 2019 | Q1~Q3 2018 |
| 1. Revenue | 1,903,499,558.55 | 1,600,129,891.28 |
| Including: Operating revenue | 1,903,499,558.55 | 1,600,129,891.28 |
| Interest income | ||
| Premium income | ||
| Handling charge and commission income | ||
| 2. Operating costs and expenses | 1,328,285,886.90 | 1,098,971,752.95 |
| Including: Cost of sales | 663,054,001.03 | 706,745,121.38 |
| Interest expense | ||
| Handling charge and commission expense | ||
| Surrenders | ||
| Net claims paid | ||
| Net amount provided as policy reserve | ||
| Expenditure on policy dividends | ||
| Reinsurance premium expense | ||
| Taxes and surcharges | 582,491,558.12 | 316,767,417.97 |
| Selling expense | 49,974,829.49 | 41,241,971.51 |
| Administrative expense | 43,148,643.34 | 44,506,615.17 |
| R&D expense | ||
| Finance costs | -10,383,145.08 | -10,289,373.08 |
| Including: Interest expense | 3,817,172.20 | |
| Interest income | 10,790,216.10 | 14,324,520.82 |
| Add: Other income | ||
| Investment income (“-” for loss) | 13,914,978.88 | 827,100.00 |
| Including: Share of profit or loss of joint ventures and associates | ||
| Derecognition income of financial assets measured at amortized cost | ||
| Foreign exchange gain (“-” for loss) | -351,902.84 | 521,899.87 |
| Net gain on exposure hedges (“-” for loss) | ||
| Gain on changes in fair value (“-” |
| for loss) | ||
| Credit impairment loss (“-” for loss) | ||
| Assets impairment loss (“-” for loss) | ||
| Asset disposal income (“-” for loss) | -8,109.05 | -19,206.48 |
| 3. Operating profit (“-” for loss) | 588,768,638.64 | 502,487,931.72 |
| Add: Non-operating income | 1,178,801.30 | 517,741.45 |
| Less: Non-operating expense | 111,056.49 | 351,137.06 |
| 4. Profit before tax (“-” for loss) | 589,836,383.45 | 502,654,536.11 |
| Less: Income tax expense | 150,296,868.50 | 128,627,618.11 |
| 5. Net profit (“-” for net loss) | 439,539,514.95 | 374,026,918.00 |
| 5.1 By operating continuity (“-” for net loss) | ||
| 5.1.1 Net profit from continuing operations (“-” for net loss) | 439,539,514.95 | 374,026,918.00 |
| 5.1.2 Net profit from discontinued operations (“-” for net loss) | ||
| 5.2 By ownership | ||
| 5.2.1 Net profit attributable to owners of the Company as the parent | 439,517,499.40 | 374,000,365.53 |
| 5.2 2. Net profit attributable to non-controlling interests | 22,015.55 | 26,552.47 |
| 6. Other comprehensive income, net of tax | -2,384,296.08 | -3,821,947.76 |
| Attributable to owners of the Company as the parent | -1,669,007.26 | -2,675,363.43 |
| 6.1 Items that will not be reclassified to profit or loss | ||
| 6.1.1 Changes in net liabilities or assets caused by remeasurements on defined benefit pension schemes | ||
| 6.1.2 Share of other comprehensive income of investees that will not be reclassified to profit or loss under equity method | ||
| 6.1.3 Changes in the fair value of investments in other equity instruments |
| 6.1.4 Changes in the fair value of the company’s credit risks | ||
| 6.1.5 Other | ||
| 6.2 Items that may subsequently be reclassified to profit or loss | -1,669,007.26 | -2,675,363.43 |
| 6.2.1 Share of other comprehensive income of investees that will be reclassified to profit or loss under equity method | ||
| 6.2.2 Changes in the fair value of investments in other debt obligations | ||
| 6.2.3 Gain/Loss on changes in fair value of available-for-sale financial assets | ||
| 6.2.4. Other comprehensive income arising from the reclassification of financial assets | ||
| 6.2.5 Gain/Loss arising from reclassification of held-to-maturity investments to available-for-sale financial assets | ||
| 6.2.6 Allowance for credit impairments in investments in other debt obligations | ||
| 6.2.7 Reserve for cash flow hedges | ||
| 6.2.8 Differences arising from translation of foreign currency-denominated financial statements | -1,669,007.26 | -2,675,363.43 |
| 6.2.9 Other | ||
| Attributable to non-controlling interests | -715,288.82 | -1,146,584.33 |
| 7. Total comprehensive income | 437,155,218.87 | 370,204,970.24 |
| Attributable to owners of the Company as the parent | 437,848,492.14 | 371,325,002.10 |
| Attributable to non-controlling interests | -693,273.27 | -1,120,031.86 |
| 8. Earnings per share | ||
| 8.1 Basic earnings per share | 0.4345 | 0.3697 |
| 8.2 Diluted earnings per share | 0.4345 | 0.3697 |
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees beforethe combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.Legal representative: Zhou Jianguo Head for financial affairs: Tang XiaopingHead of the financial department: Qiao Yanjun
6. Income Statement of the Company as the Parent for Q1~Q3
Unit: RMB
| Item | Q1~Q3 2019 | Q1~Q3 2018 |
| 1. Operating revenue | 1,285,592,972.89 | 44,850,524.39 |
| Less: Cost of sales | 193,563,436.58 | 18,653,268.07 |
| Taxes and surcharges | 535,792,470.89 | 5,552,046.60 |
| Selling expense | 37,021,750.96 | 1,364,929.87 |
| Administrative expense | 18,171,868.82 | 14,472,955.77 |
| R&D expense | ||
| Finance costs | -30,376,728.80 | -37,598,949.66 |
| Including: Interest expense | 2,163,250.22 | |
| Interest income | 26,525,418.74 | 31,630,411.09 |
| Add: Other income | ||
| Investment income (“-” for loss) | 532,615,110.52 | 827,100.00 |
| Including: Share of profit or loss of joint ventures and associates | ||
| Derecognition income of financial assets measured at amortized cost | ||
| Net gain on exposure hedges (“-” for loss) | ||
| Gain on changes in fair value (“-” for loss) | ||
| Credit impairment loss (“-” for loss) | ||
| Assets impairment loss (“-” for loss) | ||
| Asset disposal income (“-” for loss) | -13,299.25 | |
| 2. Operating profit (“-” for loss) | 1,064,035,284.96 | 43,220,074.49 |
| Add: Non-operating income | 548,037.48 | 34,352.63 |
| Less: Non-operating expense | 30,000.00 | 230,000.00 |
| 3. Profit before tax (“-” for loss) | 1,064,553,322.44 | 43,024,427.12 |
| Less: Income tax expense | 136,312,932.72 | 10,590,853.86 |
| 4. Net profit (“-” for net loss) | 928,240,389.72 | 32,433,573.26 |
| 4.1 Net profit from continuing operations (“-” for net loss) | 928,240,389.72 | 32,433,573.26 |
| 4.2 Net profit from discontinued operations (“-” for net loss) | ||
| 5. Other comprehensive income, net of tax | ||
| 5.1 Items that will not be reclassified to profit or loss | ||
| 5.1.1 Changes in net liabilities or assets caused by remeasurements on defined benefit pension schemes | ||
| 5.1.2 Share of other comprehensive income of investees that will not be reclassified to profit or loss under equity method | ||
| 5.1.3 Changes in the fair value of investments in other debt obligations | ||
| 5.1.4 Changes in the fair value of the company’s credit risks | ||
| 5.1.5 Other | ||
| 5.2 Items that may subsequently be reclassified to profit or loss | ||
| 5.2.1 Share of other comprehensive income of investees that will be reclassified to profit or loss under equity method | ||
| 5.2.2 Changes in the fair value of investments in other debt obligations | ||
| 5.2.3 Gain/Loss on changes in fair value of available-for-sale financial assets | ||
| 5.2.4 Other comprehensive income arising from the reclassification of financial assets | ||
| 5.2.5 Gain/Loss arising from |
| reclassification of held-to-maturity investments to available-for-sale financial assets | ||
| 5.2.6 Allowance for credit impairments in investments in other debt obligations | ||
| 5.2.7 Reserve for cash flow hedges | ||
| 5.2.8 Differences arising from translation of foreign currency-denominated financial statements | ||
| 5.2.9 Other | ||
| 6. Total comprehensive income | 928,240,389.72 | 32,433,573.26 |
| 7. Earnings per share | ||
| 7.1 Basic earnings per share | 0.9175 | 0.0321 |
| 7.2 Diluted earnings per share | 0.9175 | 0.0321 |
7. Consolidated Cash Flow Statement for Q1~Q3
Unit: RMB
| Item | Q1~Q3 2019 | Q1~Q3 2018 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 2,212,532,294.20 | 1,605,041,920.88 |
| Net increase in customer deposits and interbank deposits | ||
| Net increase in borrowings from central bank | ||
| Net increase in loans from other financial institutions | ||
| Premiums received on original insurance contracts | ||
| Net proceeds from reinsurance | ||
| Net increase in deposits and investments of policy holders | ||
| Interest, handling charges and commissions received | ||
| Net increase in interbank loans obtained | ||
| Net increase in proceeds from repurchase transactions |
| Net proceeds from acting trading of securities | ||
| Tax rebates | 39,473.00 | 76,431.00 |
| Cash generated from other operating activities | 62,546,726.84 | 59,337,154.87 |
| Subtotal of cash generated from operating activities | 2,275,118,494.04 | 1,664,455,506.75 |
| Payments for commodities and services | 503,898,254.63 | 558,011,313.21 |
| Net increase in loans and advances to customers | ||
| Net increase in deposits in central bank and in interbank loans granted | ||
| Payments for claims on original insurance contracts | ||
| Net increase in interbank loans granted | ||
| Interest, handling charges and commissions paid | ||
| Policy dividends paid | ||
| Cash paid to and for employees | 106,766,698.72 | 97,813,296.51 |
| Taxes paid | 522,837,883.22 | 241,207,281.47 |
| Cash used in other operating activities | 99,699,978.18 | 102,625,183.85 |
| Subtotal of cash used in operating activities | 1,233,202,814.75 | 999,657,075.04 |
| Net cash generated from/used in operating activities | 1,041,915,679.29 | 664,798,431.71 |
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | 900,000,000.00 | |
| Investment income | 11,365,734.25 | 827,100.00 |
| Net proceeds from disposal of fixed assets, intangible assets and other long-lived assets | 118,900.00 | |
| Net proceeds from disposal of subsidiaries or other business units | ||
| Cash generated from other investing activities | ||
| Subtotal of cash generated from investing activities | 911,484,634.25 | 827,100.00 |
| Payments for acquisition of fixed | 138,768.93 | 290,565.47 |
| assets, intangible assets and other long-lived assets | ||
| Payments for investments | ||
| Net increase in pledged loans granted | ||
| Net payments for acquisition of subsidiaries and other business units | ||
| Cash used in other investing activities | 1,300,000,000.00 | 600,000,000.00 |
| Subtotal of cash used in investing activities | 1,300,138,768.93 | 600,290,565.47 |
| Net cash generated from/used in investing activities | -388,654,134.68 | -599,463,465.47 |
| 3. Cash flows from financing activities: | ||
| Capital contributions received | ||
| Including: Capital contributions by non-controlling interests to subsidiaries | ||
| Increase in borrowings obtained | 2,000,000.00 | |
| Cash generated from other financing activities | ||
| Subtotal of cash generated from financing activities | 0.00 | 2,000,000.00 |
| Repayment of borrowings | 2,000,000.00 | 135,786,600.00 |
| Payments for interest and dividends | 202,332,000.00 | 2,340,457.86 |
| Including: Dividends paid by subsidiaries to non-controlling interests | ||
| Cash used in other financing activities | ||
| Subtotal of cash used in financing activities | 204,332,000.00 | 138,127,057.86 |
| Net cash generated from/used in financing activities | -204,332,000.00 | -136,127,057.86 |
| 4. Effect of foreign exchange rate changes on cash and cash equivalents | -459,655.67 | 366,593.43 |
| 5. Net increase in cash and cash equivalents | 448,469,888.94 | -70,425,498.19 |
| Add: Cash and cash equivalents, beginning of the period | 1,148,522,435.93 | 1,265,767,290.57 |
| 6. Cash and cash equivalents, end of the period | 1,596,992,324.87 | 1,195,341,792.38 |
8. Cash Flow Statement of the Company as the Parent for Q1~Q3
Unit: RMB
| Item | Q1~Q3 2019 | Q1~Q3 2018 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 1,469,696,209.60 | 50,519,310.84 |
| Tax rebates | 39,473.00 | 76,431.00 |
| Cash generated from other operating activities | 29,139,180.19 | 558,131,067.59 |
| Subtotal of cash generated from operating activities | 1,498,874,862.79 | 608,726,809.43 |
| Payments for commodities and services | 76,648,788.23 | 98,788,937.22 |
| Cash paid to and for employees | 27,909,601.83 | 23,664,067.51 |
| Taxes paid | 258,333,159.45 | 19,277,387.12 |
| Cash used in other operating activities | 4,324,652.42 | 49,597,541.55 |
| Subtotal of cash used in operating activities | 367,216,201.93 | 191,327,933.40 |
| Net cash generated from/used in operating activities | 1,131,658,660.86 | 417,398,876.03 |
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | 900,000,000.00 | |
| Investment income | 142,838,563.97 | 827,100.00 |
| Net proceeds from disposal of fixed assets, intangible assets and other long-lived assets | ||
| Net proceeds from disposal of subsidiaries or other business units | ||
| Cash generated from other investing activities | ||
| Subtotal of cash generated from investing activities | 1,042,838,563.97 | 827,100.00 |
| Payments for acquisition of fixed assets, intangible assets and other long-lived assets | 65,810.00 | 119,374.00 |
| Payments for investments | ||
| Net payments for acquisition of subsidiaries and other business units | ||
| Cash used in other investing | 1,300,000,000.00 | 600,000,000.00 |
| activities | ||
| Subtotal of cash used in investing activities | 1,300,065,810.00 | 600,119,374.00 |
| Net cash generated from/used in investing activities | -257,227,246.03 | -599,292,274.00 |
| 3. Cash flows from financing activities: | ||
| Capital contributions received | ||
| Increase in borrowings obtained | ||
| Cash generated from other financing activities | ||
| Subtotal of cash generated from financing activities | ||
| Repayment of borrowings | 114,886,600.00 | |
| Payments for interest and dividends | 202,332,000.00 | 1,883,272.84 |
| Cash used in other financing activities | ||
| Subtotal of cash used in financing activities | 202,332,000.00 | 116,769,872.84 |
| Net cash generated from/used in financing activities | -202,332,000.00 | -116,769,872.84 |
| 4. Effect of foreign exchange rate changes on cash and cash equivalents | -676,807.86 | -13,487.07 |
| 5. Net increase in cash and cash equivalents | 671,422,606.97 | -298,676,757.88 |
| Add: Cash and cash equivalents, beginning of the period | 444,486,378.53 | 726,801,673.89 |
| 6. Cash and cash equivalents, end of the period | 1,115,908,985.50 | 428,124,916.01 |
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the Execution of any New StandardsGoverning Financial Instruments, Revenue or Leases from 2019
□ Applicable √ Not applicable
2. Retrospective Restatement of Previous Comparative Data due to the Execution of any New StandardsGoverning Financial Instruments or Leases from 2019
□ Applicable √ Not applicable
III Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes √ No
These financial statements have not been audited by such an auditor.