LU THAI TEXTILE CO., LTD.FIRST QUARTER REPORT 2020
April 2020
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,supervisors and senior management of Lu Thai Textile Co., Ltd. (hereinafter referred to as the“Company”) hereby guarantee the factuality, accuracy and completeness of the contents ofthis Report and its summary, and shall be jointly and severally liable for anymisrepresentations, misleading statements or material omissions therein.All the Company’s directors have attended the Board meeting for the review of this Reportand its summary.Liu Zibin, the Company’s legal representative, Zhang Hongmei, the Company’s ChiefAccountant, and Zhang Keming, the Company’s 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 Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
Q1 2020 Q1 2019 Change (%)Operating revenue (RMB)
1,545,153,566.09
| 1,252,428,965.20 |
-18.94%
Net profit attributable to
| the listed company’s shareholders |
(RMB)
103,518,808.50
195,173,391.82
-46.96%
Net profit attributable to
| the listed company’s shareholders |
before exceptional items (RMB)
103,615,262.08
175,390,785.73
-40.92%
Net cash generated from/used in operating activities (RMB) 145,916,523.77
-89,714,180.16
262.65%
Basic earnings per share (RMB/share) 0.12
0.23
-47.83%
Diluted earnings per share (RMB/share) 0.12
0.23
-47.83%
Weighted average return on equity (%) 1.33%
2.69%
-1.36%
31 March 2020
31 December2019
Change (%)Total assets (RMB)
11,847,417,202.21
| 11,847,417,202.21 | 11,885,431,553.08 |
-0.32%
| Equity attributable to the listed company’s shareholders |
(RMB)
7,697,135,324.92
| 7,822,997,324.33 |
1.64%
Exceptional gains and losses
√ Applicable □ Not applicable
Unit: RMBItem Q1 2020 Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs)
-186,964.58
| Government subsidies charged to current profit or loss (exclusive of government subsidies given in the Company’s ordinary course of business at fixed quotas or amounts as per the |
government’s uniform standards)
10,013,963.66
Gain or loss on fair-value c
| hanges in trading financial assets and liabilities, as well as derivative financial assets and liabilities & income from disposal of trading financial assets and liabilities, derivative financial assets and liabilities, as well as investments in other debt obligations (exclusive of effective portion of hedges that arise in the Company’s ordinary |
course of business)
9,861,643.88
Non-operating income and expense other than the above -864,671.11
Less: Income tax effects 17,856,352.48
Non-controlling interests effects (net of tax) 1,064,072.95
Total -96,453.58
--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 31 March 2020
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
the period-end
56,319
| Number of ordinary shareholders at | Number of preferred shareholders with resumed voting rights at |
the period-end (if any)
Top 10 shareholdersName of shareholder
Nature ofshareholder
Shareholdin
g percentage
| g percentage | Total shares |
held
Restrictedshares held
Shares in pledge
or frozenStatus
Share
sZibo Lucheng Textile Investment Co., Ltd.
Domesticnon-state-ownedlegal person
16.36%
| 140,353,583 |
Tailun (Thailand) Textile Co., Ltd.
Foreign legal
person
13.78%
| 118,232,400 | 118,232,400 |
Hong Kong Securities Clearing Co. Ltd
Foreign legalperson
2.80%
| 24,042,562 |
Central Huijin Assets Management Co., Ltd.
State-owned legalperson
2.37%
| 20,315,300 |
T.ROWE PRICE INTL DISCOVERY FUND
Foreign legalperson
2.16%
| 18,533,627 |
China Securities Finance Corporation Limited
Domesticnon-state-owned
legal person
2.13%
| 18,313,391 |
Hong Kong Monetary Authority－Self-ownedFund
Foreign legal
person
1.59%
| 13,684,684 |
National Social Security Fund Portfolio 103 Other 1.40%
| 11,999,897 |
First State Investments Management (UK) Co.,Ltd.－First State China A share Fund
Foreign legal
person
1.08%
| 9,237,222 |
National Social Security Fund Portfolio 413 Other 1.05%
| 9,000,051 |
Top 10 unrestricted shareholdersName of shareholder Unrestricted shares held
Shares by typeType SharesZibo Lucheng Textile Investment Co., Ltd.
RMB-denominat
ed ordinarystock
| 140,353,583 | 140,353,583 |
Hong Kong Securities Clearing Co. Ltd
RMB-denominat
ed ordinary
stock
| 24,042,562 | 24,042,562 |
Central Huijin Assets Management Co., Ltd.
RMB-denominat
ed ordinary
stock
| 20,315,300 | 20,315,300 |
T.ROWE PRICE INTL DISCOVERY FUND
Domesticallylisted foreign
stock
| 18,533,627 | 18,533,627 |
China Securities Finance Corporation Limited
RMB-denominat
ed ordinary
stock
| 18,313,391 | 18,313,391 |
Hong Kong Monetary Authority－Self-ownedFund
RMB-denominat
ed ordinary
stock
| 13,684,684 | 13,684,684 |
National Social Security Fund Portfolio 103
RMB-denominat
ed ordinary
stock
| 11,999,897 | 11,999,897 |
First State Investments Management (UK) Co.,Ltd.－First State China A share Fund
RMB-denominat
ed ordinary
stock
| 9,237,222 | 9,237,222 |
National Social Security Fund Portfolio 413
RMB-denominat
ed ordinary
stock
| 9,000,051 | 9,000,051 |
ASSICURAZIONI GENERALI-DIVIDEND 2
RMB-denominat
ed ordinary
stock
| 7,585,759 | 7,585,759 |
Related or acting-in-
shareholders above
| concert parties among the | Zibo Lucheng Textile Investment Co., Ltd. is the largest shareholder of the |
Company and the actual cont
the Company is not able to confirm whether
concerted action among other shareholders.
| there is associated relationship or | |
| Top 10 ordinary shareholders involved in |
securities margin trading (if any)
NaughtIndicate 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.
□ Yea √ 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 Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
Unit: RMB
Item 31 March 2020 31 December 2019
Change
Reason for changeHeld-for-
| trading financial assets | 294,663.69 | 52,356,098.85 |
-
| 99.44% | W |
ithdrawal of investments in trust wealth
Accounts receivable financing
| management products upon maturity | |||
| 13,299,381.00 | 26,963,818.87 |
-
| 50.68% | I |
ncrease in the transfer of endorsed bank’s
ptance billsPrepayments
| acce | |||
| 108,220,853.07 | 56,828,987.59 | 90.43% | I |
ncrease in prepayments for raw materials
agricultural suppliesLong-term equity investments
and147,701,670.43
| 147,701,670.43 | 103,226,300.00 | 43.09% | P |
ayment of investment in associateOther non-current financialassets
| 180,405,659.23 | 278,149,500.00 |
-
| 35.14% | S |
ale of held-for-trading financial assetsOther non-current assets
| 30,056,642.67 | 18,841,918.62 | 59.52% | I |
ncrease in prepayments for equipmentPayroll payable
| 215,829,054.01 | 335,576,560.36 |
-
| 35.68% | P |
ayment of the 2019 year-end bonuses in
Other payables
| the Current Period | |||
| 145,394,165.81 | 104,982,189.40 | 38.49% | I |
ncrease in borrowings from related party
Long-term borrowings
28,504,590.18
| 28,504,590.18 | 42,364,019.74 |
-
| 32.72% | R |
eclassification of “current portion of
-term borrowings” to “current
| portion of non |
-current liabilities”Item Q1 2020 Q1 2019 Change
Reason for changeFinance cost
| 14,743,890.27 | 30,901,482.17 |
-
| 52.29% | I |
ncrease in net exchange gains and interest
Other income
| income | |||
| 9,740,763.66 | 20,199,549.00 |
-
| 51.78% | D |
ecrease in government subsidies
Return on investment
| associated with operation | ||
| 104,051,767.00 |
-
| 93,250.75 | 111682.77% | R |
eceipt of returns on held-for-trading
Gain on changes in fair value -
financial assets by the Company as theparent
99,714,752.69
| 99,714,752.69 | 5,108,600.00 |
-
| 2051.90% | Reversal of the gains on changes in the fair value of held |
-for-trading financial assets
Credit impairment loss
| recognized last year in the Current Period by the Company as the parent | ||
| 1,490,082.33 |
-
| 2,517,708.08 | 159.18% | D |
ecrease in allowances for losses on
Asset impairment loss -
| doubtful accounts | ||
| 2,090,161.60 |
-
-
| 441,007.21 | 373.95% | Increase in inventory valuation allowances |
Asset disposla income -
-
| 37,045.69 | 4,492.87 |
-
| 724.54% | I |
ncrease in losses on disposal of
Non-operating income
| 525,956.20 | 1,330,325.06 |
-
| 60.46% | D |
ecrease in compensation incomeNon-operating expenses
| 1,540,546.20 | 1,124,658.73 | 36.98% | I |
ncrease in donations madeIncome tax expenses
| 23,719,400.54 | 37,131,437.89 |
-
| 36.12% | D |
ecrease in taxable incomeN
operating activities
| et cash generated from/used in | 145,916,523.77 |
-
| 89,714,180.16 | 262.65% | A |
decrease of RMB379 million in
N
| payments for major raw materials, and a decrease of RMB158 million in cash proceeds from sale of commodities and rendering of services | ||
| et cash generated from/used in |
investing activities
-
-
| 65,312,638.47 | 284,477,589.36 | 77.04% | I |
ncrease in investments withdrawn and
N
| return on investment, as well as decrease in payments for fixed asset acquisition | ||
| et cash generated from/used in |
financing activities
-
| 17,426,491.61 | 382,239,541.99 |
-
| 104.56% | D |
ecrease in borrowings received
Net increase in cash and cashequivalents
| 61,713,008.55 | 2,976,726.15 | 1973.18% | A |
n increase of RMB236 million in net
B400 million in net cash
| generated from financing activities |
II Progress, Influence and Solutions with regard to Significant Events
√ Applicable □ Not applicable
The relevant proposals on public issuance of A-share convertible corporate bonds were approved on the 28
th
Meeting of the 8
thBoardof Directors on 23 May 2019 and 3
rd
Extraordinary General Meeting of 2019 on 18 September 2019 respectively.On 19 November 2019, the Company has received the Notice of One-time Review Feedback of CSRC Administrative License issuedby CSRC (No. 192620). The Company examines carefully and implemented item by item for listed problems on the feedback withrelevant intermediaries, and disclosed publicly the reply of the feedback in accordance with the relevant requirements on 29November 2019.The 7
th
Meeting of the 9
thBoard of Directors held on 27 November 2019 reviewed and approved five proposals including heProposal on Adjustment of Fund Raising Scale on Public Issuance of A-share Convertible Corporate Bonds.On 9 January 2020, the application for public issuance of A-share convertible corporate bonds has been approved by the IssuanceExamination Committee of CSRC.On 6 March 2020, the Company received the Ratification on Approval of Public Issuance of A-share Convertible Corporate Bonds ofLu Thai Textile Co., Ltd. (ZJXK [2020] No. 299), which agreed he Company to issue convertible corporate bonds with total parvalue of RMB1.4 billion with a maturity of six years.The 10
th
Meeting of the 9
thBoard of Directors held on 3 April 2020 reviewed and approved concrete proposal on convertiblecorporate bonds, the listing of convertible corporate bonds and other matters.On 15 April 2020, the Company has issued 14 million of the convertible corporate bonds with par value of each bond of RMB100,totaling RMB1.4 billion.The Company will further conduct the listing of the convertible corporate bonds and other matters, and fulfill the obligations ofinformation disclosure on time. The investors shall invest rationally and pay attention to investment risks.
Overview of significant events Disclosure date Announcement index
Projects of public issuance of A-shareconvertible corporate bonds
3 January 2020
Refer to relevant announcement and
(Announcement No. 2020-001) on www.cninfo.com.cn
| for |
details.10 January 2020
Refer to relevant announcement and
(Announcement No. 2020-002) on www.cninfo.com.cn
| for |
details.7 March 2020
Refer to relevant announcement and
(Announcement No. 2020-010) on www.cninfo.com.cn
| for |
details.7 April 2020
Refer to relevant announcement and
(Announcement No. 2020-011, 2020-013, 2020-014
| ) on |
www.cninfo.com.cn for details.
9 April 2020
Refer to relevant announcement and
(Announcement No. 2020-017) on www.cninfo.com.cn
| for |
details.10 April 2020
Refer to relevant announcement and
(Announcement No. 2020-018) on www.cninfo.com.cn
| for |
details.13 April 2020
Refer to relevant announcement and
(Announcement No. 2020-020) on www.cninfo.com.cn
| for |
details.15 April 2020
Refer to relevant announcement and
(Announcement No. 2020-022) on www.cninfo.com.cn
| for |
details.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
Commitment Promisor
Type of
Details of commitment
Date of
| commitment | commitment |
making
Term ofcommitment
FulfillmentCommitments made inshare reform
alteration documents
| Commitments made in acquisition documents or shareholding |
| Commitments made in time of asset |
restructuring
Commitments
IPO or refinancing
Controllingshareholder,actualcontroller
| made in | Dilution of | |
immediatereturn
public
| issuance of |
A-shareconvertiblecorporatebonds
1. It’
operation and management
| activities of the Company |
excessively, and to encroach
interest of the Company. 2.
| From the issuance date of this commitment to the completion of the implementation of the Company's public offering of |
A-
the commitment, and
| the above commitment fails to meet the requirements of the CSRC, the company/I promise to issue supplementary commitment then in accordance with the latest regulations of CSRC. 3. Commitment is made to fulfill the Company's relevant remedial |
measures for
accordance with the law.
23 May2019
23 May2019 to 8April 2026
Ongoing
Thedirectorsand seniormanager ofthe
| returns and any commitment made herein by the company/me. If the company/I violate(s) such commitment and cause(s) losses to the Company or investors, the company / I will bear the compensation responsibility to the Company or investors in | |
| Dilution of |
immediatereturn
public
| issuance of | 1. Commitment is made not to transfer benefits to other units or individuals free of charge or under unfair conditions, and no other ways damaging the interests of the |
23 May2019
23 May2019 to 8April 2026
Ongoing
Company A-share
convertiblecorporatebonds
management of the Company,
| and accept the strict supervision and management of the Company to avoid waste or excessive |
consumption. Any position-
not
| to use the Company's assets to engage in investment and consumption activities unrelated to the performance of duties. 4. Commitment is made that the remuneration system developed by the Board of Directors or the Remuneration Committee is linked |
to the im
remedial measures for returns.
| 6. From the issuance date of this commitment to the completion of the implementation of the Company's public offering of |
A-
the commitm
| ent, and the above commitment fails to meet the requirements of the CSRC, I promise to issue supplementary commitment then in accordance with the latest regulations of CSRC. 7. Commitment is made to fulfill the Company's relevant remedial |
measures for retu
with the law.Commitments made instock option incentive
commitment made herein by me. IfI violate such commitment andcauses losses to the Company orinvestors, I will bear thecompensation responsibility to theCompany or investors in accordanceOther commitmentsmade to minority
shareholders
Fulfill on time or not Yes
Other commitmentsmade to minoritySpecific reasons forfailing to fulfillcommitments on timeand plans for next step
(if any)
IV Securities Investments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
五、Wealth Management Entrustment
√ Applicable □ Not applicable
Unit: RMB'0,000Type of wealth
management
Funding source Principal
Outstanding amount
before maturity
Overdue amountTrust finance products Self-funded
Specific reasons forfailing to fulfillcommitments on timeand plans for next step
5,000
| 5,000 |
Total
| 5,000 |
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
Unit: RMB'0,000
TrusteeTypeoftrustee
Type
of
| wealth |
management
Princi
pal
Fundi
ng
| product | source |
Startdate
Enddate
Investmentwithprinci
pal
Way
ofpayback
Referenceannualized
(%)
Expect
edreturn
(ifany)
| Actual |
gain/loss inReport
ing
Collec
| Period | tion/payment |
ofgain/loss inReport
Impairmentallowa
any)
Throu
ghprescri
bedproced
not
Anyplanfor
| ure or | further |
entrust
ment
Overv
iewandindex
tomoreinfor
ing
mation (ifany)
| Period |
Avictrustco.LTD
Trustcompany
Fixed-income
5,000
Self-funded
March2019
March2020
Nofixedinvestment
Annualpayment ofinterests andpayment ofprincipaluponmaturity
8.00%
402.19
Recovery ontime
Yes
Temp
| orarily |
no
Total 5,000
-- -- -- -- -- -- 400
402.19
--
-- -- --Wealth management entrustments with possible impairments including an expectedly unrecoverable principal:
□ Applicable √ Not applicable
VI Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
Counterparty
Relati
| onship |
withtheComp
Related-part
ytransaction ornot
| any |
Typeofderivat
Initialinvestment
amount
Start date
| ive |
End date
Beginnin
ginvestme
nt
PurchasedinReporting
Period
Sold inReportingPeriod
Impairmentallowance (if
any)
Endinginvestme
nt
Endinginvestment as % of
theCompany’
s ending
| net assets |
Actualgain/lo
ss inReport
ingPeriod
Commercial
| bank |
Non-connected
No
Forwa
rdexchan
gesettlement
39,398.69
| 21 January |
2020
31 March2020
39,398.69
| 39,398.69 |
| 0.00% |
228.05
Commercial
| bank |
Non-connected
No
Foreignexchange
68,951.65
19 March2020
December2020
68,951.65
| 30,580.65 |
38,371
| 4.55% |
562.07
optionCommercial
Non-connect
ed
No
Forwa
rd
exchan
ge
transac
tions
15,471.23
| bank |
9 March2020
September2020
15,471.23
15,471.2
| 1.84% |
Total 123,821.57
-- -- 0
123,821.5
| 69,979.34 |
53,842.2
| 6.39% |
790.12
Funding source Self-funded
Legal matters involved (if
applicable)
N/ADisclosure date of board
| Legal matters involved (if |
| of directors announcement |
on approval of derivativeinvestment (if any)
27 April 2018
30 April 2019Disclosure date of generalmeeting of shareholdersannouncement onapproval of derivativeinvestment (if any)
(including
| but not limited to market risk, liquidity risk, credit risk, operational risk, legal risk, |
etc.)
settlement hedging was operated by installments, with the relevant
| amount not more than the planned |
derivatives products transactions. And all derivatives products transaction was zero-deposit. T
as market risk, liquidity risk and credit risk, operation risk and risk of laws and regulation.
| 1. Market risk: when the international and domestic economic situations change, the corresponding |
changes in exchange rates and interest rates may have an adverse impact on the fi
risk-
| controlled financial derivative tools with simple structure and good liquidity to carry out the hedging |
business, strictly controls the sc
strategy according to market changes in a timely manner.
| 2. Liquidity risk and credit risk: a credit risk |
arising from failure of the contractually due Company or counterparty in pe
scale as well as foreign exc
| hange income, and conducts operations by stage according to the budget of future collections and disbursement. The derivative trades are free of guarantee deposit and can still be |
guaranteed in performance after the contract expires by means of extension a
trading contracts to strictly control credit risk of the counterparty.
| 3. Operation risk: The derivatives had high specialty and complexity, so imperfect internal operation |
transaction. Risk
| control measures: The Company promulgated strict authorization and approval system and perfect regulatory mechanism, fixed the operation procedures and approval procedures system to |
conduct derivative products transaction, implemented strict authorization
Reporting the Abnormal Situation Timely so as to ensure to lower the operation risks to the maximum.
4. Risk of laws and regulation:
| The Company conducted derivatives products transaction in strict |
accordance with relevant laws and rules, otherwise it was easy to cause compliant and
control measures: The Company carefully studied and mastered laws, regulations and policies relevant toderivative products transaction business, tracked closely
| the relevant changes; the Company carried out |
financial derivative instruments transactions with financial institutions with the
tremendous strength and good reputation; and strengthened the compliant exam
| ination on derivative |
products transaction business to avoid possible law risks.
business according to the relevant approval procedure, which was in line with relevant laws, regulations,the Company’s Articles o
| f Association, the Management Rules for Derivative Transaction of Lu Thai Textile Co., Ltd., and the Proposal on the Plan of Lu Thai Textile Co., Ltd. for Derivative Transactions |
approved at the 17
th Meeting of the 8
th Board of Directors on 25 April 2018 and the 26
th
th
| Board of Directors on 29 April 2019, and performed relevant information disclosure responsibilities. |
| Changes in market prices or fair value of derivative investments in Reporting |
Perio
parameters)
1. 1. As of 31 March 2020, the Company held fifteen
| d (fair value analysis should include measurement method and related assumptions and | undue financial derivatives contracts, totaling |
USD85.1616 million, among which nine contracts were the forward exchange option portfolio,
USD63 million, and six contracts were forward exchange transactions, totaling USD22.1616 million.
2. In January - March 2020
| , the amount of maturing financial derivatives of the Company amounted to |
USD99.50 million which was executed as per the contract in full, which generated gains of
The amount of delivered settlements of forward exchange was USD56.50 million, which generated
| the |
gain of RMB2.2805 million. The amount of delivered foreign exchange options was USD43
which generated the gain of RMB5.6207 million.
| million | |
| Major changes in accounting policies and specific accounting principles adopted for derivative investments in Reporting Period compared to last reporting |
period
No significant changes
control
The Company’s independent directors Zhou Zhiji, Bi Xiuli, Pan Ailing, Wang Xinyu and Qu Dongmei
| Opinion of independent directors on derivative investments and risk | , |
concerning conducting derivatives business, have issued the following professional
relevant internal contr
| ol and to carry out the loss and risk prevention measures so as to improve the operation and management. In conducting derivative transactions with focus on forward settlement and |
purchase, the Company follows a legal approval procedure, has sound relevant
risks relatively controllable. No harm has been done to the interests of the Company’s shareholders.
VII Communications with the Investment Community such as Researches, Inquiries andInterviews during the Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.VIII Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
No such cases in the Reporting Period.IX Occupation of the Company’s Capital by the Controlling Shareholder or Its RelatedParties for Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
Part IV Financial StatementsI Financial Statements
1. Consolidated Balance Sheet
Prepared by Lu Thai Textile Co., Ltd.
31 March 2020
Unit: RMBItem 31 March 2020 31 December 2019Current assets:
Monetary assets950,151,882.02
| 924,322,008.17 |
Trading financial assets 294,663.69
| 52,356,098.85 |
Derivative financial assets
Notes receivable 104,617,397.57
| 104,737,949.91 |
Accounts receivable402,047,763.25
| 515,306,599.62 |
Accounts receivable financing 13,299,381.00
| 26,963,818.87 |
Prepayments108,220,853.07
| 56,828,987.59 |
Other receivables 65,236,184.23
| 59,743,471.84 |
Including: Interest receivable
Dividends receivable
Financial assets purchased under resale agreements
Inventories
| 2,511,165,094.89 | 2,421,500,259.30 |
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 60,752,793.00
| 68,788,674.10 |
Total current assets4,215,786,012.72
| 4,230,547,868.25 |
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables6,694,262.12
| 7,058,233.71 |
Long-term equity investments 147,701,670.43
| 103,226,300.00 |
Investments in other equity instruments
Other non-current financial assets 180,405,659.23
| 278,149,500.00 |
Investment property45,392,719.79
| 45,896,747.87 |
Fixed assets 5,983,108,872.19
| 6,012,094,104.67 |
Construction in progress451,684,265.63
| 400,235,070.01 |
Productive living assets
Intangible assets512,661,767.74
| 516,479,519.15 |
R&D expense
Goodwill20,563,803.29
| 20,563,803.29 |
Long-term prepaid expense 153,954,887.34
| 153,031,253.79 |
Deferred income tax assets99,406,639.06
| 99,307,233.72 |
Other non-current assets 30,056,642.67
| 18,841,918.62 |
Total non-current assets7,631,631,189.49
| 7,654,883,684.83 |
Total assets
| 11,847,417,202.21 | 11,885,431,553.08 |
Current liabilities:
Short-term borrowings 2,133,963,295.30
| 2,120,154,330.61 |
Trading financial liabilities
Derivative financial liabilities
Notes payable83,808,455.50
| 85,219,724.63 |
Accounts payable 265,906,481.91
| 305,346,284.94 |
Advances from customers
| 108,783,148.03 |
Contractual liabilities 92,744,482.92
Payroll payable215,829,054.01
| 335,576,560.36 |
Taxes payable 18,722,670.17
| 25,051,630.06 |
Other payables145,394,165.81
| 104,982,189.40 |
Including: Interest payable
Dividends payable 441,113.64
| 441,113.64 |
Current portion of non-current liabilities 79,685,233.35
| 101,111,297.49 |
Other current liabilities
Total current liabilities 3,036,053,838.97
| 3,186,225,165.52 |
Non-current liabilities:
Long-term borrowings 28,504,590.18
| 42,364,019.74 |
Bonds payable
Including: Preferred shares
Perpetual bonds
Long-term payables
Long-term payroll payable105,589,249.56
| 105,589,249.56 |
Provisions
Deferred income155,023,835.96
| 157,668,211.41 |
Deferred income tax liabilities 92,071,388.83
| 92,440,358.41 |
Other non-current liabilities1,840,000.00
| 1,840,000.00 |
Total non-current liabilities 383,029,064.53
| 399,901,839.12 |
Total liabilities3,419,082,903.50
| 3,586,127,004.64 |
Owners’ equity:
Share capital858,121,541.00
| 858,121,541.00 |
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves258,046,245.42
| 258,046,245.42 |
Less: Treasury stock
Other comprehensive income
| 113,969,762.66 | 91,626,571.75 |
Specific reserve
Surplus reserves
| 1,117,267,351.63 | 1,117,267,351.63 |
General reserve
Retained earnings5,475,592,423.62
| 5,372,073,615.12 |
Total equity attributable to owners of the Company as the parent 7,822,997,324.33
| 7,697,135,324.92 |
Non-controlling interests605,336,974.38
| 602,169,223.52 |
Total owners’ equity 8,428,334,298.71
| 8,299,304,548.44 |
Total liabilities and owners’ equity
| 11,847,417,202.21 | 11,885,431,553.08 |
Legal representative: Liu Zibin The Company’s chief accountant: Zhang HongmeiThe Company’s financial manager: Zhang Keming
2. Balance Sheet of the Company as the Parent
Unit: RMBItem 31 March 2020 31 December 2019Current assets:
Monetary assets256,146,674.07
| 259,320,863.08 |
Trading financial assets 294,663.69
| 52,356,098.85 |
Derivative financial assets
Notes receivable44,719,171.54
| 67,898,885.35 |
Accounts receivable 345,846,364.39
| 417,599,518.08 |
Accounts receivable financing4,439,381.00
| 2,675,090.00 |
Prepayments 16,947,157.59
| 10,178,452.88 |
Other receivables882,123,071.27
| 838,523,449.52 |
Including: Interest receivable
Dividends receivable
Inventories 1,343,279,080.66
| 1,280,620,296.02 |
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 1,389,058.34
| 5,780,635.28 |
Total current assets2,895,184,622.55
| 2,934,953,289.06 |
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 2,557,743,975.27
| 2,510,868,604.84 |
Investments in other equity instruments
Other non-current financial assets 168,405,659.23
| 266,149,500.00 |
Investment property30,750,505.09
| 31,089,260.38 |
Fixed assets 2,579,822,346.68
| 2,603,258,003.94 |
Construction in progress36,177,094.06
| 53,443,768.04 |
Productive living assets
Intangible assets233,442,580.55
| 235,277,114.25 |
R&D expense
Goodwill
Long-term prepaid expense
Deferred income tax assets58,954,172.07
| 60,974,304.57 |
Other non-current assets
Total non-current assets5,665,296,332.95
| 5,761,060,556.02 |
Total assets 8,560,480,955.50
| 8,696,013,845.08 |
Current liabilities:
Short-term borrowings 827,562,858.00
| 816,301,973.60 |
Trading financial liabilities
Derivative financial liabilities
Notes payable499,594,739.40
| 602,741,973.76 |
Accounts payable 164,481,134.59
| 105,588,631.54 |
Advances from customers
| 53,418,950.04 |
Contractual liabilities 58,198,295.50
Payroll payable160,029,245.83
| 242,300,723.41 |
Taxes payable 6,904,617.24
| 11,995,830.49 |
Other payables82,752,882.51
| 149,255,207.79 |
Including: Interest payable
Dividends payable 441,113.64
| 441,113.64 |
Liabilities directly associated with assets classified as held for sale
Current portion of non-current liabilities
Other current liabilities
Total current liabilities1,799,523,773.07
| 1,981,603,290.63 |
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Long-term payables
Long-term payroll payable 105,589,249.56
| 105,589,249.56 |
Provisions
Deferred income
| 110,132,019.34 | 112,187,678.66 |
Deferred income tax liabilities70,136,644.48
| 70,445,859.76 |
Other non-current liabilities
Total non-current liabilities285,857,913.38
| 288,222,787.98 |
Total liabilities 2,085,381,686.45
| 2,269,826,078.61 |
Owners’ equity:
Share capital 858,121,541.00
| 858,121,541.00 |
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 317,206,232.47
| 317,206,232.47 |
Less: Treasury stock
Other comprehensive income
Specific reserve
Surplus reserves
| 1,114,158,611.99 | 1,114,158,611.99 |
Retained earnings4,185,612,883.59
| 4,136,701,381.01 |
Total owners’ equity 6,475,099,269.05
| 6,426,187,766.47 |
Total liabilities and owners’ equity8,560,480,955.50
| 8,696,013,845.08 |
3. Consolidated Income Statement
Unit: RMBItem Q1 2020 Q1 2019
1. Revenue 1,252,428,965.20
| 1,545,153,566.09 |
Including: Operating revenue1,252,428,965.20
| 1,545,153,566.09 |
Interest income
2. Costs and expenses
1,134,449,068.31
| 1,333,000,551.26 |
Including: Cost of sales 909,936,744.88
| 1,073,032,409.07 |
Reinsurance premium expense
Taxes and surcharges 18,233,112.02
| 21,952,729.62 |
Selling expense43,045,212.94
| 39,973,056.09 |
Administrative expense 85,578,691.89
| 87,221,760.41 |
R&D expense 62,911,416.31
| 79,919,113.90 |
Finance costs 14,743,890.27
| 30,901,482.17 |
Including: Interest expense18,671,711.46
| 20,172,898.97 |
Interest income 4,314,960.98
| 1,277,162.22 |
Add: Other income9,740,763.66
| 20,199,549.00 |
Return on investment (“-” for loss) 104,051,767.00
-
| 93,250.75 | ||
| Including: Share of profit or loss of joint ventures and |
associates
-5,524,629.57
amortized cost (“-” for loss)
| Income from the derecognition of financial assets at |
Foreign exchange gain (“-” for loss)
Net gain on exposure hedges (“-” for loss)
Gain on changes in fair value (“-” for loss) -99,714,752.69
| 5,108,600.00 |
Credit impairment loss (“-” for loss) 1,490,082.33
-
| 2,517,708.08 |
Asset impairment loss (“-” for loss) -2,090,161.60
-
| 441,007.21 |
Asset disposal income (“-” for loss)-37,045.69
-4,492.87
3. Operating profit (“-” for loss) 131,420,549.90
| 234,404,704.92 |
Add: Non-operating income525,956.20
| 1,330,325.06 |
Less: Non-operating expense 1,540,546.20
| 1,124,658.73 |
4. Profit before tax (“-” for loss)
130,405,959.90
| 234,610,371.25 |
Less: Income tax expense 23,719,400.54
| 37,131,437.89 |
5. Net profit (“-” for net loss)
106,686,559.36
| 197,478,933.36 |
5.1 By operating continuity 5.1.1 Net profit from continuing operations (“-” for net loss) 106,686,559.36
| 197,478,933.36 |
5.1.2 Net profit from discontinued operations (“-” for net loss)
5.2 By ownership
parent
103,518,808.50
| 5.2.1 Net profit attributable to owners of the Company as the | 195,173,391.82 |
5.2.2 Net profit attributable to non-controlling interests 3,167,750.86
| 2,305,541.54 |
6. Other comprehensive income, net of tax
22,343,190.91
-
| 15,630,761.85 |
Attributable to owners of the Company as the parent 22,343,190.91
-
| 15,630,761.85 |
6.2 Items that will be reclassified to profit or loss
22,343,190.91
-
| 15,630,761.85 | ||
| 6.2.1 Other comprehensive income that will be reclassified to |
profit or loss under the equity method
| 6.2.2 Changes in the fair value of investments in other debt |
obligations
6.2.3 Other comprehensive income arising from the
reclassification of financial assets
6.2.4 Allowance for credit impairments in investments in
other debt obligations
6.2.5 Reserve for cash flow hedges
6.2.6 Differences arising from the translation
currency-denominated financial statements
22,343,190.91
| of foreign |
-
6.2.7 Other
| 15,630,761.85 | |
Attributable to non-controlling interests
7. Total comprehensive income 129,029,750.27
| 181,848,171.51 |
Attributable to owners of the Company as the parent125,861,999.41
| 179,542,629.97 |
Attributable to non-controlling interests 3,167,750.86
| 2,305,541.54 |
8. Earnings per share
8.1 Basic earnings per share 0.12
0.23
8.2 Diluted earnings per share 0.12
0.23
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: Liu Zibin The Company’s chief accountant: Zhang HongmeiThe Company’s financial manager: Zhang Keming
4. Income Statement of the Company as the Parent
Unit: RMBItem Q1 2020 Q1 2019
1. Operating revenue
848,590,550.08
| 1,218,013,159.80 |
Less: Cost of sales 660,832,545.74
| 914,084,322.63 |
Taxes and surcharges12,344,378.23
| 14,774,890.71 |
Selling expense 24,177,042.05
| 24,925,715.73 |
Administrative expense56,584,771.31
| 54,428,690.80 |
R&D expense 41,396,325.31
| 53,869,453.01 |
Finance costs-1,334,505.55
| 6,406,772.73 |
Including: Interest expense 1,520,513.18
| 6,261,332.41 |
Interest income 844,209.61
| 520,856.66 |
Add: Other income 8,032,757.34
| 11,532,089.34 |
Return on investment (“-” for loss) 100,681,817.00
-
| 1,534,961.26 | ||
| Including: Share of profit or loss of joint ventures and |
associates
-5,524,629.57
amortized cost (“-” for loss)
| Income from the derecognition of financial assets at |
Net gain on exposure hedges (“-” for loss)
Gain on changes in fair value (“-” for loss) -99,714,752.69
| 5,108,600.00 |
Credit impairment loss (“-” for loss) -1,879,269.56
-
| 1,588,230.27 |
Asset impairment loss (“-” for loss)
Asset disposal income (“-” for loss) -67,926.34
-
| 19,705.25 |
2. Operating profit (“-” for loss) 61,642,618.74
| 163,021,106.75 |
Add: Non-operating income 480,033.81
| 1,009,494.98 |
Less: Non-operating expense 1,260,294.11
| 422,145.43 |
3. Profit before tax (“-” for loss) 60,862,358.44
| 163,608,456.30 |
Less: Income tax expense 11,950,855.86
| 26,977,643.26 |
4. Net profit (“-” for net loss)
48,911,502.58
| 136,630,813.04 |
4.1 Net profit from continuing operations (“-” for net loss) 48,911,502.58
| 136,630,813.04 |
4.2 Net profit from discontinued operations (“-” for net loss)
5. Other comprehensive income, net of tax
6. Total comprehensive income
48,911,502.58
| 136,630,813.04 |
7. Earnings per share
7.1 Basic earnings per share
0.06
0.16
7.2 Diluted earnings per share 0.06
0.16
5. Consolidated Cash Flow Statement
Unit: RMBItem Q1 2020 Q1 2019
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 1,336,068,394.46
| 1,494,044,826.59 |
Tax rebates33,311,001.17
| 55,121,275.16 |
Cash generated from other operating activities 16,482,395.80
| 27,635,093.30 |
Subtotal of cash generated from operating activities1,385,861,791.43
| 1,576,801,195.05 |
Payments for commodities and services 633,557,770.07
| 1,012,742,338.01 |
Cash paid to and for employees492,433,253.48
| 497,105,229.34 |
Taxes paid 50,812,902.16
| 93,875,522.94 |
Cash used in other operating activities63,141,341.95
| 62,792,284.92 |
Subtotal of cash used in operating activities 1,239,945,267.66
| 1,666,515,375.21 |
Net cash generated from/used in operating activities145,916,523.77
-
| 89,714,180.16 |
2. Cash flows from investing activities:
Proceeds from disinvestment50,090,523.24
| 30,000,000.00 |
Return on investment 101,675,246.57
| 2,402,138.74 |
and other long-lived assets
2,647,520.00
| Net proceeds from the disposal of fixed assets, intangible assets | 16,868.25 |
units
| Net proceeds from the disposal of subsidiaries and other business |
Cash generated from other investing activities 35,077,977.28
| 2,769,450.30 |
Subtotal of cash generated from investing activities 189,491,267.09
| 35,188,457.29 | ||
| Payments for the acquisition of fixed assets, intangible assets and |
other long-lived assets
204,045,508.07
| 264,858,846.65 |
Payments for investments 50,215,000.00
| 50,000,000.00 |
Net increase in pledged loans granted
units
| Net payments for the acquisition of subsidiaries and other business |
Cash used in other investing activities 543,397.49
| 4,807,200.00 |
Subtotal of cash used in investing activities254,803,905.56
| 319,666,046.65 |
Net cash generated from/used in investing activities -65,312,638.47
-
| 284,477,589.36 |
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by non-
subsidiaries
| controlling interests to |
Borrowings obtained 514,393,931.75
| 1,227,747,399.37 |
Cash generated from other financing activities 174,000,000.00
| 10,000,000.00 |
Subtotal of cash generated from financing activities 688,393,931.75
| 1,237,747,399.37 |
Repayments of borrowings 562,075,997.53
| 818,989,136.72 |
Payments for interest and dividends 13,744,425.83
| 23,656,295.67 |
Including: Dividends paid by subsidiaries to non-
interests
| controlling |
Cash used in other financing activities130,000,000.00
| 12,862,424.99 |
Subtotal of cash used in financing activities 705,820,423.36
| 855,507,857.38 |
Net cash generated from/used in financing activities-17,426,491.61
| 382,239,541.99 | ||
| 4. Effect of foreign exchange rate changes on cash and cash |
equivalents
-1,464,385.14
-5,071
| ,046.32 |
5. Net increase in cash and cash equivalents 61,713,008.55
| 2,976,726.15 |
Add: Cash and cash equivalents, beginning of the period878,559,018.92
| 535,134,772.90 |
6. Cash and cash equivalents, end of the period 940,272,027.47
| 538,111,499.05 |
6. Cash Flow Statement of the Company as the Parent
Unit: RMBItem Q1 2020 Q1 2019
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 873,552,898.00
| 1,188,755,766.98 |
Tax rebates22,993,582.19
| 39,801,136.87 |
Cash generated from other operating activities 7,321,908.78
| 12,674,765.62 |
Subtotal of cash generated from operating activities903,868,388.97
| 1,241,231,669.47 |
Payments for commodities and services 508,037,912.99
| 684,174,487.67 |
Cash paid to and for employees 307,956,559.69
| 346,747,962.03 |
Taxes paid21,316,789.59
| 64,735,924.66 |
Cash used in other operating activities 33,964,054.78
| 40,577,138.22 |
Subtotal of cash used in operating activities871,275,317.05
| 1,136,235,512.58 |
Net cash generated from/used in operating activities 32,593,071.92
| 104,996,156.89 |
2. Cash flows from investing activities:
Proceeds from disinvestment 50,090,523.24
| 30,000,000.00 |
Return on investment101,675,246.57
| 2,402,138.74 |
and other long-lived assets
298,847.38
| Net proceeds from the disposal of fixed assets, intangible assets |
units
| Net proceeds from the disposal of subsidiaries and other business |
Cash generated from other investing activities 214,014,454.30
| 67,060,381.68 |
Subtotal of cash generated from investing activities 366,079,071.49
| 99,462,520.42 | ||
| Payments for the acquisition of fixed assets, intangible assets and |
other long-lived assets
16,517,130.57
| 50,596,052.64 |
Payments for investments52,615,000.00
| 117,202,000.00 |
units
| Net payments for the acquisition of subsidiaries and other business |
Cash used in other investing activities 248,481,770.00
| 75,781,620.00 |
Subtotal of cash used in investing activities317,613,900.57
| 243,579,672.64 |
Net cash generated from/used in investing activities 48,465,170.92
-
| 144,117,152.22 |
3. Cash flows from financing activities:
Capital contributions received
Borrowings obtained40,415,148.91
| 790,254,327.80 |
Cash generated from other financing activities 58,280,000.00
Subtotal of cash generated from financing activities98,695,148.91
| 790,254,327.80 |
Repayments of borrowings 43,913,708.07
| 599,478,751.52 |
Payments for interest and dividends4,331,120.89
| 9,592,279.88 |
Cash used in other financing activities 135,072,100.00
| 12,862,424.99 |
Subtotal of cash used in financing activities183,316,928.96
| 621,933,456.39 |
Net cash generated from/used in financing activities -84,621,780.05
| 168,320,871.41 |
4.
equivalents
389,348.20
| Effect of foreign exchange rate changes on cash and cash |
-
5. Net increase in cash and cash equivalents -3,174,189.01
| 1,113,308.14 | |
| 128,086,567.94 |
Add: Cash and cash equivalents, beginning of the period 259,320,863.08
| 191,305,104.80 |
6. Cash and cash equivalents, end of the period 256,146,674.07
| 319,391,672.74 |
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the Execution of any New Standards
Governing Revenue or Leases from 2020
√ Applicable □ Not applicable
Consolidated Balance Sheet
Unit: RMBItem 31 December 2019 1 January 2020 AdjustedCurrent assets:
Monetary assets
924,322,008.17
| 924,322,008.17 |
Trading financial assets
52,356,098.85
| 52,356,098.85 |
Notes receivable
104,737,949.91
| 104,737,949.91 |
Accounts receivable
515,306,599.62
| 515,306,599.62 |
Accounts receivable financing
26,963,818.87
| 26,963,818.87 |
Prepayments
56,828,987.59
| 56,828,987.59 |
Other receivables
59,743,471.84
| 59,743,471.84 |
Inventories
| 2,421,500,259.30 | 2,421,500,259.30 |
Other current assets
68,788,674.10
| 68,788,674.10 |
Total current assets
| 4,230,547,868.25 | 4,230,547,868.25 |
Non-current assets:
Long-term receivables
7,058,233.71
| 7,058,233.71 |
Long-term equity investments
103,226,300.00
| 103,226,300.00 |
Other non-current financial assets
| 278,149,500.00 |
278,149,500.00
Investment property
45,896,747.87
| 45,896,747.87 |
Fixed assets
| 6,012,094,104.67 | 6,012,094,104.67 |
Construction in progress
400,235,070.01
| 400,235,070.01 |
Intangible assets
516,479,519.15
| 516,479,519.15 |
Goodwill
20,563,803.29
| 20,563,803.29 |
Long-term prepaid expense
153,031,253.79
| 153,031,253.79 |
Deferred income tax assets
99,307,233.72
| 99,307,233.72 |
Other non-current assets
18,841,918.62
| 18,841,918.62 |
Total non-current assets
| 7,654,883,684.83 | 7,654,883,684.83 |
Total assets
| 11,885,431,553.08 | 11,885,431,553.08 |
Current liabilities:
Short-term borrowings
| 2,120,154,330.61 | 2,120,154,330.61 |
Notes payable
85,219,724.63
| 85,219,724.63 |
Accounts payable
305,346,284.94
| 305,346,284.94 |
Advances from customers
| 108,783,148.03 |
-
Contractual liabilities
| 108,783,148.03 | ||
108,783,148.03
| 108,783,148.03 |
Payroll payable
335,576,560.36
| 335,576,560.36 |
Taxes payable
25,051,630.06
| 25,051,630.06 |
Other payables
104,982,189.40
| 104,982,189.40 |
Dividends payable
441,113.64
| 441,113.64 |
Current portion of non-currentliabilities
| 101,111,297.49 | 101,111,297.49 |
Total current liabilities
| 3,186,225,165.52 | 3,186,225,165.52 |
Non-current liabilities:
Long-term borrowings
42,364,019.74
| 42,364,019.74 |
Long-term payroll payable
105,589,249.56
| 105,589,249.56 |
Deferred income
| 157,668,211.41 | 157,668,211.41 |
Deferred income tax liabilities
92,440,358.41
| 92,440,358.41 |
Other non-current liabilities
1,840,000.00
| 1,840,000.00 |
Total non-current liabilities
399,901,839.12
| 399,901,839.12 |
Total liabilities
| 3,586,127,004.64 | 3,586,127,004.64 |
Owners’ equity:
Share capital
858,121,541.00
| 858,121,541.00 |
Capital reserves
258,046,245.42
| 258,046,245.42 |
Other comprehensive income
91,626,571.75
| 91,626,571.75 |
Surplus reserves
| 1,117,267,351.63 | 1,117,267,351.63 |
Retained earnings
| 5,372,073,615.12 | 5,372,073,615.12 | ||
| Total equity attributable to owners |
of the Company as the parent
| 7,697,135,324.92 | 7,697,135,324.92 |
Non-controlling interests
602,169,223.52
| 602,169,223.52 |
Total owners’ equity
| 8,299,304,548.44 | 8,299,304,548.44 |
Total liabilities and owners’ equity
| 11,885,431,553.08 | 11,885,431,553.08 |
Note for adjustment:
Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 December 2019 1 January 2020 AdjustedCurrent assets:
Monetary assets
259,320,863.08
| 259,320,863.08 |
Trading financial assets
52,356,098.85
| 52,356,098.85 |
Notes receivable
67,898,885.35
| 67,898,885.35 |
Accounts receivable
417,599,518.08
| 417,599,518.08 |
Accounts receivable financing
2,675,090.00
| 2,675,090.00 |
Prepayments
10,178,452.88
| 10,178,452.88 |
Other receivables
838,523,449.52
| 838,523,449.52 |
Inventories
| 1,280,620,296.02 | 1,280,620,296.02 |
Other current assets
5,780,635.28
| 5,780,635.28 |
Total current assets
| 2,934,953,289.06 | 2,934,953,289.06 |
Non-current assets:
Long-term equity investments
| 2,510,868,604.84 | 2,510,868,604.84 |
Other non-current financial assets
| 266,149,500.00 |
266,149,500.00
Investment property
31,089,260.38
| 31,089,260.38 |
Fixed assets
| 2,603,258,003.94 | 2,603,258,003.94 |
Construction in progress
53,443,768.04
| 53,443,768.04 |
Intangible assets
| 235,277,114.25 | 235,277,114.25 |
Deferred income tax assets
60,974,304.57
| 60,974,304.57 |
Total non-current assets
| 5,761,060,556.02 | 5,761,060,556.02 |
Total assets
| 8,696,013,845.08 | 8,696,013,845.08 |
Current liabilities:
Short-term borrowings
816,301,973.60
| 816,301,973.60 |
Notes payable
602,741,973.76
| 602,741,973.76 |
Accounts payable
105,588,631.54
| 105,588,631.54 |
Advances from customers
| 53,418,950.04 |
-
Contractual liabilities
| 53,418,950.04 | ||
53,418,950.04
| 53,418,950.04 |
Payroll payable
242,300,723.41
| 242,300,723.41 |
Taxes payable
| 11,995,830.49 | 11,995,830.49 |
Other payables
149,255,207.79
| 149,255,207.79 |
Dividends payable
441,113.64
| 441,113.64 |
Total current liabilities
| 1,981,603,290.63 | 1,981,603,290.63 |
Non-current liabilities:
Long-term payroll payable
105,589,249.56
| 105,589,249.56 |
Deferred income
| 112,187,678.66 | 112,187,678.66 |
Deferred income tax liabilities
70,445,859.76
| 70,445,859.76 |
Total non-current liabilities
288,222,787.98
| 288,222,787.98 |
Total liabilities
| 2,269,826,078.61 | 2,269,826,078.61 |
Owners’ equity:
Share capital
858,121,541.00
| 858,121,541.00 |
Capital reserves
317,206,232.47
| 317,206,232.47 |
Surplus reserves
| 1,114,158,611.99 | 1,114,158,611.99 |
Retained earnings
| 4,136,701,381.01 | 4,136,701,381.01 |
Total owners’ equity
| 6,426,187,766.47 | 6,426,187,766.47 |
Total liabilities and owners’ equity
| 8,696,013,845.08 | 8,696,013,845.08 |
Note for adjustment:
2. Retrospective Restatement of Previous Comparative Data due to the Execution of any New Standards
Governing Revenue or Leases from 2020
□ Applicable √ Not applicable
III Independent Auditor’s ReportIndicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes √ No
These financial statements have not been audited by such an auditor.
Chairman of the Board: Liu ZibinLu Thai Textile Co., Ltd.
30 April 2020