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方大B:2019年第一季度报告全文(英文版) 下载公告
公告日期:2019-04-23

China Fangda Group Co., Ltd.

2019 Q1 Report

April 2019

I Important Statement

The members of the Board and the Company guarantee that the quarterlyreport is free from any false information, misleading statement or materialomission and are jointly and severally liable for the information’s truthfulness,accuracy and integrity.

All the Directors have attended the meeting of the board meeting at whichthis report was examined.

Mr. Xiong Jianming, the Chairman of Board, Mr. Lin Kebin, the ChiefFinancial Officer, and Mr. Wu Bohua, the manager of accounting departmentdeclare: the Financial Report carried in this report is authentic and completed.

II. General Information

1. Financial Highlight

Whether the Company needs to make retroactive adjustment or restatement of financial data of previous years□ Yes √ No

This report periodSame period last yearYear-on-year change (%)
Turnover (yuan)670,452,093.70650,032,997.333.14%
Net profit attributable to shareholders of the listed company (yuan)69,998,533.0998,377,550.44-28.85%
Net profit attributable to the shareholders of the listed company and after deducting of non-recurring gain/loss (RMB)64,930,951.1988,737,051.63-26.83%
Net cash flow generated by business operation (RMB)-296,237,735.96-40,623,633.07-629.23%
Basic earnings per share (yuan/share)0.060.08-25.00%
Diluted Earnings per share (yuan/share)0.060.08-25.00%
Weighted average net income/asset ratio1.37%2.99%Decreased by 1.62 percentage points
End of the report periodEnd of last yearYear-on-year change
Total asset (RMB)10,650,592,249.6710,658,854,133.73-0.08%
Net profit attributable to the shareholders of the listed company (RMB)4,964,651,509.235,195,187,621.88-4.44%

Note: The above-mentioned decrease in “net profit attributable to shareholders of the listed company” was mainly due to the factthat the Fangda Town project which had a higher gross profit during the reporting period and contributed more to the profit in theprevious year, was nearing the end of the planned sales area resulting in a decrease in operating income and profit. The Company'scurtain wall system and material industry, rail transportation equipment industry's operating income net profit have increased asfollows:

1. The real estate industry realized operating income of RMB 163,434,900 in the first quarter of 2019, a decrease of 40.60% overthe same period of the previous year; net profit of RMB 50,790,600 was reduced by RMB48,468,900 compared with the sameperiod of the previous year with a decrease of 48.83%.2. In the first quarter of 2019, the curtain wall system and materials industry realized operating income of RMB431,126,200, anincrease of 40.56% over the same period of the previous year; the net profit was RMB14,207,100, an increase of 256.28% over thesame period of last year;3. In the first quarter of 2019, the rail transit equipment industry realized operating income of RMB68,360,100, an increase of17.25% over the same period of the previous year; the net profit was RMB11,233,400, an increase of 39.19% over the same periodof the previous year.

Total stock equity on the trading day before disclosure:

Total number of shares on the trading day before disclosure (in share)1,123,384,189
Overall diluted earnings per share calculated using the latest number of shares (RMB/share)0.0623

Accidental gain/loss item and amount√ Applicable □ Inapplicable

In RMB

ItemAmount from beginning of the year to the end of the report periodNotes
Non-current asset disposal gain/loss (including the write-off part for which assets impairment provision is made)-18,130.72
Subsidies accounted into the current income account (except the government subsidy closely related to the enterprise’s business and based on unified national standard quota)2,764,802.92
Capital using expense charged to non-financial enterprises and accounted into the current income account63,333.33
Gain from entrusted investment or assets management2,771,670.18
Other non-business income and expenditures other than the above604,262.22
Less: Influenced amount of income tax1,118,356.03
Total5,067,581.90--

Explanation statement should be made for accidental gain/loss items defined and accidental gain/loss items defined as regulargain/loss items according to the Explanation Announcement of Information Disclosure No. 1 - Non-recurring gain/loss mentioned.□ Applicable √ InapplicableNo circumstance that should be defined as recurrent profit and loss according to Explanation Announcement of InformationDisclosure No. 1 - Non-recurring gain/loss occurs in the report period.

2. Total number of shareholders and shareholding of top 10 shareholders by the end of thereport period

1. Ordinary shareholders, preference shareholders with resumed voting rights and top 10 shareholders

In share

Number of shareholders of common shares at the end of the report period75,069Number of shareholders of preferred stocks of which voting rights recovered in the report period (if any)0
Top 10 Shareholders
ShareholderNature of shareholderShareholding percentageNumber of sharesConditional sharesPledging or freezing
Share statusAmount
Shenzhen Banglin Technologies Development Co., Ltd.Domestic non-state legal person10.08%113,202,1540Pledged32,860,000
Shengjiu Investment Ltd.Foreign legal person8.36%93,875,6380
Gong Qing Cheng Shi Li He Investment Management Partnership Enterprise (limited partner)Domestic non-state legal person2.38%26,791,4880
Fang WeiDomestic natural person1.06%11,933,3700
SUN HUNG KAI INVESTMENT SERVICES LTDForeign legal person0.91%10,175,5180
VANGUARD EMERGING MARKETS STOCK INDEX FUNDForeign legal person0.71%7,946,4830
Shenwan Hongyuan Securities (Hong Kong) Co., Ltd.Foreign legal person0.54%6,108,7320
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUNDForeign legal person0.54%6,025,9580
Qu ChunlinDomestic natural person0.36%4,038,9610
First Shanghai Securities LimitedForeign legal person0.36%4,001,7040
Top 10 holders of unconditional shares
ShareholderAmount of shares without sales restrictionCategory of shares
Category of sharesAmount
Shenzhen Banglin Technologies Development Co., Ltd.113,202,154RMB common shares113,202,154
Shengjiu Investment Ltd.93,875,638Foreign shares listed in domestic exchanges93,875,638
Gong Qing Cheng Shi Li He Investment Management Partnership Enterprise (limited partner)26,791,488RMB common shares26,791,488
Fang Wei11,933,370RMB common shares11,933,370
SUN HUNG KAI INVESTMENT SERVICES LTD10,175,518Foreign shares listed in domestic exchanges10,175,518
VANGUARD EMERGING MARKETS STOCK INDEX FUND7,946,483Foreign shares listed in domestic exchanges7,946,483
Shenwan Hongyuan Securities (Hong Kong) Co., Ltd.6,108,732Foreign shares listed in domestic exchanges6,108,732
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND6,025,958Foreign shares listed in domestic exchanges6,025,958
Qu Chunlin4,038,961RMB common shares4,038,961
First Shanghai Securities Limited4,001,704Foreign shares listed in domestic exchanges4,001,704
Notes to top ten shareholder relationship or "action in concert"Among the shareholders, Shenzhen Banglin Technology Development Co., Ltd. and Shengjiu Investment Co., Ltd. are parties action-in-concert. Shenzhen Banglin Technology Development Co., Ltd. and Gong Qing Cheng Shi Li He Investment Management Partnership Enterprise are related parties. The Company is not notified of other action-in-concert or related parties among the other holders of current shares.
Top-10 common share shareholders participating in margin trade (if any)None

Agreed re-purchasing by the Company’s top 10 shareholders of common shares and top 10 shareholders of unconditional commonshares in the report period

□ Yes √ NoNo agreed re-purchasing by the Company’s top 10 shareholders of common shares and top 10 shareholders of unconditional commonshares in the report period

2. Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end ofthe report period

□ Applicable √ Inapplicable

III Significant Events

1. Major changes in accounting items and financial data in the report period and reasons

√ Applicable □ Inapplicable

ItemMarch 31, 2019December 31, 2019ChangeCause of change
Other current assets79,973,007.9851,698,111.1454.69%Mainly due to the increase in the input tax to be verified and to be deducted
Short-term loans700,000,000.00208,000,000.00236.54%Mainly due to increase in bank borrowings
Prepayment received174,471,020.46278,577,848.54-37.37%Mainly due to income recognized in this period
Employees’ wage payable20,937,500.2044,513,062.17-52.96%Annual bonus paid
Non-current liabilities due in 1 year450,000,000.00200,000,000.00125.00%Reclassified long-term loans due within 1 year
Surplus reserves54,042,195.07120,475,221.40-55.14%Mainly due to the repurchase of B shares in the current period
ItemAmount of the Current TermLast periodChangeCause of change
Taxes and surcharges33,241,693.5557,107,989.44-41.79%Mainly due to the decrease in taxes on real estate sales business
Administrative expense48,521,803.1237,182,042.4430.50%Mainly due to the increase in operating income of the Company's curtain wall system and materials and subway screen door business, resulting in an increase in related expenses
Income tax expenses19,513,176.4833,501,097.89-41.75%Mainly due to the decrease in profits which is due to the decrease in income tax
Cash flow generated by business operations, net-296,237,735.96-40,623,633.07-629.23%Mainly due to the decrease in collection of real estate sales and the decrease in the receipt of margins received
Net cash flow generated by financing activities292,596,452.2529,253,596.52900.21%Mainly due to the increase in bank loans and the payment of cash dividends in the current period.

2. Progress of key issues and its impacts and solutions

√ Applicable □ Inapplicable(1) Property project development progress:

1. Shenzhen Fangda Town Project: In the first quarter of 2019, the Fangda Town project achieved a sales area of 2,540.9 squaremeters with a cumulative sales area of 84,951.4 square meters; the commercial investment signing rate was 91%; as of the end of the

first quarter of 2019, the total rented area of building1# is 12,462.44 square meters and the occupancy rate is 17.18%.

2. Nanchang Fenghuangzhou Project: Construction started in May 2018. The project covers an area of about 17,000 squaremeters with a total construction area of about 93,000 square meters. The total construction area is 66,000 square meters coveringcommercial hotel and apartment buildings. The office building is an integrated commercial complex. As of the end of the firstquarter of 2019, the two-story basement in the main project has been basically completed. The project plans to start pre-sale in thesecond half of 2019 and to complete the acceptance in the first half of 2020. At present, the project construction is progressing inaccordance with the expected engineering nodes.

3. Shenzhen Fangda Bangshen Industrial Park Project: The project is located in Fuyong, Bao'an District, Shenzhen. It covers anarea of 20,714.9 square meters and is currently an industrial plant. The project has begun to declare the project. As of the end of thefirst quarter of 2019 the project is still in the stage of approval.

4. Shenzhen Henggang Dakanghe renewal project: At the end of September 2018, Shenzhen Zhongrong Litai Investment Co.,Ltd., a holding subsidiary of Fangda Real Estate Co., Ltd., a wholly-owned subsidiary of the Company, and Shenzhen HenggangDakang Co., Ltd. and Shangzhong branch of the Shenzhen Henggang Dakang Co., Ltd. signed a letter of intent for the cooperation ofthe Dakanghe urban renewal project. The project is located in Dakang Village, Yuanshan Sub-district, Longgang District, Shenzhen,north to Yanhe Road, south to Shanzixia Road, west to Xiaokang Road, and east to Yuying Street. The area to be demolished is about80,000 square meters. The project is mainly for residential functions and is subject to government approval. The project work iscurrently being actively promoted.(2) Progress in the implementation of share repurchase√ Applicable □ Inapplicable

The Company held the 10th meeting of the 8th Board of Directors and the first extraordinary shareholders meeting of 2018 onSeptember 10 2018 and September 27 2018 respectively and reviewed and approved the repurchase of some domestically listedforeign shares (B shares). From December 19 2018 to January 3 2019, the Company repurchased 32,097,497 B shares throughcentralized bidding. On January 11, 2019, the Company handled the cancellation procedures of the above repurchased shares atChina Securities Depository and Clearing Co. Ltd. Shenzhen Branch. The number of shares repurchased and canceled in thisrepurchase accounted for 2.78% of the total share capital of the Company before the repurchase and cancellation and the highestrepurchase price was HK$3.58 per share and the lowest price was HK$3.24 per share. The actual repayment of the repurchasedshares was HK$113,012,632.21 (including transaction fees) and the repurchase has been completed.

(3) Progress in the implementation of the reduction of shareholding shares by means of centralized bidding□ Applicable √ Inapplicable

3. Commitments that have not been fulfilled by actual controller, shareholders, related parties,acquirers of the Company

□ Applicable √ InapplicableThere is no commitment that has not been fulfilled by actual controller, shareholders, related parties, acquirers of the Company

4. Forecast of operating performance between January and June in 2019

Warning and reasons of possible net loss or substantial change from the last period between the beginning of the year and the end ofthe next report period□ Applicable √ Inapplicable

5. Securities investment

□ Applicable √ InapplicableThe Company made no investment in securities in the report period

6. Derivative investment

√ Applicable □ Inapplicable

In RMB10,000

Derivative investment operatorRelationshipRelated transactionTypeInitial amountStart dateEnd dateInitial investment amountAmount in this periodAmount sold in this periodImpairment provision (if any)Closing investment amountProportion of closing investment amount in the closing net assets in the report periodActual gain/loss in the report period
Shanghai Futures ExchangeNon-affiliated partyNoShanghai aluminum2,535.76July 13, 2018December 10, 20192,535.768,659.52567.7410,627.532.14%28.88
Total2,535.76----2,535.768,659.52567.7410,627.532.14%28.88
Capital sourceSelf-owned fund
Lawsuit (if any)None
Disclosure date of derivative investment approval by the Board of Directors (if any)October 31, 2017
Disclosure date of derivative investment approval by the Shareholders’ Meeting (if any)
Risk analysis and control measures for the derivative holding in the report period (including without limitation market, liquidity, credit, operation and legal risks)To prevent the risk of fluctuation of raw material prices, the Company adopted the aluminum futures exchanged at the domestic futures exchange to provide hedging for aluminum as a raw material for the Company. The Company has set up and implemented the Provincial Regulations on China Fangda Group Domestic Futures Hedging to prevent risks.
Changes in the market price or fair value of the derivative in the report period, the analysis of the derivative’s fair value should disclose the method used and related assumptions and parameters.Fair value of derivatives are measured at open prices in the futures market
Material changes in the accounting policies and rules related to the derivative in the report period compared to last periodNone
Opinions of independent directors on the Company’s derivative investment and risk controllingNone

7. Reception of investigations, communications, or interviews in the reporting period

√ Applicable □ Inapplicable

Time/dateWayVisitorDisclosure of information
During the reporting periodTelephone communicationIndividualRepurchase of B-shares, production and operation conditions, future development

8. Incompliant external guarantee

□ Applicable √ InapplicableThe Company made no incompliant external guarantee in the report period.

9. Non-operating capital use by the controlling shareholder or related parties in the reportingterm

□ Applicable √ InapplicableThe controlling shareholder and its affiliates occupied no capital for non-operating purpose of the Company during the report period.

IV Financial Statements

1. Financial statements

1. Consolidated Balance Sheet

Prepared by: China Fangda Group Co., Ltd.

March 31, 2019

In RMB

ItemMarch 31, 2019December 31, 2018
Current asset:
Monetary capital1,339,642,022.351,389,062,083.76
Settlement provision
Outgoing call loan
Transactional financial assets
Financial assets measured at fair value with variations accounted into current income account
Derivative financial assets
Receivable note and accounts receivable2,060,730,171.912,060,214,724.69
Including: receivable notes104,429,526.36140,139,692.84
Account receivable1,956,300,645.551,920,075,031.85
Prepayment43,610,238.6046,454,844.74
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Other receivables174,747,902.46139,990,188.26
Including: interest receivable63,333.33
Dividend receivable
Repurchasing of financial assets
Inventory641,842,902.19651,405,832.29
Contract assets
Assets held for sales
Non-current assets due in 1 year
Other current assets79,973,007.9851,698,111.14
Total current assets4,340,546,245.494,338,825,784.88
Non-current assets:
Loan and advancement provided
Debt investment
Sellable financial assets21,674,008.23
Other debt investment
Investment held until mature
Long-term receivable
Long-term share equity investment69,575,093.6870,105,657.88
Investment in other equity tools21,674,008.23
Other non-current financial assets
Investment real estate5,261,170,385.585,256,442,406.63
Fixed assets436,213,822.62455,274,241.83
Construction in process62,043,689.8758,269,452.72
Productive biological assets
Gas & petrol
Use right assets
Intangible assets79,763,381.6480,313,240.67
R&D expense
Goodwill
Long-term amortizable expenses2,589,588.632,114,331.46
Deferred income tax assets352,819,194.26356,474,925.76
Other non-current assets24,196,839.6719,360,083.67
Total of non-current assets6,310,046,004.186,320,028,348.85
Total of assets10,650,592,249.6710,658,854,133.73
Current liabilities
Short-term loans700,000,000.00208,000,000.00
Loans from Central Bank
Call loan received
Transactional financial liabilities
Financial liabilities measured at fair value with variations accounted into current income account
Derivative financial liabilities596,100.001,625,725.00
Payable notes and accounts1,373,704,342.441,547,495,316.83
Prepayment received174,471,020.46278,577,848.54
Selling of repurchased financial assets
Deposit received and held for others
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable20,937,500.2044,513,062.17
Taxes payable87,685,331.21107,709,999.19
Other payables810,800,621.62813,118,699.84
Including: interest payable2,381,447.472,098,971.44
Dividend payable
Fees and commissions payable
Reinsurance fee payable
Contract liabilities
Liabilities held for sales
Non-current liabilities due in 1 year450,000,000.00200,000,000.00
Other current liabilities10,362,063.929,328,682.25
Total current liabilities3,628,556,979.853,210,369,333.82
Non-current liabilities:
Insurance contract provision
Long-term loans993,978,153.391,193,978,153.39
Bond payable
Including: preferred stock
Perpetual bond
Lease liabilities
Long-term payable
Long-term employees’ wage payable
Anticipated liabilities7,762,939.836,831,162.99
Deferred earning10,274,011.3110,401,161.30
Deferred income tax liabilities1,045,368,656.061,042,086,700.35
Other non-current liabilities
Total of non-current liabilities2,057,383,760.592,253,297,178.03
Total liabilities5,685,940,740.445,463,666,511.85
Owner’s equity:
Share capital1,123,384,189.001,155,481,686.00
Other equity tools
Including: preferred stock
Perpetual bond
Capital reserves1,454,191.591,454,191.59
Less: Shares in stock10,831,437.66
Other miscellaneous income3,052,044.747,382,087.59
Special reserves
Surplus reserves54,042,195.07120,475,221.40
Common risk provisions
Retained profit3,782,718,888.833,921,225,872.96
Total of owner’s equity belong to the parent company4,964,651,509.235,195,187,621.88
Minor shareholders’ equity
Total of owners’ equity4,964,651,509.235,195,187,621.88
Total of liabilities and owner’s interest10,650,592,249.6710,658,854,133.73

Legal representative: Xiong Jianming CFO: Lin Kebing Accounting Manager: Wu Bohua

2. Balance Sheet of the Parent Company

In RMB

ItemMarch 31, 2019December 31, 2018
Current asset:
Monetary capital486,430,783.14410,118,157.55
Transactional financial assets
Financial assets measured at fair value with variations accounted into current income account
Derivative financial assets
Receivable note and accounts receivable200,000,000.00200,471,039.12
Including: receivable notes200,000,000.00200,000,000.00
Account receivable471,039.12
Prepayment4,382,073.526,733,047.16
Other receivables1,036,391,923.93822,543,653.04
Including: interest receivable
Dividend receivable100,000,000.00100,000,000.00
Inventory
Contract assets
Assets held for sales
Non-current assets due in 1 year
Other current assets716,922.84919,388.18
Total current assets1,727,921,703.431,440,785,285.05
Non-current assets:
Debt investment
Sellable financial assets21,674,008.23
Other debt investment
Investment held until mature
Long-term receivable
Long-term share equity investment983,339,494.35983,339,494.35
Investment in other equity tools21,674,008.23
Other non-current financial assets
Investment real estate309,189,866.37309,189,866.37
Fixed assets53,256,576.0453,784,811.23
Construction in process
Productive biological assets
Gas & petrol
Use right assets
Intangible assets2,044,566.882,112,301.97
R&D expense
Goodwill
Long-term amortizable expenses847,499.66917,499.68
Deferred income tax assets36,267,056.0934,555,598.81
Other non-current assets
Total of non-current assets1,406,619,067.621,405,573,580.64
Total of assets3,134,540,771.052,846,358,865.69
Current liabilities
Short-term loans500,000,000.00200,000,000.00
Transactional financial liabilities
Financial liabilities measured at fair value with variations accounted into current income account
Derivative financial liabilities
Payable notes and accounts606,941.85676,941.85
Prepayment received694,791.63733,274.16
Contract liabilities
Employees’ wage payable992,194.042,145,763.39
Taxes payable505,047.04341,004.65
Other payables507,603,551.39300,006,406.51
Including: interest payable981,915.27740,208.33
Dividend payable
Liabilities held for sales
Non-current liabilities due in 1 year200,000,000.00
Other current liabilities
Total current liabilities1,210,402,525.95503,903,390.56
Non-current liabilities:
Long-term loans400,000,000.00500,000,000.00
Bond payable
Including: preferred stock
Perpetual bond
Lease liabilities
Long-term payable
Long-term employees’ wage payable
Anticipated liabilities
Deferred earning
Deferred income tax liabilities64,080,311.7264,130,617.41
Other non-current liabilities
Total of non-current liabilities464,080,311.72564,130,617.41
Total liabilities1,674,482,837.671,068,034,007.97
Owner’s equity:
Share capital1,123,384,189.001,155,481,686.00
Other equity tools
Including: preferred stock
Perpetual bond
Capital reserves360,835.52360,835.52
Less: Shares in stock10,831,437.66
Other miscellaneous income3,590,127.888,756,553.46
Special reserves
Surplus reserves54,042,195.07120,475,221.40
Retained profit278,680,585.91504,081,999.00
Total of owners’ equity1,460,057,933.381,778,324,857.72
Total of liabilities and owner’s interest3,134,540,771.052,846,358,865.69

3. Consolidated Income Statement

In RMB

ItemAmount occurred in the current periodOccurred in previous period
1. Total revenue670,452,093.70650,032,997.33
Incl. Business income670,452,093.70650,032,997.33
Interest income
Insurance fee earned
Fee and commission received
2. Total business cost586,532,424.53528,787,371.03
Incl. Business cost467,237,374.40398,153,159.63
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net insurance policy reserves provided
Insurance policy dividend paid
Reinsurance expenses
Taxes and surcharges33,241,693.5557,107,989.44
Sales expense12,854,606.259,988,975.74
Administrative expense48,521,803.1237,182,042.44
R&D cost4,150,525.603,638,625.75
Financial expenses24,040,788.1619,744,665.08
Including: interest cost18,523,514.1015,732,959.05
Interest income1,220,042.731,783,355.11
Asset impairment loss2,971,912.96
Credit impairment loss-3,514,366.55
Add: other gains2,764,802.922,330,454.12
Investment gains (“-” for loss)2,241,105.986,728,202.21
Incl. Investment gains from affiliates and joint ventures-530,564.20-1,547,820.36
Exchange gains ("-" for loss)
Net open hedge gains (“-” for loss)
Gains from change of fair value (“-“ for loss)-58,700.00
Investment gains ("-" for loss)-18,130.7259,007.69
3. Operational profit ("-" for loss)88,907,447.35130,304,590.32
Plus: non-operational income875,385.811,641,111.57
Less: non-operational expenditure271,123.5967,053.56
4. Gross profit ("-" for loss)89,511,709.57131,878,648.33
Less: Income tax expenses19,513,176.4833,501,097.89
5. Net profit ("-" for net loss)69,998,533.0998,377,550.44
(1) By operating consistency
1. Net profit from continuous operation ("-" for net loss)69,998,533.0998,377,550.44
2. Net profit from discontinuous operation ("-" for net loss)
(2) By ownership
1. Net profit attributable to the owners of parent company69,998,533.0998,377,550.44
2. Minor shareholders’ equity
6. After-tax net amount of other misc. incomes836,382.73-6,598,862.36
After-tax net amount of other misc. incomes attributed to parent's owner836,382.73-6,598,862.36
(1) Other misc. incomes that cannot be re-classified into gain and loss
1. Re-measure the change in the defined benefit plan
2. Other comprehensive income that cannot be transferred to profit or loss under the
equity method
3. Fair value change of investment in other equity tools
4. Fair value change of the company's credit risk
5. Others
(2) Other misc. incomes that will be re-classified into gain and loss836,382.73-6,598,862.36
1. Other comprehensive income that can be transferred to profit or loss under the equity method
2. Fair value change of other debt investment
3. Change in the fair value of financial asset for sale
4. Gains and losses from changes in fair value of available-for-sale financial assets
5. Held-to-mature investment reclassified as gain and loss in the financial assets for sales
6. Other credit investment credit impairment provisions
7. Cash flow hedge reserve1,029,625.00-6,514,470.00
8. Translation difference of foreign exchange statement-193,242.27-84,392.36
9. Others
After-tax net of other misc. income attributed to minority shareholders
7. Total of misc. incomes70,834,915.8291,778,688.08
Total of misc. incomes attributable to the owners of the parent company70,834,915.8291,778,688.08
Total misc gains attributable to the minor shareholders
8. Earnings per share:
(1) Basic earnings per share0.060.08
(2) Diluted earnings per share0.060.08

Net profit contributed by entities merged under common control in the report period was RMB0.00, net profit realized by partiesmerged during the previous period is RMB0.00.

Legal representative: Xiong Jianming CFO: Lin Kebing Accounting Manager: Wu Bohua

4. Income Statement of the Parent Company

In RMB

ItemAmount occurred in the current periodOccurred in previous period
1. Turnover9,808,576.557,377,165.13
Less: Operation cost2,950,845.09162,820.81
Taxes and surcharges323,222.0347,689.87
Sales expense
Administrative expense6,952,633.685,079,218.61
R&D cost
Financial expenses8,008,968.342,247,754.36
Including: interest cost6,297,956.943,047,141.01
Interest income241,185.83797,849.60
Asset impairment loss-114.99
Credit impairment loss-4,480.08
Add: other gains200,000.00100,000.00
Investment gains (“-” for loss)982,583.571,476,812.48
Incl. Investment gains from affiliates and joint ventures
Net open hedge gains (“-” for loss)
Gains from change of fair value (“-“ for loss)
Investment gains ("-" for loss)
2. Operational profit (“-” for loss)-7,240,028.941,416,608.95
Plus: non-operational income8,947.572,300.00
Less: non-operational expenditure6,388.64
3. Gross profit (“-” for loss)-7,237,470.011,418,908.95
Less: Income tax expenses-1,789,154.52415,478.32
4. Net profit (“-” for net loss)-5,448,315.491,003,430.63
(1) Net profit from continuous operation ("-" for net loss)-5,448,315.491,003,430.63
(2) Net profit from discontinuous operation ("-" for net loss)
5. After-tax net amount of other misc. incomes
(1) Other misc. incomes that cannot be re-classified into gain and loss
1. Re-measure the change in the defined benefit plan
2. Other comprehensive income that cannot be transferred to profit or loss under the equity method
3. Fair value change of investment in other equity tools
4. Fair value change of the company's credit risk
5. Others
(2) Other misc. incomes that will be re-classified into gain and loss
1. Other comprehensive income that can be transferred to profit or loss under the equity method
2. Fair value change of other debt investment
3. Change in the fair value of financial asset for sale
4. Gains and losses from changes in fair value of available-for-sale financial assets
5. Held-to-mature investment reclassified as gain and loss in the financial assets for sales
6. Other credit investment credit impairment provisions
7. Cash flow hedge reserve
8. Translation difference of foreign exchange statement
9. Others
6. Total of misc. incomes-5,448,315.491,003,430.63
7. Earnings per share:
(1) Basic earnings per share
(2) Diluted earnings per share

5. Consolidated Cash Flow Statement

In RMB

ItemAmount occurred in the current periodOccurred in previous period
1. Net cash flow from business operations:
Cash received from sales of products and providing of services598,615,290.91663,119,560.92
Net increase of customer deposits and capital kept for brother company
Net increase of loans from central bank
Net increase of inter-bank loans from other financial bodies
Cash received against original insurance contract
Net cash received from reinsurance business
Net increase of client deposit and investment
Increase in proposal of financial assets measured at fair value with variations accounted into current income account
Cash received as interest, processing fee, and commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Net cash received from trading securities
Tax refunded901,931.07422,809.19
Other cash received from business operation21,534,849.71194,722,039.64
Sub-total of cash inflow from business621,052,071.69858,264,409.75
operations
Cash paid for purchasing products and services557,177,871.33559,325,123.89
Net increase of client trade and advance
Net increase of savings in central bank and brother company
Cash paid for original contract claim
Net increase in financial assets held for trading purposes
Net increase in funds dismantled
Cash paid for interest, processing fee and commission
Cash paid for policy dividend
Cash paid to and for the staff92,365,794.0679,300,919.33
Taxes paid70,963,606.8655,517,226.34
Other cash paid for business activities196,782,535.40204,744,773.26
Sub-total of cash outflow from business operations917,289,807.65898,888,042.82
Cash flow generated by business operations, net-296,237,735.96-40,623,633.07
2. Cash flow generated by investment:
Cash received from investment recovery973,200,000.001,873,000,000.00
Cash received as investment profit2,771,670.188,015,145.87
Net cash retrieved from disposal of fixed assets, intangible assets, and other long-term assets13,225,019.48360.00
Net cash received from disposal of subsidiaries or other operational units
Other investment-related cash received
Sub-total of cash inflow generated from investment989,196,689.661,881,015,505.87
Cash paid for construction of fixed assets, intangible assets and other49,192,556.6221,487,326.27
long-term assets
Cash paid as investment1,193,400,000.002,091,800,000.00
Net increase of loan against pledge
Net cash paid for acquiring subsidiaries and other operational units
Other cash paid for investment
Subtotal of cash outflows1,242,592,556.622,113,287,326.27
Cash flow generated by investment activities, net-253,395,866.96-232,271,820.40
3. Cash flow generated by financing activities:
Cash received from investment
Incl. Cash received from investment attracted by subsidiaries from minority shareholders
Cash received from borrowed loans600,000,000.00148,000,000.00
Cash received from bond placing
Other cash received from financing activities39,406.61
Subtotal of cash inflow from financing activities600,039,406.61148,000,000.00
Cash paid to repay debts58,000,000.00100,000,000.00
Cash paid as dividend, profit, or interests249,442,954.3618,746,403.48
Incl. Dividend and profit paid by subsidiaries to minority shareholders
Other cash paid for financing activities
Subtotal of cash outflow from financing activities307,442,954.36118,746,403.48
Net cash flow generated by financing activities292,596,452.2529,253,596.52
4. Influence of exchange rate changes on cash and cash equivalents-844,162.82-1,891,037.80
5. Net increase in cash and cash equivalents-257,881,313.49-245,532,894.75
Plus: Balance of cash and cash equivalents at the beginning of term956,190,890.68931,285,535.55
6. Balance of cash and cash equivalents at the end of the period698,309,577.19685,752,640.80

6. Cash Flow Statement of the Parent Company

In RMB

ItemAmount occurred in the current periodOccurred in previous period
1. Net cash flow from business operations:
Cash received from sales of products and providing of services7,829,887.29140,521,112.40
Tax refunded
Other cash received from business operation857,398,618.28454,176,095.73
Sub-total of cash inflow from business operations865,228,505.57594,697,208.13
Cash paid for purchasing products and services1,486,439.86117,995.70
Cash paid to and for the staff5,580,350.624,310,306.35
Taxes paid802,896.191,200,412.23
Other cash paid for business activities863,556,002.15725,018,532.50
Sub-total of cash outflow from business operations871,425,688.82730,647,246.78
Cash flow generated by business operations, net-6,197,183.25-135,950,038.65
2. Cash flow generated by investment:
Cash received from investment recovery518,000,000.00942,880,000.00
Cash received as investment profit982,583.572,496,812.48
Net cash retrieved from disposal of fixed assets, intangible assets, and other long-term assets
Net cash received from disposal of subsidiaries or other operational units
Other investment-related cash
received
Sub-total of cash inflow generated from investment518,982,583.57945,376,812.48
Cash paid for construction of fixed assets, intangible assets and other long-term assets18,000.00415,830.00
Cash paid as investment518,000,000.001,040,870,000.00
Net cash paid for acquiring subsidiaries and other operational units
Other cash paid for investment
Subtotal of cash outflows518,018,000.001,041,285,830.00
Cash flow generated by investment activities, net964,583.57-95,909,017.52
3. Cash flow generated by financing activities:
Cash received from investment
Cash received from borrowed loans400,000,000.00140,000,000.00
Cash received from bond placing
Other cash received from financing activities39,406.61
Subtotal of cash inflow from financing activities400,039,406.61140,000,000.00
Cash paid to repay debts
Cash paid as dividend, profit, or interests230,221,221.832,060,208.34
Other cash paid for financing activities
Subtotal of cash outflow from financing activities230,221,221.832,060,208.34
Net cash flow generated by financing activities169,818,184.78137,939,791.66
4. Influence of exchange rate changes on cash and cash equivalents576.24
5. Net increase in cash and cash equivalents164,586,161.34-93,919,264.51
Plus: Balance of cash and cash equivalents at the beginning of term281,594,621.80310,049,329.68
6. Balance of cash and cash equivalents at the end of the period446,180,783.14216,130,065.17

II. Financial Statement Adjustment

1. The first implementation of the new financial instruments guidelines, new income standards, new leasestandards, adjustments the first implementation of the financial statements at the beginning of the year

√ Applicable □ InapplicableConsolidated Balance Sheet

In RMB

ItemDecember 31, 2018January 1, 2019Adjustment
Current asset:
Monetary capital1,389,062,083.761,389,062,083.76
Receivable note and accounts receivable2,060,214,724.692,072,905,381.8812,690,657.19
Including: receivable notes140,139,692.84140,139,692.84
Account receivable1,920,075,031.851,932,765,689.0412,690,657.19
Prepayment46,454,844.7446,454,844.74
Other receivables139,990,188.26142,135,200.552,145,012.29
Inventory651,405,832.29651,405,832.29
Other current assets51,698,111.1451,698,111.14
Total current assets4,338,825,784.884,353,661,454.3614,835,669.48
Non-current assets:
Sellable financial assets21,674,008.23Inapplicable-21,674,008.23
Long-term share equity investment70,105,657.8870,105,657.88
Investment in other equity toolsInapplicable21,674,008.2321,674,008.23
Investment real estate5,256,442,406.635,256,442,406.63
Fixed assets455,274,241.83455,274,241.83
Construction in process58,269,452.7258,269,452.72
Intangible assets80,313,240.6780,313,240.67
Long-term amortizable expenses2,114,331.462,114,331.46
Deferred income tax356,474,925.76353,169,011.31-3,305,914.45
assets
Other non-current assets19,360,083.6719,360,083.67
Total of non-current assets6,320,028,348.856,316,722,434.40-3,305,914.45
Total of assets10,658,854,133.7310,670,383,888.7611,529,755.03
Current liabilities
Short-term loans208,000,000.00208,000,000.00
Derivative financial liabilities1,625,725.001,625,725.00
Payable notes and accounts1,547,495,316.831,547,495,316.83
Prepayment received278,577,848.54278,577,848.54
Employees’ wage payable44,513,062.1744,513,062.17
Taxes payable107,709,999.19107,709,999.19
Other payables813,118,699.84813,118,699.84
Including: interest payable2,098,971.442,098,971.44
Non-current liabilities due in 1 year200,000,000.00200,000,000.00
Other current liabilities9,328,682.259,328,682.25
Total current liabilities3,210,369,333.823,210,369,333.82
Non-current liabilities:
Long-term loans1,193,978,153.391,193,978,153.39
Anticipated liabilities6,831,162.996,831,162.99
Deferred earning10,401,161.3010,401,161.30
Deferred income tax liabilities1,042,086,700.351,042,086,700.35
Total of non-current liabilities2,253,297,178.032,253,297,178.03
Total liabilities5,463,666,511.855,463,666,511.85
Owner’s equity:
Share capital1,155,481,686.001,155,481,686.00
Capital reserves1,454,191.591,454,191.59
Less: Shares in stock10,831,437.6610,831,437.66
Other miscellaneous income7,382,087.592,215,662.01-5,166,425.58
Surplus reserves120,475,221.40121,000,081.43524,860.03
Retained profit3,921,225,872.963,937,397,193.5416,171,320.58
Total of owner’s equity belong to the parent company5,195,187,621.885,206,717,376.9111,529,755.03
Total of owners’ equity5,195,187,621.885,206,717,376.9111,529,755.03
Total of liabilities and owner’s interest10,658,854,133.7310,670,383,888.7611,529,755.03

About the adjustment

In 2017, the Ministry of Finance revised and released the "Accounting Standards for Business Enterprises No. 22 - Recognitionand Measurement of Financial Instruments", "Accounting Standards for Business Enterprises No. 23 - Transfer of Financial Assets","Accounting Standards for Business Enterprises No. 24 - Hedge Accounting", "Accounting Standards for Business Enterprises No.37 - Financial Instruments Presentation" (hereinafter collectively referred to as the "New Financial Instruments Standards") andrequires enterprises listed in China to implement the above accounting standards from January 1, 2019.

In accordance with the above requirements, the Company will implement the new financial instrument standard from January 1,2019 and reclassify the original financial assets into transactional financial assets, derivative financial assets, other equity instrumentinvestments and other non-current financial assets. Non-transaction equity instrument investment is designated as financial assetsmeasured at fair value through other comprehensive income and is presented in “other equity instrument investment” items. At thesame time, the loss provision prepared by the original financial instrument standard is adjusted to be in accordance with the newfinancial instrument. According to the regulations, it is not necessary to repeat the data of the 2018 comparative period whenpreparing the report for each period of 2019, but it is necessary to make retrospective adjustments to the retained earnings or othercomprehensive income at the beginning of 2019.Balance Sheet of the Parent Company

In RMB

ItemDecember 31, 2018January 1, 2019Adjustment
Current asset:
Monetary capital410,118,157.55410,118,157.55
Receivable note and accounts receivable200,471,039.12200,479,634.378,595.25
Including: receivable notes200,000,000.00200,000,000.00
Account receivable471,039.12479,634.378,595.25
Prepayment6,733,047.166,733,047.16
Other receivables822,543,653.04822,644,623.99100,970.95
Dividend receivable100,000,000.00100,000,000.00
Other current assets919,388.18919,388.18
Total current assets1,440,785,285.051,440,894,851.25109,566.20
Non-current assets:
Sellable financial assets21,674,008.23Inapplicable-21,674,008.23
Long-term share equity investment983,339,494.35983,339,494.35
Investment in other equity toolsInapplicable21,674,008.2321,674,008.23
Investment real estate309,189,866.37309,189,866.37
Fixed assets53,784,811.2353,784,811.23
Intangible assets2,112,301.972,112,301.97
Long-term amortizable expenses917,499.68917,499.68
Deferred income tax assets34,555,598.8134,528,207.26-27,391.55
Total of non-current assets1,405,573,580.641,405,546,189.09-27,391.55
Total of assets2,846,358,865.692,846,441,040.3482,174.65
Current liabilities
Short-term loans200,000,000.00200,000,000.00
Payable notes and accounts676,941.85676,941.85
Prepayment received733,274.16733,274.16
Employees’ wage payable2,145,763.392,145,763.39
Taxes payable341,004.65341,004.65
Other payables300,006,406.51300,006,406.51
Including: interest payable740,208.33740,208.33
Total current liabilities503,903,390.56503,903,390.56
Non-current liabilities:
Long-term loans500,000,000.00500,000,000.00
Deferred income tax liabilities64,130,617.4164,130,617.41
Total of non-current liabilities564,130,617.41564,130,617.41
Total liabilities1,068,034,007.971,068,034,007.97
Owner’s equity:
Share capital1,155,481,686.001,155,481,686.00
Capital reserves360,835.52360,835.52
Less: Shares in stock10,831,437.6610,831,437.66
Other miscellaneous income8,756,553.463,590,127.88-5,166,425.58
Surplus reserves120,475,221.40121,000,081.43524,860.03
Retained profit504,081,999.00508,805,739.204,723,740.20
Total of owners’ equity1,778,324,857.721,778,407,032.3782,174.65
Total of liabilities and owner’s interest2,846,358,865.692,846,441,040.3482,174.65

About the adjustment

In 2017, the Ministry of Finance revised and released the "Accounting Standards for Business Enterprises No. 22 - Recognitionand Measurement of Financial Instruments", "Accounting Standards for Business Enterprises No. 23 - Transfer of Financial Assets","Accounting Standards for Business Enterprises No. 24 - Hedge Accounting", "Accounting Standards for Business Enterprises No.37 - Financial Instruments Presentation" (hereinafter collectively referred to as the "New Financial Instruments Standards") andrequires enterprises listed in China to implement the above accounting standards from January 1, 2019.

In accordance with the above requirements, the Company will implement the new financial instrument standard from January 1,2019 and reclassify the original financial assets into transactional financial assets, derivative financial assets, other equity instrumentinvestments and other non-current financial assets. Non-transaction equity instrument investment is designated as financial assetsmeasured at fair value through other comprehensive income and is presented in “other equity instrument investment” items. At thesame time, the loss provision prepared by the original financial instrument standard is adjusted to be in accordance with the newfinancial instrument. According to the regulations, it is not necessary to repeat the data of the 2018 comparative period whenpreparing the report for each period of 2019, but it is necessary to make retrospective adjustments to the retained earnings or othercomprehensive income at the beginning of 2019.

2. Description of the first implementation of the new financial instrument criteria, new lease standardretrospective adjustment of the previous period comparison data

□ Applicable √ Inapplicable

3. Auditor’s Report

Whether the Q1 report is audited□ Yes √ NoThe Q2 Report is not audited.

China Fangda Group Co., Ltd.

Legal representative: Xiong JianmingApril 23, 2019


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