HAINANJINGLIANGHOLDINGSCO.,LTD.
ANNUALREPORT2018
March2019
HAINANJINGLIANGHOLDINGSCO.,LTD.
ANNUALREPORT2018
PartIImportantNotes
ThisSummaryisbasedonthefulltextofthe2018AnnualReportofHainanJingliangHoldingsCo.,Ltd.(togetherwithitsconsolidatedsubsidiaries,the“Company”,exceptwherethecontextotherwiserequires).InorderforafullunderstandingoftheCompany’soperatingresults,financialpositionandfuturedevelopmentplans,investorsshouldcarefullyreadtheaforesaidfulltext,whichhasbeendisclosedtogetherwiththisSummaryonthemediadesignatedbytheChinaSecuritiesRegulatoryCommission(the“CSRC”).AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReportanditssummary.Independentauditor’smodifiedopinion:
□Applicable√NotapplicableBoard-approvedfinalcashand/orstockdividendplanforordinaryshareholdersfortheReportingPeriod:
□Applicable√NotapplicableTheCompanyhasnofinaldividendplan,eitherintheformofcashorstock.Board-approvedfinalcashand/orstockdividendplanforpreferredshareholdersfortheReportingPeriod:
□Applicable√NotapplicableThisSummaryhasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail.
PartIIKeyCorporateInformation
1.StockProfile
Stockname
Stockname | JLKG,JL-B | Stockcode | 000505,200505 | |
Stockexchangeforstocklisting | ShenzhenStockExchange | |||
Usedstockname(ifany) | PearlRiverA,PearlRiverB | |||
Contactinformation | BoardSecretary | SecuritiesRepresentative | ||
Name | ZhaoYinhu | |||
Address | JingLiangBuilding,NO.16EastThirdRingMiddleRoad,ChaoyangDistrict,Beijing | |||
Fax | 010-51672010 | |||
Tel. | 010-51672029 | |||
Emailaddress | 593374748@qq.com |
2.PrincipalActivitiesorProductsintheReportingPeriodTheCompanyisprincipallyengagedinoilsandoilseedsprocessingandtrading,aswellasfoodproduction.It
runsitsoilsandoilseedsprocessingandtradingbusinessprimarilyinBeijingCity,TianjinCityandHebeiProvinceunderthebrandsof“GuChuan”,“LvBao”,“GuBi”,“HuoNiao”and“TianYi”,withthemainproductsbeingsoybeanoil,rapeseedoil,sunflowerseedoilandsesameoilandpaste,amongothers.Asforitsfoodproductionbusiness,itprimarilydevelops,producesandmarketssnackfoodandbreadunderthebrandsof“LittlePrince”,“MSDong”,“JianqiangDeTudou”and“GuChuan”,amongothers,withthemainproductsbeingpotatochips,cakesandpastriesandbread.In2018,astheChina-U.S.tradewarescalated,theCompanyturnedtoBrazilfortheprocurementofthemajorrawmaterialsforitsoilsandoilseedsdivision.ThissupplysourcefromBrazil,withstrongseasonality,alongtransportationdistanceandunstablequality,causedaconsiderableriseincostofsales.Therefore,theoilsandoilseedsdivisiontooktheinitiativetoadjustoperatingstrategies,gaveplaytoitsindustrialchainadvantage,andstrengthenedeverylinkoftheindustrialchina,soastooffsetthehitbythetradewar.For2018,theoilsandoilseedsdivisionrecordedmainoperatingrevenueofRMB6.472billionandaprofitbeforetaxofRMB131million,approximatelyflatwithlastyear.2018sawtherisingpricesofrawandauxiliarymaterials,aswellasafiercerend-marketcompetitioninthesnackfoodindustry.TheCompanyprimarilycompeteswithOrion,DaliFoods,Lay’sandOishiintheareasoffriedpotatochips,non-friedpotatochipsandpuffedpotatosticks.Onthenon-friedpotatochipsmarket,subsidiaryXiaowangziisthesecondlargestbrandnexttoOrion,andthelargestbrandintheseparatepackageandbulksegments,withgreatmarketpotentials.Thesnackfoodbusinessadheredtothe“DifferentiatedAsymmetricCompetitionStrategy”,deepenedthemodelof“ProfessionalProduction+CulturalCreativity+Internet”,aswellasimplementedqualityproductandproducttransitionstrategies.Asaresult,for2018,thesnackfoodbusinessreportedoperatingrevenueofRMB817million,up5.87%year-on-year;andaprofitbeforetaxofRMB151million,representinga13.07%growthascomparedtolastyear.Meanwhile,thankstogreatereffortsinothercitiesandproductdevelopment,aswellastheproactiveeffortsinexpandingretailchannels,thebreadprocessingbusinesspostedoperatingrevenueofRMB77.26million,up26.86%year-on-year.3.KeyFinancialInformation(1)KeyFinancialInformationofthePastThreeYearsIndicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.□Yes√No
Unit:RMB
2018
2018 | 2017 | 2018-over-2017change(%) | 2016 | |
Operatingrevenue | 7,409,124,303.41 | 7,917,639,044.13 | -6.42% | 8,723,491,657.31 |
Netprofitattributabletothelistedcompany’sshareholders | 167,956,581.15 | 129,603,167.36 | 29.59% | 197,319,239.01 |
Netprofitattributabletothelistedcompany’sshareholdersbeforeexceptionalitems | 127,425,177.20 | 63,818,849.21 | 99.67% | -72,109,287.22 |
Netcashgeneratedfrom/usedinoperatingactivities | 850,167,551.24 | -1,379,507,779.66 | 161.63% | 948,330,160.14 |
Basicearningspershare(RMB/share) | 0.24 | 0.2 | 20.00% | 0.31 |
Dilutedearningspershare(RMB/share) | 0.24 | 0.2 | 20.00% | 0.31 |
Weightedaveragereturnonequity(%)
Weightedaveragereturnonequity(%) | 7.69% | 5.01% | 2.68% | 6.96% |
31December2018 | 31December2017 | Changeof31December2018over31December2017(%) | 31December2016 | |
Totalassets | 4,917,148,996.28 | 6,082,383,851.23 | -19.16% | 5,007,343,324.00 |
Equityattributabletothelistedcompany’sshareholders | 2,272,469,925.43 | 2,101,342,683.37 | 8.19% | 1,383,081,876.55 |
(2)KeyFinancialInformationbyQuarter
Unit:RMB
Q1 | Q2 | Q3 | Q4 | |
Operatingrevenue | 1,866,527,190.78 | 1,773,098,788.63 | 1,899,805,985.97 | 1,869,692,338.03 |
Netprofitattributabletothelistedcompany’sshareholders | 31,041,912.71 | 28,877,082.97 | 42,345,394.93 | 65,692,190.54 |
Netprofitattributabletothelistedcompany’sshareholdersbeforeexceptionalitems | 29,930,951.86 | 27,428,084.65 | 42,526,321.21 | 27,539,819.48 |
Netcashgeneratedfrom/usedinoperatingactivities | 671,468,699.31 | -625,774,156.43 | 373,889,151.61 | 430,583,856.75 |
IndicatebytickmarkwhetheranyofthequarterlyfinancialdatainthetableaboveortheirsummationsdiffersmateriallyfromwhathavebeendisclosedintheCompany’squarterlyorinterimreports.□Yes√No4.ShareCapitalandShareholderInformationatthePeriod-End(1)NumbersofOrdinaryShareholdersandPreferredShareholderswithResumedVotingRightsaswellasHoldingsofTop10Shareholders
Unit:share
Numberofordinaryshareholdersattheperiod-end | 38,776 | Numberofordinaryshareholdersatthemonth-endpriortothedisclosureofthisReport | 37,224 | Numberofpreferredshareholderswithresumedvotingrightsattheperiod-end | 0 | Numberofpreferredshareholderswithresumedvotingrightsatthemonth-endpriortothedisclosureofthisReport | 0 | ||||||
Top10shareholders | |||||||||||||
Nameofshareholder | Natureofshareholder | Shareholdingpercentage | Totalsharesheldattheperiod-end | Restrictedsharesheld | Sharesinpledgeorfrozen | ||||||||
Status | Shares | ||||||||||||
BEIJINGGRAINGROUPCO.,LTD. | State-ownedlegalperson | 42.06% | 288,439,561 | 164,877,598 | |||||||||
BEIJINGSTATE-OWNEDCAPITALOPERATIONANDMANAGEMENTCENTER | State-ownedlegalperson | 7.07% | 48,510,460 | 48,510,460 | |||||||||
CHINADEVELOPMENTBANKCAPITALCO.,LTD. | State-ownedlegalperson | 3.33% | 22,828,451 | 0 | |||||||||
LISHERYNZHANMING | Foreignnaturalperson | 3.21% | 22,002,700 | 0 | |||||||||
GOLDBUFFALORUNYING(TIANJIN)EQUITYINVESTMENTFUNDMANAGEMENTCO.,LTD.—GOLDBUFFALORUNYING(TIANJIN)EQUITYINVESTMENTFUND(L.P.) | Other | 3.20% | 21,972,451 | 0 |
MEIJIANYING
MEIJIANYING | Domesticnaturalperson | 0.38% | 2,604,203 | 0 | |
HUTIANGAO | Domesticnaturalperson | 0.36% | 2,436,052 | 0 | |
DONGYANGHENGDIANGUARANTYCO.,LTD. | Domesticnon-state-ownedlegalperson | 0.32% | 2,204,976 | 0 | |
WANGDAO | Domesticnaturalperson | 0.31% | 2,145,100 | 0 | |
ZHANGXIAOXIA | Domesticnaturalperson | 0.28% | 1,949,250 | 0 | |
Relatedoracting-in-concertpartiesamongtheshareholdersabove | BeijingState-OwnedCapitalOperationAndManagementCenterowns100%ofBeijingGrainGroupCo.,Ltd.,andBeijingGrainGroupCo.,Ltd.isashareholderoftheCompany(a42.06%holding).Apartfromthat,theCompanydoesnotknowwhetherthereareanyotherrelatedpartiesoracting-in-concertpartiesamongthetop10shareholders. | ||||
Shareholdersinvolvedinsecuritiesmargintrading(ifany) | 1.ShareholderWangXiaoxingholds1,776,000sharesintheCompanythroughhisaccountofcollateralsecuritiesformargintradinginSoochowSecuritiesCo.,Ltd.2.ShareholderHuTiangaoholds338,000sharesintheCompanythroughhisaccountofcollateralsecuritiesformargintradinginZheshangSecuritiesCo.,Ltd.,and2,098,052sharesintheCompanythroughhisordinarysecuritiesaccount. |
(2)NumberofPreferredShareholdersandShareholdingsofTop10ofThem□Applicable√NotapplicableNopreferredshareholdersintheReportingPeriod.(3)OwnershipandControlRelationsbetweentheActualControllerandtheCompany
5.CorporateBondsDoestheCompanyhaveanycorporatebondspubliclyofferedonthestockexchange,whichwereoutstandingbeforethedateofthisReport’sapprovalorwereduebutcouldnotberedeemedinfull?No.
TheState-OwnedAssetsSupervisionandAdministrationCommissionofthePeople’sGovernmentofBeijingMunicipalityBeijingState-OwnedCapitalOperationandManagementCenter
BeijingState-OwnedCapitalOperationandManagementCenterBeijingCapitalAgribusinessGroupCo.,Ltd.
BeijingCapitalAgribusinessGroupCo.,Ltd.BeijingGrainGroupCo.,Ltd.
BeijingGrainGroupCo.,Ltd.
HainanJingliangHoldingsCo.,Ltd.
HainanJingliangHoldingsCo.,Ltd.
42.06%
42.06%100%
100%100%
100%100%
PartIIIOperatingPerformanceDiscussionandAnalysis
1.BusinessOverviewoftheReportingPeriodIstheCompanysubjecttoanyindustry-specificdisclosurerequirements?No.
(1)OverallPerformance
Infaceofthegenerallyweakmarketandindustryin2018,theCompanypursuedprogressamidstability.Fortheyearunderreview,theCompanyrecordedoperatingrevenueofRMB7.409billion,withaprofitbeforetaxofRMB277millionandearningspershareofRMB0.24.Byoperatingdivision,theoilsandoilseedsdivisionreportedmainoperatingrevenueofRMB6.472billionwithaprofitbeforetaxofRMB131million;andthefoodprocessingdivisionpostedoperatingrevenueofRMB891millionwithaprofitbeforetaxofRMB155million.BeijingJingliangFoodCo.,Ltd.,aswapped-inassetinamajorassetrestructuring,registeredmainoperatingrevenueofRMB7.409billion,aprofitbeforetaxofRMB297millionandanetprofitattributabletotheCompanyastheparentbeforeexceptionalitemsofRMB164million,fulfillingits2018annualprofitcommitment.
(2)MajorResultsAchieved
A.StableandSmoothOperationofOilsandOilseedsDivisionIn2018,theSino-UStradefrictioncontinuedtoescalate,andtheCompanybegantopurchasemostrawmaterialsfromBrazil.ThecostsoftheCompanyinoperatingincreasedsignificantlybecauseoftheBraziliansoybeans’limitedsupplyingseason,widequalityrangeandstoragedifficulty.Therefore,theoilsandoilseedsdivisiontooktheinitiativetoadjustoperatingstrategies,gaveplaytoitsindustrialchainadvantage,andstrengthenedeverylinkoftheindustrialchina,soastooffsetthehitbythetradewar.For2018,theoilsandoilseedsdivisionrecordedmainoperatingrevenueofRMB6.472billionandaprofitbeforetaxofRMB131million,approximatelyflatwithlastyear.Firstly,theplatformeffecthasgraduallyappeared.Intermsoftheoilsandoilseedsdivision,fivemajorplatformshavebeenestablishedtoeffectivelyintegratevariousresourcesandimprovetheefficiency,includingRiskControlandR&D,OperationofStocks,ImportandExportTrade,ProductionManagementandProductMarketing.UndertheimpactoftheSino-UStradewar,thefivemajorplatformscansupporteachotherandsharevariousinformationinordertomaximallymitigatethetradewar’simpactonvariousenterprisesspecializedinoilseedsqueezing.Forexample,JingliangTianjiniscapableofsqueezingsoybeansover1milliontonsinayearwithaprofitbeforetaxofRMB30.61million.Secondly,thestructureofsmall-packedproductshasbeencontinuouslyoptimized.Asthesalesvolumeofhighvalue-addedoilsincludingsunfloweroil,linseedoil,oliveoil,non-GMOsoybeanoilincreases11%,thesalesaccountsforover50%forthefirsttime;thesalesvolumeofordinarysoybeanoilswithrelativelylowgrossprofitratedeclines15%ontheyear-on-yearbasis.However,theadjustmentofproductstructuredirectlyimprovestheoperatingbenefits,andtheprofitcreatedbysmall-packedoilshaslargelyincreasedwhencomparedtothatlastyear.Thirdly,thetradebusinesshasmadeasteadyprogress.Intermsoftheoilsandoilseedstrade,thefuturetransactionandthestocktransactionarecombinedandtheresearchonthemarketisstrengthenedbyusinginnovativemanagementmeanstofendoffvariousoperatingrisks.Asaresult,theannualsalesofoilsandoilseedsreached470,000tonswiththesalesrevenueofRMB2billionandaprofitbeforetaxofRMB32.7million.
B.TheSteady-stateGrowthoftheFoodDivisionIn2018,thefoodprocessingdivisionrecordedmainmainoperatingrevenueofRMB891millionwiththeyear-on-yeargrowthof7.47%andaprofitbeforetaxofRMB155millionwiththeyear-on-yeargrowthof13.60%inthecaseofcontinuousinfluxofstrategiccompetitorsandtheincreasedcompetitionintheterminalmarket,remainingasteadydevelopmentmomentum.Thesnackfoodbusinessadheredtothe“DifferentiatedAsymmetricCompetitionStrategy”,deepenedthemodelof“ProfessionalProduction+CulturalCreativity+Internet”,aswellasimplementedqualityproductandproducttransitionstrategies.Asaresult,for2018,thesnackfoodbusinessreportedoperatingrevenueofRMB816million,up5.87%year-on-year;andaprofitbeforetaxofRMB151million,representinga13.07%growthascomparedtolastyear.Meanwhile,thankstogreatereffortsinothercitiesandproductdevelopment,aswellastheproactiveeffortsinexpandingretailchannels,thebreadprocessingbusinesspostedoperatingrevenueofRMB77.26million,up26.86%year-on-year.C.SteadyDevelopmentofLandRestorationBusinessIn2018,No.1DocumentoftheCentralCommitteeoftheCommunistPartyofChinaandtheRuralWorkConferenceproposedthelandrestorationandruralcomplexconstruction,andtheruralrevitalizationstrategyalsomentionedthenationalstrategy,whichisanimportantopportunityforenterprisestoenterthisfield.First,forXinyiYaowanTownproject,correspondingequitystructureadjustmentwasmadeandShanghaiHehengManagementConsultingCo.,Ltd.wasinvolvedasawholly-ownedsubsidiaryofGoldenConcordHoldingsLimited(GCLGroup).Byvirtueofobviousadvantagesinprofessionaloperation,itcouldfacilitatetheproject’sconstructionwhilemeetinghighstandardsandachievinghighefficiency.Second,forTangshanCaofeidianProject,theoperationisrelativelysimpleasitistherestorationofmudflatland.Atpresent,theprojecthasbeenapprovedbytheLandandResourcesDepartmentofTangshan,andisundergoingtheconstructionbidding.TheprojectisexpectedtocommenceattheendofMarchin2019.Subsequently,it’srequiredtoacceleratetheconstructionoftheproject,thegovernment’sacceptanceandthedeclarationandsalesofindicatorsofcultivatedland.Itisexpectedtomakeprofitsin2019.D.StableandOrderlyBasicManagementWorkStandardizedoperationisthebasisforthesustainableandhealthydevelopmentoflistedcompanies.TheCompanyinsistsoneffectivelycombiningregulatoryrequirementswithcorporateoperationstoformastandardizedandefficientmanagementandcontrolsystem.First,theCompanyestablishesandimprovesitsinstitutionalsystemandhasestablishedacomplementarysysteminaccordancewiththecompany’sarticlesofassociation,regulationsofshareholders’meeting,boardofdirectorsandboardofsupervisors,companylevelanddepartmentlevel.Second,theCompanyadherestotheeconomicanalysisandthekeyworksupervisionmechanism,alwaysstickstothemonthlyandquarterlyanalysisofitsbusinessoperation,researchessolutionsandsupervisesjobschedule,whichhaseffectivelyguaranteedthefulfillmentofannualoperatingindicators;accordingtoTheSupervisionWorkProcedures,variouskeyworksmustbesupervisedbymeansofweeklysupervision,monthlyscheduling,quarterlyinspectionandannualevaluationtoeffectivelyguaranteethefulfillmentofvariousworksintheyear.Third,theeffectofassessmentandincentiveshasbeenrevealed.Thepenetration-typeandfullcoverage-typemethodhavebeenappliedtoassessvarioussubsidiariesandcoverallteammembersandseniorexecutivesabovedirectors,inwhichway,thenetprofitindicatorswillbestrengthened,andthecorporate
performancewillbecombinedwiththeindividualperformance.Thestrictassessmentbasedonindicatorshaseffectivelystimulatedtheenthusiasmofthemanagementteaminmakinggreaterachievement.2.SignificantChangetoPrincipalActivitiesintheReportingPeriod□Yes√No3.ProductCategoryContributingover10%ofPrincipalBusinessRevenueorProfit√Applicable□Notapplicable
Unit:RMB
Productcategory
Productcategory | Operatingrevenue | Operatingprofit | Grossprofitmargin | YoYchangeinoperatingrevenue(%) | YoYchangeinoperatingprofit(%) | YoYchangeingrossprofitmargin(%) |
Oilsandoilseeds | 6,471,890,047.04 | 351,838,500.55 | 5.44% | -1.75% | 7.92% | 0.49% |
Foodprocessing | 890,987,143.21 | 278,908,008.83 | 31.30% | 7.47% | 12.43% | 1.38% |
4.BusinessSeasonalitythatCallsforSpecialAttention□Yes√No5.SignificantYoYChangesinOperatingRevenue,CostofSalesandNetProfitAttributabletotheListedCompany’sOrdinaryShareholdersorTheirCompositions□Applicable√Notapplicable6.PossibilityofListingSuspensionorTermination□Applicable√Notapplicable7.MattersRelatedtoFinancialReporting(1)YoYChangestoAccountingPolicies,AccountingEstimatesorMeasurementMethods√Applicable□NotapplicableAspertheNoticeoftheMinistryofFinanceonRevisingandIssuingtheFormatof2018AnnualFinancialStatementsofGeneralEnterprises(CK[2018]No.15),theCompanyadjustedaccordinglytheformatofitsfinancialstatements,aswellasthecomparativedata.(2)RetrospectiveRestatementsduetoCorrectionofMaterialAccountingErrorsintheReportingPeriod□Applicable√NotapplicableNosuchcases.(3)YoYChangestotheScopeofConsolidatedFinancialStatements√Applicable□NotapplicableComparedwith2017,therearetwonewsubsidiariesincludedintheconsolidatedfinancialstatementsof2018:
JingliangRuralComplexConstructionandOperation(Xinyi)Co.,Ltd.andJingliang(Caofeidian)AgriculturalDevelopmentCo.,Ltd.
ConsolidatedBalanceSheet | |||
December31,2018 | |||
Preparedby:HainanJingliangHoldingsCo.,Ltd. | MonetaryUnit:RMBYuan | ||
Item | Note | ClosingBalance | OpeningBalance |
Currentassets: | |||
Monetarycapital | VI.1 | 924,870,016.78 | 1,014,438,663.43 |
Financialassetsmeasuredasfairvalueandthevariationincludedintocurrentprofitandloss | |||
Derivativefinancialassets | VI.2 | 71,260,414.60 | 176,699,298.60 |
Notesreceivableandaccountsreceivable | VI.3 | 97,775,710.11 | 75,165,127.11 |
Prepayment | VI.4 | 120,181,442.89 | 912,843,489.70 |
Otherreceivables | VI.5 | 18,256,513.93 | 75,722,139.87 |
Inventory | VI.6 | 1,224,186,963.07 | 1,393,958,764.07 |
Held-for-saleassets | |||
Non-currentassetsduewithinoneyear | VI.7 | 51,000,000.00 | |
Othercurrentassets | VI.8 | 288,821,816.63 | 165,867,238.70 |
Totalcurrentassets | 2,745,352,878.01 | 3,865,694,721.48 | |
Non-currentassets: | |||
Available-for-salefinancialassets | VI.9 | 20,000,000.00 | 20,000,000.00 |
Held-to-maturityinvestment | |||
Long-termreceivables | |||
Long-termequityinvestment | VI.10 | 182,827,226.11 | 174,589,701.74 |
Investmentrealestate | VI.11 | 33,395,101.68 | 35,008,852.62 |
Fixedassets | VI.12 | 1,271,803,080.56 | 1,333,410,146.38 |
Constructioninprocess | VI.13 | 37,369,757.78 | 12,737,673.01 |
Productivebiologicalassets | |||
Oil-and-gasassets | |||
Intangibleassets | VI.14 | 383,382,527.68 | 398,844,032.07 |
Developmentexpenditure | |||
Goodwill | VI.15 | 191,394,422.51 | 191,394,422.51 |
Long-termdeferredexpenses | VI.16 | 34,671,018.22 | 33,247,595.28 |
Deferredincometaxassets | VI.17 | 15,330,980.14 | 14,179,072.07 |
Othernon-currentassets | VI.18 | 1,622,003.59 | 3,277,634.07 |
Totalnon-currentassets | 2,171,796,118.27 | 2,216,689,129.75 | |
Totalassets | 4,917,148,996.28 | 6,082,383,851.23 | |
LegalRepresentative:ShaolingLiPersoninChargeofFinance:YingGuanPersoninChargeofAccountingAgencies:QuanliLiu |
ConsolidatedBalanceSheet(Continued) | |||
December31,2018 | |||
Preparedby:HainanJingliangHoldingsCo.,Ltd. | MonetaryUnit:RMBYuan | ||
Item | Note | ClosingBalance | OpeningBalance |
Currentliabilities: | |||
Short-termborrowings | VI.19 | 1,437,715,080.91 | 2,007,171,362.73 |
Financialliabilitiesmeasuredasfairvalueandthevariationincludedintocurrentprofitandloss | |||
Derivativefinancialliabilities | |||
Notespayableandaccountspayable | VI.20 | 140,564,713.11 | 400,693,157.47 |
Advancereceipts | VI.21 | 145,317,064.18 | 212,124,147.38 |
Employeepayrollpayable | VI.22 | 31,494,568.05 | 30,762,031.53 |
Taxesandduespayable | VI.23 | 35,783,819.84 | 36,855,139.18 |
Otherpayables | VI.24 | 111,288,708.99 | 541,399,822.67 |
Held-for-saleliabilities | |||
Non-currentliabilitiesduewithinoneyear | |||
Othercurrentliabilities | VI.25 | 11,100,915.25 | 90,215,292.43 |
Totalcurrentliabilities | 1,913,264,870.33 | 3,319,220,953.39 | |
Non-currentliabilities: | |||
Long-termborrowings | |||
Bondspayable | |||
Including:Preferredstock | |||
Perpetualcapitalbonds | |||
Long-termpayables | VI.26 | 801,625.20 | |
Employeepayrollpayable | VI.27 | 40,245,406.52 | 26,791,209.91 |
Estimatedliabilities | |||
Deferredincome | VI.28 | 74,953,385.51 | 78,961,972.67 |
Deferredincometaxliabilities | VI.17 | 49,618,839.47 | 56,185,676.15 |
Othernon-currentliabilities | |||
Totalnon-currentliabilities | 164,817,631.50 | 162,740,483.93 | |
Totalliabilities | 2,078,082,501.83 | 3,481,961,437.32 | |
Shareholder'sequity: | |||
Capitalstock | VI.29 | 685,790,364.00 | 685,790,364.00 |
Otherequityinstruments | |||
Including:Preferredstock | |||
Perpetualcapitalbonds | |||
Capitalreserves | VI.30 | 1,595,711,805.31 | 1,592,541,582.73 |
Less:treasurystock | |||
Othercomprehensiveincome | VI.31 | 438.33 | |
Specialreserve | |||
Surplusreserves | VI.32 | 122,122,436.98 | 122,122,436.98 |
Undistributedprofit | VI.33 | -131,155,119.19 | -299,111,700.34 |
Totalequityattributabletotheparentcompany | 2,272,469,925.43 | 2,101,342,683.37 | |
Minorityequity | VI.34 | 566,596,569.02 | 499,079,730.54 |
Totalshareholder'sequity | 2,839,066,494.45 | 2,600,422,413.91 | |
Totalliabilitiesandshareholder'sequity | 4,917,148,996.28 | 6,082,383,851.23 | |
LegalRepresentative:ShaolingLiPersoninChargeofFinance:YingGuanPersoninChargeofAccountingAgencies:QuanliLiu |
ConsolidatedProfitStatement | |||
Year2018 | |||
Preparedby:HainanJingliangHoldingsCo.,Ltd. | MonetaryUnit:RMBYuan | ||
Item | Note | CurrentAmount | AmountofLastPeriod |
I.Totaloperatingincome | 7,409,124,303.41 | 7,917,639,044.13 | |
Including:Operatingincome | VI.35 | 7,409,124,303.41 | 7,917,639,044.13 |
II.Totaloperatingcost | 7,205,740,810.86 | 7,693,317,738.97 | |
Including:Operatingcost | VI.35 | 6,745,315,208.12 | 7,181,328,452.58 |
Taxandsurcharges | VI.36 | 23,913,023.48 | 48,329,859.31 |
Sellingexpenses | VI.37 | 193,741,132.13 | 184,694,169.58 |
Administrationexpenses | VI.38 | 190,162,317.40 | 232,950,762.23 |
Researchanddevelopmentexpenses | VI.39 | 2,742,564.22 | 3,393,588.50 |
Financialexpenses | VI.40 | 48,487,819.30 | 32,018,799.28 |
Including:interestexpenses | 78,514,993.77 | 60,010,600.72 | |
Interestincome | 11,149,346.83 | 24,528,341.57 | |
Assetsimpairmentloss | VI.41 | 1,378,746.21 | 10,602,107.49 |
Add:Otherincome | VI.42 | 16,548,514.37 | 15,139,922.81 |
Incomefrominvestment(Lossesshallbefilledinwith“-”) | VI.43 | 30,981,211.92 | 25,583,710.12 |
Including:incomefrominvestmentonjointventureandcooperativeenterprise | VI.43 | 8,330,122.46 | 12,343,020.80 |
Incomefromchangesinfairvalue(Lossesshallbefilledinwith“-”) | VI.44 | 2,009,952.25 | 12,934,641.69 |
Incomefromassetdisposal(Lossesshallbefilledinwith“-”) | VI.45 | -367,796.13 | -6,770.67 |
III.Operatingprofit(Lossesshallbefilledinwith“-”) | 252,555,374.96 | 277,972,809.11 | |
Add:non-operatingincome | VI.46 | 35,905,938.23 | 25,718,245.18 |
Less:non-operatingexpenditure | VI.47 | 11,151,483.05 | 19,040,592.81 |
IV.Totalprofit(Totallossesshallbefilledinwith“-”) | 277,309,830.14 | 284,650,461.48 | |
Less:incometaxexpense | VI.48 | 66,183,707.60 | 75,954,170.72 |
V.Netprofit(Netlossshallbefilledinwith“-”) | 211,126,122.54 | 208,696,290.76 | |
(I)Classifiedbyoperationscontinuity: | |||
1.Netprofitfromcontinuingoperations(Netlossshallbefilledinwith“-”) | 211,126,122.54 | 195,974,221.49 | |
2.Netprofitfromdiscontinuingoperations(Netlossshallbefilledinwith“-”) | 12,722,069.27 | ||
(II)Classifiedbyownershipattribution: | |||
1.Minorityinterestincome(Netlossshallbefilledinwith“-”) | 43,169,541.39 | 79,093,123.40 | |
2.Netprofitattributabletoshareholdersoftheparentcompany(Netlossshallbefilledinwith“-”) | 167,956,581.15 | 129,603,167.36 | |
VI.Netoftaxfromothercomprehensiveincome | 438.33 | ||
Netoftaxfromothercomprehensiveincomeattributabletoshareholdersoftheparentcompany | 438.33 | ||
(I)Othercomprehensiveincomethatcannotbereclassifiedintotheprofitandloss | |||
1.Remeasurechangesindefinedbenefitplans | |||
2.Othercomprehensiveincomethatcannotbetransferredtogainsandlossesundertheequitymethod | |||
(II)Othercomprehensiveincomethatwillbereclassifiedintotheprofitandloss | 438.33 | ||
1.Othercomprehensiveincomethatcanbetransferredtogainsandlossesundertheequitymethod | |||
2.Profitandlossofchangesinfairvalueofavailable-for-salefinancialassets | VI.49 | -421,278.00 | |
3.Held-to-maturityinvestmentreclassifiedintoprofitandlossofavailable-forsalefinancialassets | |||
4.Effectivepartofcash-flowhedgeprofitandloss | |||
5.Balancearisingfromthetranslationofforeigncurrency | VI.49 | 421,716.33 | |
6.Other | |||
Netoftaxfromothercomprehensiveincomeattributabletominorityshareholder | |||
VII.Totalcomprehensiveincome | 211,126,560.87 | 208,696,290.76 | |
Totalcomprehensiveincomeattributabletoshareholdersoftheparentcompany | 167,957,019.48 | 129,603,167.36 | |
Totalcomprehensiveincomeattributabletominorityshareholder | 43,169,541.39 | 79,093,123.40 | |
VIII.Earningspershare: | |||
(I)Basicearningspershare | |||
(II)Dilutedearningspershare | |||
LegalRepresentative:ShaolingLiPersoninChargeofFinance:YingGuanPersoninChargeofAccountingAgencies:QuanliLiu |
ConsolidatedStatementofCashFlow | |||
Year2018 | |||
Preparedby:HainanJingliangHoldingsCo.,Ltd. | MonetaryUnit:RMBYuan | ||
Item | Note | CurrentAmount | AmountofLastPeriod |
I.CashFlowsfromOperatingActivities: | |||
CashReceiptsfromSalesofGoodsorRenderingofServices | 7,990,459,320.64 | 8,251,911,188.11 | |
TaxRefundReceipts | 14,126,030.06 | 10,710,699.86 | |
OtherCashReceiptsConcerningOperatingActivities | VI.50 | 1,320,871,012.55 | 1,181,639,304.13 |
SubtotalofCashInflowsfromOperatingActivities | 9,325,456,363.25 | 9,444,261,192.10 | |
CashPaidforPurchaseofGoodsandAcceptingServices | 6,935,638,967.14 | 8,790,585,364.38 | |
CashPaidtoandforEmployees | 287,851,792.25 | 390,806,974.57 | |
TaxesandFeesPaid | 197,454,799.03 | 296,671,364.50 | |
OtherCashPaidConcerningOperatingActivities | VI.50 | 1,054,343,253.59 | 1,345,705,268.31 |
SubtotalofCashOutflowsfromOperatingActivities | 8,475,288,812.01 | 10,823,768,971.76 | |
NetCashFlowsfromOperatingActivities | 850,167,551.24 | -1,379,507,779.66 | |
II.CashFlowsfromInvestmentActivities: | |||
CashReceiptsfromDisinvestment | 2,723,610,000.00 | 933,048,283.00 | |
CashReceiptsfromReturnsonInvestments | 60,787,738.09 | 21,904,165.76 | |
NetCashfromDisposalofFixedAssets,IntangibleAssetsandOtherLong-termAssets | 5,101,872.08 | 43,733,447.51 | |
NetCashReceivedbyDisposalofSubsidiariesandOtherBusinessUnits | -181,590,429.61 | ||
OtherCashReceiptsConcerningInvestmentActivities | VI.50 | 49,136.10 | |
SubtotalofCashInflowsfromInvestmentActivities | 2,789,499,610.17 | 817,144,602.76 | |
CashPaidforPurchaseandConstructionofFixedAssets,IntangibleAssetsandOtherLong-termAssets | 58,607,796.65 | 42,495,582.86 | |
CashPaidforInvestments | 2,847,910,000.00 | 1,298,701,195.80 | |
NetCashPaidforobtainingSubsidiariesandOtherBusinessUnits | 204,524,900.00 | ||
OtherCashPaidConcerningInvestmentActivities | |||
SubtotalofCashOutflowsfromInvestmentActivities | 2,906,517,796.65 | 1,545,721,678.66 | |
NetCashFlowsfromInvestmentActivities | -117,018,186.48 | -728,577,075.90 | |
III.CashFlowsfromFinancingActivities: | |||
CashReceiptsfromAcceptingInvestment | 41,000,000.00 | 805,020,812.32 | |
Including:CashReceivedbySubsidiariesAbsorbingtheInvestmentfromMinorityShareholders | 8,748,313.76 | ||
CashReceiptsfromBorrowings | 2,429,218,399.64 | 2,566,546,770.86 | |
CashReceivedbyIssuingBonds | |||
OtherCashReceiptsConcerningFinancingActivities | |||
SubtotalofCashInflowsfromFinancingActivities | 2,470,218,399.64 | 3,371,567,583.18 | |
CashPaidforRepaymentofDebts | 3,262,582,688.36 | 690,254,732.20 | |
CashPaidforDistributionofDividends,ProfitsorRepaymentofInterests | 106,159,134.37 | 64,780,406.38 | |
Including:DividendsandProfitsPaidbySubsidiariestoMinorityShareholders | |||
OtherCashPaidConcerningFinancingActivities | VI.50 | 1,979,044.96 | |
SubtotalofCashOutflowsfromFinancingActivities | 3,368,741,822.73 | 757,014,183.54 | |
NetCashFlowsfromFinancingActivities | -898,523,423.09 | 2,614,553,399.64 | |
IV.ExchangeRateFluctuationConsequencesonCashandCashEquivalents | 18,805,411.68 | 2,492,271.54 | |
V.NetIncreaseinCashandCashEquivalents | -146,568,646.65 | 508,960,815.62 | |
Add:OpeningBalanceofCashandCashEquivalents | 1,014,438,663.43 | 505,477,847.81 | |
VI.ClosingBalanceofCashandCashEquivalents | 867,870,016.78 | 1,014,438,663.43 | |
LegalRepresentative:ShaolingLiPersoninChargeofFinance:YingGuanPersoninChargeofAccountingAgencies:QuanliLiu |
ConsolidatedStatementofCashFlow | |||
Year2018 | |||
Preparedby:HainanJingliangHoldingsCo.,Ltd. | MonetaryUnit:RMBYuan | ||
Item | Note | CurrentAmount | AmountofLastPeriod |
I.CashFlowsfromOperatingActivities: | |||
CashReceiptsfromSalesofGoodsorRenderingofServices | 7,990,459,320.64 | 8,251,911,188.11 | |
TaxRefundReceipts | 14,126,030.06 | 10,710,699.86 | |
OtherCashReceiptsConcerningOperatingActivities | VI.50 | 1,320,871,012.55 | 1,181,639,304.13 |
SubtotalofCashInflowsfromOperatingActivities | 9,325,456,363.25 | 9,444,261,192.10 | |
CashPaidforPurchaseofGoodsandAcceptingServices | 6,935,638,967.14 | 8,790,585,364.38 | |
CashPaidtoandforEmployees | 287,851,792.25 | 390,806,974.57 | |
TaxesandFeesPaid | 197,454,799.03 | 296,671,364.50 | |
OtherCashPaidConcerningOperatingActivities | VI.50 | 1,054,343,253.59 | 1,345,705,268.31 |
SubtotalofCashOutflowsfromOperatingActivities | 8,475,288,812.01 | 10,823,768,971.76 | |
NetCashFlowsfromOperatingActivities | 850,167,551.24 | -1,379,507,779.66 | |
II.CashFlowsfromInvestmentActivities: | |||
CashReceiptsfromDisinvestment | 2,723,610,000.00 | 933,048,283.00 | |
CashReceiptsfromReturnsonInvestments | 60,787,738.09 | 21,904,165.76 | |
NetCashfromDisposalofFixedAssets,IntangibleAssetsandOtherLong-termAssets | 5,101,872.08 | 43,733,447.51 | |
NetCashReceivedbyDisposalofSubsidiariesandOtherBusinessUnits | -181,590,429.61 | ||
OtherCashReceiptsConcerningInvestmentActivities | VI.50 | 49,136.10 | |
SubtotalofCashInflowsfromInvestmentActivities | 2,789,499,610.17 | 817,144,602.76 | |
CashPaidforPurchaseandConstructionofFixedAssets,IntangibleAssetsandOtherLong-termAssets | 58,607,796.65 | 42,495,582.86 | |
CashPaidforInvestments | 2,847,910,000.00 | 1,298,701,195.80 | |
NetCashPaidforobtainingSubsidiariesandOtherBusinessUnits | 204,524,900.00 | ||
OtherCashPaidConcerningInvestmentActivities | |||
SubtotalofCashOutflowsfromInvestmentActivities | 2,906,517,796.65 | 1,545,721,678.66 | |
NetCashFlowsfromInvestmentActivities | -117,018,186.48 | -728,577,075.90 | |
III.CashFlowsfromFinancingActivities: | |||
CashReceiptsfromAcceptingInvestment | 41,000,000.00 | 805,020,812.32 | |
Including:CashReceivedbySubsidiariesAbsorbingtheInvestmentfromMinorityShareholders | 8,748,313.76 | ||
CashReceiptsfromBorrowings | 2,429,218,399.64 | 2,566,546,770.86 | |
CashReceivedbyIssuingBonds | |||
OtherCashReceiptsConcerningFinancingActivities | |||
SubtotalofCashInflowsfromFinancingActivities | 2,470,218,399.64 | 3,371,567,583.18 | |
CashPaidforRepaymentofDebts | 3,262,582,688.36 | 690,254,732.20 | |
CashPaidforDistributionofDividends,ProfitsorRepaymentofInterests | 106,159,134.37 | 64,780,406.38 | |
Including:DividendsandProfitsPaidbySubsidiariestoMinorityShareholders | |||
OtherCashPaidConcerningFinancingActivities | VI.50 | 1,979,044.96 | |
SubtotalofCashOutflowsfromFinancingActivities | 3,368,741,822.73 | 757,014,183.54 | |
NetCashFlowsfromFinancingActivities | -898,523,423.09 | 2,614,553,399.64 | |
IV.ExchangeRateFluctuationConsequencesonCashandCashEquivalents | 18,805,411.68 | 2,492,271.54 | |
V.NetIncreaseinCashandCashEquivalents | -146,568,646.65 | 508,960,815.62 | |
Add:OpeningBalanceofCashandCashEquivalents | 1,014,438,663.43 | 505,477,847.81 | |
VI.ClosingBalanceofCashandCashEquivalents | 867,870,016.78 | 1,014,438,663.43 | |
LegalRepresentative:ShaolingLiPersoninChargeofFinance:YingGuanPersoninChargeofAccountingAgencies:QuanliLiu |
ConsolidatedStatementofChangesinShareholder’sEquity(Continued) | |||||||||||||
Year2018 | |||||||||||||
Preparedby:HainanJingliangHoldingsCo.,Ltd. | MonetaryUnit:RMBYuan | ||||||||||||
Item | AmountofLastPeriod | ||||||||||||
Shareholder'sEquityattributabletotheParentCompany | Minorityequity | Totalshareholders'equities | |||||||||||
Capitalstock | Otherequityinstruments | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surpluspublicaccumulation | Undistributedprofit | Subtotal | |||||
Preferredstock | Perpetualbond | Others | |||||||||||
I.Year-endbalanceoflastyear | 426,745,404.00 | 1,381,337,052.83 | 122,122,436.98 | -547,123,017.26 | 1,383,081,876.55 | 1,174,529,851.49 | 2,557,611,728.04 | ||||||
Add:changesinaccountingpolicies | |||||||||||||
Correctionofpriorperioderrors | |||||||||||||
Businesscombinationundercommoncontrol | -1,312,383,054.76 | 118,408,149.56 | -1,193,974,905.20 | -1,193,974,905.20 | |||||||||
Other | |||||||||||||
II.Balanceatbeginningofcurrentyear | 426,745,404.00 | 68,953,998.07 | 122,122,436.98 | -428,714,867.70 | 189,106,971.35 | 1,174,529,851.49 | 1,363,636,822.84 | ||||||
III.Increasesanddecreasesofcurrentyear(Decreaseshallbefilledinwith“-”) | 259,044,960.00 | 1,523,587,584.66 | 129,603,167.36 | 1,912,235,712.02 | -675,450,120.95 | 1,236,785,591.07 | |||||||
(I)Totalcomprehensiveincome | 129,603,167.36 | 129,603,167.36 | 79,093,123.40 | 208,696,290.76 | |||||||||
(II)Investmentofshareholdersandcapitalreduction | 259,044,960.00 | 1,523,587,584.66 | 1,782,632,544.66 | -632,300,428.15 | 1,150,332,116.51 | ||||||||
1.Commonequityinvestedbyshareholders | 259,044,960.00 | 1,496,058,401.52 | 1,755,103,361.52 | 46,450,000.00 | 1,801,553,361.52 | ||||||||
2.Capitalinvestedbyotherequityinstrumentsholders | |||||||||||||
3.Theamountofsharesrecordedintotheshareholder'sequity | |||||||||||||
4.Others | 27,529,183.14 | 27,529,183.14 | -678,750,428.15 | -651,221,245.01 | |||||||||
(III)Distributionofprofits | -6,944,385.43 | -6,944,385.43 | |||||||||||
1.Withdrawalofsurplusreserves | |||||||||||||
2.Withdrawalofgeneralriskreserve | |||||||||||||
3.Distributiontoshareholders | -6,944,385.43 | -6,944,385.43 | |||||||||||
4.Others | |||||||||||||
(IV)Innercarrying-overofshareholders'equities | -115,298,430.77 | -115,298,430.77 | |||||||||||
1.Capitalreserveconvertedintocapital(orcapitalstock) | |||||||||||||
2.Surpluspublicaccumulationconvertedintocapital(orcapitalstock) | |||||||||||||
3.Surpluspublicaccumulationlossremedy | |||||||||||||
4.Carryforwardretainedearningsfromchangesindefinedbenefitplans | |||||||||||||
5.Others | -115,298,430.77 | -115,298,430.77 | |||||||||||
(V)Specialreserve | |||||||||||||
1.Withdrawalforcurrentperiod | |||||||||||||
2.Useforcurrentperiod | |||||||||||||
(VI)Others | |||||||||||||
IV.Closingbalanceofcurrentyear | 685,790,364.00 | 1,592,541,582.73 | 122,122,436.98 | -299,111,700.34 | 2,101,342,683.37 | 499,079,730.54 | 2,600,422,413.91 | ||||||
LegalRepresentative:ShaolinLiPersoninChargeofFinance:YingGuanPersoninChargeofAccountingAgencies:QuanliLiu |
BalanceSheet | |||
December31,2018 | |||
Preparedby:HainanJingliangHoldingsCo.,Ltd. | MonetaryUnit:RMBYuan | ||
Item | Note | ClosingBalance | OpeningBalance |
Currentassets: | |||
Monetarycapital | 13,597,659.66 | 15,360,177.32 | |
Financialassetsmeasuredasfairvalueandthevariationincludedintocurrentprofitandloss | |||
Derivativefinancialassets | |||
Notesreceivableandaccountsreceivable | XVI.1 | 79,986.00 | 109,389.00 |
Prepayment | 20,000.00 | ||
Otherreceivables | XVI.2 | 227,353.10 | 60,576,292.62 |
Inventory | 4,824,035.45 | 4,824,035.45 | |
Held-for-saleassets | |||
Non-currentassetsduewithinoneyear | |||
Othercurrentassets | 1,962,371.32 | 2,905,667.38 | |
Totalcurrentassets | 20,711,405.53 | 83,775,561.77 | |
Non-currentassets: | |||
Available-for-salefinancialassets | 20,000,000.00 | 20,000,000.00 | |
Held-to-maturityinvestment | |||
Long-termreceivables | |||
Long-termequityinvestment | XVI.3 | 2,375,639,964.05 | 2,336,639,964.05 |
Investmentrealestate | 5,778,794.33 | 6,081,230.93 | |
Fixedassets | 3,260,620.04 | 3,589,144.87 | |
Constructioninprocess | |||
Productivebiologicalassets | |||
Oil-and-gasassets | |||
Intangibleassets | 171,069.18 | ||
Developmentexpenditure | |||
Goodwill | |||
Long-termdeferredexpenses | 180,817.60 | ||
Deferredincometaxassets | |||
Othernon-currentassets | |||
Totalnon-currentassets | 2,405,031,265.20 | 2,366,310,339.85 | |
Totalassets | 2,425,742,670.73 | 2,450,085,901.62 | |
LegalRepresentative:ShaolingLiPersoninChargeofFinance:YingGuanPersoninChargeofAccountingAgencies:QuanliLiu |
BalanceSheet(Continued) | |||
December31,2018 | |||
Preparedby:HainanJingliangHoldingsCo.,Ltd. | MonetaryUnit:RMBYuan | ||
Item | Note | ClosingBalance | OpeningBalance |
Currentliabilities: | |||
Short-termborrowings | |||
Financialliabilitiesmeasuredasfairvalueandthevariationincludedintocurrentprofitandloss | |||
Derivativefinancialliabilities | |||
Notespayableandaccountspayable | 2,482,949.70 | ||
Advancereceipts | 38,896.41 | 38,896.41 | |
Employeepayrollpayable | 438,195.96 | 2,017,684.57 | |
Taxesandduespayable | 976,458.68 | 2,557,993.95 | |
Otherpayables | 449,947,050.56 | 449,510,029.34 | |
Held-for-saleliabilities | |||
Non-currentliabilitiesduewithinoneyear | |||
Othercurrentliabilities | |||
Totalcurrentliabilities | 451,400,601.61 | 456,607,553.97 | |
Non-currentliabilities: | |||
Long-termborrowings | |||
Bondspayable | |||
Including:Preferredstock | |||
Perpetualcapitalbonds | |||
Long-termpayables | |||
Employeepayrollpayable | |||
Estimatedliabilities | |||
Deferredincome | |||
Deferredincometaxliabilities | |||
Othernon-currentliabilities | |||
Totalnon-currentliabilities | |||
Totalliabilities | 451,400,601.61 | 456,607,553.97 | |
Shareholder'sequity: | |||
Capitalstock | 685,790,364.00 | 685,790,364.00 | |
Otherequityinstruments | |||
Including:Preferredstock | |||
Perpetualcapitalbonds | |||
Capitalreserves | 2,173,387,468.71 | 2,173,387,468.71 | |
Less:treasurystock | |||
Othercomprehensiveincome | |||
Specialreserve | |||
Surplusreserves | 109,487,064.39 | 109,487,064.39 | |
Undistributedprofit | -994,322,827.98 | -975,186,549.45 | |
Totalshareholder'sequity | 1,974,342,069.12 | 1,993,478,347.65 | |
Totalliabilitiesandshareholder'sequity | 2,425,742,670.73 | 2,450,085,901.62 | |
LegalRepresentative:ShaolingLiPersoninChargeofFinance:YingGuanPersoninChargeofAccountingAgencies:QuanliLiu |
ProfitStatement | |||
Year2018 | |||
Preparedby:HainanJingliangHoldingsCo.,Ltd. | MonetaryUnit:RMBYuan | ||
Item | Note | CurrentAmount | AmountofLastPeriod |
I.Operatingincome | XVI.4 | 2,857.14 | |
Less:Operatingcost | XVI.4 | 302,436.60 | |
Taxandsurcharges | 1,196,961.62 | 1,201,827.31 | |
Sellingexpenses | |||
Administrationexpenses | 23,607,509.95 | 29,147,752.63 | |
Researchanddevelopmentexpenses | |||
Financialexpenses | 14,073,236.91 | -6,912,084.36 | |
Including:interestexpenses | 15,038,228.78 | 9,264,377.38 | |
Interestincome | 974,811.35 | 16,961,563.45 | |
Assetsimpairmentloss | -3,094,336.89 | 834,972.20 | |
Add:Otherincome | |||
Incomefrominvestment(Lossesshallbefilledinwith“-”) | XVI.5 | 74,749,139.55 | |
Including:incomefrominvestmentonjointventureandcooperativeenterprise | XVI.5 | -1,070,860.45 | |
Incomefromchangesinfairvalue(Lossesshallbefilledinwith“-”) | |||
Incomefromassetdisposal(Lossesshallbefilledinwith“-”) | -3,744.70 | ||
II.Operatingprofit(Lossesshallbefilledinwith“-”) | -35,783,371.59 | 50,173,347.61 | |
?Add:non-operatingincome | 16,679,043.74 | 277,830.06 | |
Less:non-operatingexpenditure | 31,950.68 | 841,471.93 | |
III.Totalprofit(Totallossesshallbefilledinwith“-”) | -19,136,278.53 | 49,609,705.74 | |
Less:incometaxexpense | |||
IV.Netprofit(Netlossshallbefilledinwith“-”) | -19,136,278.53 | 49,609,705.74 | |
(I)Netprofitfromcontinuingoperations(Netlossshallbefilledinwith“-”) | |||
(II)Netprofitfromdiscontinuingoperations(Netlossshallbefilledinwith“-”) | |||
V.Netoftaxfromothercomprehensiveincome | |||
(I)Othercomprehensiveincomethatcannotbereclassifiedintotheprofitandloss | |||
1.Remeasurechangesindefinedbenefitplans | |||
2.Othercomprehensiveincomethatcannotbetransferredtogainsandlossesundertheequitymethod | |||
(II)Othercomprehensiveincomethatwillbereclassifiedintotheprofitandloss | |||
1.Othercomprehensiveincomethatcanbetransferredtogainsandlossesundertheequitymethod | |||
2.Profitandlossofchangesinfairvalueofavailable-for-salefinancialassets | |||
3.Held-to-maturityinvestmentreclassifiedintoprofitandlossofavailable-forsalefinancialassets | |||
4.Effectivepartofcash-flowhedgeprofitandloss | |||
5.Balancearisingfromthetranslationofforeigncurrency | |||
6.Other | |||
VI.Totalcomprehensiveincome | -19,136,278.53 | 49,609,705.74 | |
LegalRepresentative:ShaolingLiPersoninChargeofFinance:YingGuanPersoninChargeofAccountingAgencies:QuanliLiu |
StatementofCashFlow | |||
Year2018 | |||
Preparedby:HainanJingliangHoldingsCo.,Ltd. | MonetaryUnit:RMBYuan | ||
Item | Note | CurrentAmount | AmountofLastPeriod |
I.CashFlowsfromOperatingActivities: | |||
CashReceiptsfromSalesofGoodsorRenderingofServices | |||
TaxRefundReceipts | 1,500.00 | ||
OtherCashReceiptsConcerningOperatingActivities | 50,575,445.10 | 24,572,737.14 | |
SubtotalofCashInflowsfromOperatingActivities | 50,576,945.10 | 24,572,737.14 | |
CashPaidforPurchaseofGoodsandAcceptingServices | |||
CashPaidtoandforEmployees | 20,758,423.44 | 10,014,435.27 | |
TaxesandFeesPaid | 5,842,797.23 | 28,508,145.12 | |
OtherCashPaidConcerningOperatingActivities | 16,664,927.81 | 100,011,431.48 | |
SubtotalofCashOutflowsfromOperatingActivities | 43,266,148.48 | 138,534,011.87 | |
NetCashFlowsfromOperatingActivities | 7,310,796.62 | -113,961,274.73 | |
II.CashFlowsfromInvestmentActivities: | |||
CashReceiptsfromDisinvestment | 10,000,000.00 | ||
CashReceiptsfromReturnsonInvestments | |||
NetCashfromDisposalofFixedAssets,IntangibleAssetsandOtherLong-termAssets | 35,000,000.00 | ||
OtherCashReceiptsConcerningInvestmentActivities | 49,136.10 | ||
SubtotalofCashInflowsfromInvestmentActivities | 45,049,136.10 | ||
CashPaidforPurchaseandConstructionofFixedAssets,IntangibleAssetsandOtherLong-termAssets | 248,977.61 | ||
CashPaidforInvestments | 39,000,000.00 | 366,447,600.00 | |
OtherCashPaidConcerningInvestmentActivities | |||
SubtotalofCashOutflowsfromInvestmentActivities | 39,248,977.61 | 366,447,600.00 | |
NetCashFlowsfromInvestmentActivities | -39,248,977.61 | -321,398,463.90 | |
III.CashFlowsfromFinancingActivities: | |||
CashReceiptsfromAcceptingInvestment | 386,874,898.56 | ||
CashReceiptsfromBorrowings | 243,800,000.00 | 110,000,000.00 | |
CashReceivedbyIssuingBonds | |||
OtherCashReceiptsConcerningFinancingActivities | |||
SubtotalofCashInflowsfromFinancingActivities | 243,800,000.00 | 496,874,898.56 | |
CashPaidforRepaymentofDebts | 195,000,000.00 | 76,469,598.52 | |
CashPaidforDistributionofDividends,ProfitsorRepaymentofInterests | 18,624,336.67 | 1,659,125.50 | |
OtherCashPaidConcerningFinancingActivities | 1,979,044.96 | ||
SubtotalofCashOutflowsfromFinancingActivities | 213,624,336.67 | 80,107,768.98 | |
NetCashFlowsfromFinancingActivities | 30,175,663.33 | 416,767,129.58 | |
IV.ExchangeRateFluctuationConsequencesonCashandCashEquivalents | |||
V.NetIncreaseinCashandCashEquivalents | -1,762,517.66 | -18,592,609.05 | |
Add:OpeningBalanceofCashandCashEquivalents | 15,360,177.32 | 33,952,786.37 | |
VI.ClosingBalanceofCashandCashEquivalents | 13,597,659.66 | 15,360,177.32 | |
LegalRepresentative:ShaolingLiPersoninChargeofFinance:YingGuanPersoninChargeofAccountingAgencies:QuanliLiu |
StatementofChangesinShareholder’sEquity | |||||||||||
Year2018 | |||||||||||
Preparedby:HainanJingliangHoldingsCo.,Ltd. | MonetaryUnit:RMBYuan | ||||||||||
Item | CurrentAmount | ||||||||||
Capitalstock | Otherequityinstruments | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surpluspublicaccumulation | Undistributedprofit | Totalshareholders'equities | |||
Preferredstock | Perpetualbond | Others | |||||||||
I.Year-endbalanceoflastyear | 685,790,364.00 | 2,173,387,468.71 | 109,487,064.39 | -975,186,549.45 | 1,993,478,347.65 | ||||||
Add:changesinaccountingpolicies | |||||||||||
Correctionofpriorperioderrors | |||||||||||
Other | |||||||||||
II.Balanceatbeginningofcurrentyear | 685,790,364.00 | 2,173,387,468.71 | 109,487,064.39 | -975,186,549.45 | 1,993,478,347.65 | ||||||
III.Increasesanddecreasesofcurrentyear(Decreaseshallbefilledinwith“-”) | -19,136,278.53 | -19,136,278.53 | |||||||||
(I)Totalcomprehensiveincome | -19,136,278.53 | -19,136,278.53 | |||||||||
(II)Investmentofshareholdersandcapitalreduction | |||||||||||
1.Commonequityinvestedbyshareholders | |||||||||||
2.Capitalinvestedbyotherequityinstrumentsholders | |||||||||||
3.Theamountofsharesrecordedintotheshareholder'sequity | |||||||||||
4.Others | |||||||||||
(III)Distributionofprofits | |||||||||||
1.Withdrawalofsurplusreserves | |||||||||||
2.Withdrawalofgeneralriskreserve | |||||||||||
3.Distributiontoshareholders | |||||||||||
4.Others | |||||||||||
(IV)Innercarrying-overofshareholders'equities | |||||||||||
1.Capitalreserveconvertedintocapital(orcapitalstock) | |||||||||||
2.Surpluspublicaccumulationconvertedintocapital(orcapitalstock) | |||||||||||
3.Surpluspublicaccumulationlossremedy | |||||||||||
4.Carryforwardretainedearningsfromchangesindefinedbenefitplans | |||||||||||
5.Others | |||||||||||
(V)Specialreserve | |||||||||||
1.Withdrawalforcurrentperiod | |||||||||||
2.Useforcurrentperiod | |||||||||||
(VI)Others | |||||||||||
IV.Closingbalanceofcurrentyear | 685,790,364.00 | 2,173,387,468.71 | 109,487,064.39 | -994,322,827.98 | 1,974,342,069.12 | ||||||
LegalRepresentative:ShaolinLiPersoninChargeofFinance:YingGuanPersoninChargeofAccountingAgencies:QuanliLiu |
StatementofChangesinShareholder’sEquity(Continued) | |||||||||||
Year2018 | |||||||||||
Preparedby:HainanJingliangHoldingsCo.,Ltd. | MonetaryUnit:RMBYuan | ||||||||||
Item | AmountofLastPeriod | ||||||||||
Capitalstock | Otherequityinstruments | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surpluspublicaccumulation | Undistributedprofit | Totalshareholders'equities | |||
Preferredstock | Perpetualbond | Others | |||||||||
I.Year-endbalanceoflastyear | 426,745,404.00 | 546,201,098.01 | 109,487,064.39 | -1,024,796,255.19 | 57,637,311.21 | ||||||
Add:changesinaccountingpolicies | |||||||||||
Correctionofpriorperioderrors | |||||||||||
Other | |||||||||||
II.Balanceatbeginningofcurrentyear | 426,745,404.00 | 546,201,098.01 | 109,487,064.39 | -1,024,796,255.19 | 57,637,311.21 | ||||||
III.Increasesanddecreasesofcurrentyear(Decreaseshallbefilledinwith“-”) | 259,044,960.00 | 1,627,186,370.70 | 49,609,705.74 | 1,935,841,036.44 | |||||||
(I)Totalcomprehensiveincome | 49,609,705.74 | 49,609,705.74 | |||||||||
(II)Investmentofshareholdersandcapitalreduction | 259,044,960.00 | 1,627,186,370.70 | 1,886,231,330.70 | ||||||||
1.Commonequityinvestedbyshareholders | 259,044,960.00 | 1,496,058,401.52 | 1,755,103,361.52 | ||||||||
2.Capitalinvestedbyotherequityinstrumentsholders | |||||||||||
3.Theamountofsharesrecordedintotheshareholder'sequity | |||||||||||
4.Others | 131,127,969.18 | 131,127,969.18 | |||||||||
(III)Distributionofprofits | |||||||||||
1.Withdrawalofsurplusreserves | |||||||||||
2.Withdrawalofgeneralriskreserve | |||||||||||
3.Distributiontoshareholders | |||||||||||
4.Others | |||||||||||
(IV)Innercarrying-overofshareholders'equities | |||||||||||
1.Capitalreserveconvertedintocapital(orcapitalstock) | |||||||||||
2.Surpluspublicaccumulationconvertedintocapital(orcapitalstock) | |||||||||||
3.Surpluspublicaccumulationlossremedy | |||||||||||
4.Carryforwardretainedearningsfromchangesindefinedbenefitplans | |||||||||||
5.Others | |||||||||||
(V)Specialreserve | |||||||||||
1.Withdrawalforcurrentperiod | |||||||||||
2.Useforcurrentperiod | |||||||||||
(VI)Others | |||||||||||
IV.Closingbalanceofcurrentyear | 685,790,364.00 | 2,173,387,468.71 | 109,487,064.39 | -975,186,549.45 | 1,993,478,347.65 | ||||||
LegalRepresentative:ShaolinLiPersoninChargeofFinance:YingGuanPersoninChargeofAccountingAgencies:QuanliLiu |
HainanJingliangHoldingsCo.,Ltd.
Notestothe2018AnnualReport
(Unlessotherwisestated,theamountunitisRMB)I.BasicInformationoftheCompany
(I)Placeofincorporation,formoforganizationandheadofficeaddress
HainanJingliangHoldingsCo.,Ltd.(hereinafterreferredtoas"theCompany"or"Company"or"JingliangHoldings")isestablishedinaccordancewiththeHainanProvincialPeople'sGovernmentGeneralOfficeQFBH(1992)No.1,approvedbyQY(1992)SGZNo.6DocumentofthePeople'sBankofHainanProvinceandre-registeredbyHainanPearlRiverEnterpriseCompanyonJanuary11,1992.TheCompanyissued81,880,000sharesintotaluponre-registration,ofwhich60,793,600shareswereconvertedfromthenetassetsoftheoriginalcompanyand21,086,400shareswerenewlyissued.AndthenameoftheCompanyisHainanPearlRiverEnterpriseCo.,Ltd.Thebusinesslicenseregistrationnumberofthejoint-stockcompanyis20128455-6,andtheholdingparentcompanyGuangzhouPearlRiverEnterpriseGroupholds36,393,600shares,accountingfor44.45%.ApprovedbyZGB(1992)No.83DocumentofthePeople'sBankofChinainDecember1992,theadditional21,086,400shareswerelistedontheShenzhenStockExchangefortrading.Theindustryinvolvedisrealestate.
OnMarch25,1993,inresponsetoQGBH(1993)No.028ofHainanProvincialLeadingGroupOfficeandSRYFZ(1993)No.099ofShenzhenSpecialEconomicZoneBranchofthePeople'sBankofChina,theCompanyincreaseditssharecapitalbyconvertingtheoriginalsharecapitalinto139,196,000shares(accordingtodistributionof10,deliveryof5andtransferof2),withthecontrollingshareholderGuangzhouPearlRiverEnterprisesGroupholding48,969,120sharesaccountingfor35.18%attheendof1993.
In1994,thesharecapitalwasincreasedby10to10,andthetotalsharecapitalwas278,392,000sharesaftertheincrease.Thecontrollingshareholder,GuangzhouPearlRiverEnterprisesGroup,holds97,938,240shares,accountingfor35.18%.
In1995,theissuanceof50,000,000BShareswasapprovedbySZBF(1995)No.45andSZBF(1995)No.12.ThesharecapitaloftheCompanywasincreasedby10:1.5onthebasisofthesharecapitalaftertheadditionalBshareswereissued,andthesharecapitaloftheCompanyaftertheincreasewas377,650,800shares.Theholdingparentcompany,GuangzhouPearlRiverEnterprisesGroup,held112,628,976shares,accountingfor29.82%ofthetotal.
In1999,GuangzhouPearlRiverEnterprisesGrouptransferredall112,628,976sharestoBeijingWanfaRealEstateDevelopmentCo.,Ltd..AfterthetransferofshareswascompletedinJune1999,BeijingWanfaRealEstateDevelopmentCo.,Ltd.held112,628,976sharesoftheCompany,accountingfor29.82%ofthetotalsharesoftheCompany,andbecamethecontrollingshareholderoftheCompany.
OnJanuary10,2000,thenameoftheCompanywaschangedtoHainanPearlRiverHoldingCo.,Ltd.andtheBusinessLicenseforEnterpriseLegalPersonwasrenewedbyIndustrial&CommerceAdministrationBureauofHainanProvince.
OnAugust17,2006,thereformplanofthesplitsharestructureoftheCompanywasimplemented.TheCompanytransferred
HainanJingliangHoldingsCo.,Ltd.AnnualReport201849,094,604sharesofcapitalstocktoallshareholdersattheratioof10to1.3.Theoriginalnon-tradableshareholderstransferredtheincreasedsharestothetradableA-shareholders.BeijingWanfaRealEstateDevelopmentCo.,Ltd.reimbursedtheconsiderationsharesofthenon-tradableshareholderswhohavenotexpresslyexpressedtheiropinions.Theconvertedtotalsharecapitalwas426,745,404shares,andtheoriginalcontrollingshareholderBeijingWanfaRealEstateDevelopmentCo.,Ltd.held107,993,698shares,accountingfor25.31%.Shareholdersofnon-tradablesharesrepaid3,289,780sharesinconsiderationofthesplitsharestructurein2007.Shareholdersofnon-tradablesharesrepaid1,196,000sharesinconsiderationofthesplitsharestructurein2009.
On2September2016,BeijingWanfaRealEstateDevelopmentCo.,Ltd.,theoriginalcontrollingshareholder,transferredallofits112,479,478sharestoBeijingGrainGroupCo.,Ltd.(hereinafterreferredtoas"BeijingGrainGroup").UponcompletionofthesharetransferinSeptember2016,BeijingGrainGroupCo.,Ltd.held112,479,478shares,accountingfor26.36%ofthetotalsharesoftheCompany.InNovember2016,basedontheconfidenceinthesubjectmatterofthematerialassetrestructuringandthefuturedevelopmentoftheCompany,BeijingGrainGroupCo.,Ltd.decidedtoincreaseitsshareholdingthroughcentralizedbiddinginthesecondarymarket.Aftertheincrease,itheld123,561,963sharesoftheCompany,accountingfor28.95%ofthetotalnumberofshares,andbecamethelargestshareholderoftheCompany.
TheCompanydeterminedJuly31,2017asthedeliverydateofmaterialassetsinaccordancewiththematerialassetsrestructuringplanandthedeliveryagreement.OnSeptember14,2017,approvedpursuanttotheresolutionoftheSecondExtraordinaryGeneralMeetingofShareholdersoftheCompanyonNovember18,2016andtheApprovalReplyoftheChinaSecuritiesRegulatoryCommissiondatedJuly28,2017OnApprovalofHainanPearlRiverHoldingCo.,Ltd.toPurchaseAssetsandRaiseSupportingFundsfromBeijingGrainGroupCo.,Ltd.(ZJXK(2017)No.1391):1)TheCompanypurchasedassetsfromtheoriginalshareholdersofBeijingGrainFoodCo.,Ltd.(hereinafterreferredtoasBeijingGrainFood)byissuing210,079,552sharesofthebalancebetweenthetransactionpriceoftheinjectedassetsandtheassetstobepurchased(thedifferencebetweenthetransactionpriceoftheinjectedassetsandtheassetstobepurchasedwasRMB1,699.5436millionyuan).TheparvalueintheissuancewasRMB1.00pershareandtheissuancepricewasRMB8.09pershare;2)TheCompanyhasissued48,965,408non-publicsharesoftheCompanytoBeijingGrainGroupforthepurposeofpurchasingthesupportingfundsraisedfromtheassetsoftheissuanceofshares.TheparvaluepershareoftheCompanywasRMB1.00andtheissuancepricewasRMB8.82pershare.TheshareholderBeijingGrainGroupconductedsubscriptioninmonetaryfunds.Uponcompletionoftheissue,theregisteredcapitalwasRMB685,790,364.00andthesharecapitalwasRMB685,790,364.00.BeijingGrainGroup,whichaccountedfor42.06%ofthetotalnumberofshares,becamethelargestshareholderoftheCompany.
OnMarch10,2018,theCompanycompletedtheregistrationformalitiesforindustrialandcommercialchangessuchascompanyname,legalrepresentative,registeredcapitalandbusinessscope,andobtainedtheBusinessLicenseforEnterpriseLegalPersonapprovedandrenewedbyIndustrial&CommerceAdministrationBureauofHainanProvince.Therelevantinformationafterthechangeislistedasfollows:
Companyname:HainanJingliangHoldingsCo.,Ltd.
UniformSocialCreditCode:914600002012845568
Type:LimitedCompany(Listed,State-controlled)
Registeredaddress:F29,DihaoBuilding,PearlRiverSquare,BinhaiAvenue,HaikouCityOfficeaddress:F29,DihaoBuilding,PearlRiverSquare,BinhaiAvenue,HaikouCityLegalrepresentative:WangGuofengRegisteredcapital:685,790,364YuanDateofestablishment:March22,1988Businessterm:fromMarch22,1988toSeptember20,2025TheparentcompanyisBeijingGrainGroupCo.,Ltd..
(II)ThenatureoftheCompany'sbusinessanditsmainbusinessactivities
1.BusinessscopeoftheCompany
TheCompanybelongstomanufacturing-agriculturalandsidelinefoodprocessingindustry,mainlyincluding:food,beverages,oils,oilsandby-products,vegetableproteinsandtheirproducts,organicfertilizers,microbialfertilizers,productionandmarketingofagriculturalfertilizers;landconsolidation,soilremediation;agriculturalcomprehensiveplantingdevelopment,animalhusbandryandaquaculture,agriculturalequipmentproductionandmarketing;computernetworktechnology,investmentincommunicationprojects,researchanddevelopmentandapplicationofhigh-techproducts;investmentandconsultationofenvironmentalprotectionprojects;animation,graphicdesign;importandexporttradeingoodsandtechnology;rentalofownpremises.(Generalbusinessprojectsshallbeoperatedindependently,andthepermittedbusinessprojectsshallbeoperatedonthebasisofrelevantpermitsorapprovaldocuments)(Projectssubjecttoapprovalbytherelevantdepartmentsshallnotbeallowedtoengageinbusinessactivitiesuntilapprovedbytherelevantdepartmentsinaccordancewiththelaw.).
2.ThenatureoftheCompany'sbusinessanditsmainbusinessactivities
TheCompanyanditssubsidiariesareprincipallyengagedintheprocessing,productionandsalesoffoodstuffs,agriculturalandsidelineproducts,oilsandfats,oilsandsnackfoods.
3.BasicframeworkoftheCompany
ThebasicorganizationalstructureoftheCompany:theshareholders'generalmeetingisthehighestauthorityoftheCompany,theboardofdirectorsistheexecutivebodyoftheshareholders'generalmeeting,theboardofsupervisorsistheinternalsupervisionbodyoftheCompany,andthegeneralmanagerisresponsibleforthedailyoperationandmanagementoftheCompany.TheCompanyconsistsoftheOfficeoftheBoardofDirectors,theOfficeoftheBoardofSupervisors,theDepartmentofComprehensiveAffairs,theDepartmentofSecuritiesAffairs,theDepartmentofStrategicInvestment,theDepartmentofFinance(SettlementCenter),theDepartmentofInternalControlRisk,theDepartmentofHumanResources,theDepartmentofPartyandMassWork,andtheDepartmentofDisciplineInspectionandSupervision.
OnMay6,2010,theBeijingInvestmentConsultingBranchofHainanJingliangHoldingsCo.,Ltd.(nowrenamedasHainanPearlRiverHoldingCo.,Ltd.)wasestablishedwiththeunifiedsocialcreditcodeof91110107554875351W.Address:Room5078,Building3,No.3,XijingRoad,BadachuHigh-techPark,ShijingshanDistrict,Beijing.Businessscopeincludesinvestmentconsulting,hotelinvestmentandmanagement;Purchaseandleaseofconstructionequipment;Salesofbuildingmaterials,hardware
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018andelectricalequipment,furniture,plastics,dailynecessities,leatherproducts,rubberproducts,fodder,nolongerpackagedseeds,cereals,legumes,potato,flowers,grassandornamentalplants,fertilizers,non-metallicores,metalproducts,metalores,metalmaterials,goodsimportandexport;R&Dandapplicationofhigh-techproducts.("1Withouttheapprovaloftherelevantdepartments,thefundsshallnotberaisedinpublic;2.Tradingactivitiesofsecuritiesproductsandfinancialderivativesshallnotbepubliclycarriedout;3.Loansshallnotbegranted;4.Guaranteesshallnotbeprovidedtoanyenterpriseotherthantheinvestedenterprise;5.Theinvestmentprincipalshallnotbelostortheminimumincomeshallnotbeguaranteedtotheinvestor";Theprojectsubjecttoapprovalaccordingtolawshallbeoperatedinaccordancewiththeapprovedcontentsafterobtainingtheapprovaloftherelevantdepartments.)
OnOctober22,2012,HainanPearlRiverStockCo.,Ltd.HeilongjiangBranchwasestablishedwithunifiedsocialcreditcode:
91230110598492651P.Address:No.34,NongxiaoStreet,XiangfangDistrict,HarbinCity.Businessscope:industrialinvestment,hotelinvestmentandmanagement,constructionequipmentprocurement,andeasing,indoorandoutdoordecoration,high-techprojectinvestment,computernetworkinvestment,communicationprojectinvestment,high-techproductdevelopmentandapplication,andenvironmentalprotectionprojectinvestment.(Projectssubjecttoadministrativelicenseexaminationandapprovalshallbeoperatedwiththelicense)(Projectssubjecttoapprovalbytherelevantdepartmentsshallnotbeallowedtoengageinbusinessactivitiesuntilapprovedbytherelevantdepartmentsinaccordancewiththelaw.)OnDecember9,2017,tooptimizethecapitalstructure,reduceoperatingandmanagementcostsandimprovemanagementefficiency,atthe22ndmeetingoftheeighthsessionoftheBoardofDirectorsoftheCompany,theProposalonCancellationofHeilongjiangBranchoftheCompanywasdeliberatedandadopted,andthecancellationofHeilongjiangBranchoftheCompanywasagreed,andthemanagementlayeroftheCompanywasauthorizedtogothroughrelevantcancellationformalities.InJuly2018,theCompanycompletedtheindustrialandcommercialcancellationformalitiesofHeilongjiangBranch.
(III)Approvaloffinancialstatements
ThesefinancialstatementshavebeenapprovedandreportedbytheBoardofDirectorsoftheCompanyinitsresolutiondatedMarch28,2019.
(IV)Consolidatedreportscope
Atotalof20subsidiariesoftheCompanywereincludedinthescopeofconsolidationin2018,asdetailedinNote8"InterestsinOtherEntities".TheconsolidationscopeoftheCompanyforthecurrentperiodis2morethanthatofthepreviousperiod,asdetailedinNote7,"ChangeinConsolidationScope".
II.PreparationBasisforFinancialStatements
1.PreparationBasis
TheCompany'sfinancialstatementsarepreparedonthebasisofthegoingconcernassumption,accordingtotheactualtransactionsandevents,inaccordancewiththeAccountingStandardsforBusinessEnterprisesissuedbytheMinistryofFinanceanditsapplicationguidelines,interpretationandotherrelevantprovisions(collectivelyreferredtoasthe"AccountingStandardsforBusinessEnterprises").Inaddition,theCompanyalsodisclosesrelevantfinancialinformationinaccordancewiththeChinaSecuritiesRegulatoryCommission'sRulesforthePreparationofInformationDisclosureofCompaniesthatOfferSecuritiestothe
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018PublicNo.15-GeneralProvisionsonFinancialReporting(Revisedin2014).
AccordingtotherelevantprovisionsoftheAccountingStandardsforBusinessEnterprises,theCompany'sfinancialaccountingshallbebasedontheaccrualbasis.Thesefinancialstatementsarebasedonhistoricalcost,withtheexceptionofcertainfinancialinstruments.Incaseofimpairmentofassets,thecorrespondingimpairmentprovisionshallbecalculatedandwithdrawninaccordancewithrelevantprovisions.
2.Goingconcern
ThesefinancialstatementsarepresentedonagoingconcernbasisandtheCompanyhasagoingconcerncapabilityforatleast12monthsfromtheendofthereportingperiod.
III.StatementofCompliancewithAccountingStandardsforBusinessEnterprises
ThefinancialstatementspreparedbytheCompanyconformtotherequirementsoftheAccountingStandardsforBusinessEnterprisesandreflecttruthfullyandcompletelytheconsolidationoftheCompanyandthefinancialpositionoftheparentcompanyasatDecember31,2018,theconsolidationoftheCompanyin2018,theoperatingresultsoftheparentcompany,theconsolidationandthecashflowoftheparentcompanyandotherrelevantinformation.
IV.SignificantAccountingPoliciesandAccountingEstimate
1.AccountingPeriod
TheaccountingperiodoftheCompanyisdividedintoanannualperiodandaninterimperiod.Theaccountinginterimperiodreferstothereportingperiodshorterthanafullaccountingyear.ThefiscalyearoftheCompanyadoptstheGregoriancalendaryear,thatis,fromJanuary1toDecember31ofeachyear.
2.BusinessCycle
ThenormalbusinesscycleistheperiodfromthetimetheCompanypurchasesassetsforprocessingtothetimewhencashorcashequivalentsarerealized.TheCompanyuses12monthsasanbusinesscycleandusesitasaliquidityclassificationstandardforassetsandliabilities.
3.BookkeepingStandardCurrency
TheCompanyusesRMBasthebookkeepingstandardcurrency.
RMBisthecurrencyinthemaineconomicenvironmentinwhichtheCompanyanditsdomesticsubsidiariesoperate.TheCompanyanditsdomesticsubsidiariesuseRMBasthebookkeepingstandardcurrency.TheoffshoresubsidiariesoftheCompanydetermineUSDastheirbookkeepingstandardcurrencybasedonthecurrenciesinthemaineconomicenvironmentinwhichtheyoperate.ThecurrencyusedbytheCompanyinpreparingthesefinancialstatementsisRMB.
4.TheAccountingTreatmentofBusinessCombinationundertheSameControlandDifferentControl
BusinessCombinationreferstothetransactionoreventinwhichtwoormoreseparateenterprisesaremergedtoformonereportingentity.Businesscombinationcanbedividedintobusinesscombinationunderthesamecontrolandbusinesscombinationunderdifferentcontrol.
(1)Businesscombinationunderthesamecontrol
Enterprisesparticipatinginthecombinationareultimatelycontrolledbythesamepartyormultiplepartiesbeforeandafterthecombination,andthecontrolisnottemporary,soitisthebusinesscombinationunderthesamecontrol.Incaseofbusinesscombinationunderthesamecontrol,thepartythatobtainscontrolofotherenterprisesparticipatinginthecombinationonthecombinationdateshallbethecombinationparty,andtheotherenterprisesparticipatinginthecombinationshallbethemergedparty.Thecombinationdatereferstothedateonwhichthecombinationpartyactuallyacquirescontroloverthemergedparty.
Theassetsandliabilitiesacquiredbythecombinationpartyaremeasuredatthebookvalueofthemergedpartyatthedateofconsolidation.Ifthedifferencebetweenthebookvalueofthenetassetsacquiredbythemergingpartyandthebookvalueofthemergedconsideration(orthetotalparvalueoftheissuedshares)paidbythemergingparty,andthecapitalreserve(sharecapitalpremium)shallbeadjusted;Ifthecapitalreserve(equitypremium)isinsufficienttooffset,theretainedearningsshallbeadjusted.
Thedirectexpensesincurredbythemergingpartyforthepurposeofbusinesscombinationshallbeincludedintheprofitsandlossesofthecurrentperiodwhentheyareincurred.
(2)Businesscombinationunderdifferentcontrol
Iftheenterprisesparticipatinginthemergerarenotultimatelycontrolledbythesamepartyormultiplepartiesbeforeandafterthemerger,theenterprisemergerisnotunderthesamecontrol.Incaseofbusinesscombinationunderdifferentcontrol,thepartythatobtainscontrolofotherenterprisesparticipatinginthecombinationonthedateofpurchaseshallbethePurchaser,andtheotherenterprisesparticipatinginthecombinationshallbethePurchased.PurchasedatemeansthedateonwhichthePurchaseractuallyacquirescontrolofthePurchased.
Forbusinesscombinationunderdifferentcontrol,themergercostincludestheassets,liabilitiesandfairvalueofequitysecuritiesissuedbythePurchaserinordertoobtainthecontroloverthePurchasedonthedateofpurchase,andtheintermediaryfeessuchasaudit,legalservice,appraisalandconsultationandothermanagementfeesfortheenterprisemergerareusedtorecordintotheprofitsandlossesofthecurrentperiodwhenincurred.ThetransactioncostsofequityordebtsecuritiesissuedbythePurchaserasamergerconsiderationareincludedintheinitialrecognitionamountoftheequityordebtsecurities.Contingentconsiderationinvolvedshallbeincludedintheconsolidationcostatitsfairvalueatthepurchasedate,andtheconsolidationgoodwillshallbeadjustedaccordinglyifneworfurtherevidenceoftheexistenceofcircumstancesatthepurchasedateappearswithin12monthsafterthepurchasedateandtheadjustmentorconsiderationisrequired.TheconsolidationcostincurredbythePurchaserandtheidentifiablenetassetsacquiredduringtheconsolidationaremeasuredatthefairvalueatthedateofpurchase.ThedifferencebetweenthemergercostsandthefairvaluesharesoftheidentifiablenetassetsofthePurchasedatthepurchasedateobtainedinthemergerisrecognizedasgoodwill.IfthecombinedcostislessthanthefairvalueoftheidentifiablenetassetsofthePurchasedinthemerger,first,thefairvalueoftheidentifiableassets,liabilitiesandcontingentliabilitiesofthePurchasedandthemeasurementoftheconsolidationcostshallbere-checked.IftheconsolidationcostisstillsmallerthanthefairvalueshareoftheidentifiablenetassetsofthePurchasedobtainedintheconsolidationafterthere-check,thedifferenceshallberecordedintotheprofitsandlossesofthecurrentperiod.
WhenthePurchaseracquiresthedeductibletemporarydifferenceofthePurchased,ifitfailstorecognizethedeferredincometaxassetsonthedateofpurchasebecauseitdoesnotmeettherecognitionconditionsforthedeferredincometax,andwithin12
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018monthsofthedateofpurchase,neworfurtherinformationisobtainedindicatingthattherelevantcircumstancesatthepurchasedatealreadyexistandtheeconomicbenefitsfromthetemporarydifferencedeductiblebythepurchaseronthepurchasedateareexpectedtoberealized,therelevantdeferredincometaxassetsshallberecognized,andthegoodwillshallbereduced.Ifthegoodwillisnotsufficientlyoffset,thedifferenceshallberecognizedasthecurrentprofitorloss;Inadditiontotheabovecircumstances,thedeferredincometaxassetsrelatedtotheenterprisemergerarerecognizedandincludedinthecurrentprofitsandlosses.
Throughmulti-transactionandstep-by-stepbusinesscombinationunderdifferentcontrol,accordingtotheCircularoftheMinistryofFinanceonPrintingandIssuingtheInterpretationofAccountingStandardsforBusinessEnterprisesNo.5(CK(2012)No.19)andArticle51oftheAccountingStandardsforBusinessEnterprisesNo.33-ConsolidatedFinancialStatementsonthejudgmentcriteriaof"packagedeal"(see5ofNoteIV),itisdeterminedwhetherthemultipletransactionsbelongtothe"packagedeal".Inthecaseofa"packagedeal",theaccountingtreatmentshallbeperformedwithreferencetothedescriptionintheprecedingparagraphsofthissectionandNote4,13"Long-termEquityInvestments";Ifthetransactionisnota"packagedeal",theaccountingtreatmentshallbedistinguishedbetweentheindividualfinancialstatementsandtheconsolidatedfinancialstatements:
Intheindividualfinancialstatements,thesumofthebookvalueoftheequityinvestmentheldbythePurchaserpriortothepurchasedateandthecostofthenewinvestmentatthepurchasedateshallbetakenastheinitialinvestmentcostoftheinvestment;WheretheequityofthePurchasedheldbeforethedateofpurchaseinvolvesothercomprehensiveincome,theotherconsolidatedincomeassociatedwiththeinvestmentisaccountedforonthesamebasisastheassetsorliabilitiesdirectlydisposedofbythePurchaser(i.e.,exceptforthecorrespondingshareinthechangecausedbytheacquisitionofthenetliabilityornetassetsofthedefinedbenefitplanremeasuredinaccordancewiththeequitymethod,therestistransferredtothecurrentinvestmentincome).
Intheconsolidatedfinancialstatements,theequityofthePurchasedheldpriortothedateofpurchaseisremeasuredaccordingtothefairvalueoftheequityatthedateofpurchase,andthedifferencebetweenthefairvalueandthecarryingvalueisincludedintheinvestmentincomeofthecurrentperiod;WheretheequityofthePurchasedheldbeforethedateofpurchaseinvolvesothercomprehensiveincome,otherconsolidatedincomerelatedtheretoshallbeaccountedforonthesamebasisasthedirectdisposaloftherelevantassetsorliabilitiesbythePurchaser(i.e.,exceptforthecorrespondingshareinthechangecausedbytheacquisitionofthenetliabilityornetassetofthedefinedbenefitplanremeasuredinaccordancewiththeequitymethod,therestisconvertedintotheinvestmentincomeofthecurrentperiodtowhichtheacquisitiondatebelongs).
5.PreparationMethodofConsolidatedFinancialStatement
(1)Principlesfordeterminingthescopeoftheconsolidatedfinancialstatement
Thescopeofconsolidationoftheconsolidatedfinancialstatementsisdeterminedonacontrolbasis.ControlmeansthattheCompanyhastheauthorityovertheInvestee,enjoysavariablereturnbyparticipatingintherelevantactivitiesoftheInvestee,andhastheabilitytouseitsauthorityovertheInvesteetoinfluencetheamountofsuchreturn.ThescopeofthemergerincludestheCompanyandallitssubsidiaries.SubsidiaryreferstothemainbodycontrolledbytheCompany.
TheCompanywillre-evaluatetheabovecontroldefinitionsoncetherelevantfactsandcircumstanceschange,whichresultsinthechangeoftherelevantelements.
(2)Preparationmethodofconsolidatedfinancialstatement
TheCompanybeginstoincorporatethenetassetsofthesubsidiaryandtheactualcontroloftheproductionandoperationdecisionsintothescopeofthemergerfromthedatewhenthesubsidiaryisacquired;Ceasetobeincludedinthescopeofthemergerasofthedateoflossofeffectivecontrol.Forthesubsidiariesdisposedof,theoperatingresultsandcashflowspriortothedateofdisposalhavebeenappropriatelyincludedintheconsolidatedincomestatementandconsolidatedcashflowstatement;Forsubsidiariesdisposedofinthecurrentperiod,theopeningamountoftheconsolidatedbalancesheetisnotadjusted.Theoperatingresultsandcashflowsofsubsidiariesincreasedbyconsolidationafterpurchasehavebeenproperlyincludedintheconsolidatedincomestatementandconsolidatedcashflowstatement,andtheopeningandcomparativeamountsintheconsolidatedfinancialstatementshavenotbeenadjustedforsubsidiariesthatarenotunderthesamecontrol.Theoperatingresultsandcashflowsofthesubsidiariesincreasedbyconsolidationunderthesamecontrolfromthebeginningoftheconsolidationperiodtotheconsolidationdatehavebeenappropriatelyincludedintheconsolidatedprofitstatementandconsolidatedcashflowstatement,andthecomparativeamountoftheconsolidatedfinancialstatementshasbeenadjustedatthesametime.
Inthepreparationoftheconsolidatedfinancialstatements,iftheaccountingpoliciesoraccountingperiodsadoptedbythesubsidiariesareinconsistentwiththoseadoptedbytheCompany,necessaryadjustmentsshallbemadetothefinancialstatementsofthesubsidiariesinaccordancewiththeaccountingpoliciesandaccountingperiodsoftheCompany.Forsubsidiariesacquiredthroughbusinesscombinationunderdifferentcontrol,thefinancialstatementsshallbeadjustedonthebasisofthefairvalueofidentifiablenetassetsatthedateofpurchase.
Allsignificanttransactionbalances,transactionsandunrealizedprofitswithintheCompanyareoffsetatthetimeofpreparationoftheconsolidatedfinancialstatements.
Theshareholders'equityandtheportionofthenetprofitorlossofthesubsidiarythatisnotownedbytheCompanyforthecurrentperiodareseparatelypresentedasminorityshareholders'equityandminorityshareholders'profitorlossintheconsolidatedfinancialstatementsundershareholders'equityandnetprofit.Thesharesofminorityshareholders'equityinthenetprofitsandlossesofsubsidiariesforthecurrentperiodareshownas"minorityshareholders'profitsandlosses"underthenetprofititemintheconsolidatedincomestatement.Lossessharedbyminorityshareholdersinasubsidiaryexceedtheminorityshareholders'shareintheshareholders'equityofthesubsidiaryatthebeginningoftheperiod,andstilldecreasebyanumberofshareholders'equity.
Whenthecontroloftheoriginalsubsidiaryislostduetothedisposalofpartoftheequityinvestmentorotherreasons,theresidualequityshallberevaluedaccordingtoitsfairvalueatthedateoflossofcontrol.Thesumofconsiderationobtainedfromthedisposalofequityandthefairvalueoftheremainingequityminusthedifferencebetweenthesharesofthenetassetsoftheoriginalsubsidiarythatshallbecontinuouslycalculatedfromthepurchasedateaccordingtotheoriginalshareholdingproportionshallbeincludedintheinvestmentincomeofthecurrentperiodoflossofcontrol.Othercomprehensiveincomerelatedtotheequityinvestmentoftheoriginalsubsidiary,intheeventoflossofcontrol,theaccountingtreatmentisperformedonthesamebasisasthedirectdisposaloftherelevantassetsorliabilitiesbythePurchased(i.e.convertedtocurrentinvestmentincome,exceptforchangesresultingfromthere-measurementofthenetliabilitiesornetassetsoftheDefinedBenefitPlanintheoriginalsubsidiary).Thereafter,theresidualequityshallbesubsequentlymeasuredinaccordancewiththerelevantprovisionsofAccountingStandardsforBusiness
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018EnterprisesNo.2-Long-termEquityInvestmentorAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,asdetailedinNoteIV,13-Long-termEquityInvestmentorNoteIV,9-FinancialInstruments.
IftheCompanydisposesoftheequityinvestmentinsubsidiariesstepbystepuntilitlosescontrolthroughmultipletransactions.Itisnecessarytodistinguishwhetherthetransactionsthatdisposeoftheequityinvestmentinsubsidiariesuntilitlosescontrolbelongtoapackagedealornot.Theterms,conditionsandeconomicimpactofthetransactionsforthedisposalofequityinvestmentsinsubsidiariesareinaccordancewithoneormoreofthefollowingcircumstancesandgenerallyindicatethatmultipletransactionsshouldbeaccountedforasapackagedeal:①Thesetransactionswereenteredintosimultaneouslyortakingintoaccounteachother'sinfluence;②Onlywhenthesetransactionsaretakentogethercanacompletebusinessresultbeachieved;③Theoccurrenceofonetransactiondependsontheoccurrenceofatleastoneothertransaction;④Itisnoteconomicaltoconsideratransactionalone,butitiseconomicaltoconsideritinconjunctionwithothertransactions.Fortransactionsthatarenotpartofthepackagedeal,eachtransactionshallbeaccountedforinaccordancewiththeprinciplesapplicabletothe"partialdisposaloflong-termequityinvestmentsinsubsidiarieswithoutlossofcontrol"(asdetailedin13ofNoteIV)andthe"lossofcontroloverexistingsubsidiariesasaresultofthedisposalofpartoftheequityinvestmentsorotherreasons"(asdetailedintheprecedingparagraph),asappropriate.Ifthetransactionsinvolvingthedisposalofequityinvestmentsinsubsidiariesuntilthelossofcontrolbelongtoapackagedeal,thetransactionsshallbeaccountedforasatransactioninvolvingthedisposalofsubsidiariesandthelossofcontrol;However,thedifferencebetweeneachdisposalpriceandtheshareofthesubsidiary'snetassetscorrespondingtothedisposalinvestmentpriortothelossofcontrolisrecognizedintheconsolidatedfinancialstatementsasotherconsolidatedgainsandtransferredtotheprofitorlossforthecurrentperiodoflossofcontrolintheeventoflossofcontrol.
6.ClassificationofJointVentureArrangementsandAccountingTreatmentofJointOperation
Ajointventurearrangementisanarrangementunderthejointcontroloftwoormoreparticipants.TheCompanydividesthejointventurearrangementintojointventuresandjointventuresinaccordancewiththerightsandobligationsitenjoysinthejointventurearrangement.JointoperationreferstothejointventurearrangementinwhichtheCompanyenjoystheassetsrelatedtothearrangementandassumestheliabilitiesrelatedtothearrangement.AjointventurereferstoajointventurearrangementinwhichtheCompanyonlyhasrightsoverthenetassetsofthearrangement.
TheCompany'sinvestmentinthejointventureisaccountedforusingtheequitymethod,andshallbetreatedinaccordancewiththeaccountingpolicydescribedinNoteIV,13"Long-termEquityInvestmentAccountedbytheEquityMethod".
TheCompany,asajointventureparty,recognizestheassetsandliabilitiesheldandassumedbytheCompanyseparately,andrecognizestheassetsandliabilitiesjointlyheldandassumedbytheCompanyaccordingtothesharesoftheCompany;recognizestherevenuegeneratedfromthesaleoftheshareofjointoperatingoutputenjoyedbytheCompany;recognizesrevenuegeneratedfromthesaleofoutputfromjointoperationsonthebasisoftheCompany'sshare;confirmstheexpensesincurredbytheCompanyindividuallyandtheexpensesincurredbythejointoperationaccordingtothesharesoftheCompany.
WhentheCompanyinvestsorsellsassetsasajointventure(suchassetsdonotconstitutebusiness,thesamebelow),orpurchasesassetsfromthejointventure,theCompanyrecognizesonlytheportionoftheprofitsandlossesattributabletotheotherparticipantsinthejointventurethatarisesfromthetransactionpriortothesaleofsuchassetstoathirdparty.Wheresuchassetsare
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018impairedinaccordancewiththeprovisionsofAccountingStandardsforBusinessEnterprisesNo.8-ImpairmentofAssets,theCompanyshallfullyrecognizesuchlossesinthecasewheretheassetsarecastorsoldbytheCompanytojointoperations;FortheassetspurchasedbytheCompanyfromthejointoperation,theCompanyrecognizesthelossesaccordingtothesharesitassumes.
7.DeterminingStandardsforCashandCashEquivalentCashandcashequivalentsoftheCompanyincludecashonhand,depositsthatcanbeusedforpaymentatanytime,andinvestmentsheldbytheCompanywithashortterm(usuallymaturingwithinthreemonthsfromthedateofpurchase),highliquidity,easyconversionintocashofaknownamount,andlittleriskofvaluechange.
8.ForeignCurrencyBusinessandTranslationofForeignCurrencyStatements(1)TranslationmethodforforeigncurrencytransactionAtthetimeofinitialconfirmation,theforeigncurrencytransactionsoccurringintheCompanyshallbeconvertedintothebookkeepingfunctionalcurrencyamountatthespotexchangerateonthetradingday,buttheforeigncurrencyexchangebusinessortransactionsinvolvingforeigncurrencyexchangeoccurringintheCompanyshallbeconvertedintothebookkeepingfunctionalcurrencyamountattheactualexchangerate.
(2)Translationmethodforforeigncurrencymonetaryitemsandforeigncurrencynon-monetaryitemOnthebalancesheetdate,theforeigncurrencymonetaryitemsareconvertedatthespotexchangerateonthebalancesheetdate,andtheexchangedifferencearisingtherefromshallbe:①Theexchangedifferencearisingfromthespecialforeigncurrencyborrowingsrelatedtotheacquisitionandconstructionofassetseligibleforcapitalizationshallbehandledinaccordancewiththeprincipleofcapitalizationofborrowingcosts;②Theexchangedifferenceofthehedginginstrumentsusedforeffectivehedgingofthenetinvestmentinoverseasoperations(thedifferenceisincludedinothercomprehensiveincome,andisnotrecognizedascurrentprofitorlossuntilthenetinvestmentisdisposedof);③Exceptfortheamortizedcost,theexchangedifferencesarisingfromthechangesinthebookbalanceoftheavailable-for-salemonetaryitemsinforeigncurrenciesshallbeincludedintheothercomprehensiveincome,andshallbeincludedintheprofitsandlossesofthecurrentperiod.
Wherethepreparationoftheconsolidatedfinancialstatementsinvolvesoverseasoperations,ifthereareforeigncurrencymonetaryitemsconstitutingnetinvestmentinoverseasoperations,theexchangedifferencesarisingfromexchangeratechangesshallbeincludedinothercomprehensiveincome;Whendisposingofoverseasoperations,theprofitsandlossesshallbetransferredtothecurrentdisposalperiod.
Non-monetaryitemsinforeigncurrenciesmeasuredathistoricalcostshallstillbemeasuredatthebookkeepingamountinfunctionalcurrencytranslatedatthespotexchangerateonthetransactiondate.Fornon-monetaryitemsinforeigncurrenciesmeasuredatfairvalue,thespotexchangerateatthedateoffairvaluedeterminationshallbeadoptedforconversion.Thedifferencebetweentheconvertedamountinfunctionalcurrencyandtheamountinoriginalfunctionalcurrencyshallbetreatedasthechangeinfairvalue(includingthechangeinexchangerate),andshallberecordedintotheprofitsandlossesofthecurrentperiodorrecognizedasothercomprehensiveincome.
(3)Translationmethodforfinancialstatementsinforeigncurrencies
Wherethepreparationoftheconsolidatedfinancialstatementsinvolvesoverseasoperations,ifthereareforeigncurrencymonetaryitemsconstitutingnetinvestmentinoverseasoperations,theexchangedifferencesarisingfromexchangeratechangesshallbeas"foreigncurrencyreportconversiondifference"andbeconfirmedasothercomprehensiveincome;Whendisposingofoverseasoperations,theprofitsandlossesshallbetransferredtothecurrentdisposalperiod.
TheforeigncurrencyfinancialstatementsofoverseasoperationsshallbeconvertedintoRMBstatementsinthefollowingways:
theassetsandliabilitiesinthebalancesheetshallbeconvertedatthespotexchangerateonthebalancesheetdate;Exceptfor"undistributedprofits",otheritemsofshareholders'equityshallbeconvertedatthespotexchangerateatthetimeofoccurrence.Theincomeandexpenseitemsintheprofitstatementshallbeconvertedattheaverageexchangerateofthecurrentperiodonthedateoftransaction.Theundistributedprofitatthebeginningoftheperiodshallbetheundistributedprofitattheendoftheperiodconvertedfromthepreviousyear;Theundistributedprofitsattheendoftheyearshallbecalculatedandlistedaccordingtotheconvertedprofitsdistributionitems;Thedifferencebetweentheconvertedassetitemsandthetotalamountoftheliabilityitemsandshareholders'equityitemsshallberecognizedasothercomprehensiveincomeasthetranslationdifferenceintheforeigncurrencystatements.Incaseofdisposalofoverseasoperationsandlossofcontrol,thebalanceintranslationoftheforeigncurrencystatementsrelatedtotheoverseasoperationsasshownbelowintheshareholders'equityitemsinthebalancesheetshallbetransferredtotheprofitsandlossesofthedisposalperiodinwholeorinproportiontothedisposaloftheoverseasoperations.
Cashflowsinforeigncurrenciesandcashflowsofoverseassubsidiariesshallbeconvertedattheaverageexchangerateofthecurrentperiodonthedateofoccurrenceofthecashflows.Theeffectofexchangeratechangesoncashshallbepresentedseparatelyinthestatementofcashflowsasanreconcilingitem.
Openingamountsandprior-periodactualamountsshallbeshownonthebasisofamountstranslatedfromtheprior-periodfinancialstatements.
Whendisposingofalltheowner'sequityoftheCompany'soverseasoperationsorlosingthecontroloveroverseasoperationsduetothedisposalofpartoftheequityinvestmentorforotherreasons,ifthefollowingitemsofshareholders'equityinthebalancesheetareshownbelow,thebalanceintranslationoftheforeigncurrencystatementattributabletotheowner'sequityoftheparentcompanyrelatedtotheoverseasoperationshallbetransferredtotheprofitsandlossesofthecurrentdisposalperiod.
Intheeventthattheproportionofoverseasbusinessinterestsisreducedduetothedisposalofpartoftheequityinvestmentorforotherreasons,butthecontroloveroverseasbusinessoperationsisnotlost,thebalanceinthetranslationoftheforeigncurrencystatementsrelatedtothedisposalofpartofoverseasbusinessoperationsshallbeattributedtominorityshareholders'interestsandshallnotbetransferredtotheprofitsandlossesofthecurrentperiod.Whendisposingofpartoftheequityofanoverseasoperationasanassociatedenterpriseorajointventure,thebalanceofthetranslationoftheforeigncurrencystatementsrelatedtotheoverseasoperationshallbetransferredintotheprofitsandlossesofthecurrentdisposalperiodintheproportionoftheoverseasoperationdisposedof.
9.Financialinstruments
AfinancialassetorfinancialliabilityisrecognizedwhentheCompanybecomesacontractingpartytoafinancialinstrumentcontract.Financialassetsandfinancialliabilitiesaremeasuredatfairvaluewheninitialrecognitionismadeforthem.Forfinancial
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018assetsandfinancialliabilitiesmeasuredatfairvalueandtheirchangesarerecognizedincurrentperiodprofitorloss,relatedtransactioncostshallbedirectlyrecognizedinprofitorloss.Forothertypesoffinancialassetsandfinancialliabilities,relatedtransactioncostshallberecognizedintheirinitialrecognitionamount.
(1)Methodfordeterminingfairvalueoffinancialassetsandfinancialliabilities“Fairvalue”referstothepricethatneedingtobepaidbyamarketparticipantforsellinganassetortransferaliabilityinanorderlytransactionoccurringonmeasurementdate.ThepricefrommajormarketisusedbytheCompanytomeasurethefairvalueoffinancialassetsandfinancialliabilities.Intheeventthatthereisnomajormarketforaspecificfinancialassetorfinancialliability,thepricefrommostfavorablemarketisusedtomeasurethefairvalueofthefinancialassetandfinancialliability,andthevaluationtechniquesthatareapplicableatthetimeandsufficientdataareavailableforthemtouseandcanbesupportedbyotherinformation.TheinputvalueusedinFairValueMeasurementisdividedintothreelevels,specifically,first-levelinputvalueistheunadjustedquotationforthesameassetorliabilitythatcanbeobtainedinanactivemarketonthemeasurementdate;second-levelinputvalueistheinputvaluethatcanbedirectlyorindirectlyobservedforrelatedassetorliabilityexceptforthefirst-levelinputvalue;third-levelinputvalueistheunobservableinputvalueofrelatedassetorliability.First-levelinputvalueisfirstlyusedbytheCompany,andthird-levelinputvalueisofthelowestpriority.Theleveloftheresultofafairvaluemeasurementisdeterminedbythelowestoneamongthelevelsoftheinputvaluesthataresignificanttotheoverallfairvaluemeasurement.(2)Classification,confirmationandmeasurementoffinancialassetsFinancialassetsshallbetradedinusualmodeandrecognizedandderecognizedbasedonthedatafromTransactionDate.Financialassetsareclassifiedintofinancialassetsthataremeasuredatfairvalueandtheirchangesarerecognizedincurrentperiodprofitorloss,held-to-maturityinvestments,loansandreceivables,andavailable-for-salefinancialassets.①FinancialassetsthataremeasuredatfairvalueandtheirchangesarerecognizedincurrentperiodprofitorlossIncludingtradingfinancialassetsandfinancialassetsdesignatedasbeingmeasuredatfairvalueandtheirchangesbeingrecognizedincurrentperiodprofitorlossTradingFinancialAssetreferstothefinancialassetthatsatisfiesoneofthefollowingconditions:A.Thepurposeofobtainingthefinancialassetismainlyforsaleinnearfuture;B.ItispartoftheidentifiablefinancialinstrumentportfolioforcentralizedmanagementandthereisobjectiveevidenceindicatingthattheCompanyhasrecentlyadoptedashort-termprofit-makingmethodtomanagetheportfolio;C.Itisaderivativeinstrument,exceptforaderivativethatisdesignatedasaneffectivehedginginstrument,underafinancialguaranteecontract,andassociatedwithaequityinstrumentthathasnoquotationinanactivemarket,itsfairvaluecannotbereliablymeasuredandcanonlybesettledthroughthedeliveryoftheequityinstrument.Afinancialassetthatmeetsoneofthefollowingconditionscanbedesignatedasafinancialassetthatismeasuredatfairvalueanditschangesarerecognizedincurrentperiodprofitorloss:A.Thedesignationcaneliminateorsignificantlyreducetheinconsistencyinrecognitionormeasurementofrelatedgainsorlossescausedbythedifferenceofmeasurementbasisofthefinancialasset;B.TheformalwrittendocumentsinrespecttotheCompany'sriskmanagementorinvestmentstrategyhaveexpresslystatedthatthefinancialassetportfolioortheportfoliooffinancialassetsandfinancialliabilitiestowhichthefinancialassetbelongsismanaged,evaluatedbasedonfairvalueandisreportedtokeymanagementpersonnel.Afinancialassetthatismeasuredatfairvalueanditschangesisrecognizedincurrentperiodprofitorlossshallbesubsequentlymeasuredatfairvalue.Thegainorlossarisingfromthechangesinfairvalueandthedividendandinterestassociatedwiththefinancialassetshallberecognizedinprofitorloss.②Held-to-maturityinvestmentsHeld-to-MaturityInvestmentreferstoanon-derivativefinancialassetthathasafixedmaturitydate,afixedordeterminablerecoveryamount,andtheCompanyhasaclearintentionandabilitytoholdittomaturitydate.
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018Aheld-to-maturityinvestmentshallbesubsequentlymeasuredwitheffectiveinterestmethodaccordingtoamortizedcost.Thegainsorlossesarisingfromderecognition,impairmentoramortizationshallberecognizedinprofitorloss.EffectiveInterestMethodreferstothemethodofcalculatingamortizedcostandinterestincomeorexpenseforeachinstallmentaccordingtoeffectiveinterestrateofafinancialassetorafinancialliability(includingagroupoffinancialassetsorfinancialliabilities).Theeffectiveinterestrateistheinterestrateusedtodiscountthefuturecashflowofafinancialassetorfinancialliabilityoverexpectedperiodofexistenceorinanapplicableshorterperiodtothecurrentcarryingamountofthefinancialassetorfinancialliability.Oncalculatingtheeffectiveinterestrate,thefuturecashflows(excludingfuturecreditloss)shallbeestimatedbytheCompanybasedonallcontractualtermsoffinancialassetsorfinancialliabilities.Atthesametime,variouscharges,transactionfeesanddiscountsorpremiumsthatarepaidorcollectedwillbetweencontractingpartiesoffinancialassetsandfinancialliabilitiescontractsandarepartoftheactualinterest.③LoansandreceivablesLoansandreceivablesrefertonon-derivativefinancialassetsthathavenoquotationinanactivemarketandhaveafixedordeterminablerecoveryamount.ThefinancialassetsclassifiedasloansorreceivablesbytheCompanyincludenotesreceivable,accountsreceivable,interestreceivable,dividendsreceivableandotherreceivables.Aloanorreceivableissubsequentlymeasuredwitheffectiveinterestmethodaccordingtoamortizedcost.Thegainsorlossesarisingfromderecognition,impairmentoramortizationarerecognizedinprofitorloss.④Available-for-salefinancialassetsIncludingnon-derivativefinancialassetsthataredesignatedasavailable-for-salefinancialassetsoninitialrecognition,andfinancialassetsotherthanthefinancialassetsthataremeasuredatfairvalueandtheirchangesarerecognizedincurrentperiodprofitorloss,loansandreceivables,held-to-maturityinvestments.Theendingcostofanavailable-for-saleliabilityinstrumentinvestmentshallbedeterminedwithAmortizedCostMethod,specifically,itistheamountfromdeductingimpairmentlossfromthecumulativevaluegeneratedfromamortizingwithEffectiveInterestMethodtheinitialrecognitionamounthavingrepaidprincipaldeductedplusorminusthedifferencebetweentheaforesaidinitialrecognitionamountandtheamountonmaturitydate.Theendingcostofanavailable-for-saleequityinstrumentinvestmentisitsinitialacquisitioncost.Theavailable-for-salefinancialassetsshallbesubsequentlymeasuredatfairvalue.Exceptforimpairmentlossesandtheexchangedifferenceassociatedwithamortizedcostofforeigncurrencymonetaryfinancialassetsthatshallberecognizedincurrentperiodprofitorloss,thegainsorlossesarisingfromchangesinfairvalueshallberecognizedinothercomprehensiveincome,andshallbetransferredoutandrecognizedincurrentperiodprofitorlosswhenthefinancialassetsarederecognised.However,anequityinstrumentinvestmentthathasnoquotationinanactivemarketandwhosefairvaluecannotbereliablymeasuredandderivativefinancialassetsthatareassociatedwithequityinstrumentandonlybesettledthroughthedeliveryoftheequityinstrumentshallbesubsequentlymeasuredatcost.Theinterestearnedduringtheperiodinwhichanavailable-for-salefinancialassetisheldandthecashdividendsdeclaredbyinvesteeshallbeincludedininvestmentincome.Aheld-to-maturityinvestmentshallbemeasuredatcostoramortizedcostintheeventthatholdingintentionorcapabilitychanges,orfairvaluecannolongerbereliablymeasured,ortheperiodupontheheld-to-maturityinvestment’sbeingreclassifiedasavailable-for-salefinancialassetinaccordancewithArticle16oftheAccountingStandardsforBusinessEnterprisesNo.22–
RecognitionandMeasurementofFinancialInstrumentsexceedstwofullfiscalyears,thusthefinancialassetisnolongerapplicableformeasurementatfairvalue.Onthereclassificationdate,thecostoramortizedcostofthefinancialassetshallbethefairvalueorbookvalueoftheday.
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018Ifafinancialassethasafixedmaturitydate,thegainsorlossesthatarerelatedtothefinancialassetandhavebeenrecognizedinothercomprehensiveincomeshallbeamortizedwitheffectiveinterestmethodovertheremainingtermofthefinancialassetandrecognizedincurrentperiodprofitorloss;Thedifferencebetweentheamortizedcostoftheassetandtheamountonmaturitydateshallbeamortizedwitheffectiveinterestmethodovertheremainingtermofthefinancialassetandrecognizedincurrentperiodprofitorloss.Ifafinancialassethasnofixedmaturitydate,thegainsorlossesoriginallyrecognizedinothercomprehensiveincomeshallberetainedintheshareholders'equity,andtransferredoutandrecognizedincurrentperiodprofitorlosswhenthefinancialassetisdisposed.(3)ImpairmentoffinancialassetsExceptforthefinancialassetsthataremeasuredatfairvalueandtheirchangesarerecognizedincurrentperiodprofitorloss,thebookvalueofotherfinancialassetsshallbecheckedbytheCompanyoneachthebalancesheetdate.Intheeventthatthereisobjectiveevidenceindicatingthatsomefinancialassetisimpaired,provisionforassetimpairmentshallbeaccrued.ImpairmenttestshallbecarriedbytheCompanyonfinancialassetswithsignificantsingleamount.Impairmenttestcanbeconductedonthefinancialassetshavingnosignificantsingleamountindividuallyorbyhavingthemincludedinaportfoliooffinancialassetswithsimilarcreditriskcharacteristics.Intheeventthatnoimpairmentisfoundinthefinancialassets(includingfinancialassetswithorwithoutsignificantsingleamount)thataretestedindividually,impairmenttestshallbeconductedforthefinancialassetsbyincludingtheminaportfoliooffinancialassetswithsimilarcreditriskcharacteristics.Impairmenttestwillnotbeconductedforthefinancialassetsthathavebeenconfirmedhaveimpairmentthroughindividualtestbyincludingtheminaportfoliooffinancialassetswithsimilarcreditriskcharacteristics.①Impairmentofheld-to-maturityinvestmentsandloansandreceivablesThebookvalueoffinancialassetsmeasuredatcostoramortizedcostshallbewrittendowntothepresentvalueofestimatedfuturecashflow,andthewritten-downamountshallberecognizedasanimpairmentlossandberecognizedincurrentperiodprofitorloss.Intheeventthatthereisobjectiveevidenceindicatingthatthevalueofafinancialassethasrecoveredafterrecognitionofimpairmentloss,andisobjectivelyrelatedtotheeventsoccurringaftertherecognitionofimpairmentlossofthefinancialasset,thepreviouslyrecognizedimpairmentlossshallbereversed.Thebookvalueofthefinancialassetaftertheimpairmentlossisreversedshallnotexceedtheamortizedcostofthefinancialassetonthereversaldateassumingthatnoprovisionforimpairmentlossisaccrued.②Impairmentofavailable-for-salefinancialassetsIntheeventthatithasbeendeterminedbasedoncomprehensiverelevantfactorsthatthedeclineinthefairvalueofanavailable-for-saleequityinstrumentinvestmentisaseriousdeclineornon-temporarydecline,itindicatesthatthereisimpairmentlossfortheavailable-for-saleequityinstrumentinvestment.Theaforesaid“seriousdecline”referstothesituationthatcumulativedeclineinfairvalueexceeds20%;“non-temporarydecline”referstothesituationthatthecontinuousdeclineinfairvalueexceeds12months.Thebasisfortheperiodofcontinuousdeclineis:
a.Theissuerorthedebtorhasseriousfinancialdifficulties;b.Thedebtorviolatesthetermsofcontract,suchasdefaultoroverduepaymentofinterestorprincipal;c.Thecreditormakesconcessionstothedebtorwhohasfinancialdifficultiesduetoeconomicorlegalconsiderations;d.Thedebtorislikelytoclosedownorcarryoutotherfinancialrestructurings;e.Thefinancialassetcannotbetradedfurtherinanactivemarketduetomajorfinancialdifficultiesoftheissuer;f.Itisimpossibletoidentifywhetherthecashflowofanassetinaportfoliooffinancialassetshasdecreased,butafteranoverallevaluationbasedonthepublicdata,itisfoundthattheestimatedfuturecashflowoftheportfoliooffinancialassetshasindeeddecreasedsincetheinitialconfirmationandmeasurable,suchastheincreasinglydeteriorationofdebtor’sabilitytopayfortheportfoliooffinancialassets,ortheriseofunemploymentrateofthecountryorregionwherethedebtoris,significantdeclineofthe
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018priceofcollateralintheregionwherethecollateralis,andthedownturnoftheindustryinwhichthedebtoris;g.Significantadversechangesoccurringinthetechnical,market,economicorlegalenvironmentinwhichtheissueroftheequityinstrumentoperatesarelikelytomakeequityinstrumentinvestorunabletorecoverinvestmentcost;h.Thefairvalueofequityinstrumentinvestmenthasexperiencedaseriousornon-temporarydecline;seriousdeclineornon-temporarydeclinei.Otherobjectiveevidenceindicatingthatfinancialassetsareimpaired.Intheeventofanyimpairmentlosstoanavailable-for-salefinancialasset,theaccumulatedlossesarisingfromthedeclineinthefairvalueoftheavailable-for-salefinancialassetthathasbeenrecognizedinothercomprehensiveincomeshallbetransferredoutandrecognizedincurrentprofitorloss.Thetransferred-outaccumulatedlossesshallbethebalanceoftheinitialacquisitioncostoftheassetminustherecoveredprincipalandamortizedamount,thecurrentfairvalueandtheimpairmentlosspreviouslyrecognizedinprofitorloss.Intheeventthatthereisobjectiveevidenceindicatingthatthevalueofafinancialassethasrecoveredafterrecognitionofimpairmentloss,andisobjectivelyrelatedtotheeventsoccurringaftertherecognitionofimpairmentlossofthefinancialasset,thepreviouslyrecognizedimpairmentlossshallbereversed,andthetransferredimpairmentlossoftheavailable-for-saleequityinstrumentinvestmentshallberecognizedasothercomprehensiveincome,andtheimpairmentlossoftheavailable-for-saleliabilityinstrumentshallbereversedtothecurrentprofitandloss.Anequityinstrumentinvestmentthathasnoquotationinanactivemarketanditsfairvaluecannotbereliablymeasured,oraderivativethatisassociatedwiththeequityinstrumentandcanonlybesettledthroughthedeliveryoftheequityinstrumentshallnotbereversed.(4)RecognitionbasisandmeasurementmethodoffinancialassettransferAfinancialassetthatsatisfiesoneofthefollowingconditionsshallbederecognized:①Theterminationofcontractualrighttoreceivethecashflowofthefinancialasset;②Thefinancialassethasbeentransferred,andalmostalltherisksandrewardsoftheownershipofthefinancialassetaretransferredtothetransferee;③Thefinancialassethasbeentransferred,andalthoughtheCompanyhasneithertransferrednorretainedalmostalltherisksandrewardsoftheownershipofthefinancialasset,thecontrolofthefinancialassethasbeenwaivedbytheCompany.Wherealltherisksandrewardsoftheownershipofthefinancialassetneitherhavebeentransfersnorretained,andnocontrolofthefinancialassethasbeenwaivedbytheCompany,thefinancialassetshallberecognizedaccordingtotheextentoflaterinvolvementinthetransferredfinancialasset,andrelevantliabilitiesshallberecognizedaccordingly.The“extentoflaterinvolvementinthetransferredfinancialasset”referstothelevelofriskscausedtotheCompanybythechangeinvalueofthefinancialasset.Whentheoveralltransferofafinancialassetmeetstheconditionsforderecognition,thedifferencebetweenthecarryingamountofthetransferredfinancialassetandthesumoftheconsiderationreceivedfromthetransferandtheamountofaccumulatedchangesinfairvalueoriginallyrecognizedinothercomprehensiveincomeshallberecognizedincurrentperiodprofitorloss.Ifthepartialtransferofafinancialassetmeetstheconditionsforderecognition,thebookvalueofthetransferredfinancialassetshallbeapportionedbetweenthederecognizedandthenon-derecognizedportionsbasedontheirproportioninfairvalue,andthedifferencebetweenthesumoftheconsiderationreceivedfromthetransferandtheamountofaccumulatedchangesinfairvaluethatshallbeapportionedforderecognitionandoriginallyrecognizedinothercomprehensiveincomeandtheaforesaidapportionedcarryingamountshallberecognizedincurrentperiodprofitorloss.ForafinancialassetthatissoldwithrecourseoristransferredbyendorsementbytheCompany,itshallbedeterminedwhetheralmostalltherisksandrewardsoftheownershipofthefinancialassethavebeentransferred.Thefinancialassetthatalmostalltherisksandrewardsofitsownershiphavebeentransferredtotransfereeshallbederecognized;thosealmostalltherisksandrewardsoftheirownershipareretained,shallnotbederecognized.Forthosealmostalltherisksandrewardsoftheirownershipareneither
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018transferrednorretained,whethertheCompanyhasthecontrolofthefinancialassetsshallbejudged,andaccountingtreatmenttothemshallbeconductedaccordingtotheprinciplesdescribedintheprecedingparagraphs.(5)ClassificationandmeasurementoffinancialliabilitiesFinancialliabilitiesareclassifiedintofinancialliabilitiesthataremeasuredatfairvalueandtheirchangesarerecognizedincurrentperiodprofitorlossandotherfinancialliabilitiesoninitialrecognition.Theinitialrecognitionoffinancialliabilitiesismeasuredatfairvalue.Forfinancialliabilitiesthataremeasuredatfairvalueandtheirchangesarerecognizedincurrentperiodprofitorloss,relatedtransactioncostshallbedirectlyrecognizedincurrentperiodprofitorloss.Forotherfinancialliabilities,relatedtransactioncostshallberecognizedininitialrecognitionamount.①FinancialliabilitiesthataremeasuredatfairvalueandtheirchangesarerecognizedincurrentperiodprofitorlossTheclassificationcriteriafortradingfinancialliabilitiesandfinancialliabilitiesdesignatedasbeingmeasuredatfairvalueandtheirchangesbeingrecognizedincurrentperiodprofitorlossarethesamewiththosefortradingfinancialassetsandfinancialassetsdesignatedasbeingmeasuredatfairvalueandtheirchangesbeingrecognizedincurrentperiodprofitorloss.Afinancialliabilitythatismeasuredatfairvalueanditschangesisrecognizedincurrentperiodprofitorlossshallbesubsequentlymeasuredatfairvalue.Thegainorlossarisingfromthechangesinfairvalueandthedividendandinterestassociatedwiththefinancialliabilitiesshallberecognizedinprofitorloss.②OtherfinancialliabilitiesThederivativefinancialliabilitiesthatareassociatedwithequityinstrumentthathasnoquotationinanactivemarketandwhosefairvaluecannotbereliablymeasuredandareonlysettledthroughthedeliveryoftheequityinstrumentshallbesubsequentlymeasuredatcost.Otherfinancialliabilitiesshallbesubsequentlymeasuredwitheffectiveinterestmethodaccordingtoamortizedcost,andthegainsorlossesarisingfromderecognitionoramortizationshallberecognizedinprofitorloss.③FinancialguaranteecontractFinancialguaranteecontractsthatarenotdesignatedasfinancialliabilitiesthataremeasuredatfairvalueandtheirchangesarerecognizedincurrentperiodprofitorloss,shallbeinitiallyrecognizedatfairvalue,thesubsequentmeasurementshallbemeasuredattheamountdeterminedinaccordancewiththeAccountingStandardsforBusinessEnterprisesNo.13-Contingenciesafterinitialrecognitionorthebalanceoftheinitialrecognitionamountminusaccumulatedamortizationamountdeterminedinaccordancewiththeprincipleof“AccountingStandardsforBusinessEnterprisesNo.14–Income”,whicheverislarger.(6)DerecognitionoffinancialliabilitiesAfinancialliabilityorpartofitcanbederecognizedonlyafterallorpartofitsexistingobligationhasbeendischarged.IntheeventthattheCompany(debtor)anditscreditorsignanagreementtoreplacetheexistingfinancialliabilitywithanewfinancialliability,andthecontracttermsfornewfinancialliabilityandtheexistingfinancialliabilityaresubstantiallydifferent,theexistingfinancialliabilityshallbederecognizedandthenewfinancialliabilityshallberecognizedatthesametime.Ifafinancialliabilityisderecognizedinwholeorinpart,thedifferencebetweenthecarryingamountofthederecognizedportionandtheconsiderationpaid(includingtransferrednon-cashassetsornewfinancialliabilities)shallberecognizedincurrentperiodprofitorloss.(7)DerivativesandembeddedderivativesDerivativesareinitiallymeasuredatfairvalueontheexecutiondateofrelevantcontracts,andshallbemeasuredatfairvaluesubsequently.Exceptforthederivativesthataredesignatedashedginginstrumentsandarehighlyeffectiveinhedgingwhosegainsorlossesarisingfromthechangesinfairvaluewillbedeterminedbasedonthenatureofthehedgingrelationshipinaccordancewiththerequirementsofhedgeaccounting,thechangesinfairvalueofotherderivativesshallberecognizedincurrentperiodprofitorloss.
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018Ifahybridinstrumentincludingaembeddedderivativeisnotdesignatedasfinancialassetsorfinancialliabilitiesthataremeasuredatfairvalueandtheirchangesarerecognizedincurrentperiodprofitorloss,theembeddedderivativedoesnothaveacloserelationshipwiththemaincontractintermsofeconomiccharacteristicsandrisks,andifaderivativehavingthesameconditionwithembeddedderivative,thetoolsthatexistseparatelyaredefinedbythederivatives,andtheembeddedderivativeshallbeseparatedfromthehybridinstrumentandtreatedasanindependentderivativefinancialinstrument.Ifanembeddedderivativecannotbemeasuredseparatelyatthetimeofacquisitionorsubsequentthebalancesheetdate,thehybridinstrumentshallbedesignatedasafinancialassetorfinancialliabilitythatismeasuredatfairvalueanditschangesarerecognizedincurrentperiodprofitorloss.(8)OffsetoffinancialassetsandfinancialliabilitiesWhentheCompanyhasthestatutoryrighttooffsetarecognizedfinancialassetandarecognizedfinancialliabilityandthestatutoryrightcanbeenforcedatthetime,andtheCompanyplanstosettlewithnetamountorrealizethefinancialassetandpayoffthefinancialliabilitysimultaneously,thefinancialassetandthefinancialliabilityshallbepresentedinbalancesheetwiththeoffsetamountandshallnotoffseteachother.
(9)Equityinstruments
AnequityinstrumentisacontractthatcanevidencearesidualequityintheassetsoftheCompanyafterdeductingallliabilities.TheCompany’sissuing(includingrefinancing),repurchasing,sellingandcancellingequityinstrumentsarethetreatmentofchangesinequitybytheCompany.TheCompanydoesnotrecognizethechangesinthefairvalueofequityinstruments.Thetransactioncostsassociatedwithequitytransactionsshallbedeductedfromequity.VariousdistributionsbytheCompanytoitsequityinstrumentholders(excludingstockdividends)reduceshareholders'equity.TheCompanydoesnotrecognizethechangesinthefairvalueofequityinstruments.10.AccountsreceivableReceivablesincludenotesreceivable,accountsreceivable,andotherreceivables.(1)RecognitioncriteriaforprovisionforbaddebtsTheCompanychecksthebookvalueofreceivablesonthebalancesheetdate.Ifthereisanyobjectiveevidenceindicatingthatareceivableisimpaired,provisionforimpairmentshallbeaccrued:①Debtorentity’cancellation,bankruptcy,insolvency,seriousshortageofcashflow,suspensionofproductionduetoseriousnaturaldisasters,debtscannotberepaidwithinforeseeabletime;②Debtorviolatestermsofcontract(suchasdefaultoroverduepaymentofinterestorprincipal),andthedebtor’sdelayofperformingobligationofrepayingdebtsexceed5years;③Debtorislikelytoclosedownorcarryoutotherfinancialrestructuring;④otherobjectiveevidenceindicatingimpairmentofreceivables.(2)AccrualmethodforprovisionforbaddebtsAllowancemethodisadoptedforbaddebtsthatmayoccur.Attheendoftheyear,impairmenttestiscarriedoutindividuallyorincombination.Theprovisionforbaddebtsshallbeaccruedbasedonthedifferencebetweenthepresentvalueandthebookvalueoffuturecashflow,andrecognizedincurrentprofitorloss,butprovisionforbaddebtswillnotbeaccruedforthereceivables(includingdividendsreceivable)betweenthesubsidiarieswithingroup,thepublicmaintenancefundandthehousesalesfundsdepositedinthehousingfundmanagementcenter,depositforcapitalrecognizanceanddeposits,andthepettycashonaccountcausedbyemployees’borrowings.Forreceivableswithconclusiveevidenceindicatingthattheyindeedcannotbecollected,theywillbetreatedasbaddebtsafterapprovedaccordingtotheproceduresoftheCompanyandwriteoffaccruedprovisionforbaddebts.①ConfirmationcriteriaandaccrualmethodforprovisionforbaddebtsforaccountsreceivablewithsignificantsingleamountandsingleprovisionforbaddebtsAreceivablewithanamountofmorethanRMB10millionorasingleamountreaches5%(andabove)ofrelevantitemshallberecognizedbytheCompanyasareceivablewithsignificantsingleamount.
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018ImpairmenttestisconductedbytheCompanyonthereceivableswithsignificantsingleamountindividuallyreceivableswithsignificantsingleamount.Ifthereisnoimpairmentinareceivabletestedindividually,impairmenttestshallbeconductedbyincludingthereceivableinaportfolioofreceivableswithsimilarcreditriskcharacteristics.Impairmenttestwillnotbeconductedforareceivablethatnoimpairmentlosshasbeendeterminedbyindividualtestbyincludingthereceivableinaportfolioofreceivableswithsimilarcreditriskcharacteristics.②Basisfordeterminingthereceivablesforprovisionforbaddebtsbycreditriskcombination,andaccrualmethodforbaddebtsA.BasisfordeterminingthecombinationofcreditriskcharacteristicsReceivableswithoutsignificantsingleamountorwithsignificantsingleamountbuthavingnoimpairmentinindividualtestshallbegroupedaccordingtothesimilarityandcorrelationofcreditriskcharacteristics.Thesecreditriskstypicallyreflectthedebtors'abilitytorepayallamountduebasedoncontractualtermsofassetsandarerelatedtothefuturecashflowestimatesoftheassetsundertest.Confirmationcriteriafordifferentcombinations:
Item | ConfirmationCriteriaforCombination |
AgingPortfolio | ClassifycombinationsofaccordingtotheCreditriskcharacteristicsbasedonageingofaccountsreceivable |
Receivablesbetweenfinalcontrollingpartyanditssubordinateunits | Accordingtotheaffiliationbetweenaccountsreceivableandthesubjectofthetransaction |
Publicmaintenancefundandthehousesalesfundsdepositedinthehousingfundmanagementcenter. | Accordingtothenatureofreceivable |
Deposit/SecuritydepositPortfolio | Accordingtothenatureofreceivable |
Pettycashonaccountcausedbyemployees’borrowings | Accordingtotheaffiliationbetweenaccountsreceivableandthesubjectofthetransaction |
B.AccrualmethodforprovisionforbaddebtsbasedoncombinationofcreditriskcharacteristicsWhenanimpairmenttestisconductedincombinationmode,theamountofprovisionforbaddebtsisdeterminedbasedonthestructureofportfolioofreceivablesandsimilarcreditriskcharacteristics(thedebtor’sabilitytorepayarrearsaccordingtocontractterms)accordingtohistoricallossexperience,currenteconomicconditionsandevaluationofestimatedlossthatalreadyexistsintheportfolioofreceivables.Theaccrualmethodfordifferentportfolioofprovisionforbaddebts:
Item | AccrualMethod |
AgingPortfolio | AccrualproportioncorrespondingtoagingPortfolio |
Receivablesbetweenfinalcontrollingpartyanditssubordinateunits | Provisionforbaddebtswillnotbeaccrued. |
Publicmaintenancefundandthehousesalesfundsdepositedinthehousingfundmanagementcenter. | Provisionforbaddebtswillnotbeaccrued. |
Deposit/SecuritydepositPortfolio | Provisionforbaddebtswillnotbeaccrued. |
Pettycashonaccountcausedbyemployees’borrowings | Provisionforbaddebtswillnotbeaccrued. |
a.Combinationaccrualmethodforaccruingprovisionforbaddebtswithaginganalysismethodinportfolio
Aging | AccrualProportionofNotesReceivable(%) | AccrualProportionofAccountsReceivable(%) | AccrualProportionofOtherReceivable(%) |
Within1Years(including1Years,thesamebelow) | |||
Amongwhich:WithinCreditPeriod(Within3months) | 0 | 0 | 0 |
Aging | AccrualProportionofNotesReceivable(%) | AccrualProportionofAccountsReceivable(%) | AccrualProportionofOtherReceivable(%) |
CreditPeriod~1Year | 2 | 2 | 2 |
1-2Years | 5 | 5 | 5 |
2-3Years | 20 | 20 | 20 |
3-4Years | 50 | 50 | 50 |
4-5Years | 80 | 80 | 80 |
5Yearsandover | 100 | 100 | 100 |
b.Descriptionofaccrualmethodforaccruingprovisionforbaddebtswithothermethodinportfolio
PortfolioName | AccrualProportionofNotesReceivable(%) | AccrualProportionofAccountsReceivable(%) | AccrualProportionofOtherReceivable(%) |
Receivablesbetweenfinalcontrollingpartyanditssubordinateunits | Provisionforbaddebtswillnotbeaccrued. | Provisionforbaddebtswillnotbeaccrued. | Provisionforbaddebtswillnotbeaccrued. |
Publicmaintenancefundandthehousesalesfundsdepositedinthehousingfundmanagementcenter. | Provisionforbaddebtswillnotbeaccrued. | Provisionforbaddebtswillnotbeaccrued. | Provisionforbaddebtswillnotbeaccrued. |
Deposit/SecuritydepositPortfolio | Provisionforbaddebtswillnotbeaccrued. | Provisionforbaddebtswillnotbeaccrued. | Provisionforbaddebtswillnotbeaccrued. |
Pettycashonaccountcausedbyemployees’borrowings | Provisionforbaddebtswillnotbeaccrued. | Provisionforbaddebtswillnotbeaccrued. | Provisionforbaddebtswillnotbeaccrued. |
③ReceivableswithasingleitemamountthatisnotsignificantbutthatareindividuallyprovisionedforbaddebtsTheCompanyconductsimpairmenttestseparatelyforreceivablesthatarenotsignificantinindividualamountbuthavethefollowingcharacteristics.Ifthereisobjectiveevidencethatithasbeenimpaired,thedifferencebetweenthepresentvalueoffuturecashflowsanditsbookvalueisConfirmtheimpairmentlossandmakeprovisionforbaddebts.Suchas:receivablesfromrelatedparties;receivablesthatareindisputewiththeotherpartyorinvolvelitigationorarbitration;thereareclearindicationsthatthedebtorislikelytobeunabletomeettherepaymentobligationsofthereceivables.
(3)Reversalofbaddebts
Ifthereisobjectiveevidencethatthevalueofthereceivablehasbeenrecoveredandisrelatedtotheeventsthatoccurredaftertherecognitionoftheloss,thepreviouslyrecognizedimpairmentlossisreversedandrecognizedinprofitorloss.However,thebookvalueafterthereversaldoesnotexceedtheamortizedcostofthereceivableonthereversaldate,assumingnoprovisionforimpairment.IftheCompanytransfersthereceivablestothefinancialinstitutionwithoutrecourse,thedifferencebetweenthetransactionamountandthebookvalueoftheresoldreceivablesandrelatedtaxeswillbeincludedinthecurrentprofitandloss.11.Inventory(1)ClassificationofinventoryInventoriesmainlyincluderawmaterials,turnovermaterials,developedproducts,inventorygoods,materialsintransit,commissionedprocessing,andreservetankerstorage.(2)ValuationmethodforobtainingandissuinginventoryInventoriesarevaluedatactualcostwhentheyareacquired.Inventorycostsincludepurchasecosts,processingcostsandothercosts.
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018Theyarevaluedwithweightedaveragemethodwhentheyareusedandissued.(3)ConfirmationofnetrealizablevalueofinventoriesandmethodofaccrualoffallingpricereserveNetRealizableValuereferstotheamountofestimatedsellingpriceofinventoriesminustheestimatedcosttillcompletion,estimatedexpensesforsellingactivityandrelatedtaxesandfeesindailyactivities.Whendeterminingthenetrealizablevalueofinventories,solidevidenceobtainedshallbethebasis,andthepurposeofholdingtheinventoriesandtheimpactofeventsafterthebalancesheetdateshallbeconsidered.Onthebalancesheetdate,inventoriesshallbemeasuredatcostornetrealizablevalue,whicheveristhelower.Whenthenetrealizablevalueislowerthanthecost,theprovisionforinventorydevaluationshallbeaccrued.Theprovisionforinventorydevaluationshallbeaccruedbasedonthedifferencebetweenthecostofasingleinventoryitemanditsnetrealizablevalue.Theprovisionforinventorydevaluationofalargenumberofinventorieswithlowunitpricesshallbebasedonthetypeofinventory;forinventoriesrelatedtotheproductrangeproducedandsoldinsameregion,havingthesameorsimilarenduseorpurpose,anddifficulttobeseparatedfromotheritemsformeasurement,theirprovisionforinventorydevaluationcanbecombinedandaccrued.Aftertheprovisionforinventorydevaluationisaccrued,ifthefactorscausethepreviouswritten-downinventoryvaluehavedisappeared,andthesituationresultsinthefactthatthenetrealizablevalueoftheinventorieshigherthanthebookvalue,theamountoftheprovisionforinventorydevaluationthathasbeenaccruedshallbereversedandincludedinthecurrentperiodprofitorloss.(4)TheCompanyadoptsperpetualinventorysystemasitsinventorysystem.(5)Amortizationmethodoflow-valueconsumablesandpackagingmaterialsLow-valueconsumablesareamortizedonaone-offbasis/partialamortizationmethodwhentheyareused;packagingmaterialsareamortizedonaone-offbasis/partialamortizationmethodwhentheyareused.12.Held-for-saleassetsIfthebookvalueofanon-currentassetorto-be-disposedportfolioisrecoveredbytheCompanymainlythroughsaleactivities(includingtheexchangeofnon-monetaryassetswithcommercialnature,thesamebelow),thenon-currentassetorto-be-disposedportfoliofallsintoheld-for-salecategory.Thespecificcriteria:bothofthefollowingconditionsshallbesatisfied:anon-currentassetorto-be-disposedportfoliocanbesoldimmediatelyunderthecurrentconditionsbasedonthepracticeofsellingsuchassetorto-be-disposedportfolioinsimilartransactions;theCompanyhasalreadydecidedonthesaleplanandobtainedconfirmedpurchasecommitment;thesaleisscheduledtobecompletedwithinoneyear.Amongthem,aDisposalPortfolioreferstoagroupofassetsthatwillbedisposedofasawholethroughsaleorotherapproachesinatransaction,andtheliabilitiesdirectlyassociatedwiththeseassetstransferredalongwiththeassetsintransaction.IftheportfolioofassetsorgroupofportfoliosofassetsisallocatedgoodwillacquiredinbusinessmergerinaccordancewithAccountingStandardsforBusinessEnterprisesNo.8-AssetImpairment,theDisposalPortfolioshallincludethegoodwillallocatedtoit.Intheeventthatthebookvalueofanon-currentassetorto-be-disposedportfoliothathasbeendesignatedasheld-for-salecategoryishigherthanthenetamountoffairvaluelesssalesexpenseswhenthenon-currentassetorto-be-disposedportfolioisinitiallymeasuredormeasuredonthebalancesheetdate,thebookvalueshallbetothenetamountoffairvalueminussalesexpenses,andthewritten-downamountshallberecognizedasassetimpairmentlossandincludedincurrentperiodprofitorloss.Theprovisionforimpairmentlossoftheheld-for-saleassetshallbeaccrued.ForaDisposalPortfolio,theconfirmedimpairmentlossshalldeductthebookvalueofthegoodwillintheDisposalPortfolio,thendeductthebookvalueofthenon-currentassetsdeterminedbythemeasurementonapro-ratabasisinaccordancewiththeapplicableAccountingStandardsforBusinessEnterprisesNo.42held-for-salenon-currentassets,DisposalPortfolioandTerminationofOperations(hereinafterreferredtoasthe“GuideforHeld-For-Sale”).Intheeventofanincreaseofthebookvalueoftheheld-for-saleDisposalPortfoliominussalesexpensesonthesubsequentthebalancesheetdate,theamountpreviouslywrittendownshallberecoveredandbereversedwithinthemountoftheassetimpairmentlossrecognizedinthenon-currentassetsmeasuredbythemeasurement“GuideforHeld-For-Sale”afterbeingclassifiedasheldforsaleasset,thereversalamountshallbeincludedinthecurrentperiodprofitorloss,andthebookvalueofall
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018non-currentassets(exceptforgoodwill)determinedbythemeasurementonapro-ratabasisinaccordancewiththeapplicable“GuideforHeld-For-Sale”shallbeincreasedonapro-ratabasis.Thebookvalueofthegoodwillthathasbeendeductedandtheimpairmentlossoftheassetsrecognizedbeforetheclassificationoftheheld-for-salenon-currentassetsinaccordancewiththeapplicable“GuideforHeld-For-Sale”shallnotbereversed.Intermsoftheheld-for-salenon-currentassetsornon-currentassetsinDisposalPortfolio,thereisnoaccrualoramortizationfordepreciation,andtheinterestfromandotherexpensesfromtheliabilitiesinheld-for-saleDisposalPortfolioshallstillberecognized.Whenanon-currentassetorDisposalPortfolionolongermeetstheconditionsforHeld-For-Salecategory,non-currentassetorDisposalPortfoliowillnolongerbeclassifiedasHeld-For-SalecategorybytheCompanyorthenon-currentassetwillberemovedfromtheHeld-For-SaleDisposalPortfolio,andbemeasuredbasedononeofthefollowingtwovalues,whicheverislower:(1)Thebookvaluebeforebeingclassifiedasheld-for-salecategoryadjustedbasedonthedepreciation,amortizationorimpairmentthatshouldhavebeconfirmedifitisnotclassifiedasheld-for-salecategory;(2)recoverableamount.13.Long-termequityinvestmentTheLong-TermEquityInvestmentinthissectionreferstothelong-termequityinvestmentthattheCompanyhascontrol,jointcontrolorsignificantinfluenceoverinvestees.Along-termequityinvestmentthattheCompanydoesnothavecontrol,jointcontrolorsignificantinfluenceoverinvesteeshallbeaccountedasanavailable-for-salefinancialassetorafinancialassetthatismeasuredatfairvalueanditschangesarerecognizedincurrentperiodprofitorloss.SeeSection9oftheNotes"FinancialInstruments."JointcontrolreferstothecontrolthattheCompanyshareswithotherparty/partiesforanarrangementinaccordancewithrelevantagreements,andrelevantactivitiesofthearrangementcanonlybedecidedbasedontheconsensusofallpartiessharingthecontrolrightsbeforemakingadecision.SignificantInfluencereferstopoweroftheCompanytoparticipateinthedecision-makingofthefinancialandoperatingpoliciesoftheinvestee,buttheCompanycannotcontrolorjointlycontrolthedevelopmentofthesepolicieswithotherparties.(1)DeterminationofinvestmentcostForalong-termequityinvestmentobtainedfromacombinationofbusinessesunderthesamecontrol,theapportionedshareofthebookvalueinthefinalcontroller'sconsolidatedfinancialstatementsonthecombinationdateinaccordancewiththeshareholders'equityshallbetheinitialinvestmentcostofthelong-termequityinvestment.Thecapitalreserveshallbeadjustedsubjecttothedifferencebetweentheinitialinvestmentcostofthelong-termequityinvestmentandthecashpaid,thenon-cashassetstransferred,andthebookvalueofthedebtsassumed;ifthecapitalreserveisinsufficientforoffsetting,theretainedearningsshallbeadjusted.Wheretheequitysecuritiesareissuedasmergerconsideration,theapportionedshareofthebookvalueinthefinalcontroller'sconsolidatedfinancialstatementsonthecombinationdateinaccordancewiththeshareholders'equityshallbetheinitialinvestmentcostofthelong-termequityinvestment,andthetotalparvalueoftheissuedsharesistakenasthesharecapital.Thecapitalreserveshallbeadjustedsubjecttothedifferencebetweentheinitialinvestmentcostofthelong-termequityinvestmentandthetotalparvalueofthesharesissued;ifthecapitalreserveisinsufficientforoffsetting,theretainedearningsshallbeadjusted.Wheretheequityofcombinedpartiesunderthesamecontrolisobtainedthroughmultipletransactionsandabusinesscombinationunderthesamecontrolisformedfinally,itshallbetreateddifferentiallybasedonwhetheritisa“packagedeal”:ifitbelongstoa“packagedeal”,alltransactionswillbetreatedasatransactionthatobtainscontrol.Ifitisnota“packagedeal”,theapportionedshareofthebookvalueinthefinalcontroller'sconsolidatedfinancialstatementsonthecombinationdateinaccordancewiththeshareholders'equityshallbetheinitialinvestmentcostofthelong-termequityinvestment.Thecapitalreserveshallbeadjustedsubjecttothedifferencebetweentheinitialinvestmentcostofthelong-termequityinvestmentandthesumofthebookvalueoflong-termequityinvestmentbeforecombinationdateandthebookvalueofthenewconsiderationforthenewshareonthecombinationdate.Ifthecapitalreserveisinsufficientforoffsetting,theretainedearningsshallbeadjusted.Theequityinvestmentsthatareheldpriortothecombinationdateandarerecognizedwithequityrecognizedorasavailable-for-salefinancialassetasothercomprehensiveincomewillnotbegivenaccountingtreatmentforthemoment.Foralong-termequityinvestmentobtainedfromacombinationofbusinessesnotunderthesamecontrol,theinitialinvestmentcost
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018ofthelong-termequityinvestmentshallbebasedonthecombinationcostonthepurchasedate.Thecombinationcostincludestheassetspaidbypurchaser,theliabilitiesincurredorassumed,andthesumofthefairvalueofissuedequitysecurities.Wheretheequityofcombinedpartiesnotunderthesamecontrolisobtainedthroughmultipletransactionsandabusinesscombinationunderthesamecontrolisformedfinally,itshallbetreateddifferentiallybasedonwhetheritisa“packagedeal”:ifitbelongstoa“packagedeal”,alltransactionswillbetreatedasatransactionthatobtainscontrol.Ifitisnota“packagedeal”,theinitialinvestmentcostofthelong-termequityinvestmentcalculatedbythecostmethodshallbecalculatedbasedonthesumofthebookvalueoftheequityinvestmentintheoriginalholderandthenewinvestmentcost.
Theoriginalequitythatisaccountedwithequitymethodandisrelatedtoothercomprehensiveincomewillnotbeaccountedtemporarily.Wheretheoriginalequityinvestmentisanavailable-for-salefinancialasset,thedifferencebetweenitsfairvalueandthebookvalue,andtheaccumulatedfairvaluechangespreviouslyrecognizedinothercomprehensiveincomeshallbetransferredtocurrentperiodprofitorloss.Intermediaryexpensessuchasforauditing,legalservices,assessmentandotherrelatedexpensesincurredbyacombiningpartyorapurchaserforbusinesscombinationshallberecognizedincurrentperiodprofitorlosswhenincurred.Theequityinvestmentsotherthanformedbybusinesscombinationshallbeinitiallymeasuredatcost.Thecostwillbedeterminedbasedonthefollowingamountaccordingtodifferentmethodsoftheacquisitionoflong-termequityinvestment:thepurchasepriceincashactuallypaidbytheCompany;thefairvalueoftheequitysecuritiesissuedbytheCompany,thevalueagreedinrelevantinvestmentcontractoragreement;thefairvalueororiginalbookvalueoftheassetsexchangedinnon-monetaryassetexchangetransaction;thefairvalueofthelong-termequityinvestmentitself.Anyexpenses,taxesandothernecessaryexpensesdirectlyrelatedtotheacquisitionoflong-termequityinvestmentsshallalsobeincludedinthecostofinvestment.Thecostoflong-termequityinvestmentfortheadditionalinvestmentthatcanexertsignificantinfluenceoninvesteeorimplementjointcontrolbutdoesnotconstitutecontrolshallbethesumofthefairvalueoftheoriginallyheldequityinvestmentrecognizedinaccordancewiththeAccountingStandardsforBusinessEnterprisesNo..22–RecognitionandMeasurementofFinancialInstrumentsandthecostfornewinvestment.
(2)Follow-upmeasurementandconfirmationmethodsforprofitandlossTheEquityMethodshallbeusedtoaccountforlong-termequityinvestmentsthathavejointcontrolovertheinvestedentity(exceptforthoseconstitutingjointoperators)orhavesignificantimpactontheinvestedentity.Inaddition,thecompany'sfinancialstatementsusetheCostMethodtoaccountforlong-termequityinvestments,whichcancontrolthelong-termequityinvestmentoftheinvestee.
a.Long-termequityinvestmentbasedonCostMethodWhenaccountingwithCostMethod,long-termequityinvestmentispricedattheinitialinvestmentcost,andthecostofthelong-termequityinvestmentisadjustedbyaddingorrecoveringtheinvestment.Exceptfortheactualpaymentatthetimeofobtaininginvestmentorthecashdividendsorprofitsincludedintheconsiderationbutnotyetissued,thecurrentinvestmentincomeshallberecognizedaccordingtothecashdividendsorprofitsdeclaredbytheinvestee.
b.Long-termequityinvestmentaccountedforbyEquityMethodWhenaccountingwithEquityMethod,iftheinitialinvestmentcostofalong-termequityinvestmentisgreaterthanthefairvalueshareoftheidentifiablenetassetsoftheinvesteewheninvesting,andtheinitialinvestmentcostofthelong-termequityinvestmentshallnotbeadjusted;iftheinitialinvestmentcostislessthanthefairvalueshareoftheidentifiablenetassetsoftheinvesteewheninvesting,thedifferenceshallbeincludedinthecurrentprofitandloss,andthecostofthelong-termequity
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018investmentshallbeadjusted
WhenaccountingwithEquityMethod,theinvestmentincomeandothercomprehensiveincomearerecognizedseparatelyaccordingtothesharesofthenetprofitorlossandothercomprehensiveincomethatshouldbeenjoyedorshared,andthebookvalueofthelong-termequityinvestmentshouldbeadjustedatthesametime.Thebookvalueoflong-termequityinvestmentisreducedaccordinglybycalculatingthesharethatshouldbeenjoyedaccordingtotheprofitorcashdividenddeclaredbytheinvestee.Thebookvalueoflong-termequityinvestmentshallbeadjustedandincludedinthecapitalreserveforotherchangesintheowner'srightsandinterestsoftheinvestedentityotherthanthenetprofitandloss,othercomprehensiveincomeandprofitdistribution.Whenconfirmingtheshareofthenetprofitandlossoftheinvestee,thenetprofitoftheinvesteeshallbeadjustedandconfirmedonthebasisofthefairvalueoftheidentifiableassetsoftheinvesteeatthetimeofinvestment.IftheaccountingpoliciesandperiodsadoptedbytheinvestedentityareinconsistentwiththeCompany,thefinancialstatementsoftheinvestedentityshallbeadjustedinaccordancewiththeaccountingpoliciesandperiodsoftheCompany,andtheinvestmentincomeandothercomprehensiveincomeshallbeconfirmedaccordingly.ForthetransactionsbetweentheCompanyandtheassociatesandjointventures,theassetsinvestedorsolddonotconstituteabusiness,andtheunrealizedgainsandlossesfrominternaltransactionsareoffsetagainsttheportionoftheCompanythatisattributabletotheproportionoftheshares,onthisbasis.investmentprofitandlossshouldbeconfirmed.However,theunrealizedinternaltransactionlossesincurredbytheCompanyandtheinvesteearenotincludedintheimpairmentlossesofthetransferredassets.WheretheassetsinvestedbytheCompanyintoajointventureoranassociatesconstituteabusiness,iftheinvestorobtainslong-termequityinvestmentbutdoesnotcontrol,thefairvalueoftheinvestedbusinessshallbedeemedastheinitialinvestmentcostofthenewlong-termequityinvestment,andthedifferencebetweentheinitialinvestmentcostandthebookvalueoftheinvestedbusinessisfullyrecognizedinthecurrentprofitsandlosses.IftheassetssoldbytheCompanytoajointventureoranassociatethatconstituteabusiness,thedifferencebetweentheconsiderationvalueobtainedandthebookvalueofthebusinessshallbefullyrecognizedintheprofitsandlossesofthecurrentperiod.
WheretheassetspurchasedbytheCompanyfromthejointventuresandassociatesconstituteabusiness,theaccountingtreatmentshallbecarriedoutinaccordancewiththeprovisionsofthe“AccountingStandardsforBusinessEnterprisesNo.20-MergerofEnterprises”,andtheprofitsorlossesrelatedtothetransactionsshallbefullyrecognized.
Whenconfirmingthenetlossthatincurredbytheinvesteeshouldbeshared,thebookvalueofthelong-termequityinvestmentandotherlong-termequitythatsubstantiallyconstitutesthenetinvestmentoftheinvesteearereducedtozero.Inaddition,iftheCompanyhasanobligationtobearadditionallossestotheinvestee,theestimatedliabilitiesshallberecognizedaccordingtotheestimatedobligationsandincludedinthecurrentinvestmentlosses.Iftheinvesteeachievesnetprofitinthefollowingperiod,theCompanyshallresumerecognizingtheshareofincomeaftermakingupfortheunrecognizedshareofloss.
Forthelong-termequityinvestmentinthejointventuresandassociatesheldbytheCompanyforthefirsttimebeforetheimplementationofthenewaccountingstandards,ifthereisadebitbalanceofequityinvestmentsrelatedtotheinvestment,thecurrentprofitsandlossesshallbeaccountedforbythestraight-lineamortizationoftheoriginalremainingperiod.
c.AcquisitionofMinorityEquity
Inthepreparationoftheconsolidatedfinancialstatements,ifthedifferencebetweenthelong-termequityinvestmentaddedby
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018purchasingminoritysharesandthenetassetssharethatshouldbecontinuouslycalculatedbythesubsidiarycompanyfromthepurchasedate(ortheconsolidationdate)iscalculatedaccordingtotheproportionofnewlyaddedshares,theretainedearningsshallbeadjusted;andifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted.
d.Disposaloflong-termequityinvestmentIntheconsolidatedfinancialstatements,theparentcompanypartiallyofdisposesofthelong-termequityinvestmentofthesubsidiarywithoutlosingcontrol,thedifferenceofthecorrespondingnetassetsinthesubsidiarybetweenthedisposalpriceandthedisposalofthelong-termequityinvestmentisincludedintheshareholders'equity.itshallbetreatedinaccordancewiththerelevantaccountingpoliciesdescribedin“Notesonthepreparationofconsolidatedfinancialstatements”inNoteIV.5.
Forthedisposaloflong-termequityinvestmentinothercases,thedifferencebetweenthebookvalueofthedisposedequityandtheactualacquisitionpriceshallbeincludedinthecurrentprofitsandlosses.
Ifthelong-termequityinvestmentisaccountedforbyequitymethod,theremainingequityafterdisposalisstillaccountedforbyequitymethod,whendisposing,theothercomprehensiveincomewhichwereoriginallyincludedinshareholder'srightsandinterestsshallbeaccountedforonthesamebasisastheassetsorliabilitiesdirectlydisposedofbytheinvestee.Theowner'sequityrecognizedasaresultofchangesintheowner'sequityoftheinvesteeotherthannetprofitorloss,othercomprehensiveincomeandprofitdistribution,itshouldbecarriedforwardtothecurrentprofitandloss
Forthelong-termequityinvestmentaccountedbyCostMethod,theremainingequityisstillaccountedbyCostMethodafterdisposal,othercomprehensiveincomethatrecognizedbyequitymethodaccountingorfinancialinstrumentrecognitionandmeasurementcriteriaaccountingbeforeobtainingcontrolovertheinvesteeshallbeaccountedforonthesamebasisastheassetsorliabilitiesdirectlydisposedofbytheinvestee,andshallbesettledtothecurrentprofitandlossinproportion.Changesofthenetassetsofinvesteeintheowner'sequityotherthannetprofitorloss,othercomprehensiveincomeandprofitdistribution'sthatrecognizedbyequitymethodshallbesettledtothecurrentprofitandlossinproportion.
WheretheCompanylosescontrolovertheinvesteeduetodisposalofpartofitsequityinvestment,whenpreparingindividualfinancialstatements,iftheremainingequityafterdisposalcanexercisejointcontrolorexertsignificantinfluenceontheinvestee,itshallbeaccountedforbyequitymethodinstead,andtheremainingequityshallbeadjustedbyaccountingbyequitymethodwhenitisdeemedtobeacquired.Iftheremainingequityafterdisposalcannotbejointlycontrolledorexertssignificantinfluenceontheinvestee,itshallbeaccountedforaccordingtotherelevantprovisionsofthefinancialinstrumentrecognitionandmeasurementcriteria,andthedifferencebetweenthefairvalueandthebookvalueonthedateoflossofcontrol.Itisincludedinthecurrentprofitandloss.BeforetheCompanyobtainscontrolovertheinvestee,othercomprehensiveincomerecognizedbyequitymethodaccountingorfinancialinstrumentrecognitionandmeasurementcriteriaisusedtodirectlydisposeoftherelevantassetswiththeinvestee,accountingtreatmentbasedonthesamebasisastheinvesteedirectlydisposesofrelatedassetsorliabilitieswhenthecontroloftheinvesteeislost,Accountingistreatedonthesamebasisastheliabilities.Changesintheowner'sequityotherthannetprofitorloss,othercomprehensiveincomeandprofitdistributionoftheinvestee'snetassetsrecognizedbytheequitymethodarecarriedforwardtothecurrentprofitorlosswhenthecontroloftheinvesteeislost.Amongthem,theremainingequityafterdisposalisaccountedforusingtheequitymethod.Wheretheremainingequityafterdisposalisaccountedforbyequitymethod,other
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018comprehensiveincomeandotherowner'sequityshouldbesettledbyproportion.
IftheCompanylosesitsjointcontrolorsignificantinfluenceontheinvesteeduetothedisposalofpartoftheequityinvestment,theremainingequityafterdisposalshallbeaccountedforaccordingtothefinancialinstrumentrecognitionandmeasurementcriteria,andthedifferencebetweenthefairvalueandthebookvalueonthedateoflossofjointcontrolorsignificantinfluenceisrecognisedinthecurrentprofitorloss.Theothercomprehensiveincomerecognizedintheoriginalequityinvestmentbytheequitymethodisaccountedforonthesamebasisastheinvestee'sdirectdisposalofrelatedassetsorliabilitieswhentheequitymethodisterminated,Owner'sequityrecognizedasaresultofchangesinotherowners'equityotherthannetprofitorloss,othercomprehensiveincomeandprofitdistributionoftheinvesteeshouldbetransferredtocurrentinvestmentincomewhenterminatingtheequitymethod
TheCompanydisposesoftheequityinvestmentinthesubsidiariesstepbystepthroughmultipletransactionsuntilthelossofcontrol.Iftheabove-mentionedtransactionsarepartofapackagetransaction,thetransactionsaretreatedasatransactiondealingwiththeequityinvestmentofthesubsidiaryandlosingcontrol.Thedifferencebetweenthebookvalueofeachlong-termequityinvestmentcorrespondingtothedisposalpriceandthedisposaloftheequitybeforelossofcontrolisfirstrecognizedasothercomprehensiveincome,andwhenthecontrolislost,itistransferredtothecurrentprofitandlossoflossofcontrol.
14.InvestmentRealEstate
InvestmentRealEstatereferstorealestateheldforthepurposeofearningrentorcapitalappreciation,orboth,includinglanduserightsthathavebeenleased,landuserightsthatareheldandpreparedfortransferafterappreciation,andbuildingsthathavebeenrented.Inaddition,iftheboardofdirectors(orsimilarinstitution)hasawrittenresolutiononthevacantbuildingsheldbythecompanyforthepurposeofoperatingthelease,whichisclearlystatedthatitwillbeusedforoperatingleasesandthattheintentiontoholdisnolongerchangedintheshortterm,whichisalsoreportedasaninvestmentrealestate.
Investmentrealestatesareinitiallymeasuredatcost.Subsequentexpendituresrelatedtoinvestmentrealestateareincludedinthecostofinvestmentrealestateiftheeconomicbenefitsassociatedwiththeassetarelikelytoflowinandthecostcanbereliablymeasured.Otherfollow-upexpensesarerecognizedinprofitorlossintheperiodinwhichtheyareincurred.
TheCompanyadoptsthecostmodeltoconductsubsequentmeasurementofinvestmentrealestateanddepreciationoramortizationaccordingtothepolicyconsistentwiththebuildingorlanduserights.
Fordetailsoftheimpairmenttestmethodandimpairmentprovisionmethodofrealestates,pleaserefertoNoteIV.20“Long-TermAssetImpairment”.
Whentheself-userealestateorinventoryisconvertedintoinvestmentrealestateorinvestmentrealestateisconvertedintoself-userealestate,thebookvaluebeforeconversionisusedastherecordedvalueafterconversion.
Whentheuseofinvestmentrealestateischangedtoself-use,theinvestmentrealestateisconvertedintofixedassetsorintangibleassetsfromthedateofchange.Whentheuseofself-userealestatechangestoearnrentorcapitalappreciation,thefixedassetsorintangibleassetsareconvertedintoinvestmentrealestatefromthedateofchange.Inthecaseofinvestmentrealestatemeasuredbythecostmodelwhentheconversionoccurs,thebookvaluebeforeconversionisusedastheentryvalueafterconversion;ifitisconvertedintoinvestmentrealestatemeasuredbythefairvaluemodel,thefairvalueoftheconversiondateis
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018usedastheentryvalueafterconversion.
Whenaninvestmentrealestateisdisposedof,orpermanentlywithdrawnfromuseandisnotexpectedtoobtaineconomicbenefitsfromitsdisposal,theconfirmationoftheinvestmentrealestateshallbeterminated.Disposalincomefromthesale,transfer,retirementordamageofinvestmentpropertiesischargedtothecurrentprofitandlossafterdeductingitsbookvalueandrelatedtaxesandfees.
15.FixedAssets
(1)Confirmationconditionsforfixedassets
FixedAssetsrefertotangibleassetsheldforthepurposeofproducinggoods,providinglaborservices,rentingoroperatingmanagement,andhavingaservicelifeofmorethanonefiscalyear.FixedassetsarerecognizedonlywhentheeconomicbenefitsassociatedwiththemarelikelytoflowintotheCompanyandtheircostscanbereliablymeasured.Fixedassetsareinitiallymeasuredatcostandtakingintoaccounttheimpactofprojectedabandonmentcosts.
(2)Depreciationmethodsforvarioustypesoffixedassets
Fixedassetsaredepreciatedovertheirusefullivesusingthestraight-linemethodfromthemonthfollowingthescheduledavailability.Theservicelife,estimatednetresidualvalueandannualdepreciationrateofvariousfixedassetsareasfollows:
Category | DepreciationMethod | Depreciationperiod(Year) | Residualrate(%) | Annualdepreciationrate(%) |
Buildings | straight-linedepreciation | 8-50 | 5 | 1.90-12.00 |
Electronicequipment | straight-linedepreciation | 3-10 | 4、5 | 9.50—32.00 |
Machineryequipment | straight-linedepreciation | 5-28 | 4、5 | 3.39—19.20 |
Transportequipment | straight-linedepreciation | 5-10 | 4、5 | 9.50—19.20 |
officeequipment | straight-linedepreciation | 3-10 | 4、5 | 9.50-32.00 |
Otherequipment | straight-linedepreciation | 5-28 | 4、5 | 3.39—19.20 |
Theestimatednetresidualvaluereferstotheexpectedstateaftertheestimatedusefullifeofthefixedassetshasexpiredandisattheendofitsusefullife.TheamountcurrentlyobtainedbytheCompanyfromthedisposaloftheassetsafterdeductingtheestimateddisposalexpenses.
(3)ImpairmenttestmethodandImpairmentprovisionmethodforfixedassets
FordetailsofImpairmenttestmethodandimpairmentprovisionmethodforfixedassets,pleaserefertoNoteIV.20“Long-TermAssetImpairment”.
(4)Recognitionbasisandvaluationmethodoffixedassetsacquiredbyfinancinglease
Afinanceleaseisaleasethattransferssubstantiallyalltherisksandrewardsassociatedwithownershipofanasset,anditsownershipmayormaynotbetransferred.Ifitisreasonabletodeterminetheownershipoftheleasedassetattheexpirationofthe
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018leaseterm,thedepreciationshallbecalculatedwithintheusefullifeoftheleasedasset;Ifitisnotreasonabletodeterminetheownershipoftheleasedassetattheexpirationoftheleaseterm,depreciationshallbecalculatedwithinarelativelyshortperiodoftheleasetermandtheservicelifeoftheleasedassets.
(5)Others
Thesubsequentexpensesrelatedtofixedassets,iftheeconomicbenefitsrelatedtothefixedassetsarelikelytoflowinandtheircostscanbereliablymeasured,areincludedinthecostoffixedassetsandthebookvalueofthereplacedpartshouldbeterminated.Thesubsequentexpendituresotherthanmentionedasabovearerecognizedinprofitorlossintheperiodinwhichtheyareincurred.
Thefixedassetisderecognizedwhenthefixedassetisindisposalorisnotexpectedtogenerateeconomicbenefitsbyusingordisposal.Thedifferencebetweenthedisposalincomefromthesale,transfer,retirementordamageofthefixedassetslessthecarryingamountandrelatedtaxesisrecognizedinprofitorlossforthecurrentperiod.
TheCompanyreviewstheusefullife,estimatednetresidualvalueanddepreciationmethodoffixedassetsatleastattheendoftheyear,andchangesasanaccountingestimateifchangesoccur.
16.Constructioninprogress
Thecostofconstructioninprogressisdeterminedbasedonactualprojectexpenditure,includingvariousprojectexpendituresincurredduringtheconstructionperiod,capitalizedborrowingcostsbeforetheprojectreachestheexpectedusablestatus,andotherrelatedexpenses.Constructioninprogressiscarriedforwardtofixedassetswhenitisreadyforitsintendeduse.
Fordetailsoftheimpairmenttestmethodandimpairmentprovisionmethodforconstructioninprogress,pleaserefertoNoteIV.20“Long-TermAssetImpairment”.
17.BorrowingCosts
Borrowingcostsincludeinterestonborrowings,amortizationofdiscountsorpremiums,ancillaryexpenses,andexchangedifferencesarisingfromforeigncurrencyborrowings.Borrowingcostsdirectlyattributabletotheacquisition,constructionorproductionofassetseligibleforcapitalization,capitalizationisbeganwhenassetexpenditureshaveoccurred,borrowingcostshaveoccurred,andtheacquisition,constructionorproductionactivitiesnecessarytobringtheassetstotheintendedusableorsaleablestatehavebegun.Andcapitalizationisstoppedwhentheassetsunderconstructionorproductionthatmeetthecapitalizationconditionsarereadyfortheirintendeduseorsaleablestatus.Theremainingborrowingcostsarerecognizedasanexpenseintheperiodinwhichtheyareincurred.
Theinterestexpensesactuallyincurredinthecurrentperiodofspecialborrowingsshallbecapitalizedaftersubtractingtheinterestincomefromtheunusedborrowingfundsdepositedintothebankortheinvestmentincomeobtainedfromthetemporaryinvestment.Forthegeneralborrowings,accordingtotheaccumulatedassetexpendituresexceedthespecialborrowings.Thecapitalizationamountisdeterminedbymultiplyingtheweightedaverageofwhichaccumulatedassetexpenditureexceedstheassetexpenditureofthespecialborrowingportionbythecapitalizationrateofthegeneralborrowingsused.Thecapitalizationrateisdeterminedbasedontheweightedaverageinterestrateofgeneralborrowings.
Duringthecapitalizationperiod,theexchangedifferencesofforeigncurrencyspecialborrowingsareallcapitalized;the
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018exchangedifferencesofforeigncurrencygeneralborrowingsareincludedinthecurrentprofitsandlosses.
Assetseligibleforcapitalizationrefertoassetssuchasfixedassets,investmentrealestateandinventoriesthatrequireasubstantialperiodofacquisition,constructionorproductionactivitiestoachievetheintendeduseorsalestatus.
Iftheassetseligibleforcapitalizationareinterruptedabnormallyduringtheacquisition,constructionorproductionprocessandtheinterruptionperiodlastsformorethan3months,thecapitalizationoftheborrowingcostsshallbesuspendeduntiltheacquisition,constructionorproductionoftheassetsresumes.
18.Intangibleassets
(1)Intangibleassets
Intangibleassetsrefertoidentifiablenon-monetaryassetswithoutphysicalformownedorcontrolledbytheCompany.
Intangibleassetsareinitiallymeasuredatcost.ExpenditurerelatedtointangibleassetsisincludedinthecostofintangibleassetsiftherelevanteconomicbenefitsarelikelytoflowtotheCompanyanditscostscanbemeasuredreliably.Expenditureonotheritemsotherthanthisisrecognisedinprofitorlosswhenincurred.
Theacquiredlanduserightsareusuallyaccountedforasintangibleassets.Therelatedlanduserightsandbuildingconstructioncostsofself-developedandconstructedbuildingsareaccountedforasintangibleassetsandfixedassets,respectively.Inthecaseofpurchasedhousesandbuildings,therelevantpriceisdistributedbetweenthelanduserightsandthebuildings.Ifitisdifficulttoallocatethemreasonably,allofthemaretreatedasfixedassets.
Sincetheintangibleassetswithlimitedservicelifeareavailableforuse,theoriginalvalueminustheestimatednetresidualvalueandtheaccumulatedamountofimpairmentreserveshallbeamortizedbythestraight-linemethodduringtheirexpectedservicelife.Intangibleassetswithuncertainservicelifeshallnotbeamortized.
Attheendoftheperiod,theservicelifeandamortizationmethodsofintangibleassetswithlimitedservicelifearereviewed,andifanychangeoccurs,itistreatedasachangeofaccountingestimate.Inaddition,theservicelifeofintangibleassetswithuncertainservicelifeisalsoreviewed.Ifthereisevidencethattheperiodforwhichtheintangibleassetsbringeconomicbenefitstotheenterpriseisforeseeable,theservicelifeofintangibleassetsisestimatedandamortizedaccordingtotheamortizationpolicyofintangibleassetswithlimitedservicelife.
(2)Researchanddevelopmentexpenditure
Thecompany'sexpenditureforinternalresearchanddevelopmentprojectisdividedintoresearchstageexpenditureanddevelopmentstageexpenditure.
Expendituresfortheresearchphaseshallberecognizedinprofitorlosswhenincurred.
Expendituresforthedevelopmentphasethatmeetthefollowingconditionsshallberecognizedasintangibleassets,andexpendituresinthedevelopmentstagethatfailtomeetthefollowingconditionsareincludedincurrentprofitandloss:Itisnecessarytocombinethecharacteristicsofthecompany'sinternalresearchanddevelopmentprojectstodisclosethespecificcriteriaforthedivisionoftheresearchphaseandthedevelopmentphase,aswellasthespecificconditionsforthecapitalizationofexpenditureduringthedevelopmentphase.
a.Itistechnicallyfeasibletocompletetheintangibleassettoenableittobeusedorsold;b.Theintenttocompletetheintangibleassetanduseorsellit;c.Thewayinwhichintangibleassetsgenerateeconomicbenefits,includingtheabilitytoprovethattheproductsproducedfromtheintangibleassetshavingamarketortheintangibleassetshavingamarket,andtheintangibleassetswillbeusedinternally,whichcanproveitsusefulness;
d.sufficienttechnical,financialresourcesandotherresourcesforsupportingthedevelopmentoftheintangibleassetsandtheabilitytouseorselltheintangibleassets;
e.Expenditureattributabletothedevelopmentphaseoftheintangibleassetcanbereliablymeasured.
Ifitisimpossibletodistinguishtheexpendituresbetweenintheresearchphaseandinthedevelopmentphase,alltheresearchanddevelopmentexpendituresincurredwillbeincludedinthecurrentprofitandloss.
(3)ImpairmenttestmethodandImpairmentprovisionmethodforintangibleassets
Fordetailsoftheimpairmenttestmethodandimpairmentprovisionmethod,pleaserefertoNoteIV.20“Long-TermAssetImpairment”.
.Long-termDeferredExpenses
Thelong-termdeferredexpensesareallexpensesthathaveoccurredbutshallbebornebythereportingperiodandsubsequentperiodswithamortizationperiodofmorethanoneyear.Thecompany'slong-termdeferredexpensesmainlyincludeleaseoflanduserightandrenovationcostsoffactorybuilding.Long-termdeferredexpensesareamortizedonastraight-linebasisovertheestimatedbenefitperiod.
20.Long-termassetsimpairment
Forfixedassets,constructioninprogress,intangibleassetswithlimitedusefullife,investmentrealestatemeasuredbycostmodel,andnon-currentnon-financialassetssuchaslong-termequityinvestmentsinsubsidiaries,jointventuresandassociates,theCompanydetermineswhetherthereisanyindicationofimpairmentonthebalancesheetdate.Ifthereisanyindicationofimpairment,therecoverableamountisestimatedandtheimpairmenttestiscarriedout.Goodwill,intangibleassetswithuncertainservicelifeandintangibleassetsthatnotyetreadyforusearetestedforimpairmentannually,regardlessofwhetherthereisanyindicationofimpairment.
Iftheresultoftheimpairmenttestindicatesthattherecoverableamountoftheassetislowerthanitsbookvalue,theimpairmentprovisionismadebasedonthedifferenceandisincludedintheimpairmentloss.Therecoverableamountisthehigherofthefairvalueoftheassetlessthedisposalexpenseandthepresentvalueoftheestimatedfuturecashflowoftheasset.Thefairvalueofassetsisdeterminedaccordingtothesaleagreementpriceinafairtransaction.Ifthereisnosalesagreementbutthereisanactivemarketfortheasset,thefairvalueisdeterminedaccordingtothebuyer'sbidfortheasset;ifthereisneithersalesagreementnoractivemarketforassets,thefairvalueofassetsshallbeestimatedbasedonthebestinformationavailable.Assetdisposalexpensesincludelegalfee,taxes,transportationexpensesanddirectexpensesincurredtomakeassetssaleable.Thepresentvalueofthe
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018estimatedfuturecashflowofanassetisdeterminedbytheappropriatediscountratediscountingandtheestimatedfuturecashflowgeneratedbytheassetduringitscontinuoususeandfinaldisposal.Theassetimpairmentprovisioniscalculatedandconfirmedonthebasisofindividualassets.Ifitisdifficulttoestimatetherecoverableamountofanindividualasset,therecoverableamountoftheassetisdeterminedbytheassetgroupwhichtheassetbelongsto.Anassetgroupisthesmallestportfolioofassetsthatcangeneratecashinflowsindependently.
Thebookvalueofthegoodwilllistedseparatelyinthefinancialstatementsisamortizedintoassetgroupsorportfoliosthatareexpectedtobenefitfromthesynergiesofbusinesscombinationswhenimpairmenttestsareconducted.Thetestresultsshowthattherecoverableamountoftheassetgrouporportfoliocontainingtheassessedgoodwillislowerthanitsbookvalue,thecorrespondingimpairmentlossesshouldbeconfirmed.Theamountofimpairmentlossisfirstdeductedfromthebookvalueofthegoodwillamortizedtotheassetgrouporportfolio,andthendeductedproportionallyfromthebookvalueofotherassetsaccordingtotheproportionofthebookvalueofassetsotherthangoodwillintheassetgrouporportfolio.
Oncetheaboveassetimpairmentlossisconfirmed,itwillnotbereversedtothepartwherethevalueisrestoredinthefutureperiod.
21.EmployeeCompensation
TheCompany'semployeecompensationmainlyincludesshort-termemployeeremuneration,Post-employmentBenefits,TerminationBenefitsandbenefitsforotherlong-termemployee.Amongthem:
Short-termemployeesremunerationmainlyincludeswages,bonuses,allowancesandsubsidies,employeewelfarefees,medicalinsurancepremiums,maternityinsurancepremiums,workinjuryinsurancepremiums,housingfund,laborunionfunds,employeeeducationfunds,andnon-monetarybenefits.TheCompanyrecognizestheactualshort-termemployee'sremunerationasaliabilityintheaccountingperiodinwhichemployeesprovideservicestotheCompanyandrecognizestheminprofitorlossorrelatedassetcosts.Non-monetarybenefitsaremeasuredatfairvalue.
Post-employmentBenefitsmainlyincludebasicretirementsecurity,unemploymentinsurance,andannuities.ThePost-employmentBenefitSchemeincludesaDefinedContributionPlanandaDefinedBenefitPlan.IfaDefinedContributionPlanisadopted,thecorrespondingamountofthedepositshallbeincludedintherelevantassetcostorcurrentprofitandlossasincurred.(1)TheDefinedContributionPlanisrecognizedasaliabilitybasedonafixedfeepaidtoanindependentfundandisincludedinthecurrentprofitandlossorrelatedassetcosts;(2)TheDefinedBenefitPlanisaccountedforusingtheexpectedcumulativebenefitsunitmethodSpecifically,theCompanywillconvertthewelfareobligationarisingfromtheDefinedBenefitPlanintothefinalvalueofthedeparturetimeaccordingtotheformuladeterminedbytheexpectedcumulativebenefitsunitmethod;thenitisattributedtotheemployee'sin-serviceperiodandisincludedinthecurrentprofitandlossorrelatedassetcost.
Ifthelaborrelationshipwiththeemployeeisterminatedbeforetheemployee'slaborcontractexpires,oriftheemployeeisencouragedtoacceptthereductionvoluntarily,whencannotwithdrawingunilaterallythedismissalbenefitsprovidedbytheterminationofthelaborrelationshipplanorthereductionproposal,andwhenconfirmingthecostsassociatedwiththerestructuringinvolvingthepaymentofthedismissalbenefits,whicheverisearlier,theCompanywillrecognizetheemployeecompensationliabilitiesarisingfromthedismissalbenefits,andincludedinthecurrentprofitandloss.However,ifthedismissalbenefitsarenot
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018expectedtobefullypaidwithin12monthsaftertheendofannualreportingperiod,theyshallbetreatedinaccordancewithotherlong-termemployeecompensations.
Theinternalretirementplanforemployeesshallbetreatedinthesamewayastheabove-mentioneddismissalbenefits.Thecompanywillpaytheinternalretiredstaffthesalaryandthesocialinsurancepremiumsfromtheemployee'slay-offtonormalretirement,andwillincludeinthecurrentprofitandloss(dismissalbenefits)whentheconditionsoftheestimatedliabilitiesaremet.
Iftheotherlong-termemployeebenefitsprovidedbytheCompanytotheemployeesareinlinewiththeDefinedContributionPlan,theyshallbeaccountedforDefinedContributionPlan,andotherwiseaccountedfortheDefinedBenefitPlan.
22.Estimatedliabilities
Whentheobligationsrelatedtothecontingenciesmeetthefollowingconditions,theyarerecognizedasestimatedliabilities:(1)TheobligationisthecurrentobligationassumedbytheCompany;(2)Theperformanceofthisobligationislikelytoresultintheoutflowofeconomicbenefits;(3)Theamountoftheobligationcanbereliablymeasured.
Onthebalancesheetdate,takingintoaccountfactorssuchasrisks,uncertaintiesandtimevalueofmoneyrelatedtocontingencies,theestimatedliabilitiesaremeasuredinaccordancewiththebestestimateoftheexpenditurerequiredtoperformtherelevantcurrentobligations.
Ifallorpartoftheexpensesrequiredtodischargetheestimatedliabilitiesareexpectedtobecompensatedbythethirdparty,thecompensationamountwillbeseparatelyrecognizedasanassetwhenitisbasicallydeterminedtobereceived,andtheconfirmedcompensationamountdoesnotexceedthebookvalueoftheestimatedliabilities.
(1)LossContract
Alosscontractisacontractinwhichthecostoffulfillingacontractualobligationwillinevitablyoccurmorethantheexpectedeconomicbenefit.Ifthecontracttobeexecutedbecomesalosscontract,andtheobligationarisingfromthelosscontractsatisfiestheconditionsfortherecognitionoftheabove-mentionedestimatedliabilities,theportionofthecontract'sestimatedlossthatexceedstherecognizedimpairmentloss(ifany)ofthecontractedassetisrecognizedastheestimatedliability.
(2)RestructuringObligations
Forreorganizationplansthataredetailed,formal,andhavebeenannouncedtothepublic,theamountoftheestimatedliabilitiesaredeterminedbasedonthedirectexpensesrelatedtothereorganization,subjecttotherecognitionconditionsoftheaforementionedestimatedliabilities.Fortherestructuringobligationtothepartofbusinesssold,theobligationrelatedtothereorganizationisconfirmedonlywhenthecompanypromisestosellpartofthebusiness(thatis,whenthebindingsaleagreementissigned).
23.Share-basedPayments
(1)AccountingTreatmentofShare-basedPayments
Ashare-basedpaymentisatransactionthatgrantsanequityinstrumentorassumesaliabilitydeterminedonthebasisofanequityinstrumentinordertoobtainservicesfromemployeesorotherparties.Share-basedPaymentsincludeequity-settledsharepaymentandcash-settledsharepayment.
a)Equity-settledSharePayment
Theequity-settledsharepaymentinexchangefortheservicesfromemployeeismeasuredatthefairvalueofthegrantingofemployees'equityinstrumentsatthegrantdate.Ifthefairvalueisvestedinthecompletionofthewaitingperiodofserviceorthefulfillmentoftherequiredperformanceconditions,duringthewaitingperiod,theamountofthefairvalueiscalculatedbythestraight-linemethodintotherelevantcostsorexpensesbasedonthebestestimateofthenumberofvestingequityinstruments;OrIfthevestingrightisgrantedimmediatelyafterthegrant,thecalculationoftheamountofthefairvalueisincludedintherelevantcostorexpenseonthegrantdate,andthecapitalreserveisincreasedaccordingly.
Oneachbalancesheetdateduringthewaitingperiod,theCompanymakesthebestestimatebasedonthelatestinformationonthechangesinthenumberofemployeeswithvestingrights,andcorrectsthenumberofequityinstrumentsthatareexpectedtobevested.Theimpactoftheaboveestimatesshallbeincludedinthecurrentrelatedcostsorexpenses,andthecapitalreserveisadjustedaccordingly.
Inthecaseofequity-settledshare-basedpaymentsinexchangeforotherparties'services,ifthefairvalueofotherparties'servicescanbereliablymeasured,thefairvalueofotherservicesshallbemeasuredatthefairvalueonthedateofacquisition;Ifthefairvalueoftheotherparty'sservicescannotbemeasuredreliably,thefairvalueshallbemeasuredatthefairvalueoftheequityinstrumentatthedatetheserviceisacquired,andisincludedintherelevantcostorexpense,whichincreasestheshareholders'equityaccordingly.
Whenthefairvalueoftheequityinstrumentisnotmeasuredreliably,itismeasuredattheintrinsicvalueoftheequityinstrumentatthedateofserviceacquisition,eachsubsequentbalancesheetdateandthesettlementdate.
b)Cash-settledSharePayment
Thecash-settledsharepaymentismeasuredatthefairvalueoftheliabilitiesdeterminedbytheCompanybasedonsharesorotherequityinstruments.Ifthevestingrightisavailableimmediatelyafterthegrant,therelevantcostsorexpensesshallbeincludedonthedateofgrant,andtheliabilitiesshallbeincreasedaccordingly;ifvestingrightisavailableaftertheserviceiscompletedwithinthewaitingperiodormettherequiredperformanceconditions,basedonthebestestimateofthevestingrightsoneachbalancesheetdateofthewaitingperiod,accordingtothefairvalueoftheliabilitiesassumedbythecompany,theservicesobtainedinthecurrentperiodareincludedinthecostorexpense,andtheliabilitiesareincreasedaccordingly.
Thefairvalueoftheliabilitiesshallbere-measuredoneachbalancesheetdateandsettlementdatebeforethesettlementoftherelevantliabilities,andthechangesshallberecordedintheprofitsandlossesofthecurrentperiod.
(2)RelevantAccountingTreatmentofshare-basedpaymentplan’smodificationandtermination
WhentheCompanymodifiestheshare-basedpaymentplan,ifthemodificationincreasesthefairvalueoftheequityinstrumentsgranted,theincreaseinthefairvalueoftheequityinstrumentsisrecognizedaccordingly.Theincreaseinthefairvalueofequityinstrumentsreferstothedifferencebetweenthefairvalueoftheequityinstrumentsbeforeandafterthemodification.Ifthemodificationreducesthetotalfairvalueoftheshare-basedpaymentoradoptsothermethodsthatarenotconducivetotheemployee,theserviceobtainedshallcontinuetobeaccountedfor,asifthechangehasneveroccurred,unlesstheCompanycancelssomeorallofequityinstruments.
Duringthewaitingperiod,ifthegrantedequityinstrumentiscancelled,theCompanywillcancelthegrantedequityinstrumentasanacceleratedexercise,andtheamounttoberecognizedintheremainingwaitingperiodwillbeimmediatelyincludedinthecurrentprofitandloss,andthecapitalreservewillberecognized.Iftheemployeeorotherpartycanchoosetomeetthenon-vestingconditionsbutfailstomeetthewaitingperiod,theCompanywilltreatitasacancellationoftheequityinstrument.
(3)AccountingTreatmentofSharePaymentTransactionsbetweentheCompanyanditsShareholdersorActualControllers
Inrespectoftheshare-basedpaymenttransactionbetweenthecompanyandtheshareholdersoractualcontrollersofthecompany,Ifoneofthesettlemententerpriseandtheservicereceivingenterpriseisinthecompanyandtheotherisoutsidethecompany,itshallbeaccountedforintheconsolidatedfinancialstatementsofthecompanyaccordingtothefollowingprovisions:
a.)Ifthesettlemententerprisesettleswithitsownequityinstrument,theshare-basedpaymenttransactionshallbetreatedasequity-settledshare-basedpayment;otherwise,itshallbetreatedasacash-settledshare-basedpayment.
Ifthesettlemententerpriseisaninvestorofaservicedenterprise,itshallberecognizedasthelong-termequityinvestmentoftheservicedenterpriseaccordingtothefairvalueoftheequityinstrumentatthegrantdateorthefairvalueoftheliabilitytobeassumed,andthecapitalreserve(othercapitalreserve)orliabilitiesshallberecognized..
b.)Iftheservicedenterprisehasnosettlementobligationorgrantsitsownemployeestheequityinstruments,thesharepaymenttransactionshallbetreatedasequity-settledsharepayment;iftheservicedenterprisehassettlementobligationandgrantsitsemployeesotherthanitsownequityinstruments,thesharepaymenttransactionshallbetreatedasacash-settledsharepayment.
24.PreferredStock,PerpetualCapitalSecuritiesandOtherFinancialInstruments
(1)DistinctionbetweenperpetualcapitalsecuritiesandPreferredStock
FinancialinstrumentssuchasperpetualbondsandpreferredstocksissuedbytheCompany,aswellasmeetingthefollowingconditions,shallbeusedasequityinstruments:
a.)Thefinancialinstrumentdoesnotincludecontractualobligationstodelivercashorotherfinancialassetstootherpartiesortoexchangefinancialassetsorfinancialliabilitieswithotherpartiesunderpotentiallyadverseconditions;
b.)Inthecaseofthefinancialinstrumentistobesettledoravailablewiththecompany'sownequityinstrumentsinthefuture,ifthefinancialinstrumentisanon-derivative,itdoesnotincludethecontractualobligationtodeliveravariableamountofitsownequityinstruments;ifitisaderivative,theCompanycanonlysettlethefinancialinstrumentbyexchangingafixedamountofcashorotherfinancialassetswithafixedamountofitsownequityinstruments.
Exceptforfinancialinstrumentsthatcanbeclassifiedundertheaboveconditions,otherfinancialinstrumentsissuedbytheCompanyshouldbeclassifiedasfinancialliabilities.
IfthefinancialinstrumentsissuedbytheCompanyarecompoundfinancialinstruments,theyarerecognizedasaliabilitybasedonthefairvalueoftheliabilitycomponent,andarerecognizedas“otherequityinstruments”basedontheamountactuallyreceivedafterdeductingthefairvalueoftheliabilitycomponent.Thetransactioncostsincurredinissuingacompoundfinancialinstrumentareapportionedinproportiontotheirrespectivetotalissuepricebetweentheliabilitycomponentandtheequitycomponent.
(1)Accountingtreatmentmethodssuchasperpetualcapitalsecuritiesandpreferredstocks
Relatedinterest,dividends,gainsorlossesoffinancialinstrumentssuchasperpetualcapitalsecuritiesandpreferredstocksclassifiedasfinancialliabilities,andgainsorlossesarisingfromredemptionorrefinancing,areincludedinthecurrentprofitsandlossesexceptforborrowingcoststhatmeetthecapitalizationconditions(seeNote4,17“BorrowingFees”).Whenfinancialinstrumentssuchasperpetualcapitalsecuritiesandpreferredstocksclassifiedasequityinstrumentsareissued(includingrefinancing),repurchased,soldorcancelled,theCompanyshalltreatitasachangeinequity,andrelatedtransactioncostsarealsodeductedfromequity.TheCompany'sallocationofequityinstrumentholdersistreatedasprofitdistribution.
TheCompanydoesnotrecognizechangesinthefairvalueofequityinstruments.
25.Revenue
(1)CommoditySalesRevenue
Whenthemainrisksandrewardsofcommodityownershipistransferredtothebuyerwithoutretainingthecontinuingmanagementrightsusuallyassociatedwiththeownershipandwithouteffectivelycontrollingofthesoldcommodity,iftheamountofrevenuecanbereliablymeasured,andtherelevanteconomicbenefitsarelikelyflowintoenterpriseandtherelevantcostsincurredorwillincurredcanbereliablymeasuredthesalesrevenueofcommoditiesshallbeconfirmed.
ThespecificprinciplesfortheconfirmationoftheCompany'ssalesrevenueareasfollows:a.)WholesaleBusiness:Whenthecommodityhavebeendeliveredtothecustomerandconfirmedbythecustomer,andtheCompanyhasalreadyreceivedthepaymentorhasobtainedtheproofofrequestforpayment,thesalesrevenueshallbeconfirmed;b.)RetailBusiness:Whenthepaymenthasbeenreceivedandthegoodshavebeendeliveredtothecustomer,thesalesrevenueshallbeconfirmed.
(2)Incomefromlaborservices
Inthecasetheresultsofthelaborservicetransactioncanbereliablyestimated,thelaborincomeprovidedisconfirmedonthebalancesheetdateaccordingtothepercentageofcompletionmethod.Thecompletionprogressofthelabortransactionisdeterminedbytheratioofthecompletedworkortheproportionofthelaborserviceprovidedtothetotallaborservice,orbytheratiooflaborcostsincurredtotheestimatedtotalcost.
Reliableestimatesofresultsofthelabortransactionsprovidedmeanthatitcanbesimultaneouslymet:
a.)Theamountofincomecanbemeasuredreliably.
b.)Relevanteconomicbenefitsarelikelytoflowintotheenterprise;
c.)Thedegreeofcompletionofthetransactioncanbedeterminedreliably;
d.)Thecoststhathaveoccurredandwilloccurinthetransactioncanbemeasuredreliably.
Thespecificprinciplesforthecompany'sprocessingservicerevenuerecognitionareasfollows:a.)ProcessingBusinesswithincomingmaterials(receivingprocessingfee):Theprocessingfeeincomeisconfirmedwhentherelevantgoodsareprocessedanddeliveredtothecustomer,andtheprocessingfeeortherelevantprocessingfeeisreceived.
Iftheresultoftheservicetransactioncannotbemeasuredreliably,theserviceincomeprovidedwillbeconfirmedaccordingtotheamountoftheservicecostthathasoccurredandisexpectedtobecompensated,andtheservicecostthathasoccurredwillberecognizedasthecurrentcost.Incomeshallbenotrecognizediftheincurredlaborcostsarenotexpectedtobecompensated.
WhenthecontractoragreementsignedbytheCompanywithotherenterprisesincludesthesaleofcommodityandtheprovisionoflaborservices,ifthesalesofcommodityandtheprovisionoflaborservicescanbedistinguishedandseparatelymeasured,thesalesofcommodityandtheprovisionoflaborservicesshallbehandledseparately;Ifthesalesofcommodityandthelaborservicepartcannotbedistinguished,orifitcanbedistinguishedbutcannotbeseparatelymeasured,thecontractshallbealltreatedasthesalesofcommodity.
(3)Revenuefromchargeforuse
Revenueshallberecognizedonanaccrualbasisinaccordancewiththerelevantcontractoragreement.
(4)Interestincome
Interestincomeshallbecalculatedaccordingtothetimeandactualinterestrateoftheuseofthecompany'smonetaryfundsbyothers.
26.Governmentsubsidies
Governmentsubsidyreferstothecompany'sacquisitionofmonetaryandnon-monetaryassetsfromthegovernmentfreeofcharge,excludingthecapitalinvestedbythegovernmentasaninvestorandenjoyingthecorrespondingowner'srightsandinterests.Governmentsubsidiesincludeassets-relatedsubsidiesandrevenue-relatedsubsidies.Thecompanydefinesthegovernmentsubsidyobtainedforthepurchaseandconstructionoflong-termassetsorfortheformationoflong-termassetsinotherwaysasthegovernmentsubsidyrelatedtoassets;theremaininggovernmentsubsidyisdefinedasthegovernmentsubsidyrelatedtoincome.Iftheobjectofsubsidiesisnotspecifiedingovernmentdocuments,thesubsidiesshallbedividedintoincome-relatedgovernmentsubsidiesandassets-relatedgovernmentsubsidiesinthefollowingways:(1)Ifthegovernmentdocumentclarifiesthespecificprojectforwhichthesubsidyistargeted,theproportionoftheexpenditureamountoftheassetstobeformedandtheamountoftheexpendituresincludedintheexpensesinthebudgetofthespecificprojectaredivided,andtheproportionofsubsidydivisionneedstobereviewedoneachbalancesheetdayandchangedifnecessary.(2)Ingovernmentdocuments,ifthepurposeisexpressedonlyingeneraltermsandnospecificprojectisspecified,thesubsidyshallberegardedasagovernmentsubsidyrelatedtotheincome.Whereagovernmentsubsidyisamonetaryasset,itshallbemeasuredaccordingtotheamountreceivedorreceivable.Ifthegovernmentsubsidiesarenon-monetaryassets,theyshallbemeasuredatthefairvalue;ifthefairvaluecannotbeobtainedreliably,theyshallbemeasuredatthenominalamount.Governmentsubsidiesmeasuredinnominalamountsshallberecognizeddirectlyincurrentprofitsandlosses.
TheCompanyusuallyconfirmsandmeasuresthegovernmentsubsidyaccordingtotheamountwhenitisactuallyreceived.However,ifthereisconclusiveevidenceattheendoftheperiodthattherelevantconditionsstipulatedinthefinancialsupportpolicycanbemetandthefinancialsupportfundsareexpectedtobereceived,itshallbemeasuredaccordingtotheamountreceivable.Governmentsubsidiesmeasuredinaccordancewiththeamountreceivableshallmeetthefollowingconditionsatthesametime:(1)Theamountofthesubventionreceivablehasbeenconfirmedbytheauthorizedgovernmentdepartments,orcanbereasonablycalculatedaccordingtotherelevantprovisionsoftheformallyissuedfinancialfundmanagementmeasures,andthereisnosignificantuncertaintyintheamountexpected;(2)Accordingtothe"RegulationsontheOpennessofGovernmentInformation"thatthelocalfinancialdepartmentofficiallyreleasedandinaccordancewiththeprovisionsofthe"RegulationsontheOpennessof
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018GovernmentInformation,"thefinancialsupportprojectanditsfinancialfundmanagementmeasuresshouldbeinclusive(anyeligibleenterprisecanapplyforthem),ratherthanbeingspecificallytailoredtospecificcompanies;(3)Therelevantsubsidyapprovalhasclearlypromisedthepaymentperiod,andtheallocationofthepaymentisguaranteedbythecorrespondingbudget,soitcanbereasonablyensurethatitcanbereceivedwithintheprescribedtimelimit;(4)Otherrelevantconditions(ifany)tobemetinaccordancewiththespecificcircumstancesoftheCompanyandthesubsidies.
Governmentsubsidiesrelatedtoassetsarerecognizedasdeferredearningsandaredividedintocurrentprofitsandlossesinareasonableandsystematicwayduringtheservicelifeoftheassetsconcerned.Thegovernmentsubsidiesrelatedtorevenue,whichareusedtocompensatefortherelatedcostorlossinthesubsequentperiod,shallberecognizedasdeferredincome,andshallberecognizedinprofitorlossintheperiodinwhichtherelatedcostsorlossesarerecognized;ifitisusedtocompensatetherelatedcostsorlossesthathasoccurred,itshallbedirectlyrecognizedinthecurrentprofitandloss.
Itincludesgovernmentsubsidiesrelatedtobothassetsandincome,anddifferentpartsareseparatelyclassifiedforaccountingtreatment;ifitisdifficulttodistinguish,thewholeisclassifiedasgovernmentsubsidiesrelatedtoincome.
GovernmentgrantsrelatedtothedailyactivitiesoftheCompanyshallbeincludedinotherincomeorcostdeductionsaccordingtothenatureoftheeconomicbusiness;governmentsubsidiesunrelatedtodailyactivitiesshallbeincludedinthenon-operatingrevenuesandexpenses.
Whentherecognizedgovernmentsubsidiesneedtobereturned,iftherearerelevantdeferredearningsbalances,thebookbalanceofrelateddeferredearningsshallbededucted,andtheexcesspartshallbeincludedinthecurrentprofitsandlossesorthebookvalueofassetsshallbeadjusted(thegovernmentsubsidiesrelatedtoassetswhicharedeductedfromthebookvalueofrelevantassetsatthetimeofinitialconfirmation);otherwise,thebookvalueofassetsshallbedirectlyincludedinthecurrentprofitsandlosses.
27.DeferredIncomeTaxAssets/DeferredIncomeTaxLiabilities
(1)CurrentIncomeTax
Onthebalancesheetdate,thecurrentincometaxliabilities(orassets)formedinthecurrentandpreviousperiodsaremeasuredbytheexpectedamountofincometaxpayable(orreturned)inaccordancewiththeprovisionsoftheTaxLaw.Theamountoftaxableincomeonwhichcurrentincometaxexpensesarecalculatedisbasedonthecorrespondingadjustmentofpre-taxaccountingprofitsinthereportingperiodinaccordancewiththerelevanttaxlaws.
(2)DeferredIncomeTaxAssetsandDeferredIncomeTaxLiabilities
Thedifferencebetweenthebookvalueofcertainassetsandliabilitiesandtheirtaxbasis,andthetemporarydifferencebetweenthebookvalueofitemsthatarenotrecognizedasassetsandliabilitiesbutwhichcanbedeterminedastheirtaxbasisaccordingtothetaxlaw,areconfirmedbythebalancesheetliabilitymethod.
Taxabletemporarydifferenceswhichrelatedtotheinitialrecognitionofgoodwillandtheinitialrecognitionofanassetorliabilityarisingfromatransactionthatisneitherabusinesscombinationnoranaccountingprofitortaxableincome(ordeductibleloss),relevantdeferredincometaxliabilitiesshallnotberecognized.Inaddition,fortaxabletemporarydifferencesrelatedto
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018investmentsinsubsidiaries,associatesandjointventures,iftheCompanyisabletocontroltheturnaroundtimeoftemporarydifferences,andthetemporarydifferenceisunlikelytobereversedintheforeseeablefuture,therelateddeferredincometaxliabilitiesshallnotberecognized.Exceptfortheaboveexceptions,theCompanyrecognizesallotherdeferredincometaxliabilitiesarisingfromtaxabletemporarydifferences.
Taxabletemporarydifferenceswhichrelatedtotheinitialrecognitionofanassetorliabilityarisingfromatransactionthatisneitherabusinesscombinationnoranaccountingprofitortaxableincome(ordeductibleloss),relevantdeferredincometaxliabilitiesshallnotberecognized.Inaddition,fortaxabletemporarydifferencesrelatedtoinvestmentsinsubsidiaries,associatesandjointventures,ifthetemporarydifferenceisunlikelytobereversedintheforeseeablefuture,ortheamountoftaxableincomeusedtooffsetthetemporarydifferenceisunlikelytobeobtainedinthefuture,thedeferredincometaxassetsconcernedshallnotberecognized.Exceptfortheaboveexceptions,theCompanyrecognizesotherdeferredincometaxassetsthatcanoffsettemporarydifferences,subjecttotheamountoftaxableincomethatislikelytobeobtainedtooffsettemporarydifferences.
Fordeductiblelossesandtaxcreditsthatcanbecarriedforwardinsubsequentyears,thecorrespondingdeferredincometaxassetsarerecognizedtotheextentthatitisprobablethatthefuturetaxableincomeshallbeusedtooffsetthedeductiblelossesandtaxcredits..
Onthebalancesheetdate,thedeferredincometaxassetsanddeferredincometaxliabilitiesshallbemeasuredattheapplicabletaxratesintheperiodinwhichtherelatedassetsarerecoveredortherelatedliabilitiesarerecoveredinaccordancewiththetaxlaws.
Onthebalancesheetdate,thebookvalueofdeferredincometaxassetsisreviewed.andthebookvalueofdeferredincometaxassetsiswrittendownifitislikelythatsufficienttaxableincomewillnotbeavailabletooffsetthebenefitsofdeferredincometaxassetsinthefuture.Whenitispossibletoobtainsufficienttaxableincome,theamountwrittendownshallbereversed.
(3)Incometaxexpenses
Incometaxexpensesincludecurrentincometaxanddeferredincometax.
Inadditiontorecognizingthatthecurrentincometaxanddeferredincometaxrelatedtoothertransactionsandmattersdirectlyincludedinshareholder'srightsandinterestsshallberecognizedinothercomprehensiveincomeorshareholder'srightsandinterests,andthebookvalueofadjustedgoodwillfromdeferredincometaxresultingfromthemergerofenterprises,theothercurrentincometaxanddeferredincometaxexpensesorgainsshallberecognizedinprofitorlossforthecurrentperiod.
(4)OffsetofIncomeTax
Whenthecompanyhaslegalrightstosettleonanetbasis,andintendstosettleonanetbasisoracquireassetsandpayoffliabilitiesatthesametime,thecompany'scurrentincometaxassetsandcurrentincometaxliabilitiesshallbepresentedonanetbasisaftertheoffset.
Whenithasthelegalrighttosettlecurrentincometaxassetsandcurrentincometaxliabilitiesonanetbasis,anddeferredincometaxassetsanddeferredincometaxliabilitiesarerelatedtotheincometaxleviedbythesametaxadministrationdepartmentonthesametaxpayerortodifferenttaxpayers,butinthefuture,duringeachimportantperiodofdeferredincometaxassetsandliabilitiesbeingreversed,thetaxpayerinvolvedintendstosettlethecurrentincometaxassetsandliabilitiesonanetbasis,oracquire
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018assetsandpayoffliabilitiessimultaneously,thedeferredtheincometaxassetsanddeferredincometaxliabilitiesoftheCompanyshallbepresentedonanetbasisafteroffset.
28.LeaseFinancialleaseisaleasethatessentiallytransfersallrisksandrewardsrelatedtotheownershipofassets.Itsownershipmayormaynotbetransferredeventually.Leasesotherthanfinancialleasesareoperatingleases.
(1)TheCompanyrecordsandoperatestheleasingbusinessasalessee.Rentalexpensesforoperatingleasesshallbeincludedintherelatedassetcostsorcurrentprofitsandlossesinthestraightlinemethodduringeachperiodoftheleaseperiod.Theinitialdirectcostsshallbeincludedinthecurrentprofitsandlosses.Contingentrentalsshallberecognizedinprofitsandlosseswhenincurred.
(2)Thecompanyrecordsandoperatestheleasingbusinessasalessor.Therentalincomeofoperatingleaseshallberecognizedascurrentprofitandlossaccordingtothestraightlinemethodduringeachperiodoftheleaseperiod.Thelargerinitialdirectexpensesarecapitalizedwhenoccurring,andtheprofitsandlossesofthecurrentperiodshallberecordedinstagesonthesamebasisastherecognizedrentalincomeduringthewholeleaseperiod;thesmallerinitialdirectexpensesshallberecordedintheprofitsandlossesofthecurrentperiodwhenoccurring.Contingentrentalsshallbeincludedincurrentprofitsandlosseswhenactuallyoccurring.
(3)ThecompanyrecordsfinancialleasingbusinessasalesseeAtthebeginningoftheleaseperiod,thelowerofthefairvalueoftheleasedassetsandthepresentvalueoftheminimumleasepaymentontheleasestartdateisregardedastheentryvalueoftheleasedassets,andthelowestleasepaymentshallberegardedastheentryvalueofthelong-termpayables,andthedifferenceshallberegardedastheunrecognizedfinancingcost.Inaddition,theinitialdirectcostsattributabletotheleaseprojectshallalsobeincludedinthevalueoftheleasedassetswhentheyoccurduringtheleasenegotiationandthesigningoftheleasecontract.Thebalanceoftheminimumleasepaymentafterdeductingtheunrecognizedfinancingcostsshallbepresentedaslong-termliabilitiesandlong-termliabilitiesduewithinoneyear,respectively.
Theunrecognizedfinancingcostshallbecalculatedbytherealinterestratemethodduringtheleaseperiod.Contingentrentalsshallbeincludedincurrentprofitsandlosseswhenactuallyoccurring.
(4)Thecompanyrecordsfinancialleasingbusinessasalessor
Atthebeginningoftheleaseperiod,thesumoftheminimumleasereceiptandtheinitialdirectcostontheleasestartdateisregardedastheentryvalueofthefinancialleasereceivable,andtheunsecuredbalanceshallberecorded.Thedifferencebetweenthesumoftheminimumleasereceivable,theinitialdirectcostandtheunsecuredbalanceandthesumofitspresentvalueisrecognizedastheunrealizedfinancingincome.Thebalanceofthereceivablefinancialleaseafterdeductingtheunrealizedfinancialincomeshallbepresentedaslong-termclaimsandlong-termclaimsmaturingwithinoneyear,respectively.
Theunrealizedfinancingincomeshallbecalculatedandconfirmedbytherealinterestratemethodduringtheleaseperiod.Contingentrentalsshallberecognizedincurrentprofitsandlosseswhenactuallyoccurring.
29.OtherImportantAccountingPoliciesandAccountingEstimates
(1)TerminationofBusiness
TerminationofbusinessoperationsreferstothosecomponentswhichhavebeendisposedoforclassifiedbytheCompanyasholdingforsaleandwhichcanbeseparatelydistinguishedintheoperationandpreparationoffinancialstatementsifoneofthefollowingconditionsissatisfied:a.)Thecomponentrepresentsanindependentmajorbusinessoramajorbusinessarea;b.)Thecomponentispartofadisposalplanforanindependentmajorbusinessoramajorbusinessarea;c.)Thecomponentisasubsidiarycompanyacquiredsolelyforresale.
(2)HedgingAccounting
Inordertoavoidcommoditypriceriskinspotoperation,thecompanydesignatescommodityfuturescontractsashedgingtoolstomeettheprescribedconditionsofcommodityfutureshedging.SinceJanuary1,2016,thecompanyadoptsthefollowinghedgingaccountingmethodsstipulatedin“InterimProvisionsontheAccountingTreatmentofCommodityFuturesHedgingBusiness”(CaiKuai[2015]No.18)todealwithsuchbusiness,andtheaforementionedhedgeaccountingmethodsarenolongerappliedtosuchbusinesses.
ThehedgingoftheCompanyisfairvaluehedging.
Atthebeginningofthehedging,theCompanyspecifiesthehedgingrelationshipinwriting,includingrecords:Therelationshipbetweenhedgingtoolsandhedgeditems,aswellasriskmanagementobjectivesandhedgingstrategies;thenatureandquantityofhedgeditems;thenatureandquantityofhedginginstruments;thenatureandidentificationofhedgedrisks;Hedgingtype(fairvaluehedgingorcashflowhedging);Theevaluationofhedgingeffectivenessincludestheanalysisoftheeconomicrelationshipbetweenhedgeditemsandhedginginstruments,thehedgingratioandthesourceofhedginginefficiency.Startspecifyingthedateofthehedgingrelationship,etc..Inaddition,whensignificantchangesoccuronthebalancesheetdateorrelatedcircumstanceswillaffecttherequirementofhedgingeffectiveness,thecompanywillevaluatetheexistinghedgingrelationshiptodeterminewhetherthehedgingrelationshipshouldbeterminatedorwhetherthenumberofdesignatedhedgeditemsorhedginginstrumentsshouldbeadjustedtomaintainthehedgingratio(i.e.rebalancing)thatmeetstherequirementofhedgingeffectiveness.
Ifduetothechangeofriskmanagementobjectives,thecompanycannolongerspecifytheestablishedhedgingrelationship,orthehedgingtoolisclosedordeliveredatmaturity,ortheriskexposureofthehedgingprojectdisappears,orifthehedgingrelationshipnolongermeetstheapplicationconditionsofhedgingaccountingafterconsideringrebalancing,thehedgingrelationshipwillbeterminated.
a.)FairValueHedging
Forfairvaluehedging,duringthedurationofthehedgingrelationship,theCompanytakesintoaccounttheprofitsorlossesresultingfromthechangesinthefairvalueofhedginginstrumentsinthecurrentprofitsandlosses.Ifthehedgeditemisinstock,duringthedurationofthehedgingrelationship,theCompanywillincludethechangesinthefairvalueofthehedgediteminthecurrentprofitsandlosses,andadjustthebookvalueofthehedgeditem.Ifthehedgeditemisadefinitecommitment,theaccumulatedfairvaluechangeofthehedgeditemafterthehedgingrelationshipisdesignatedshallberecognizedasanassetorliability,andshallbeincludedintheprofitsandlossesofeachrelevantperiod.
Whenthehedgingrelationshipterminates,ifthehedgeditemisinstock,thecompanytransfersthebookvalueofthehedgeditemintothecostofsalewhentheinventoryissold;ifthehedgeditemisadefinitecommitmenttopurchasecommodities,thecompanywilltransfertheassetsorliabilitiesformedbythechangeoftheaccumulatedfairvalueofthehedgeditemintotheinitialcostofinventorywhenconfirmingtherelevantinventory;Ifthehedgeditemisthedefinitecommitmentofthesellingcommodity,thecompanywilltransfertheassetsorliabilitiesformedbythechangeoftheaccumulatedfairvalueofthehedgeditemintothesalesrevenuewhenthesaleisrealized.
30.ChangesinImportantAccountingPoliciesandAccountingEstimates
(1)ChangesofAccountingPolicy
ContentsandCausesofAccountingPolicyChange | proceduresforexaminationandapproval | Remarks |
Duetotheimplementationof“NoticeoftheMinistryofFinanceonRevisingandIssuingtheFormatofFinancialStatementsofGeneralEnterprises”(CaiKuai[2018]No.15),theformatofenterprisefinancialstatementswasrevised,theformatoffinancialstatementswaschangedaccordingly,andthecomparativedataduringthecomparableperiodwasadjusted. | —— | Theitemsaffectedinthe2017financialstatementsaredetailedinothernotes. |
Notes:
TheCompanyadoptstheretrospectiveadjustmentmethodtotheaccountingpolicychange,whichhasthefollowingmainimpactonthefinancialstatementpresentationitemsin2017:
PresentationItemsin2017FinancialStatement | Amount | PresentationItemsin2018FinancialStatement | Amount |
NotesReceivable | NotesReceivableandAccountsReceivable | 75,165,127.11 | |
AccountsReceivable | 75,165,127.11 | ||
InterestReceivable | 2,657,591.11 | NotesReceivableandAccountsReceivable | 75,722,139.87 |
DividendReceivable | |||
OtherReceivables | 73,064,548.76 | ||
FixedAssets | 1,333,410,146.38 | FixedAssets | 1,333,410,146.38 |
LiquidationofFixedAssets | |||
ConstructioninProgress | 12,737,673.01 | ConstructioninProgress | 12,737,673.01 |
EngineeringMaterials | |||
NotesPayable | 83,154,229.20 | NotesPayableandAccountsPayable | 400,693,157.47 |
AccountsPayable | 317,538,928.27 | ||
InterestPayable | 86,064,211.31 | OtherAccountsPayable | 541,399,822.67 |
DividendsPayable | 3,397,317.01 | ||
OtherAccountsPayable | 451,938,294.35 | ||
Long-TermAccountsPayable | 801,625.20 | Long-termAccountsPayable | 801,625.20 |
SpecialAccountsPayable | |||
ManagementCost | 236,344,350.73 | ManagementCost | 232,950,762.23 |
R&DExpenses | 3,393,588.50 |
(2)Changesinaccountingestimates
Thecompanyhasnochangesinaccountingestimatesthisyear.31.MajorAccountingJudgmentandEstimationIntheprocessofapplyingaccountingpolicies,duetotheinherentuncertaintyofbusinessactivities,theCompanyneedstojudge,estimateandassumethebookvalueofstatementitemsthatcannotbeaccuratelymeasured.Thesejudgments,estimatesandassumptionsarebasedonthepastexperienceofthecompany'smanagementandarebasedonotherrelevantfactors.Thesejudgments,estimatesandassumptionsaffectthereportedamountsofincome,expenses,assetsandliabilitiesandthedisclosureofcontingentliabilitiesonthebalancesheetdate.However,theuncertaintiesintheseestimatesmayleadtoactualresultsthataredifferentfromthecurrentestimatesofthecompany'smanagement,whichmayleadtosignificantadjustmentsinthebookvalueoffutureassetsorliabilitiesaffected.
Thecompanyperiodicallyreviewstheforegoingjudgments,estimatesandassumptionsonthebasisofcontinuousoperation,andthechangesinaccountingestimatesonlyaffectthecurrentperiodofchange,andthenumberofimpactswillbeconfirmedinthecurrentperiodofchange.Ifthechangesaffectboththecurrentperiodandthefutureperiods,thenumberofimpactswillbeconfirmedinthecurrentandfutureperiodsofchange.
Onthebalancesheetdate,theimportantareasinwhichthecompanyneedstojudge,estimateandassumetheamountsofitemsinthefinancialstatementsareasfollows:
(1)ReserveforInventoryDepreciation
Inaccordancewiththeinventoryaccountingpolicy,theCompanycalculatesaccordingtothelowerofcostandnetrealizablevalue,andcalculatesthereservefordepreciationofinventorypricefortheoldandunsalableinventorywhosecostishigherthannetrealizablevalue.Inventoryimpairmenttonetrealizablevalueisbasedonassessingthesalabilityofinventoryanditsnetrealizablevalue.Appraisalofinventoryimpairmentrequiresmanagementtomakejudgmentsandestimatesonthebasisofobtainingconclusiveevidence,takingintoaccountthepurposeofholdinginventoryandtheimpactofeventsafterthebalancesheetdate.Thediscrepancybetweentheactualresultsandtheoriginalestimateswillaffectthebookvalueoftheinventoryandtheprovisionforinventorydepreciationorreversalduringtheestimatedperiodofchange.
(2)FairValueofFinancialInstruments
Forfinancialinstrumentsthatdonothaveactivetradingmarkets,theCompanydeterminestheirfairvaluethroughvariousvaluationmethods.Thesevaluationmethodsincludediscountedcashflowmodelanalysisandsoon.Whenvaluating,theCompanyneedstoestimatefuturecashflow,creditrisk,marketvolatilityandcorrelation,andselectappropriatediscountrate.Theseassumptionsareuncertain,andtheirchangeswillaffectthefairvalueoffinancialinstruments.
(3)DepreciationandAmortization
Afterconsideringtheresidualvalueofinvestmentrealestate,fixedassetsandintangibleassets,theCompanyshalldepreciateandamortizetheminastraightlinemethodduringtheirservicelife.Thecompanyregularlyreviewstheservicelifetodeterminetheamountofdepreciationandamortizationchargesincludedineachreportingperiod.Theservicelifeofthecompanyisdeterminedonthebasisofpreviousexperienceofsimilarassetsandcombinedwithanticipatedtechnologicalupdates.Ifsignificantchangesin
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018previousestimatesoccur,depreciationandamortizationcostswillbeadjustedinthefuture.
(4)DeferredIncomeTaxAssets
Withinthelimitwherethereislikelytobesufficienttaxableprofitstooffsetlosses,theCompanyrecognizesdeferredincometaxassetsforallunusedtaxlosses.ThisrequirestheCompany'smanagementtousealargenumberofjudgmentstoestimatethetimeandamountoffuturetaxableprofits,combinedwithtaxplanningstrategy,todeterminetheamountofdeferredincometaxassetsthatshouldberecognized.
(5)IncomeTax
Inournormalbusinessactivities,therearesomeuncertaintiesinthefinaltaxtreatmentandcalculationofsometransactions.Whethersomeprojectscanbepaidbeforetaxneedstheapprovalofthecompetenttaxauthorities.Ifthereisadifferencebetweenthefinalresultofthesetaxitemsandtheinitialestimatedamount,thedifferencewillaffectthecurrentincometaxanddeferredincometaxinthefinalperiod.
(6)FairValueMeasurement
CertainassetsandliabilitiesoftheCompanyaremeasuredatfairvalueinthefinancialstatements.TheboardofdirectorsoftheCompanyhasestablishedaValuationCommittee(whichisheadedbythechieffinancialofficeroftheCompany)todetermineappropriatevaluationtechniquesandinputvaluesforfairvaluemeasurement.Whenestimatingthefairvalueofanassetorliability,theCompanyusesavailableobservablemarketdata.Iftheinputvalueofthefirstlevelisnotavailable,theCompanywillemployathird-partyqualifiedevaluatortocarryouttheevaluation.TheValuationCommitteeworkscloselywithqualifiedexternalevaluatorstodetermineappropriatevaluationtechniquesandinputvaluesforrelevantmodels.TheCFOreportsquarterlytotheboardofdirectorsthefindingsoftheValuationCommitteetoexplainthereasonsforthefluctuationsinthefairvalueoftheassetsandliabilitiesinvolved.InformationonvaluationtechniquesandinputvaluesusedindeterminingthefairvalueofvariousassetsandliabilitiesisdisclosedinNoteⅩ.
Section5.Taxes1.MainTaxesandTaxRates
Types | TaxBasis | TaxRate |
ValueAddedTax | Afterdeductingtheallowableamountofinputtaxdeductedinthecurrentperiod,thedifferencebetweenthesalesofgoods,taxableservicesandtaxableservicesincomecalculatedinaccordancewiththeprovisionsoftheTaxLawisthetaxablevalue-addedtax. | 3%、5%、6%、10%、11%、13%、16%、17% |
UrbanMaintenance&ConstructionTax | Accordingtotheactualvalue-addedtax | 7% |
extrachargesofeducationfunds | Accordingtovalueaddedtaxandconsumptiontaxonthebasisofactualpayment | 3% |
LocalExtraChargesofEducationFunds | Accordingtovalueaddedtaxandconsumptiontaxonthebasisofactualpayment | 2% |
BusinessIncomeTaxes | Accordingtotaxableincome | 10%、15%、17%、25% |
PropertyTax | Accordingto70%oforiginalvalueoftherealestate(orrentalincome)asthetaxbase;accordingtotheoriginalvalueoftherealestatededucted30%atatime. | 1.2%、8%、12% |
Types | TaxBasis | TaxRate |
LandValueIncrementTax | AccordingtoRealEstatesIncome;Accordingtothetransferofrealestateamountofsimplelevylevy | 1.5%、5% |
Notesontaxpayersofdifferententerpriseincometaxrates:
TaxPayers | IncomeTaxRate |
LinanChunManYuanAgriculturalDevelopmentCo.,Ltd. | 10% |
Jingliang(Singapore)InternationalTradeCo.,Ltd. | 17% |
BeijingGuchuanBreadFoodCo.,Ltd. | 15% |
2.TaxPreferencesandApprovalDocumentsHangzhouLinanLittleAngelFoodCo.,Ltd.,a4
th
tiersubsidiarycompanyoftheCompany,isawelfareenterprise.Itenjoysthe
preferentialVATpolicyofimmediaterefunduponpaymentof35,000yuanperpersonperyearforPromotingtheEmploymentofDisabledPersonsin2015andApril2016.SinceMay2016,ithasenjoyedthepreferentialVATpolicyofimmediaterefunduponpaymentinPreferentialValue-AddedTaxPoliciesforPromotingtheEmploymentofDisabledPersons(CaiShui[2016]No.52).InaccordancewiththerelevantprovisionsofMinistryofFinanceandStateAdministrationofTaxation“NoticeonPreferentialEnterpriseIncomeTaxPoliciesforEmploymentofPersonswithDisabilities”(CaiShui[2009]No.70),HangzhouLinanLittleAngelFoodCo.,Ltd.,a4
th
tiersubsidiarycompanyoftheCompany:Whereanenterpriseemployspersonswithdisabilities,onthebasisofdeductionaccordingtothewagespaidtothedisabledworkers,itmaydeducttheamountoftaxableincomeaccordingto100%ofthewagespaidtothedisabledworkers.
AccordingtotheannouncementofZhejiangProvincialTaxBureau(No.8,2014),HangzhouLinanLittleAngelFoodCo.,Ltd.,a4
th
subsidiarycompanyoftheCompany,canenjoythepreferentialpolicyofreducingtheurbanlandusetaxbyanannualquotaof2,000yuanperpersonfortheaveragenumberofactualresettlement,andthemaximumamountofreductionistheurbanlandusetaxpayablebytheunitinthecurrentyear.
Jingliang(Singapore)InternationalTradeCo.,Ltd.,a3
rd
tiersubsidiaryoftheCompany,leviestaxesontheprincipleofterritoriality.ForthesubsidiarynewlyestablishedinSingaporean,duringthefirstconsecutivethreeaudityear,canenjoythefirstthree-yeargovernmenttaxexemptionplan.Singapore'staxexemptionplanisasfollows:thefirstSGD100,000ofannualincomeandthefirstSGD100,000:taxrateof0.PartsofSGD100,001to300,000:taxrate8.5%.Over$300,000attaxrate17%.
BeijingGuchuanBread&FoodCo.,Ltd.,a3
rd
tiersubsidiaryoftheCompany,isahigh-techenterprise.OnNovember30,2018,itobtainedthecertificateofhigh-techenterpriseandthecertificatenumberGR201811007245.Itisvalidforthreeyears.Itenjoysthepreferentialtaxpolicyofpayingenterpriseincometaxatthe15%taxrateaccordingtotherelevantprovisionsofboth“LawofthePeople'sRepublicofChinaonTaxCollectionandAdministration”and“RulesfortheImplementationoftheTaxCollectionandAdministrationLawofthePeople'sRepublicofChina”.Thecompanylevel4subsidiaryJingliang(Hebei)OilIndustryCo.,Ltd.,accordingtothefinancialdepartmentdocuments,local
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018taxationbureauinhebeiprovince,hebeiprovincedocumentjicaishui[2016]no.74"aboutpartsreservecommodityannouncementconcerningthetaxpolicy,accountingbooksshallbeexemptfromstampdutyforfunds,toundertakebusinessbookstandintheprocessofbuyingandsellingcontractcommodityreservesshallbeexemptfromstampduty,otherpartiesinthecontractshouldpaythestampdutyshallalsobesubjecttoduty-paymentaccordingtotheparties.Propertytaxandlandusetaxofcitiesandtownsshallbeexemptedfromthepropertytaxandlandusetaxofcitiesandtownsthatundertakethebusinessofcommodityreservefortheirownuse.ThenoticewillbeexecutedonJanuary1,2016,solstice,andDecember31,2018.
Jingliang(Hebei)OilIndustryCo.,Ltd.,a4
th
subsidiarycompanyoftheCompany,exemptsthesaleofediblevegetableoilstoredbythegovernmentfromVATaccordingto“NoticeoftheMinistryofFinanceandtheStateAdministrationofTaxationontheLevyandExemptionofValueAddedTaxforFoodEnterprises”(CaiShui[1999]No.198)
Thecompanylevel3subsidiaryBeijingdayweikanggreaseDiaoXiaocenterco.,LTD.,accordingtothenationaltaxadministrationoftheministryoffinance,thenoticeaboutfoodenterprisesexemptedfromVATtaxword(1999),article5,198,responsibleforcollectionandstorageofgrainpurchaseandsaleofstate-ownedgrainenterprisesandbusinessduty-freeitemslistedinthenoticeofotherfoodbusiness,andgovernmentreservesediblevegetableoilsalesenterprises,whichshouldbeexaminedbythecompetenttaxauthoritiesdeemedtax-exemptstatus,notreportedtothecompetenttaxauthoritieswheretheauditdeterminedthatnoexemption,FromJune1,2017toDecember31,1999,thecompanywillexemptediblevegetableoilstoredbythegovernmentfromVAT.
Section6.NotesonItemsinConsolidatedFinancialStatements
Thefollowingannotateditems(includingannotationsofmajoritemsinthecompany'sfinancialstatements)refertoJanuary1,2018atthebeginningoftheyear,December31,2018attheendoftheperiod,2018atthecurrentperiodand2017atthelastperiod,unlessotherwisespecified.1.Monetaryfunds
Items | EndingBalance | BeginningBalance |
CashinTreasury | 46,418.17 | 119,766.22 |
BankDeposits | 794,705,225.28 | 937,214,125.42 |
OtherCurrencyFunds | 130,118,373.33 | 77,104,771.79 |
Total | 924,870,016.78 | 1,014,438,663.43 |
Amongthem:thetotalamountofmoneydepositedabroad |
Therestrictedmonetaryfundsareasfollows:
Items | EndingBalance | BeginningBalance |
PeriodicDepositReceipts(managementexpectstoholdtomaturity) | 57,000,000.00 | |
Total | 57,000,000.00 |
Note:Thelimitedmoneyfundattheendoftheperiodis57,000,000.00yuan,seeSection6,52fordetails.
HainanJingliangHoldingsCo.,Ltd.AnnualReport20182.DerivativeFinancialAssets
Items | EndingBalance | BeginningBalance |
FuturesContracts | 71,260,414.60 | 176,699,298.60 |
Total | 71,260,414.60 | 176,699,298.60 |
Note:
(1)Inordertoavoidcommoditypriceriskinspotoperation,theCompanydesignatescommodityfuturescontractsashedginginstrumentstomeettheprescribedconditions.SinceJanuary1,2016,theCompanyhasadoptedthehedgingaccountingmethodstipulatedintheInterimProvisionsforAccountingProcessingofCommodityFuturesHedgingBusiness(CaiKuai[2015]No.18).(2)Thecompany'sderivativefinancialassetsaresoybeanoil,palmoil,vegetableoilandsoybeanmealfuturescontractspurchasedbysubsidiariesofthethirdandfourthtier.3.NotesReceivableandAccountsReceivable
Items | EndingBalance | BeginningBalance |
NotesReceivable | ||
AccountsReceivable | 97,775,710.11 | 75,165,127.11 |
Total | 97,775,710.11 | 75,165,127.11 |
(1)AccountsReceivable
a.)ClassifiedDisclosureofAccountsReceivable
Type(s) | EndingBalance | ||||
BookBalance | BadDebtProvision | BookValue | |||
Amount | Ratio(%) | Amount | ProvisionRatio(%) | ||
Receivableswithsignificantindividualamountsandseparateprovisionforbaddebts | |||||
AccountsReceivableforBadDebtProvisionBasedonCreditRiskCharacteristicPortfolio | |||||
Portfolio1-Age-basedaccountsreceivable | 94,766,012.02 | 446,302.71 | 94,319,709.31 | ||
Portfolio2-RelatedPartyAccountsReceivable | 3,456,000.80 | 3,456,000.80 | |||
PortfolioTotal | 98,222,012.82 | 99.57 | 446,302.71 | 0.45 | 97,775,710.11 |
Receivableswithminoramountsbutseparateprovisionforbaddebts | 420,575.29 | 0.43 | 420,575.29 | 100.00 | |
Total | 98,642,588.11 | 100.00 | 866,878.00 | — | 97,775,710.11 |
(Continued)
Type(s) | BeginningBalance | ||||
BookBalance | BadDebtProvision | BookValue | |||
Amount | Ratio(%) | Amount | ProvisionRatio(%) | ||
Receivableswithsignificantindividualamountsandseparateprovisionforbaddebts | |||||
AccountsReceivableforBadDebtProvisionBasedonCreditRiskCharacteristicPortfolio |
Portfolio1-Age-basedaccountsreceivable | 72,814,580.29 | 482,408.18 | 72,332,172.11 | ||
Portfolio2-RelatedPartyAccountsReceivable | 2,832,955.00 | 2,832,955.00 | |||
PortfolioTotal | 75,647,535.29 | 99.45 | 482,408.18 | 0.64 | 75,165,127.11 |
Receivableswithminoramountsbutseparateprovisionforbaddebts | 420,575.29 | 0.55 | 420,575.29 | 100.00 | |
Total | 76,068,110.58 | 100.00 | 902,983.47 | — | 75,165,127.11 |
A.Inportfolio,AccountsReceivablewithprovisionforbaddebtsiscalculatedbyageanalysismethod
Aging | EndingBalance | ||
AccountsReceivable | BadDebtProvision | ProvisionRatio(%) | |
Within1Year | |||
Amongthem:withinthecreditperiod | 82,537,774.17 | 0 | |
CreditPeriod-1year(including1year) | 6,840,738.97 | 136,814.78 | 2 |
1to2years | 5,264,078.88 | 263,203.93 | 5 |
2to3years | 51,420.00 | 10,284.00 | 20 |
3to4years | 72,000.00 | 36,000.00 | 50 |
4to5years | 80 | ||
Morethan5years | 100 | ||
Total | 94,766,012.02 | 446,302.71 | — |
(Continued)
Aging | BeginningBalance | ||
AccountsReceivable | BadDebtProvision | ProvisionRatio(%) | |
Within1Year | |||
Amongthem:withinthecreditperiod | 63,757,518.38 | 0 | |
CreditPeriod-1year(including1year) | 8,010,976.05 | 160,219.52 | 2 |
1to2years | 534,198.10 | 26,709.91 | 5 |
2to3years | 167,345.26 | 33,469.05 | 20 |
3to4years | 107,802.00 | 53,901.00 | 50 |
4to5years | 143,159.00 | 114,527.20 | 80 |
Morethan5years | 93,581.50 | 93,581.50 | 100 |
Total | 72,814,580.29 | 482,408.18 | — |
B.Inportfolio,AccountsReceivablewithprovisionforbaddebtsiscalculatedbyothermethods
PortfolioName(s) | EndingBalance | ||
AccountsReceivable | BadDebtProvision | ProvisionRatio(%) | |
BeijingJingliangE-CommerceCo.,Ltd. | 146,333.80 | ||
BeijingZhujunGrainandOilSupplyCo.,Ltd. | 1,394,180.00 | ||
BeijingJingliangOrientalGrainandOilTradeCo.,Ltd. | 1,067,408.00 | ||
BeijingHaidianXijiaoGrainandOilSupplyStationCo.,Ltd. | 436,300.00 | ||
BeijingGuchuanFoodCo.,Ltd. | 370,505.00 | ||
Jingliang(Tianjin)E-commerceCo.,Ltd. | 4,074.00 | ||
BeijingLiangguanGrainandOilSupplyStation | 37,200.00 | ||
Total | 3,456,000.80 |
Note:Theaboveaccountsreceivablefortheprovisionforbaddebtsbyothermethodsareallthosethatoccurredbeforetherelated
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018partieswithinthegroup.
C、EndingReceivableswithminoramountsbutseparateprovisionforbaddebts
AccountsReceivable(byunit) | EndingBalance | |||
AccountsReceivable | BadDebtProvision | ProvisionRatio | ProvisionReason | |
BeijingRongfaLidaGrainandOilTradeCo.,Ltd. | 163,143.00 | 163,143.00 | 100.00 | expectedunrecoverable |
BeijingShunyiLonghuaShoppingCenter | 600.00 | 600.00 | 100.00 | expectedunrecoverable |
BeijingGuotaiPing'anTianzhuCommercialDevelopmentCo.,Ltd. | 1,809.60 | 1,809.60 | 100.00 | expectedunrecoverable |
BeijingGuotaiPing'anDepartmentStoreCo.,Ltd. | 10,862.90 | 10,862.90 | 100.00 | expectedunrecoverable |
Carrefour(Shanghai)SupplyChainManagementCo.,Ltd.TianjinBranch | 875.90 | 875.90 | 100.00 | expectedunrecoverable |
JiaozuoYidaPlantOilCo.,Ltd. | 243,283.89 | 243,283.89 | 100.00 | expectedunrecoverable |
Total | 420,575.29 | 420,575.29 | — | — |
b.)Baddebtsaccrued,recoveredorreversedinthecurrentperiodProvisionforbaddebtsinthecurrentperiod-33,415.47yuan。c.)Accountsreceivableactuallywrittenoffinthecurrentperiod
Item(s) | Write-offAmount |
AccountsReceivableactuallyWrittenOff | 2,690.00 |
d.)AccountsReceivableoftheTop5BalancesCollectedbyDebtorsattheEndofthePeriodThetotalamountofthetop5accountsreceivablecollectedbydebtorsinthecurrentperiodis66,879,860.65yuan,accountingfor67.80%ofthetotalbalanceofaccountsreceivableattheendoftheperiod,andthecorrespondingsumofbaddebtsattheendoftheperiodis309,552.10yuan.
Debtors | totalendingbalanceofaccountsreceivable | Ratioofthetotalendingbalanceofaccountsreceivable(%) | EndingBalanceofBadDebtProvision |
BeijingYanGugrainandoilsalescompany | 42,673,218.40 | 43.26 | |
BeijingWumeiSupermarketCo.,Ltd. | 10,584,568.96 | 10.73 | 46,913.98 |
MissmeCateringManagement(Tianjin)Co.,Ltd. | 6,145,386.37 | 6.23 | 262,638.12 |
ShanghaiLaiyifenCo.,Ltd. | 4,040,917.20 | 4.10 | |
BeijingKFCCo.,Ltd. | 3,435,769.72 | 3.48 | |
Total | 66,879,860.65 | 67.80 | 309,552.10 |
4.AdvancedPayment
(1)Advancesarepresentedbyage
Aging | EndingBalance | BeginningBalance | ||
Amount | Ratio(%) | Amount | Ratio(%) |
Within1Years | 119,883,849.19 | 99.75 | 912,778,989.71 | 99.99 |
1to2years | 297,593.70 | 0.25 | 64,499.99 | 0.01 |
2to3years | ||||
Morethan3years | ||||
Total | 120,181,442.89 | 100.00 | 912,843,489.70 | 100.00 |
Note:TheCompanyhasnosignificantadvancepaymentsformorethanoneyearinthisyear.
(2)AdvancepaymentofthetopfiveEndingBalancesbyprepaidobjectsThesummaryofthetopfiveprepaymentsofthecompany'sfinalbalancesbasedonprepaidobjectsis96,327,652.64yuan,accountingfor80.15%ofthetotalbalanceofprepaymentsattheendoftheperiod.
CompanyName | EndingBalance | Ratioofthetotalendingbalanceofprepayments(%) |
ChinaGrainReserveRizhaoStorageCo.,Ltd. | 37,497,973.88 | 31.20 |
ChinaGrainReserveSongyuanDepotCo.,Ltd. | 35,871,982.62 | 29.85 |
ChinaGrainReserveZhenlaiDepotCo.,Ltd. | 14,391,240.00 | 11.97 |
SinograinOilsCorporation | 5,134,856.14 | 4.27 |
ILTAGrainInc | 3,431,600.00 | 2.86 |
Total | 96,327,652.64 | 80.15 |
(3)Statusofprepaidaccountsreversalinthecurrentperiod
Item(s) | ReversalAmount |
XiaMiaoJie | 80,000.00 |
5.OtherReceivables
Item(s) | EndingBalance | BeginningBalance |
OtherReceivables | 15,855,636.42 | 73,064,548.76 |
InterestReceivable | 2,400,877.51 | 2,657,591.11 |
DividendReceivable | ||
Total | 18,256,513.93 | 75,722,139.87 |
(1)OtherReceivables
a.)ClassifiedDisclosureofOtherReceivables
Type(s) | EndingBalance | ||||
BookBalance | BadDebtProvision | BookValue | |||
Amount | Ratio(%) | Amount | ProvisionRatio(%) | ||
OtherReceivableswithsignificantindividualamountsandseparateprovisionforbaddebts | |||||
OtherAccountsReceivableforBadDebtProvisionBasedonCreditRiskCharacteristicPortfolio | |||||
Portfolio1-Age-basedOtherReceivables | 16,152,562.64 | 296,926.22 | 15,855,636.42 | ||
Portfolio2-RelatedPartyOtherReceivables | |||||
PortfolioTotal | 16,152,562.64 | 99.88 | 296,926.22 | 1.84 | 15,855,636.42 |
OtherReceivableswithminoramountsbutseparateprovisionforbaddebts | 20,000.00 | 0.12 | 20,000.00 | 100.00 | |
Total | 16,172,562.64 | 100.00 | 316,926.22 | — | 15,855,636.42 |
(Continue)
Categories | BalanceatBeginningofYear | ||||
BookBalance | BadDebtReserves | BookValue | |||
Amount | Percentage(%) | Amount | AccruedProportion(%) | ||
Otherreceivableswithsignificantsingleamountandbaddebtreservescountedanddrawnindividually | |||||
Otherreceivableswithbaddebtreservescountedanddrawnaccordingtocreditriskfeatureportfolio | |||||
PortfolioNo.1-Otherreceivablesanalyzedaccordingtoaging | 75,440,422.35 | 3,271,112.88 | 72,169,309.47 | ||
PortfolioNo.2-Otherreceivablesofrelatedparties | 200.00 | 200.00 | |||
Portfoliointotal | 75,440,622.35 | 98.80 | 3,271,112.88 | 4.34 | 72,169,509.47 |
Otherreceivableswithsingleamountnotbeingsignificantbutbaddebtreservescountedanddrawnindividually | 919,039.29 | 1.20 | 24,000.00 | 2.61 | 895,039.29 |
Intotal | 76,359,661.64 | 100.00 | 3,295,112.88 | — | 73,064,548.76 |
AOtherreceivableswithbaddebtreservescountedanddrawnaccordingtoaginganalysismethod
Aging | BalanceatEndofPeriod | ||
OtherReceivables | BadDebtReserves | AccruedProportion(%) | |
Withinoneyear | |||
Amongthem:withincreditperiod | 9,060,501.22 | 0 | |
Creditperiod-1year(including1year) | 4,385,505.15 | 87,710.10 | 2 |
Aging | BalanceatEndofPeriod | ||
OtherReceivables | BadDebtReserves | AccruedProportion(%) | |
1to2years | 2,480,634.27 | 124,031.72 | 5 |
2to3years | 175,922.00 | 35,184.40 | 20 |
3to4years | 50 | ||
4to5years | 80 | ||
Over5years | 50,000.00 | 50,000.00 | 100 |
Intotal | 16,152,562.64 | 296,926.22 | — |
(Continue)
Aging | BalanceatBeginningofYear | ||
OtherReceivables | BadDebtReserves | AccruedProportion(%) | |
Within1year | |||
Amongthem:withincreditperiod | 7,649,440.63 | 0 | |
Creditperiod-1year(including1year) | 5,371,206.90 | 107,424.14 | 2 |
1to2years | 62,361,774.82 | 3,118,088.74 | 5 |
2to3years | 3,000.00 | 600.00 | 20 |
3to4years | 50 | ||
4to5years | 50,000.00 | 40,000.00 | 80 |
Over5years | 5,000.00 | 5,000.00 | 100 |
Intotal | 75,440,422.35 | 3,271,112.88 | — |
BOtherreceivableswithsingleamountnotbeingsignificantbutbaddebtreservescountedanddrawnindividually
OtherReceivables(ByUnit) | BalanceatEndofPeriod | |||
OtherReceivables | BadDebtReserves | AccruedProportion | ReasonofAccrual | |
BeijingWumartBusinessGroupCo.,Ltd. | 20,000.00 | 20,000.00 | 100.00 | EstimatedtobeUncollectible |
Intotal | 20,000.00 | 20,000.00 | — | — |
②Baddebtreservescountedanddrawn,collectedorrecoveredinthecurrentperiodBaddebtreserveaccountsdrawninthecurrentperiod:-2,978,186.66Yuan③Classificationofotherreceivablesbynatureoffunds
NatureofFunds | BookBalanceatEndofPeriod | BookBalanceatBeginningofYear |
IntercourseFundsofRelatedParties | 200.00 | |
PettyCash(EmployeeandDepartment) | 233,548.14 | 214,904.46 |
GuaranteedDepositandDeposit | 2,011,122.17 | 1,777,074.61 |
IntercourseFundsofUnits | 12,213,774.63 | 72,031,790.95 |
PersonalIntercourseFunds | 53,306.67 | |
EmployeeReceivables | 418,634.62 | 380,963.06 |
TaxRefundReceivables | 1,169,522.00 | 1,901,402.00 |
OtherReceivables | 125,961.08 | 19.89 |
Intotal | 16,172,562.64 | 76,359,661.64 |
④Otherreceivablesaccordingtotopfiveofbalanceatendofperiodcollectedbydebtors
NameofOrganization | NatureofFunds | BalanceatEndofPeriod | Aging | Proportioninoverallendingbalanceofotherreceivables(%) | Endingbalanceofbaddebtreserves |
MissmeFoodandBeverage(Tianjin)Co.,Ltd. | IntercourseFundsofUnits | 5,079,631.73 | Within1year | 31.41 | 159,969.72 |
BeijingYanguGrainandOilTradingCo.,Ltd. | IntercourseFundsofUnits | 4,759,731.67 | Within3months | 29.43 | |
StateTaxationAdministrationofLinanDistrict,Hangzhou,ZhejiangProvince | TaxRefundReceivables | 993,600.00 | Within3months | 6.14 | |
OfficeofFinanceofZhennanStreetofLinanDistrict,Hangzhou | GuaranteedDepositandDeposit | 420,401.00 | 1to2years | 2.60 | |
TianjinLingangPortGroupCo.,Ltd. | IntercourseFundsofUnits | 358,128.01 | Within3months | 2.21 | |
Intoral | — | 11,611,492.41 | — | 71.79 | 159,969.72 |
(2)InterestReceivable
①ClassificationofInterestReceivable
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
FixedDepositInterest | 2,400,877.51 | 2,657,591.11 |
Intotal | 2,400,877.51 | 2,657,591.11 |
6.Inventory
(1)InventoryCategory
Items | BalanceatEndofPeriod | ||
BookBalance | FallingPriceReserves | BookValue | |
RawMaterials | 201,025,950.79 | 67,131.25 | 200,958,819.54 |
RevolvingMaterials | 3,454,520.07 | 3,454,520.07 | |
FinishedGoods | 711,226,691.70 | 5,292,085.61 | 705,934,606.09 |
DevelopProducts | 16,497,730.12 | 11,673,694.67 | 4,824,035.45 |
MaterialsinTransit | 53,773,706.64 | 53,773,706.64 | |
ReserveOil | 248,197,500.00 | 248,197,500.00 | |
DevelopmentCost | 7,043,775.28 | 7,043,775.28 | |
Intotal | 1,241,219,874.60 | 17,032,911.53 | 1,224,186,963.07 |
(Continue)
Items | BalanceatBeginningofYear | ||
BookBalance | FallingPriceReserves | BookValue | |
RawMaterials | 368,354,117.16 | 173,907.66 | 368,180,209.50 |
RevolvingMaterials | 3,027,491.97 | 3,027,491.97 | |
FinishedGoods | 632,073,799.20 | 3,065,580.89 | 629,008,218.31 |
DevelopProducts | 16,497,730.12 | 11,673,694.67 | 4,824,035.45 |
MaterialsinTransit | 140,113,625.93 | 140,113,625.93 | |
ManufacturingConsignment | 615,202.96 | 7,520.05 | 607,682.91 |
ReserveOil | 248,197,500.00 | 248,197,500.00 | |
Intotal | 1,408,879,467.34 | 14,920,703.27 | 1,393,958,764.07 |
(2)InventoryFallingPriceReserves
Items | BalanceatBeginningofYear | IncreasedAmountsintheCurrentPeriod | DecreasedAmountsintheCurrentPeriod | BalanceatEndofPeriod | ||
Accrual | Others | RecoverorChargeOff | Others | |||
RawMaterials | 173,907.66 | 67,131.25 | 173,907.66 | 67,131.25 | ||
FinishedGoods | 3,065,580.89 | 4,403,217.09 | 2,176,712.37 | 5,292,085.61 | ||
ManufacturingConsignment | 7,520.05 | 7,520.05 | ||||
DevelopProducts | 11,673,694.67 | 11,673,694.67 | ||||
Intotal | 14,920,703.27 | 4,470,348.34 | 2,358,140.08 | 17,032,911.53 |
(3)AccrualBasisofInventoryFallingPriceReservesandReasonofRecoveringorChargingOffintheCurrentPeriod
Items | SpecificAccrualBasisofInventoryFallingPriceReserves | ReasonofRecoveringInventoryFallingPriceReservesintheCurrentPeriod | ReasonofChargingoffInventoryFallingPriceReservesintheCurrentPeriod |
RawMaterials | MarketQuotesontheWebsiteofCofeed | SalesCompleted | |
FinishedGoods | MarketQuotesontheWebsiteofCofeed | SalesCompleted | |
consignedprocessing | MarketQuotesontheWebsiteofCofeed | SalesCompleted |
(4)AdditionalNotesofInventoryBookvalueofinventoryusedformortgageatendofperiodis4,824,035.45Yuan,seeingSix52.7.Non-currentAssetsDuewithinoneyear
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
FinancialProductsDuewithinOneYear | 51,000,000.00 | |
Intotal | 51,000,000.00 |
8.OtherCurrentAssets
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
FinancialProducts | 223,300,000.00 | 106,000,000.00 |
Pre-paidTaxesandFees | 6,207,985.16 | 455,289.48 |
PendingDeductVATInputTax | 59,155,031.47 | 59,411,949.22 |
FairValueChangesofItemsTrappedatHedging | 158,800.00 | |
Intotal | 288,821,816.63 | 165,867,238.70 |
9.Available-for-saleFinancialAssets(1)Available-for-saleAssetsSituation
Items | BalanceatEndofPeriod | BalanceatBeginningofYear | ||||
BookBalance | ImpairmentReserves | BookValue | BookBalance | ImpairmentReserves | BookValue | |
Available-for-saleEquityInstruments | 30,500,000.00 | 10,500,000.00 | 20,000,000.00 | 30,500,000.00 | 10,500,000.00 | 20,000,000.00 |
Amongthem:calculatedatcost | 30,500,000.00 | 10,500,000.00 | 20,000,000.00 | 30,500,000.00 | 10,500,000.00 | 20,000,000.00 |
Intotal | 30,500,000.00 | 10,500,000.00 | 20,000,000.00 | 30,500,000.00 | 10,500,000.00 | 20,000,000.00 |
(2)Available-for-saleFinancialAssetsCalculatedatCostatEndofPeriod
InvestedUnit | BookBalance | |||
AtBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | AtEndofPeriod | |
FederationofTradeUnionsofHainanProvince | 500,000.00 | 500,000.00 |
InvestedUnit | BookBalance | |||
AtBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | AtEndofPeriod | |
ChinaNetScienceandTechnologyInvestmentCo.,Ltd. | 10,000,000.00 | 10,000,000.00 | ||
HTTSConstructionManagementCo.,Ltd.Beijing(Note①) | ||||
ChongqingLongkinNetworkTechnologyCo.,Ltd. | 20,000,000.00 | 20,000,000.00 | ||
Intotal | 30,500,000.00 | 30,500,000.00 |
(Continue)
InvestedUnit | ImpairmentReserves | ShareholdingRatioinInvestedUnit(%) | CashDividendintheCurrentPeriod | |||
AtBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | AtEndofPeriod | |||
FederationofTradeUnionsofHainanProvince | 500,000.00 | 500,000.00 | 6.67 | |||
ChinaNetScienceandTechnologyInvestmentCo.,Ltd. | 10,000,000.00 | 10,000,000.00 | 10.00 | |||
HTTSConstructionManagementCo.,Ltd.Beijing | 20.00 | |||||
ChongqingLongkinNetworkTechnologyCo.,Ltd. | 10.96 | |||||
Intotal | 10,500,000.00 | 10,500,000.00 | — |
Note:
①Uptothisfinancialreportingday,HTTSConstructionManagementCo.,Ltd.Beijinghasn’trunbusiness.10.Long-termEquityInvestment
InvestedUnit | BalanceatBeginningofYear | IncreaseorDecreaseintheCurrentPeriod | ||||
AdditionalInvestment | NegativeInvestment | ConfirmedProfitandLossonInvestmentunderEquityLaw | AdjustmentonOtherComprehensiveIncome | OtherChangesinEquity | ||
OneCooperativeEnterprise | ||||||
CPGroup | 58,936,076.18 | 6,824,826.10 | -421,278.00 | |||
Sub-total | 58,936,076.18 | 6,824,826.10 | -421,278.00 | |||
TwoJointVenture | ||||||
ChinaGrainReserves(Tianjin)WarehouseLogisticsCo.,Ltd. | 115,653,625.56 | 1,505,296.36 | 328,679.91 | |||
Sub-total | 115,653,625.56 | 1,505,296.36 | 328,679.91 | |||
Intotal | 174,589,701.74 | 8,330,122.46 | -421,278.00 | 328,679.91 |
(Continue)
InvestedUnit | IncreaseorDecreaseintheCurrentPeriod | BalanceatEndofPeriod | EndingBalanceofImpairmentReserves | ||
AnnouncetoDistributeCaseDividendsorProfits | AccrualofImpairmentReserves | Others | |||
OneCooperativeEnterprise | |||||
CPGroup | 65,339,624.28 | ||||
Sub-total | 65,339,624.28 | ||||
TwoJointVenture |
InvestedUnit | IncreaseorDecreaseintheCurrentPeriod | BalanceatEndofPeriod | EndingBalanceofImpairmentReserves | ||
AnnouncetoDistributeCaseDividendsorProfits | AccrualofImpairmentReserves | Others | |||
ChinaGrainReserves(Tianjin)WarehouseLogisticsCo.,Ltd. | 117,487,601.83 | ||||
Sub-total | 117,487,601.83 | ||||
Intotal | 182,827,226.11 |
11.InvestmentRealEstate
(1)InvestmentRealEstateAdoptingCostMeasurementModel
Items | Buildings | LandUseRight | ProjectsunderConstruction | Intotal |
OneOriginalBookValue | ||||
1.BalanceatBeginningofYear | 42,634,619.63 | 42,634,619.63 | ||
2.IncreasedAmountsintheCurrentPeriod | ||||
3.DecreasedAmountsintheCurrentPeriod | ||||
4.BalanceatEndofPeriod | 42,634,619.63 | 42,634,619.63 | ||
TwoAccumulatedImpairmentandAccumulatedAmortization | ||||
1.BalanceatBeginningofYear | 7,171,923.29 | 7,171,923.29 | ||
2.IncreasedAmountsintheCurrentPeriod | 1,613,750.94 | 1,613,750.94 | ||
(1)AccrualorAmortization | 1,613,750.94 | 1,613,750.94 | ||
3.DecreasedAmountsintheCurrentPeriod | ||||
4.BalanceatEndofPeriod | 8,785,674.23 | 8,785,674.23 | ||
ThreeImpairmentReserves | ||||
1.BalanceatBeginningofYear | 453,843.72 | 453,843.72 | ||
2.IncreasedAmountsintheCurrentPeriod | ||||
3.DecreasedAmountsintheCurrentPeriod | ||||
4.BalanceatEndofPeriod | 453,843.72 | 453,843.72 | ||
FourBookValue | ||||
1.BookValueatEndofPeriod | 33,395,101.68 | 33,395,101.68 | ||
2.BookValueatBeginningofYear | 35,008,852.62 | 35,008,852.62 |
(2)AmountofInvestmentRealEstatewithoutCertificateofTitleandCorrespondingReasons
Items | BookValue | ReasonsofNotTransactingCertificateofTitle |
Buildings | 299,056.53 | Propertyownershipcertificateforoutbuildingsfailstobeobtained. |
(3)InstructionsofInvestmentRealEstateBookvalueofinvestmentrealestateusedformortgageatendofperiodis5,778,794.3Yuan,seeingSix52.12.FixedAssets
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
FixedAssets | 1,271,803,080.56 | 1,333,410,146.38 |
DisposalofFixedAssets | ||
Intotal | 1,271,803,080.56 | 1,333,410,146.38 |
(1)FixedAssets
①FixedAssetsSituation
Items | Buildings | MachineryEquipment | TransportationEquipment | ElectronicEquipment | OfficeEquipment | Others | Intotal |
OneOriginalBookValue | |||||||
1.BalanceatBeginningofYear | 1,071,025,127.22 | 342,486,447.66 | 23,979,379.20 | 12,290,410.35 | 1,999,003.92 | 362,817,865.15 | 1,814,598,233.50 |
2.IncreasedAmountsintheCurrentPeriod | 10,262,771.03 | 19,676,326.66 | 1,048,873.50 | 1,618,684.33 | 223,661.52 | 5,044,426.38 | 37,874,743.42 |
(1)Purchase | 9,272,221.22 | 12,676,315.05 | 1,048,873.50 | 1,618,684.33 | 223,661.52 | 4,526,852.86 | 29,366,608.48 |
(2)Roll-inofProjectunderConstruction | 990,549.81 | 7,000,011.61 | 517,573.52 | 8,508,134.94 | |||
(3)OtherRoll-ins | |||||||
3.DecreasedAmountsintheCurrentPeriod | 3,898,021.16 | 10,559,506.71 | 2,776,967.64 | 243,205.12 | 18,803.42 | 53,526.36 | 17,550,030.41 |
(1)DisposalorScrap | 865,331.60 | 9,881,664.25 | 2,776,967.64 | 243,205.12 | 18,803.42 | 53,526.36 | 13,839,498.39 |
(2)OtherRoll-outs | 3,032,689.56 | 677,842.46 | 3,710,532.02 | ||||
4.BalanceatEndofPeriod | 1,077,389,877.09 | 351,603,267.61 | 22,251,285.06 | 13,665,889.56 | 2,203,862.02 | 367,808,765.17 | 1,834,922,946.51 |
ThreeAccumulatedImpairment | |||||||
1.BalanceatBeginningofYear | 224,812,333.11 | 107,634,684.03 | 16,779,833.88 | 7,674,067.81 | 976,268.21 | 114,459,916.24 | 472,337,103.28 |
2.IncreasedAmountsintheCurrentPeriod | 38,439,038.72 | 27,193,461.06 | 1,342,177.03 | 2,084,051.36 | 346,365.87 | 24,021,449.97 | 93,426,544.01 |
(1)Accrual | 38,439,038.72 | 27,193,461.06 | 1,342,177.03 | 2,084,051.36 | 346,365.87 | 24,021,449.97 | 93,426,544.01 |
3.DecreasedAmountsintheCurrentPeriod | 1,282,827.79 | 6,960,995.01 | 2,317,600.34 | 197,470.64 | 53,663.08 | 114,647.00 | 10,927,203.86 |
(1)DisposalorScrap | 519,972.04 | 6,935,339.45 | 2,317,600.34 | 197,470.64 | 53,663.08 | 114,647.00 | 10,138,692.55 |
(2)OtherRoll-outs | 762,855.75 | 25,655.56 | 788,511.31 | ||||
4.BalanceatEndofPeriod | 261,968,544.04 | 127,867,150.08 | 15,804,410.57 | 9,560,648.53 | 1,268,971.00 | 138,366,719.21 | 554,836,443.43 |
ThreeImpairmentReserves | |||||||
1.BalanceatBeginningofYear | 7,590,384.72 | 1,260,599.12 | 8,850,983.84 | ||||
2.IncreasedAmountsintheCurrentPeriod | |||||||
3.DecreasedAmountsintheCurrentPeriod | 91,088.80 | 476,472.52 | 567,561.32 | ||||
4.BalanceatEndofPeriod | 7,499,295.92 | 784,126.60 | 8,283,422.52 | ||||
FourBookValue | |||||||
1.BookValueatEndofPeriod | 807,922,037.13 | 222,951,990.93 | 6,446,874.49 | 4,105,241.03 | 934,891.02 | 229,442,045.96 | 1,271,803,080.56 |
2.BookValueatBeginningofYear | 838,622,409.39 | 233,591,164.51 | 7,199,545.32 | 4,616,342.54 | 1,022,735.71 | 248,357,948.91 | 1,333,410,146.38 |
②TemporarilyIdleFixedAssetsSituation
Items | OriginalBookValue | AccumulatedImpairment | ImpairmentReserves | BookValue | Notes |
Buildings | 47,708.00 | 36,401.08 | 8,921.52 | 2,385.40 | |
MachineryEquipment | 2,124,189.04 | 1,242,774.50 | 775,205.08 | 106,209.46 | |
Intotal | 2,171,897.04 | 1,279,175.58 | 784,126.60 | 108,594.86 |
③SituationofFixedAssetswithoutTransactingCertificateofTitle
Items | BookValue | ReasonsofNotTransactingCertificateofTitle |
Buildings | 11,491,413.86 | InProcessNow |
Buildings | 1,585,685.65 | Certificateoftitleforoutbuildingshasn’tbeentransacted. |
Intotal | 13,077,099.51 | — |
④OtherInstructionsofFixedAssets
(1)Bookvalueoffixedassetsusedformortgageatendofperiodis3,983,893.20Yuan,seeingSix52.(2)Originalvalueoffixedassetsthatarefullydepreciatedbutcontinuetouseis22,061,546.94Yuan.
13.ProjectunderConstruction(1)SituationofProjectunderConstruction
Items | BalanceatEndofPeriod | BalanceatBeginningofYear | ||||
BookBalance | ImpairmentReserves | BookValue | BookBalance | ImpairmentReserves | BookValue | |
EquipmentInstallationEngineeringType | 36,034,188.98 | 36,034,188.98 | 12,436,003.53 | 12,436,003.53 | ||
TechnicalTransformationType | 1,335,568.80 | 1,335,568.80 | 301,669.48 | 301,669.48 | ||
Intotal | 37,369,757.78 | 37,369,757.78 | 12,737,673.01 | 12,737,673.01 |
(2)ChangeConditionofImportantEngineeringProjectsunderConstructionintheCurrentPeriod
ProjectName | BalanceatBeginningofYear | IncreasedAmountsintheCurrentPeriod | Roll-inFixedAssetsAmountintheCurrentPeriod | OtherDecreasedAmountsintheCurrentPeriod | BalanceatEndofPeriod |
TianjinGrainandOilProject | 1,484,243.56 | 8,441,884.48 | 517,573.52 | 9,408,554.52 | |
PlantNo.2WalnutCakeProductionLine | 4,300,657.45 | 3,539,697.07 | 168,000.00 | 7,672,354.52 | |
MoldingEquipment | 980,000.00 | 980,000.00 | |||
Oven | 2,350,000.00 | 2,350,000.00 | |||
CuisinePipeline | 881,000.00 | 881,000.00 | |||
PlantNo.2BakedSweetPotatoProductionLine | 1,102,715.52 | 95,255.88 | 431,235.62 | 766,735.78 | |
LeisurePlantNo.2Non-friedPotatoChipsProductionLine | 9,760,300.00 | 9,760,300.00 | |||
SqueezedandBakedCornFlakesProductionLine | 2,691,598.53 | 2,691,598.53 | |||
4DOverlaidCornFlakesProductionLine | 1,830,000.00 | 1,830,000.00 | |||
SmallFriedPotatoChipsProductionLine | 1,798,382.97 | 1,798,382.97 | |||
OneMoreSteamedDriedCakeProductionLine | 1,227,344.82 | 1,227,344.82 | |||
Intotal | 11,098,616.53 | 29,384,463.75 | 5,327,809.14 | 35,155,271.14 |
14.IntangibleAssets(1)IntangibleAssetsSituation
Items | Software | LandUseRight | TrademarkRight | Others | Intotal |
OneOriginalBookValue | |||||
1.BalanceatBeginningofYear | 3,409,534.38 | 318,161,901.57 | 154,841,200.00 | 662,400.00 | 477,075,035.95 |
2.IncreasedAmountsintheCurrentPeriod | 205,283.02 | 22,177,167.52 | 22,382,450.54 | ||
(1)Purchase | 205,283.02 | 2,348,687.22 | 2,553,970.24 | ||
(3)Others | 19,828,480.30 | 19,828,480.30 | |||
3.DecreasedAmountsintheCurrentPeriod | 23,271,853.11 | 23,271,853.11 | |||
(1)Disposal | 2,722,786.97 | 2,722,786.97 | |||
(2)Others | 20,549,066.14 | 20,549,066.14 | |||
4.BalanceatEndofPeriod | 3,614,817.40 | 317,067,215.98 | 154,841,200.00 | 662,400.00 | 476,185,633.38 |
TwoAccumulatedAmortization |
Items | Software | LandUseRight | TrademarkRight | Others | Intotal |
1.BalanceatBeginningofYear | 2,345,889.44 | 42,329,120.31 | 32,893,594.13 | 77,568,603.88 | |
2.IncreasedAmountsintheCurrentPeriod | 533,126.11 | 10,431,643.88 | 7,713,925.84 | 18,678,695.83 | |
(1)Accrual | 533,126.11 | 10,431,643.88 | 7,713,925.84 | 18,678,695.83 | |
(2)Others | |||||
3.DecreasedAmountsintheCurrentPeriod | 4,106,594.01 | 4,106,594.01 | |||
(1)Disposal | 494,749.71 | 494,749.71 | |||
(2)Others | 3,611,844.30 | 3,611,844.30 | |||
4.BalanceatEndofPeriod | 2,879,015.55 | 48,654,170.18 | 40,607,519.97 | 92,140,705.70 | |
ThreeImpairmentReserves | |||||
1.BalanceatBeginningofYear | 662,400.00 | 662,400.00 | |||
2.IncreasedAmountsintheCurrentPeriod | |||||
3.DecreasedAmountsintheCurrentPeriod | |||||
4.BalanceatEndofPeriod | 662,400.00 | 662,400.00 | |||
FourBookValue | |||||
1.BookValueatEndofPeriod | 735,801.85 | 268,413,045.80 | 114,233,680.03 | 383,382,527.68 | |
2.BookValueatBeginningofYear | 1,063,644.94 | 275,832,781.26 | 121,947,605.87 | 398,844,032.07 |
(2)UseRightSituationofLandwithoutTransactingCertificateofTitle
Items | BookValue | ReasonofNotTransactingCertificateofTitle |
LandUseRight | 4,073,145.20 | CertificateoftitlehasbeenobtainedinJanuary2019. |
LandUseRight | 17,105,693.33 | CertificateoftitlehasbeenobtainedinJanuary2019. |
15.Goodwill(1)OriginalBookValueofGoodwill
NameofInvestedUnitorItemsFormingGoodwill | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod | ||
FormedbyEnterpriseMerger | Others | Disposal | Others | |||
AcquirestocksharesofZhejiangXiaowangziFoodCo.,Ltd. | 191,394,422.51 | 191,394,422.51 | ||||
Intotal | 191,394,422.51 | 191,394,422.51 |
Notes:1)GoodwilloftheCompanyismainlyformedbyacquiringstocksharesofZhejiangXiaowangziFoodCo.,Ltd..2)Impairmenttestingprocedure,parametersandimpairmentlossconfirmationmethodofgoodwillTheCompanyconfirmsallassetsofZhejiangXiaowangziFoodCo.,Ltd.asanassetgroupofwhichitsrecoverableamountisbasedoncash-flowforecastinthenearfiveyearsandcalculatedaccordingtopresentvalueofexpectedcash-flowofassetgroupinthefuture.Intheprocessofimpairmenttest,coredatasuchasexpectedproductprice,salesvolumecostandotherrelatedexpensesusedbycash-flowforecastisconfirmedbycorporatehistoricalexperienceandmarketdevelopmentforecast.Discountrateusedincash-flowforecastisconfirmedwithreferencetotimevalueofcurrencyincurrentmarketandrelatedspecificrisksofassetgroup.TherecoverableamounttestofabovegoodwillmadebytheCompanyshowsthatthesituationofimpairmentlosshasn’toccurredingoodwill.
16.Long-termUnamortizedExpenses
Items | BalanceatBeginningofYear | IncreasedAmountsintheCurrentPeriod | AmortizedAmountsintheCurrentPeriod | OtherDecreasedAmounts | BalanceatEndofPeriod |
Company’sMajuqiaoPlantTransformationExpense | 16,858,945.99 | 676,613.16 | 16,182,332.83 | ||
HouseRenovationExpense | 238,787.59 | 59,039.64 | 179,747.95 |
Items | BalanceatBeginningofYear | IncreasedAmountsintheCurrentPeriod | AmortizedAmountsintheCurrentPeriod | OtherDecreasedAmounts | BalanceatEndofPeriod |
WoodlandRentalExpense | 5,309,496.00 | 112,968.00 | 5,196,528.00 | ||
SuzhouGongfujiaAnimationProductionExpense | 8,737,864.10 | 3,883,495.16 | 2,559,576.36 | 10,061,782.90 | |
BHGMallStoreDecorationExpense | 395,961.97 | 84,848.99 | 311,112.98 | ||
MacaoCenterStoreDecorationExpense | 435,232.36 | 33,361.00 | 98,268.26 | 370,325.10 | |
HepingJoy-CityDecorationExpense | 1,234,029.63 | 250,230.39 | 311,827.96 | 1,172,432.06 | |
LongdePlazaStoreFireEngineeringFunds | 37,277.64 | 34,498.00 | 14,355.13 | 57,420.51 | |
LongdeStoreNo.2DecorationExpense | 868,962.56 | 169,380.19 | 699,582.37 | ||
TaikooLiStoreDecorationExpense | 323,669.90 | 64,733.98 | 258,935.92 | ||
InformationDisclosureExpense | 188,679.24 | 7,861.64 | 180,817.60 | ||
Intotal | 33,247,595.28 | 5,582,896.25 | 4,159,473.31 | 34,671,018.22 |
17.DeferredIncomeTaxAssets/DeferredIncomeTaxLiabilities(1)DetailsofDeferredIncomeTaxAssetsNotBeingOffset
Items | BalanceatEndofPeriod | BalanceatBeginningofYear | ||
DeductibleTemporaryDifference | DeferredIncomeTaxAssets | DeductibleTemporaryDifference | DeferredIncomeTaxAssets | |
AssetImpairmentReserves | 5,975,793.94 | 1,493,058.58 | 5,601,872.74 | 1,400,468.18 |
DeductibleLoss | 2,378,893.29 | 594,723.33 | 4,693,778.62 | 1,173,444.66 |
ValuationofFinancialInstrumentsandDerivativeFinancialInstruments | 11,652,792.92 | 2,913,198.23 | 18,363,036.93 | 4,590,759.23 |
DeferredIncome | 1,350,000.00 | 337,500.00 | 1,800,000.00 | 450,000.00 |
EmployeePayPayable | 39,970,000.00 | 9,992,500.00 | 26,257,600.00 | 6,564,400.00 |
AnticipatedLoss | ||||
Intotal | 61,327,480.15 | 15,330,980.14 | 56,716,288.29 | 14,179,072.07 |
(2)DetailsofDeferredIncomeTaxLiabilitiesNotBeingOffset
Items | BalanceatEndofPeriod | BalanceatBeginningofYear | ||
TaxableTemporaryDifference | DeferredIncomeTaxLiabilities | TaxableTemporaryDifference | DeferredIncomeTaxLiabilities | |
ValuationofFinancialInstrumentsandDerivativeFinancialInstruments | 407,589.76 | 101,897.44 | 16,734,404.50 | 4,183,601.13 |
Differencebetweenfairvalueofidentifiablenetassetbyacquireeconfirmedbyenterprisemergeranditsbookvalueofnetasset | 198,067,768.12 | 49,516,942.03 | 208,008,300.08 | 52,002,075.02 |
Intotal | 198,475,357.88 | 49,618,839.47 | 224,742,704.58 | 56,185,676.15 |
(3)DetailsofDeferredIncomeTaxAssetsNotBeingConfirmed
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
DeductibleLoss | 35,403,914.26 | 14,294,910.78 |
Deductibletemporarydifferences | -2,714,794.81 | 33,984,154.44 |
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
Intotal | 32,689,119.45 | 48,279,065.22 |
(4)Deductiblelossondeferredincometaxassetsnotbeingconfirmedwillbedueatthefollowingyears
Year | BalanceatEndofPeriod | BalanceatBeginningofYear | Notes |
2018 | |||
2019 | |||
2020 | 6,473,030.05 | 5,769,102.97 | |
2021 | 4,504,020.42 | 4,504,020.42 | |
2022 | 4,021,787.39 | 4,021,787.39 | |
2023 | 20,405,076.40 | ||
合计 | 35,403,914.26 | 14,294,910.78 |
18.OtherNon-currentAssets
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
EquipmentandProjectFunds | 1,622,003.59 | 3,277,634.07 |
Intotal | 1,622,003.59 | 3,277,634.07 |
19.Short-termBorrowings(1)ClassificationofShort-termBorrowings
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
GuaranteedLoan | 370,000,000.00 | 795,671,362.73 |
FiduciaryLoan | 1,067,715,080.91 | 1,211,500,000.00 |
Intotal | 1,437,715,080.91 | 2,007,171,362.73 |
20.NotesandAccountsPayable
Type | BalanceatEndofPeriod | BalanceatBeginningofYear |
NotesPayable | 83,154,229.20 | |
AccountsPayable | 140,564,713.11 | 317,538,928.27 |
Intotal | 140,564,713.11 | 400,693,157.47 |
(1)NotesPayable
Type | BalanceatEndofPeriod | BalanceatBeginningofYear |
Bankers’AcceptanceBill | 83,154,229.20 | |
Intotal | 83,154,229.20 |
(2)AccountsPayable
AccountsPayableListedbyNatureofFunds
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
MaterialFundsPayable | 121,681,815.91 | 300,676,736.60 |
ProjectFundsPayable | 289,019.48 | 941,089.67 |
EquipmentFundsPayable | 15,527,703.10 | 6,461,633.94 |
LoanDeposit | 583,301.20 | 4,242,759.55 |
Others | 2,482,873.42 | 5,216,708.51 |
Intotal | 140,564,713.11 | 317,538,928.27 |
Note:TherearenoimportantpayableswithoveroneyearofagingintheCompanythiscurrentyear.
21.AccountsCollectedinAdvance
(1)ListofAccountsCollectedinAdvance
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
SalesRevenueCollectedinAdvance | 143,857,900.77 | 211,148,248.97 |
Collectrentinadvance | 769,003.41 | 975,898.41 |
Collecttheequipmentpaymentinadvance | 690,160.00 | |
Intotal | 145,317,064.18 | 212,124,147.38 |
Note:TherearenoimportantaccountscollectedinadvancewithoveroneyearofagingintheCompanythiscurrentyear.
22.WagesPayable
(1)ListofWagesPayable
Items | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod |
OneShort-termCompensation | 28,869,807.85 | 266,883,310.17 | 265,815,058.87 | 29,938,059.15 |
TwoAfter-serviceWelfare-StatedDrawingsPlan | 1,645,436.22 | 27,857,038.48 | 28,100,077.26 | 1,402,397.44 |
ThreeDismissionWelfare | 246,787.46 | 2,867,140.01 | 2,959,816.01 | 154,111.46 |
Intotal | 30,762,031.53 | 297,607,488.66 | 296,874,952.14 | 31,494,568.05 |
(2)ListofShort-termCompensation
Items | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod |
1.Wage,Bonus,AllowanceandSubsidy | 23,623,803.03 | 220,412,503.59 | 218,369,287.64 | 25,667,018.98 |
2.WelfareExpenseofEmployee | 8,533,525.88 | 8,283,037.78 | 250,488.10 | |
3.SocialInsuranceExpense | 1,173,235.12 | 15,498,489.85 | 15,761,705.14 | 910,019.83 |
Amongthem:MedicalInsurancePremiums | 487,861.28 | 11,893,875.45 | 12,041,294.72 | 340,442.01 |
IndustrialInjuryInsurancePremiums | 243,854.07 | 1,738,117.90 | 1,850,704.95 | 131,267.02 |
BirthInsurancePremiums | 48,976.63 | 1,040,601.95 | 1,043,810.92 | 45,767.66 |
Others | 392,543.14 | 825,894.55 | 825,894.55 | 392,543.14 |
4.HousingProvidentFunds | 360,036.42 | 9,516,068.50 | 9,686,463.92 | 189,641.00 |
5.LaborUnionExpenseandPersonnelEducationFund | 3,706,067.66 | 4,481,506.36 | 5,273,348.40 | 2,914,225.62 |
6.Short-termCompensatedAbsences | 6,665.62 | 8,441,215.99 | 8,441,215.99 | 6,665.62 |
Intotal | 28,869,807.85 | 266,883,310.17 | 265,815,058.87 | 29,938,059.15 |
(3)ListofStatedDrawingsPlan
Items | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod |
1.BasicPensionInsurance | 1,537,935.17 | 25,867,530.70 | 26,074,331.29 | 1,331,134.58 |
2.UnemploymentInsuranceExpense | 55,433.85 | 876,428.79 | 880,483.42 | 51,379.22 |
3.EnterpriseAnnuityCharges | 52,067.20 | 1,112,473.99 | 1,144,657.55 | 19,883.64 |
Others | 1,645,436.22 | 27,857,038.48 | 28,100,077.26 | 1,402,397.44 |
Notes:TheCompanyjoinspensioninsuranceandunemploymentinsuranceprogramssetbygovernmentagenciesinaccordancewithregulations.Accordingtotheseprograms,theCompanydepositsexpensesofpensioninsuranceprogrampermonthbasedon14%,20%,19%and18%ofbasicemployeewagewhiledepositingexpensesofpensioninsuranceprogrampermonthbasedon0.5%,0.7%,1%and0.8%ofbasicemployeewage.Exceptfromaboveexpensesdepositedmonthly,theCompanywon’tundertakefurtherpaymentobligation.Correspondingexpensesarechargedtocostsofprofitandlossinthecurrentperiodorrelatedassetswhenoccurring.
23.TaxesandFeesPayable
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
VAT | 5,633,418.89 | 5,589,806.18 |
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
UrbanMaintenanceandConstructionTax | 495,841.40 | 487,700.32 |
CorporateIncomeTax | 26,772,270.05 | 26,488,177.73 |
HousePropertyTax | 1,447,610.40 | 1,509,296.48 |
LandUseTax | 276,169.59 | 73,972.59 |
IndividualIncomeTax | 482,771.95 | 1,440,170.29 |
EducationalSurtax | 174,446.12 | 194,075.05 |
LocalEducationalSurtax | 168,441.14 | 160,997.53 |
StampTax | 317,916.69 | 727,764.60 |
ResourcesTax | 11,532.00 | |
Others | 3,401.61 | 183,178.41 |
Intotal | 35,783,819.84 | 36,855,139.18 |
24.OtherAccountsPayable
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
OtherAccountsPayable | 73,118,565.08 | 451,938,294.35 |
InterestPayable | 26,972,826.90 | 86,064,211.31 |
DividendsPayable | 11,197,317.01 | 3,397,317.01 |
Intotal | 111,288,708.99 | 541,399,822.67 |
(1)OtherAccountsPayable
ListofOtherAccountsPayablebyNatureofFunds
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
LoanandInterest | 30,376,545.69 | 47,777,345.69 |
IntercourseFundsofRelatedParties | 817,333.26 | 189,160,957.19 |
IntercourseFundsbetweenUnits | 20,356,775.13 | 98,020,263.84 |
PersonalIntercourseFunds | 776,050.31 | 131,535.46 |
VariousInsurancesofEmployee | 797,312.51 | 547,454.06 |
EmployeeLoanPayable | 91,986.85 | 495,579.02 |
GuaranteedDepositandDeposit | 15,199,146.39 | 104,307,068.72 |
WarehouseandStorageCharges | 2,568,894.01 | |
Others | 2,134,520.93 | 11,498,090.37 |
Intotal | 73,118,565.08 | 451,938,294.35 |
(2)InterestPayable
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
LoanInterestbetweenEnterprises | 21,082,795.47 | 71,842,734.54 |
EntrustLoansInterest | 10,449,888.49 | |
BankLoanInterest | 5,890,031.43 | 3,771,588.28 |
Intotal | 26,972,826.90 | 86,064,211.31 |
(3)DividendsPayable
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
DividendPayableforCorporateShares | 3,397,317.01 | 3,397,317.01 |
DividendsPayableforMinorityShareholders | 7,800,000.00 | |
Intotal | 11,197,317.01 | 3,397,317.01 |
25.OtherCurrentLiabilities
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
FairValueChangesofItemsTrappedatHedging | 11,100,915.25 | 90,215,292.43 |
Intotal | 11,100,915.25 | 90,215,292.43 |
26.Long-termAccountsPayable
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
NetworkServiceExpensePayable | 801,625.20 | |
Intotal | 801,625.20 |
27.Long-termWagePayable(1)ListofLong-termWagePayable
Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
OneAfter-serviceWelfare-StatedDrawingsPlanNetLiabilities | ||
TwoDismissionWelfare | 275,406.52 | 533,609.91 |
ThreeOtherLong-termWelfare | 39,970,000.00 | 26,257,600.00 |
Intotal | 40,245,406.52 | 26,791,209.91 |
28.DeferredIncome
Items | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod | CauseofFormation |
GovernmentSubsidy | 78,961,972.67 | 4,008,587.16 | 74,953,385.51 | ||
Intotal | 78,961,972.67 | 4,008,587.16 | 74,953,385.51 | — |
Amongthem,itemsinvolvinggovernmentsubsidy
ItemsReceivingSubsidy | Type | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod | |||
ChargetoNon-operatingIncome | ChargetootherProfits | OffsetCostExpense | OtherDecreases | |||||
RelocationCompensation | FinancialAllocation | 5,386,693.42 | 384,763.82 | 5,001,929.60 | ||||
SpecialSubsidyforTechnicalRenovationofProductionLine | FinancialAllocation | 1,800,000.00 | 450,000.00 | 1,350,000.00 | ||||
SpecialSubsidyforInfrastructureInput | FinancialAllocation | 13,022,562.99 | 908,691.98 | 12,113,871.01 | ||||
EnterpriseSupportingInfrastructureatConstructionStageof“TianjinHarborIndustrialParkAdministrativeCommittee” | FinancialAllocation | 53,761,636.09 | 1,277,504.16 | 52,484,131.93 | ||||
TianjinBinhaiNewDistrict’sIndustriallyTechnicalRenovationandParkConstructionFundsaswellasExpendituresforScienceandTechnology | FinancialAllocation | 2,759,259.17 | 222,222.24 | 2,537,036.93 | ||||
FixedAssetsSpeciallyFormedbyScienceandTechnologyCommissionofGuchuanEdibleOil | FinancialAllocation | 1,011,904.76 | 77,838.84 | 934,065.92 | ||||
AppropriationforOilTank’sElectricHeatingSystem | FinancialAllocation | 232,780.16 | 58,195.08 | 174,585.08 |
CookingOilGreenandCleaningProductionEquipment,TechnicalStudyaswellasScienceandTechnologyDemonstration | FinancialAllocation | 417,136.08 | 59,371.04 | 357,765.04 | |||
MaintenanceFundsforDangerousandOldWarehouse | FinancialAllocation | 570,000.00 | 570,000.00 | ||||
Intotal | 78,961,972.67 | 570,000.00 | 3,438,587.16 | 74,953,385.51 |
29.ShareCapital
Items | BalanceatBeginningofYear | ChangesintheCurrentPeriod | BalanceatEndofPeriod | ||||
NewShareIssue | ShareDonation | ShareTransferofProvidentFund | Others | Sub-total | |||
1.ShareswithRestrictedConditions | |||||||
(1)StateShareholding | |||||||
(2)State-ownedLegal-personShareholding | 236,216,509.00 | -22,828,451.00 | -22,828,451.00 | 213,388,058.00 | |||
(3)OtherDomesticCapitalShareholding | 24,127,951.00 | -22,828,451.00 | -22,828,451.00 | 1,299,500.00 | |||
Including: | |||||||
DomesticLegal-personShareholding | 24,127,951.00 | -22,828,451.00 | -22,828,451.00 | 1,299,500.00 | |||
DomesticNaturalPersonShareholding | |||||||
(4)ForeignShareholding | |||||||
Including: | |||||||
ForeignLegal-personShareholding | |||||||
ForeignNaturalPersonShareholding | |||||||
TotalShareswithRestrictedConditions | 260,344,460.00 | -45,656,902.00 | -45,656,902.00 | 214,687,558.00 | |||
2.TradableShareswithoutRestrictedConditions | |||||||
(1)RMBOrdinaryShares | 360,470,904.00 | 45,656,902.00 | 45,656,902.00 | 406,127,806.00 | |||
(2)DomesticallyListedForeignShares | 64,975,000.00 | 64,975,000.00 | |||||
(3)ListedForeignSharesOverseas | |||||||
(4)Others | |||||||
TotalTradableShareswithoutRestrictedConditions | 425,445,904.00 | 45,656,902.00 | 45,656,902.00 | 471,102,806.00 | |||
Intotal | 685,790,364.00 | 685,790,364.00 |
30.CapitalReserves
Items | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod |
CapitalPremium(StockPremium) | 1,243,771,440.74 | 1,243,771,440.74 | ||
CapitalReservesRoll-inUnderOriginalSystem | 112,316,357.36 | 112,316,357.36 |
Items | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod |
OtherCapitalReserves | 236,453,784.63 | 3,170,222.58 | 239,624,007.21 | |
Intotal | 1,592,541,582.73 | 3,170,222.58 | 1,595,711,805.31 |
Note:Thechangesofthecompany'scapitalreserveareasfollows:(1)Thecapitalreserveformedbytheriskmortgageofseniorexecutivesexemptedfromthecurrentdebtofthecompanyamountsto2,841,542.67yuan;(2)Thecompany'scalculationofotherchangesintheowner'srightsandinterestsofthegrainstorage(Tianjin)LogisticsLimitedcompanyintheinvestedunitsbelongstothecompany,amountingto328,679.91yuan.
31.OtherComprehensiveIncomes
Items | BalanceatBeginningofYear | AmountsOccurredintheCurrentPeriod | BalanceatEndofPeriod | ||||
AmountsOccurredbeforeIncomeTaxintheCurrentPeriod | Less:OtherComprehensiveIncomesChargedatEarlierStageandCurrentRoll-inProfitandLoss | Less:IncomeTaxExpense | AttributabletoParentCompanyAfterTax | AttributabletoMinorityShareholdersAfterTax | |||
OneOthercomprehensiveincomesthatwon’tbeclassifiedintoprofitandloss | |||||||
Including:valuevariationofnewlycalculatedanddefinedbenefitsplan | |||||||
Othercomprehensiveincomeswhoseprofitandlosscan’tberolledinoroutatequitylaw | |||||||
TwoOthercomprehensiveincomesthatwillbeclassifiedintoprofitandloss | 438.33 | 438.33 | |||||
Including:othercomprehensiveincomewhoseprofitandlosscanberolledinoroutatequitylaw | |||||||
Changesinfairvaluethroughprofitandlossforavailable-for-salefinancialassets | -421,278.00 | -421,278.00 | |||||
Held-to-maturityinvestmentisreclassifiedintoavailable-for-salefinancialassetsprofitandloss | |||||||
Effectivepartofcash-flowhedgingprofitandloss | |||||||
Converteddifferencebetweenforeigncurrencyfinancialstatements | 421,716.33 | 421,716.33 | |||||
Intotal | 438.33 | 438.33 |
32.SurplusReserves
Items | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod |
StatutorySurplusReserves | 84,487,609.05 | 84,487,609.05 | ||
FreeSurplusReserves | 37,634,827.93 | 37,634,827.93 | ||
Intotal | 122,122,436.98 | 122,122,436.98 |
33.UndistributedProfit
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
Adjustmentonundistributedprofitatendoflastyear | -299,111,700.34 | -547,123,017.26 |
Adjustmentontotalnumberofundistributedprofitatbeginningofperiod(increase+anddecrease-) | ||
Adjustedundistributedprofitatbeginningofperiod | -299,111,700.34 | -547,123,017.26 |
Add:netprofitattributabletoparentcompanyinthecurrentperiod | 167,956,581.15 | 129,603,167.36 |
Less:withdrawallegalsurplusreserves | ||
Withdrawalfreesurplusreserves | ||
Withdrawalgeneralriskreserves | ||
Ordinarystockdividendspayable | ||
Ordinarystockdividendstransferredtocapital | ||
Add:covercompanylossesusingsurplusreserves | ||
Others(formedbythemergeofenterprisesandretroactiveadjustmentsunderthesamecontrol) | 118,408,149.56 | |
Undistributedprofitatendofperiod | -131,155,119.19 | -299,111,700.34 |
34.MinorityInterest
Items | BalanceatEndofPeriod | BalanceatBeginningofPeriod |
SinograinOilsCorporation | 241,504,003.06 | 242,434,948.56 |
WangYuechengandotherminorityshareholdersofZhejiangXiaowangziFoodCo.,Ltd. | 233,004,494.15 | 207,753,849.43 |
MissmeFoodandBeverage(Tianjin)Co.,Ltd. | 8,860,128.93 | 9,687,021.60 |
Chaoxuntong(Tianjin)CommercialandTradingCo.,Ltd. | 6,236,324.41 | 5,559,049.55 |
HebeiProvincialOilPoolCo.,Ltd. | 36,378,427.45 | 33,644,861.40 |
TangshanCaofeidianAgriculturalDevelopmentGroupCo.,Ltd. | 24,343,101.44 | |
XinyiYaowanTourismIndustrialParkDevelopmentCo.,Ltd. | 8,874,594.32 | |
BeijingGrainXinniuRunyingEquityInvestmentFund(LimitedPartnership) | 1,479,099.05 | |
ShiZhuTujiaAutonomousCountyYujinzhuAgriculturalPartnershipEnterprise(GeneralPartnership) | 5,916,396.21 | |
Intotal | 566,596,569.02 | 499,079,730.54 |
35.OperationRevenueandOperationCost
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod | ||
Revenue | Cost | Revenue | Cost | |
PrimeBusiness | 7,362,877,190.25 | 6,732,130,680.87 | 7,867,860,792.55 | 7,167,956,134.14 |
OtherBusiness | 46,247,113.16 | 13,184,527.25 | 49,778,251.58 | 13,372,318.44 |
Intotal | 7,409,124,303.41 | 6,745,315,208.12 | 7,917,639,044.13 | 7,181,328,452.58 |
Note:operationrevenueandoperationcostoftheCompanyarebasedoninformationofindustryandregionalanalysis,seeingAppendixFifteen2.
(1)PrimeBusiness(IndustryandBusiness-classified)
NameofIndustry(orBusiness) | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
Revenue | Cost | Revenue | Cost | |
OilandOilSeeds | 6,261,524,286.20 | 5,948,914,989.47 | 6,533,461,558.85 | 6,242,894,698.91 |
FoodManufacturingIndustry | 890,987,143.21 | 612,079,134.38 | 829,093,442.40 | 581,010,692.16 |
EntrustedProcessing | 40,032,627.87 | 45,729,804.67 | 11,932,194.08 | 15,831,580.89 |
OilReservesRotation | 162,393,266.25 | 124,332,375.00 | 35,563,203.00 | |
Transfer | 7,939,866.72 | 1,074,377.35 | 6,487,277.74 | 2,695,225.67 |
RealEstateDevelopment | 267,712,458.14 | 155,065,841.68 | ||
PropertyManagementService | 176,661,210.91 | 167,272,900.48 | ||
TouristHotelService | 6,949,447.43 | 3,185,194.35 | ||
Intotal | 7,362,877,190.25 | 6,732,130,680.87 | 7,867,860,792.55 | 7,167,956,134.14 |
(2)PrimeBusiness(Product-classified)
NameofProduct | AmountsintheCurrentPeriod | AmountsinthePriorPeriod | ||
Revenue | Cost | Revenue | Cost | |
Oil | 6,471,890,047.04 | 6,120,051,546.49 | 6,587,444,233.67 | 6,261,421,505.47 |
FoodProcessing | 890,987,143.21 | 612,079,134.38 | 829,093,442.40 | 581,010,692.16 |
RealEstate | 451,323,116.48 | 325,523,936.51 | ||
Intotal | 7,362,877,190.25 | 6,732,130,680.87 | 7,867,860,792.55 | 7,167,956,134.14 |
(3)PrimeBusiness(Region-classified)
NameofRegion | AmountsintheCurrentPeriod | AmountsinthePriorPeriod | ||
Revenue | Cost | Revenue | Cost | |
Beijing | 2,225,706,282.90 | 1,925,744,737.19 | 2,284,362,571.64 | 2,016,441,282.38 |
Tianjin | 4,123,641,322.51 | 4,154,852,781.92 | 4,303,392,217.59 | 4,225,251,929.43 |
Zhejiang | 640,002,204.15 | 429,029,230.87 | 601,713,674.15 | 409,141,409.64 |
Shandong | 49,311,118.34 | 41,662,829.01 | 51,895,234.78 | 45,885,054.28 |
Liaoning | 124,495,099.54 | 93,556,390.71 | 114,647,176.24 | 88,324,952.20 |
Hebei | 199,721,162.81 | 87,284,711.17 | 60,526,801.67 | 56,656,928.52 |
Hainan | 174,290,871.50 | 166,745,067.76 | ||
Heilongjiang | 6,949,447.43 | 3,185,194.35 | ||
Hubei | 268,027,180.78 | 155,208,349.16 | ||
Shanghai | 2,055,616.77 | 1,115,966.42 | ||
Intotal | 7,362,877,190.25 | 6,732,130,680.87 | 7,867,860,792.55 | 7,167,956,134.14 |
36.TariffAndAnnex
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
BusinessTax | 32,013.47 | |
UrbanMaintenanceandConstructionTax | 5,842,393.58 | 6,630,671.72 |
EducationalSurtax | 2,582,618.40 | 3,104,569.54 |
LocalEducationalSurtax | 1,721,744.55 | 1,525,118.90 |
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
IncrementTaxonLandValue | 197,624.76 | 22,375,467.16 |
HousePropertytax | 7,701,037.94 | 7,311,758.86 |
LandUseTax | 1,617,228.36 | 1,374,665.53 |
VehicleandVesselUseTax | 50,229.02 | 51,081.96 |
StampTax | 3,873,868.49 | 4,519,040.11 |
ResourcesTax | 120,234.70 | |
OtherTaxesandFees | 206,043.68 | 1,405,472.06 |
Intotal | 23,913,023.48 | 48,329,859.31 |
Note:calculationandpaymentstandardofvarioustaxesandsurchargesseesdetailsofAppendixFiveTax.
37.SalesExpenses
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
EmployeeCompensation(includingwage,bonus,welfareexpenses,allowanceaswellasfivesocialinsuranceandonehousingfund) | 61,214,787.72 | 57,011,007.00 |
AdvertisingExpenses | 3,789,513.48 | 5,947,655.16 |
RepairCosts | 1,173,945.20 | 1,358,366.74 |
PackingExpenses | 935,608.04 | 559,123.41 |
TransportationFees | 22,687,770.57 | 20,381,939.96 |
TerminalCharges | 1,260,068.80 | 820,634.48 |
WaterandElectricityFees | 1,980,862.22 | 2,338,735.74 |
VehicleFees | 1,346,716.81 | 1,623,972.05 |
WarehousingFees | 13,148,592.18 | 8,413,479.41 |
TestandDetectionFees | 335,007.92 | 398,037.44 |
CommercialInsuranceExpenses | 94,070.40 | 547,189.06 |
SalesPromotionExpenses | 32,313,861.58 | 35,441,585.31 |
BusinessEntertainmentExpenses | 529,236.42 | 742,942.10 |
LaborProtectionFees | 183,948.99 | 218,584.27 |
CommodityWastage | 1,942,588.74 | 744,458.02 |
SampleandProductLosses | 8,034,152.45 | 6,062,673.85 |
SalesandServiceFees | 256,459.94 | 4,910,000.00 |
ImpairmentCosts | 16,234,000.42 | 16,056,593.33 |
TravelExpenses | 7,760,499.91 | 7,494,585.28 |
OperationExpenses | 14,979,675.83 | 9,528,015.06 |
Leasefee | 2,998,804.40 | 2,605,001.39 |
OtherExpenses | 540,960.11 | 1,489,590.52 |
Intotal | 193,741,132.13 | 184,694,169.58 |
38.AdministrationExpenses
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
EmployeeCompensation(includingwage,bonus,welfareexpenses,allowanceaswellasfivesocialinsuranceandonehousingfund) | 112,048,014.99 | 125,337,409.57 |
WorkersInsuranceExpenses | 760,974.77 | 670,625.85 |
CompanyExpenses | 4,951,764.79 | 4,145,001.66 |
CommercialInsuranceExpenses | 694,285.64 | 1,174,261.82 |
VehicleFees | 3,974,066.28 | 4,245,679.03 |
ImpairmentCosts | 16,928,883.60 | 24,139,281.64 |
RepairCosts | 3,408,236.67 | 2,259,750.04 |
TaxesinExpenses | 474,740.91 | 320,300.97 |
AmortizationofAssets | 16,673,765.43 | 17,020,197.51 |
MaterialConsumption | 750,510.31 | 772,549.15 |
FeesofEmployingAgent | 12,852,608.04 | 25,389,014.63 |
InformationNetworkFees | 2,243,950.07 | 1,132,559.52 |
LaborProtectionFees | 642,947.95 | 614,848.07 |
EnvironmentalProtectionFees | 784,709.59 | 770,534.92 |
SecurityProtectionFees | 864,173.31 | 495,870.77 |
ConferenceExpenses | 1,440,724.47 | 665,576.07 |
BusinessEntertainmentExpenses | 1,613,099.59 | 3,408,439.70 |
TravelExpenses | 1,364,003.13 | 2,755,755.78 |
OfficeExpenses | 1,837,034.04 | 1,882,855.50 |
LeaseFees | 4,331,135.37 | 9,498,782.54 |
ConsultationServiceFees | 151,569.02 | 2,042,800.68 |
OtherExpenses | 1,371,119.43 | 4,208,666.81 |
Intotal | 190,162,317.40 | 232,950,762.23 |
39.ResearchandDevelopmentExpenses
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
CostofScientificResearch | 2,742,564.22 | 3,393,588.50 |
Intotal | 2,742,564.22 | 3,393,588.50 |
40.FinancialExpenses
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
InterestExpenses | 78,514,993.77 | 60,010,600.72 |
Less:InterestIncome | 11,149,346.83 | 24,528,341.57 |
ExchangeProfitandLoss | -19,437,870.30 | -5,917,601.92 |
ServiceCharges | 560,042.66 | 2,148,312.68 |
Others | 305,829.37 | |
Intotal | 48,487,819.30 | 32,018,799.28 |
41.LossfromAssetDevaluation
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
LossonBadDebts | -3,091,602.13 | 2,496,907.58 |
LossonInventoryPriceDrop | 4,470,348.34 | 7,470,679.20 |
LossfromProject-under-constructionDevaluation | 583,333.33 | |
LossfromFixedAssetsDevaluation | 51,187.38 | |
Intotal | 1,378,746.21 | 10,602,107.49 |
42.OtherProfits
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod | AmountsChargedtoNon-recurringProfitandLossintheCurrentPeriod |
GovernmentSubsidyRelatedtoDailyCorporateActivities | 16,475,771.21 | 15,139,922.81 | 3,535,244.81 |
ReturnofServiceChargesofWithholdingIndividualIncomeTax | 72,743.16 | 72,743.16 | |
Intotal | 16,548,514.37 | 15,139,922.81 | 3,607,987.97 |
Including:detailsofgovernmentsubsidyareasfollows:
ItemsReceivingSubsidy | AmountsintheCurrentPeriod | AmountsinthePriorPeriod | RelatedtoAssets/Profits |
RelocationCompensation | 384,763.82 | 384,763.82 | RelatedtoAssets |
SpecialSubsidyforTechnicalRenovationofProductionLine | 450,000.00 | 450,000.00 | RelatedtoAssets |
SpecialSubsidyforInfrastructureInput | 908,691.98 | 908,691.99 | RelatedtoAssets |
EnterpriseSupportingInfrastructureatConstructionStageof“TianjinHarborIndustrialParkAdministrativeCommittee” | 1,277,504.16 | 1,277,504.16 | RelatedtoAssets |
TianjinBinhaiNewDistrict’sIndustriallyTechnicalRenovationandParkConstructionFundsaswellasExpendituresforScienceandTechnology | 222,222.24 | 222,222.24 | RelatedtoAssets |
FixedAssetsSpeciallyFormedbyScienceandTechnologyCommissionofGuchuanEdibleOil | 77,838.84 | 77,838.84 | RelatedtoAssets |
ppropriationforOilTank’sElectricHeatingSystem | 58,195.08 | 58,195.08 | RelatedtoAssets |
CookingOilGreenandCleaningProductionEquipment,TechnicalStudyaswellasScienceandTechnologyDemonstration | 59,371.04 | 56,000.04 | RelatedtoAssets |
SubsidyforFinanciallyObsoleteBoiler | 120,000.00 | RelatedtoProfits | |
SubsidyforTechnicalRenovationofLinanDistrictBureauofEconomicandInformation | 483,600.00 | RelatedtoProfits | |
SubsidyforBoilerRenovationofZhennanOfficeofFinanceofLinanDistrict | 450,000.00 | RelatedtoProfits | |
FinancialSubsidyforFoodSecurity | 30,000.00 | 30,000.00 | RelatedtoProfits |
SubsidyforBoilerRenovation | 570,000.00 | RelatedtoProfits | |
LandTaxExemption | 63,803.00 | 256,000.00 | RelatedtoProfits |
FundSubsidyforProjectsofTechnicalRenovation | 181,600.00 | RelatedtoProfits | |
StablePostSubsidy | 66,000.00 | 29,946.64 | RelatedtoProfits |
ReturnofIncomebyVAT | 11,440,800.00 | 9,583,560.00 | RelatedtoProfits |
FundsforPromotingIndustrialDevelopmentofTianjinDongjiangFreeTradePortZoneAdministrationCommittee | 353,981.05 | RelatedtoProfits | |
IndustryandInformationFinancialFundsofLinanDistrict | 621,600.00 | RelatedtoProfits | |
AwardforEnterprisesObtainingFamous-brandProductsandStandardSetting(Revision)ofLinanDistrict | 90,000.00 | RelatedtoProfits | |
AwardSubsidyforWater-savingEnterprises | 1,000.00 | RelatedtoProfits | |
AwardFundsforCleaningProduction | 20,000.00 | RelatedtoProfits |
ItemsReceivingSubsidy | AmountsintheCurrentPeriod | AmountsinthePriorPeriod | RelatedtoAssets/Profits |
SubsidyforFeesofPerfectingSupportingInfrastructure | 350,000.00 | RelatedtoProfits | |
Intotal | 16,475,771.21 | 15,139,922.81 |
43.InvestmentIncome
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
Long-termequityinvestmentincomeaccountedwithequitymethod | 8,330,122.46 | 12,343,020.80 |
Investmentincomegeneratedfromdisposinglong-termequityinvestment | 203,943.97 | |
Investmentincomeoffinancialassetsthataremeasuredasperfairvalueandforwhichthechangesareincludedinthecurrentprofitandlossduringtheholdingperiod | -592,610.00 | -1,294,068.24 |
Investmentincomeofdisposingfinancialassetsthataremeasuredasperfairvalueandforwhichthechangesareincludedinthecurrentprofitandloss | 7,396,982.64 | 9,842,560.10 |
Investmentincomeofdisposingfinancialproducts | 15,846,716.82 | 4,488,253.49 |
Intotal | 30,981,211.92 | 25,583,710.12 |
44.ProfitsonChangesinFairValue
Sourceofgeneratingincomewithchangesinfairvalue | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
Financialassetsthataremeasuredasperfairvalueandforwhichthechangesareincludedinthecurrentprofitandloss | 2,009,952.25 | 12,934,641.69 |
Including:incomewithchangesinfairvaluegeneratedbyderivativefinancialinstruments | 2,009,952.25 | 12,934,641.69 |
Intotal | 2,009,952.25 | 12,934,641.69 |
45.AssetsDisposalIncome
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod | AmountsChargedtoNon-recurringProfitandLoss |
TotalIncomeofNon-currentAssetsDisposal | -367,796.13 | -6,770.67 | -367,796.13 |
Including:incomeoffixedassetsdisposal | -367,796.13 | -6,770.67 | -367,796.13 |
Intotal | -367,796.13 | -6,770.67 | -367,796.13 |
46.Non-operatingIncome
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod | AmountsChargedtoNon-recurringProfitandLoss |
GovernmentSubsidyIrrelevanttoDailyOperationActivities | 69,818.00 | ||
AssetInventorySurplusGains | 38,528.20 | 8.26 | 38,528.20 |
DonationGains | 35,800.00 | ||
DemandCompensationIncome | 4,382,340.61 | 230,078.50 | 4,382,340.61 |
TaxRebate | 67,445.03 | ||
RelocationCompensation | 12,233,443.22 | 22,523,945.85 | 12,233,443.22 |
Payablesthataren’tabletopay | 16,679,043.74 | 16,679,043.74 | |
OtherGains | 2,572,582.46 | 2,791,149.54 | 2,572,582.46 |
Intotal | 35,905,938.23 | 25,718,245.18 | 35,905,938.23 |
Including:detailsofgovernmentsubsidyareasfollows:
ItemsReceivingSubsidy | AmountsintheCurrentPeriod | AmountsinthePriorPeriod | RelatedtoAssets/Profits |
FinancialIncentivestoSuper-proportionalPlacementof | 26,020.00 |
ItemsReceivingSubsidy | AmountsintheCurrentPeriod | AmountsinthePriorPeriod | RelatedtoAssets/Profits |
DisablePersonsofLinanDistrict’sFinanceBureau | |||
FoodEmergencySubsidy | 18,000.00 | ||
ExportBountyofBusinessCommittee | 25,798.00 | ||
Intotal | 69,818.00 |
47.Non-operatingExpenses
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod | AmountsChargedtoNon-recurringProfitandLoss |
ExternalDonationExpenses | 20,000.00 | 38,500.00 | 20,000.00 |
AssetsDamageandAbandonmentLoss | 1,441,925.72 | 278,048.34 | 1,441,925.72 |
AmercementOutlay | 1,187.98 | 29,126.42 | 1,187.98 |
CompensationandDefaultMoney | 5,471,466.18 | 928,136.64 | 5,471,466.18 |
RelocationLoss | 3,198,119.25 | 15,749,062.93 | 3,198,119.25 |
Others | 1,018,783.92 | 2,017,718.48 | 1,018,783.92 |
Intotal | 11,151,483.05 | 19,040,592.81 | 11,151,483.05 |
48.IncomeTaxExpenses
(1)ListofIncomeTaxExpenses
AmountsintheCurrentPeriod | AmountsinthePriorPeriod | AmountsintheCurrentPeriod |
IncomeTaxExpensesoftheCurrentPeriod | 71,816,277.87 | 91,667,682.68 |
DeferredIncomeTaxExpenses | -5,632,570.27 | -15,776,517.61 |
Others | 63,005.65 |
(2)AccountingProfitandIncomeTaxExpenseAdjustmentProcess
Items | AmountsinthePriorPeriod |
TotalProfits | 277,309,830.14 |
Incometaxexpensescalculatedbystatutory/applicabletaxrate | 68,888,490.76 |
Effectofsubsidiarycorporationsbeingapplicabletodifferenttaxrates | -438,966.78 |
Adjustmentoneffectofincometaxinthepriorperiod | 740,785.99 |
EffectofNon-taxableIncomes | -23,965,306.96 |
EffectofNon-deductiblecost,expenseandloss | 18,910,673.63 |
Effectofdeductiblelossonusageofunconfirmeddeferredincometaxassetsinthepriorperiod | -3,053,323.81 |
Effectofdeductibletemporarydifferenceordeductiblelossonunconfirmeddeferredincometaxinthecurrentperiod | 5,101,354.77 |
Others | |
IncomeTaxExpenses | 66,183,707.60 |
49.OtherComprehensiveIncomesSeedetailsofAppendixSix,31.50.Itemrelatedtocashflowsstatement(1)Receivingothercashrelatedtooperationactivities
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
IntercourseFundsofRelatedParties | 12,321,015.31 | 14,986,715.05 |
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
IntercourseFundsofOtherUnits | 427,638,129.62 | 143,896,782.01 |
Non-operatingIncome | 3,162,922.28 | 3,197,686.55 |
InterestIncome | 12,714,538.74 | 5,153,293.07 |
FutureGuarantee | 857,189,447.41 | 964,620,970.77 |
CashFlowofAllocatedAssets | 45,578,965.01 | |
Others | 7,844,959.19 | 4,204,891.67 |
Intotal | 1,320,871,012.55 | 1,181,639,304.13 |
(2)OtherCashPaymentRelatedtoOperationActivities
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
IntercourseFundsofRelatedParties | 8,419,687.72 | 11,325,588.70 |
IntercourseFundsofOtherUnits | 150,418,240.65 | 468,947,062.03 |
PaymentforAdministrationExpenses | 42,455,842.36 | 56,096,248.89 |
PaymentforOperatingExpenses | 48,583,417.88 | 47,688,580.85 |
Non-operatingExpenses | 539,765.49 | 18,324,573.33 |
PettyCashPaid | 1,559,803.65 | 1,117,033.00 |
BankCharges | 590,054.94 | 1,399,464.20 |
FutureGuarantee | 787,350,321.68 | 612,100,000.00 |
CashFlowofAllocatedAssets | 112,176,278.67 | |
Others | 14,426,119.22 | 16,530,438.64 |
Intotal | 1,054,343,253.59 | 1,345,705,268.31 |
(3)Receivingothercashrelatedtoinvestmentactivities
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
CashFlowofAllocatedAssets | 49,136.10 | |
Intotal | 49,136.10 |
(4)OtherCashPaymentRelatedtoFinancingActivities
Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
LoanInterestofRelatedPartiesPaid | 1,720,000.00 | |
Others | 259,044.96 | |
Intotal | 1,979,044.96 |
51.SupplementaryMaterialsofCashFlowsStatement(1)SupplementaryMaterialsofCashFlowsStatement
SupplementaryMaterials | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
1.Adjustingnetaccountingprofittooperatingcashflow | ||
NetProfit | 211,126,122.54 | 208,696,290.76 |
Add:AssetsImpairmentReserves | 1,378,746.21 | 10,602,107.49 |
FixedAssetsDepreciation,Oil-and-gasAssetsDepreciationandProductiveBiologicalAssetsDepreciation | 95,040,294.95 | 100,488,015.47 |
AmortizationofIntangibleAssets | 18,678,695.83 | 14,763,115.24 |
SupplementaryMaterials | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
AmortizationofLong-termDeferredExpenses | 4,159,473.31 | 5,992,729.57 |
LossesonDisposalofFixedAssets,IntangibleAssetsandOtherLong-termAssets(Fillinprofitwithsymbol“-”) | 367,796.13 | 6,770.67 |
LossesonRetirementofFixedAssets(Fillinprofitwithsymbol“-”) | 1,416,491.75 | 273,173.63 |
LossesonChangesinFairValue(Fillinprofitwithsymbol“-”) | -2,009,952.25 | -12,934,641.69 |
FinancialExpenses(Fillinprofitwithsymbol“-”) | 59,077,123.47 | 51,387,508.31 |
InvestmentLosses(Fillinprofitwithsymbol“-”) | -30,981,211.92 | -25,583,710.12 |
DecreaseinDeferredIncomeTaxAssets(Fillinincreasewithsymbol“-”) | -1,151,908.07 | -2,616,915.14 |
IncreaseinDeferredIncomeTaxReliabilities(Fillindecreasewithsymbol“-”) | -6,566,836.68 | -10,832,755.26 |
DecreaseinInventory(Fillinincreasewithsymbol“-”) | 167,659,592.74 | -751,498,235.77 |
DecreaseinItemsofOperatingReceivables(Fillinincreasewithsymbol“-”) | 217,514,117.22 | -239,599,506.90 |
IncreaseinItemsofOperatingReceivables(Fillindecreasewithsymbol“-”) | 114,459,006.01 | -728,651,725.92 |
Others | ||
NetCashFlowsfromOperatingActivities | 850,167,551.24 | -1,379,507,779.66 |
2.Majorinvestmentandfinancingactivitiesthatdonotinvolvecashpayments | ||
ConversionofDebtintoCapital | ||
ConvertibleBondsDueWithinOneYear | ||
FixedAssetsunderFinancingLease | ||
3.Netchangeconditionsincashandcashequivalents | ||
Cashbalanceatendofperiod | 867,870,016.78 | 1,014,438,663.43 |
Less:cashbalanceatbeginningofperiod | 1,014,438,663.43 | 505,477,847.81 |
Add:balanceofthecashequivalentsatendofperiod | ||
Less:balanceofthecashequivalentsatbeginningofperiod | ||
Cashandcashequivalentnetincreasequota | -146,568,646.65 | 508,960,815.62 |
(2)Netcashfromsubsidiarycorporationpaidinthecurrentperiod
Items | Amounts |
Mergeofenterprisesoccurredinthecurrentperiodandcashorcashequivalentspaidinthecurrentperiod | 39,000,000.00 |
Including:BeijingGrainGardenComplexConstructionandOperation(Xinyi)Co.,Ltd. | 13,500,000.00 |
BeijingGrain(Caofeidian)AgriculturalDevelopmentCo.,Ltd. | 25,500,000.00 |
Receivingnetcashpaidbysubsidiarycorporation | 39,000,000.00 |
(3)Compositionofcashandcashequivalents
Items | BalanceatEndofPeriod | BalanceatBeginningofPeriod |
OneCash | 867,870,016.78 | 1,014,438,663.43 |
Including:cashinstock | 46,418.17 | 119,766.22 |
Bankdepositavailableforpaymentatanytime | 737,705,225.28 | 937,214,125.42 |
Othercurrencyfundsavailableforpaymentatanytime | 130,118,373.33 | 77,104,771.79 |
Items | BalanceatEndofPeriod | BalanceatBeginningofPeriod |
TwoCashEquivalents | ||
Including:bondinvestmentmaturingwithinthreemonths | ||
ThreeBalanceofCashandCashEquivalentsatEndofPeriod | 867,870,016.78 | 1,014,438,663.43 |
Including:restrictedcashandcashequivalentsusedbyparentcompanyorintra-groupaffiliates |
52.Assetswithrestrictedownershiporrighttouse
Items | BookValueatEndofPeriod | ReasonsbeingRestricted |
CurrencyFunds | 57,000,000.00 | Estimatedheld-to-maturityfixeddepositreceiptofmanagement |
Inventory | 4,824,035.45 | LoanMortgage |
InvestmentRealEstate | 5,778,794.33 | LoanMortgage |
FixedAssets | 3,983,893.20 | LoanMortgage |
Intotal | 71,586,722.98 |
53.MonetaryItemsofForeignCurrency(1)MonetaryItemsofForeignCurrency
Items | BalanceofForeignCurrencyatEndofPeriod | ExchangeRateConvert | BalanceofConvertingtoRMBatEndofPeriod |
CurrencyFunds | 1,098,485.64 | 6.8632 | 7,539,126.64 |
Including:USDollars | 1,098,485.64 | 6.8632 | 7,539,126.64 |
Short-termLoan | 4,227,995.82 | 6.8632 | 29,017,580.91 |
Including:USDollars | 4,227,995.82 | 6.8632 | 29,017,580.91 |
NotesandAccountsPayable | 5,163,539.2 | 6.8632 | 35,438,402.24 |
Including:USDollars | 5,163,539.2 | 6.8632 | 35,438,402.24 |
(2)InstructionofOperationalEntityOverseasTheregistrantandoperatingunitoftheCompanyisBeijingGrain(Singapore)InternationalTradeCo.,Ltd.withmainbusinessplaceofSingaporeandrecordingcurrencyofUSDollars.54.HedgingPleasereferto2DerivativeFinancialAssetsunderSectionVIoftheNotes.55.GovernmentSubsidies1.Basicinformationofgovernmentsubsidiesinitiallyrecognizedforthecurrentperiod
Item | Amount | RelatingtoAssets | RelatingtoIncome | HasItBeenActuallyReceived? | ||||
DeferredIncome | WriteDowntheBookValueofAssets | DeferredIncome | OtherIncome | Non-operatingIncome | WriteDowntheCostExpenses | |||
IncomefromVATRefunds | 11,440,800.00 | 11,440,800.00 | No | |||||
FinancialFundforIndustryandInformationTechnologyinLinanDistrict | 621,600.00 | 621,600.00 | Yes | |||||
IndustrialDevelopmentPromotionFundfromManagementCommitteeofDongjiangFreeTradePortZoneofTianjin | 353,981.05 | 353,981.05 | Yes | |||||
SubsidyforCostsforImprovingInfrastructureFacilities | 350,000.00 | 350,000.00 | Yes |
AwardforEnterpriseswithFamousBrandProductsandStandardEstablishment(Revision)inLinanDistrict | 90,000.00 | 90,000.00 | Yes | ||
SubsidyforStablePosts | 66,000.00 | 66,000.00 | Yes | ||
LandTaxRelief | 63,803.00 | 63,803.00 | Yes | ||
FinancialSubsidyforFoodSecurity | 30,000.00 | 30,000.00 | Yes | ||
SubsidyFundCleanerProductionAward | 20,000.00 | 20,000.00 | Yes | ||
SubsidyforWater-savingEnterpriseAward | 1,000.00 | 1,000.00 | Yes | ||
Total | 13,037,184.05 | 13,037,184.05 | —— |
Note:TheVATrefundsincludedinthecurrentotherincomeofLin'anXiaotianshiFoodCo.,Ltd.,alevel4subsidiaryoftheCompany,are11,440,800.00yuan.Amongthem,theVATrefundsthathavenotbeenactuallyreceivedamountto993,600.00yuan,whichhavebeenrecordedinotherreceivables.
2.Governmentsubsidiesincludedinthecurrentprofitsandlosses
Item | Category | IncludedintheOtherIncome | IncludedintheNon-OperatingIncome | WriteDowntheCostExpenses |
RelocationCompensation | GovernmentSubsidies | 384,763.82 | ||
SpecialSubsidyforTechnicalRenovationofProductionLines | GovernmentSubsidies | 450,000.00 | ||
SpecialSubsidyforInfrastructureInvestment | GovernmentSubsidies | 908,691.98 | ||
EnterpriseInfrastructureofManagementCommitteeofTianjinHarborIndustrialParkintheConstructionStage | GovernmentSubsidies | 1,277,504.16 | ||
IndustrialTechnicalRenovationandConstructionFundsandExpendituresforScienceandTechnologyofBinhaiNewAreaofTianjin | GovernmentSubsidies | 222,222.24 | ||
FixedAssetsSpeciallyFormedbyGuchuanEdibleOilScienceandTechnologyCommission | GovernmentSubsidies | 77,838.84 | ||
AllocationforElectricHeatingSystemsofOilTanks | GovernmentSubsidies | 58,195.08 | ||
ResearchandTechnologyDemonstrationofGreen&CleanerProductionEquipmentandTechnologyforEdibleOil | GovernmentSubsidies | 59,371.04 | ||
FinancialSubsidyforFoodSecurity | GovernmentSubsidies | 30,000.00 | ||
LandTaxRelief | GovernmentSubsidies | 63,803.00 | ||
SubsidyforStablePosts | GovernmentSubsidies | 66,000.00 | ||
IncomefromVATRefunds | GovernmentSubsidies | 11,440,800.00 | ||
IndustrialDevelopmentPromotionFundfromManagementCommitteeofDongjiangFreeTradePortZoneofTianjin | GovernmentSubsidies | 353,981.05 | ||
FinancialFundforIndustryandInformationTechnologyinLinanDistrictin2017 | GovernmentSubsidies | 621,600.00 |
Item | Category | IncludedintheOtherIncome | IncludedintheNon-OperatingIncome | WriteDowntheCostExpenses |
AwardforEnterpriseswithFamousBrandProductsandStandardEstablishment(Revision)inLinanDistrictin2017 | GovernmentSubsidies | 90,000.00 | ||
SubsidyforWater-savingEnterpriseAward | GovernmentSubsidies | 1,000.00 | ||
SubsidyFundfor2018CleanerProductionAward | GovernmentSubsidies | 20,000.00 | ||
SubsidyforCostsforImprovingInfrastructureFacilities | GovernmentSubsidies | 350,000.00 | ||
Total | —— | 16,475,771.21 |
VII.ChangeinConsolidationScope1.ChangeinConsolidationScopeforOtherReasons(1)InJanuary2018,theCompanyinvested13.5millionyuanincurrencytoestablishJingliangRuralComplexConstructionandOperations(Xinyi)Co.,Ltd.Thepaid-inamountofcontributionaccountedfor45%ofthepaid-incapitaloftheinvestedunit,thusmakingitbecomethefirstmajorityshareholder.
(2)InNovember2017,theCompanyinvestedtoestablishJingliang(Caofeidian)AgriculturalDevelopmentCo.,Ltd.andinvested25.5millionyuanincurrencyinMay2018.Thepaid-inamountofcontributionaccountedfor51%ofthepaid-incapitaloftheinvestedunit,makingitbecomethefirstmajorityshareholder.
VIII.EquitiesinOtherEntities
1.EquitiesinSubsidiaries
(1)CompositionoftheGroup
NameofSubsidiary | PrinciplePlaceofBusiness | RegisteredPlace | NatureofBusiness | ShareholdingRatio(%) | ModeofAcquisition | |
Direct | Indirect | |||||
BeijingJingliangFoodCo.,Ltd. | Beijing | Beijing | InvestmentCompany | 100 | Mergerunderthesamecontrol | |
Jingliang(Tianjin)GrainandOilIndustryCo.,Ltd. | Tianjin | Tianjin | AgriculturalProductandByProductProcessing | 70 | Mergerunderthesamecontrol | |
BeijingJingliangOilandFatCo.,Ltd. | Beijing | Beijing | Grainandoiltrade | 100 | Mergerunderthesamecontrol | |
JingliangXinchuang(Tianjin)BusinessManagementCo.,Ltd. | Tianjin | Tianjin | Businessservices | 51 | Mergerunderthesamecontrol | |
Jingliang(Hebei)OilIndustryCo.,Ltd. | Hebei | Hebei | FarmandSidelineFoodProcessing | 51 | Mergerunderthesamecontrol | |
BeijingGuchuanEdibleOilCo.,Ltd. | Beijing | Beijing | Grainandoiltrade | 100 | Mergerunderthesamecontrol | |
BeijingEisen-LubaoOilCo.,Ltd. | Beijing | Beijing | FarmandSidelineFoodProcessing | 100 | Mergerunderthesamecontrol | |
BeijingTianweikangOilDistributionCenterCo.,Ltd. | Beijing | Beijing | Warehousing | 100 | Mergerunderthesamecontrol | |
BeijingGuchuanBreadFoodCo.,Ltd. | Beijing | Beijing | FoodProcessing | 100 | Mergerunderthesamecontrol | |
JingliangMissmeCateringManagement(Tianjin)Co.,Ltd. | Tianjin | Tianjin | FoodProcessing | 51 | Mergerunderthesamecontrol | |
MissmehuiCateringManagement(Tianjin)Co.,Ltd. | Tianjin | Tianjin | FoodSales | 100 | Mergerunderthesamecontrol | |
MissmeaoCateringManagement(Tianjin)Co.,Ltd. | Beijing | Beijing | FoodSales | 100 | Mergerunderthesamecontrol | |
ZhejiangXiaoWangZiFoodCo.,Ltd. | Hangzhou | Hangzhou | FoodProcessing | 69.7716 | Combinationnotundersamecontrol | |
HangzhouLin'anXiaotianshiFoodCo.,Ltd. | Hangzhou | Hangzhou | FoodProcessing | 69.7716 | Combinationnotundersamecontrol |
LiaoningXiaoWangZiFoodCo.,Ltd. | Liaoning | Liaoning | FoodProcessing | 69.7716 | Combinationnotundersamecontrol | |
LinqingXiaoWangZiFoodCo.,Ltd. | Linqing | Linqing | FoodProcessing | 69.7716 | Combinationnotundersamecontrol | |
Lin'anChunmanyuanAgriculturalDevelopmentCo.,Ltd. | Hangzhou | Hangzhou | FoodProcessing | 69.7716 | Combinationnotundersamecontrol | |
Jingliang(Singapore)InternationalTradeCo.,Ltd. | Singapore | Singapore | Graintrade | 100 | Establishmentbyinvestment | |
JingliangRuralComplexConstructionandOperations(Xinyi)Co.,Ltd. | Xinyi | Xinyi | Landremediation | 45 | Establishmentbyinvestment | |
Jingliang(Caofeidian)AgriculturalDevelopmentCo.,Ltd. | Tangshan | Tangshan | Plantation | 51 | Establishmentbyinvestment |
(2)Majornon-wholly-ownedsubsidiaries
NameofSubsidiary | ShareholdingRatioofMinorityShareholders(%) | ProfitAndLossAttributabletoMinorityShareholdersfortheCurrentPeriod | DividendsDistributedtoMinorityShareholdersfortheCurrentPeriod | BalanceofMinorityShareholder'sEquityattheEndofthePeriod |
Jingliang(Tianjin)GrainandOilIndustryCo.,Ltd. | 30 | 6,869,054.50 | 7,800,000.00 | 241,504,003.06 |
ZhejiangXiaoWangZiFoodCo.,Ltd. | 30.2284 | 33,098,847.63 | 7,848,202.91 | 233,004,494.15 |
JingliangMissmeCateringManagement(Tianjin)Co.,Ltd. | 49 | -826,892.67 | 8,860,128.93 | |
JingliangXinchuang(Tianjin)BusinessManagementCo.,Ltd. | 49 | 677,274.86 | 6,236,324.41 | |
Jingliang(Hebei)OilIndustryCo.,Ltd. | 49 | 3,738,066.05 | 1,004,500.00 | 36,378,427.45 |
JingliangRuralComplexConstructionandOperations(Xinyi)Co.,Ltd. | 55 | -229,910.42 | 16,270,089.58 | |
Jingliang(Caofeidian)AgriculturalDevelopmentCo.,Ltd. | 49 | -156,898.56 | 24,343,101.44 |
(3)Importantfinancialinformationonmajornon-wholly-ownedsubsidiaries
NameofSubsidiary | EndingBalance | |||||
CurrentAssets | Non-currentAssets | TotalAssets | CurrentLiabilities | Non-currentLiabilities | TotalLiabilities | |
Jingliang(Tianjin)GrainandOilIndustryCo.,Ltd. | 643,318,329.95 | 864,787,149.34 | 1,508,105,479.29 | 648,070,966.90 | 55,021,168.86 | 703,092,135.76 |
ZhejiangXiaoWangZiFoodCo.,Ltd. | 434,538,712.02 | 384,616,054.08 | 819,154,766.10 | 139,320,269.31 | 58,435,800.61 | 197,756,069.92 |
JingliangMissmeCateringManagement(Tianjin)Co.,Ltd. | 13,594,754.60 | 5,617,783.27 | 19,212,537.87 | 1,130,642.10 | 1,130,642.10 | |
JingliangXinchuang(Tianjin)BusinessManagementCo.,Ltd. | 13,018,932.12 | 6,647.74 | 13,025,579.86 | 293,084.18 | 293,084.18 | |
Jingliang(Hebei)OilIndustryCo.,Ltd. | 389,424,891.03 | 91,971,278.94 | 481,396,169.97 | 407,110,951.30 | 43,530.00 | 407,154,481.30 |
JingliangRuralComplexConstructionandOperations(Xinyi)Co.,Ltd. | 29,196,334.50 | 386,000.53 | 29,582,335.05 | 354.00 | 354.00 | |
Jingliang(Caofeidian)AgriculturalDevelopmentCo.,Ltd. | 51,880,588.02 | 321,598.36 | 52,202,186.38 | 2,522,387.52 | 2,522,387.52 |
(Continued)
NameofSubsidiary | Beginningbalance | |||||
CurrentAssets | Non-CurrentAssets | TotalAssets | CurrentLiabilities | Non-currentLiabilities | TotalLiabilities | |
Jingliang(Tianjin)GrainandOilIndustryCo.,Ltd. | 1,299,787,374.38 | 896,524,016.17 | 2,196,311,390.55 | 1,327,490,398.97 | 60,704,496.39 | 1,388,194,895.36 |
ZhejiangXiaoWangZiFoodCo.,Ltd. | 309,304,989.70 | 373,675,587.60 | 682,980,577.30 | 106,103,249.25 | 46,466,856.41 | 152,570,105.66 |
JingliangMissmeCateringManagement(Tianjin)Co.,Ltd. | 16,058,445.83 | 4,270,567.41 | 20,329,013.24 | 559,581.40 | 559,581.40 | |
JingliangXinchuang(Tianjin)BusinessManagementCo.,Ltd. | 81,900,543.34 | 750,679.10 | 82,651,222.44 | 71,301,496.27 | 71,301,496.27 | |
Jingliang(Hebei)OilIndustryCo.,Ltd. | 282,694,214.41 | 95,147,791.73 | 377,842,006.14 | 307,807,398.50 | 1,371,625.20 | 309,179,023.70 |
(Continued)
NameofSubsidiary | LastTermAmount | |||
OperatingIncome | NetProfit | TotalComprehensiveIncome | CashFlowfromOperatingActivities | |
Jingliang(Tianjin)GrainandOilIndustryCo.,Ltd. | 3,919,504,928.54 | 22,896,848.34 | 22,896,848.34 | 435,618,691.23 |
ZhejiangXiaoWangZiFoodCo.,Ltd. | 816,635,284.45 | 116,951,262.54 | 116,951,262.54 | 168,379,658.04 |
JingliangMissmeCateringManagement(Tianjin)Co.,Ltd. | 2,832,037.42 | -1,687,536.07 | -1,687,536.07 | -4,659,278.55 |
JingliangXinchuang(Tianjin)BusinessManagementCo.,Ltd. | 358,518,101.34 | 1,382,769.51 | 1,382,769.51 | -2,896,047.51 |
Jingliang(Hebei)OilIndustryCo.,Ltd. | 333,656,272.19 | 7,628,706.23 | 7,628,706.23 | -84,637,445.91 |
JingliangRuralComplexConstructionandOperations(Xinyi)Co.,Ltd. | -418,018.95 | -418,018.95 | -609,445.51 | |
Jingliang(Caofeidian)AgriculturalDevelopmentCo.,Ltd. | -320,201.14 | -320,201.14 | -8,935,818.31 |
(Continued)
NameofSubsidiary | AmountThisYear | |||
Operatingincome | Netprofit | Totalcomprehensiveincome | Cashflowfromoperatingactivities | |
Jingliang(Tianjin)GrainandOilIndustryCo.,Ltd. | 3,688,456,961.35 | 46,716,146.85 | 46,716,146.85 | -363,764,675.67 |
ZhejiangXiaoWangZiFoodCo.,Ltd. | 771,331,947.29 | 103,851,312.21 | 103,851,312.21 | 82,659,601.58 |
JingliangMissmeCateringManagement(Tianjin)Co.,Ltd. | 6,576,016.95 | -230,568.16 | -230,568.16 | -11,677,455.73 |
JingliangXinchuang(Tianjin)BusinessManagementCo.,Ltd. | 787,720,715.22 | 1,549,726.17 | 1,549,726.17 | 5,871,703.41 |
Jingliang(Hebei)OilIndustryCo.,Ltd. | 64,100,717.77 | 3,662,982.44 | 3,662,982.44 | -267,609,945.18 |
2.Theshareofowner'sequityinthesubsidiaryhaschangedanditstillcontrolsthetransactionsofthesubsidiary.None.3.EquityinJointVenturesorAffiliates(1)ImportantJointVenturesorAffiliates
NameofJointVentureorAffiliate | PrinciplePlaceof | RegisteredPlace | NatureofBusiness | ShareholdingRatio(%) | AccountingTreatmentMethodsforInvestmentin |
NameofJointVentureorAffiliate | PrinciplePlaceofBusiness | RegisteredPlace | NatureofBusiness | ShareholdingRatio(%) | AccountingTreatmentMethodsforInvestmentinJointVenturesorAffiliates | |
Direct | Indirect | |||||
BeijingZhengdaFeedCo.,Ltd. | NiulanMountain,ShunyiDistrict,Beijing | NiulanMountain,ShunyiDistrict,Beijing | Manufacturer | 50.00 | Equitymethod | |
SINOGRAIN(Tianjin)WarehousingLogisticsCo.,Ltd. | No.1,LingangEconomicZone,BinhaiNewAreaofTianjin | No.1,LingangEconomicZone,BinhaiNewAreaofTianjin | Transportationandwarehousing | 30.00 | Equitymethod |
(2)Importantfinancialinformationonmajorjointventures
Item | BeijingZhengdaFeedCo.,Ltd. | BeijingZhengdaFeedCo.,Ltd. |
EndingBalance/CurrentAmount | BeginningBalance/LastTermAmount | |
Currentassets | 53,128,106.97 | 65,265,065.01 |
Including:cashandcashequivalents | 4,164,426.47 | 7,741,319.43 |
Non-currentassets | 166,435,292.09 | 112,237,685.88 |
Totalassets | 219,563,399.06 | 177,502,750.89 |
Currentliabilities | 95,250,888.23 | 67,305,652.33 |
Non-currentliabilities | ||
Totalliabilities | 95,250,888.23 | 67,305,652.33 |
Minorityshareholder'sequity | ||
Shareholders'equityattributabletotheparentcompany | 124,312,510.83 | 110,197,098.56 |
Shareofnetassetsbasedonshareholdingratio | 62,156,255.42 | 55,098,549.28 |
Adjustments | ||
--Goodwill | ||
--Unrealizedprofitsfrominternaltransactions | ||
--Other | ||
Bookvalueofequityinvestmentinjointventures | 65,339,624.28 | 58,936,076.18 |
Fairvalueofequityinvestmentinjointventureswithopenoffers | ||
Operatingincome | 412,682,400.89 | 396,853,669.74 |
Financialcosts | -2,079,697.84 | -1,423,338.05 |
Incometaxexpense | 5,510,663.98 | 7,952,866.41 |
Netprofit | 16,057,882.06 | 23,115,278.24 |
Netprofitfromdiscontinuedoperations | ||
Othercomprehensiveincome | -489,060.00 | 150,150.00 |
Totalcomprehensiveincome | 15,568,822.06 | 23,265,428.24 |
Dividendsreceivedfromjointventuresinthecurrentperiod |
(3)Importantfinancialinformationonmajoraffiliates
Item | EndingBalance/CurrentAmount | BeginningBalance/LastTermAmount |
SINOGRAIN(Tianjin)WarehousingLogisticsCo.,Ltd. | SINOGRAIN(Tianjin)WarehousingLogisticsCo.,Ltd. | |
Currentassets | 120,310,983.11 | 76,297,906.27 |
Non-currentassets | 349,183,791.13 | 328,865,777.91 |
Totalassets | 469,494,774.24 | 405,163,684.18 |
Currentliabilities | 19,419,434.80 | 4,526,369.09 |
Non-currentliabilities | 58,450,000.00 | 15,125,229.88 |
Totalliabilities | 77,869,434.80 | 19,651,598.97 |
Minorityshareholder'sequity | ||
Shareholders'equityattributabletotheparentcompany | 391,625,339.44 | 385,512,085.21 |
Shareofnetassetsbasedonshareholdingratio | 117,487,601.83 | 115,653,625.56 |
Adjustments | ||
--Goodwill | ||
--Unrealizedprofitsfrominternaltransactions | ||
--Other | ||
Bookvalueofequityinvestmentinaffiliates | 117,487,601.83 | 115,653,625.56 |
Fairvalueofequityinvestmentinaffiliateswithopenoffers | ||
Operatingincome | 20,533,721.00 | 33,461,596.58 |
Netprofit | 5,017,654.54 | 6,777,975.68 |
Netprofitfromdiscontinuedoperations | ||
Othercomprehensiveincome | ||
Totalcomprehensiveincome | 5,017,654.54 | 6,777,975.68 |
Dividendsreceivedfromaffiliatesinthecurrentperiod |
IX.RisksRelatedtoFinancialInstrumentsTheCompany'sprincipalfinancialinstrumentsincludeequityinvestment,creditors'investment,borrowing,accountsreceivable,accountspayable,etc.SeerelevantitemsunderSectionVIoftheNotesfordetailsaboutfinancialinstruments.TherisksassociatedwiththesefinancialinstrumentsandtheriskmanagementpoliciesadoptedbytheCompanytoreducesuchrisksaredescribedbelow.TheCompany'smanagementmanagesandmonitorstheseriskexposurestoensurethatsuchrisksarecontrolledwithintherestrictedrange.
TheCompanyadoptsthesensitivityanalysistechnologytoanalyzethepossibleinfluencesofreasonableandpossiblechangesofriskvariablesoncurrentprofitsandlossesorshareholders'equity.Sinceariskvariableseldomchangesbyitselfandthecorrelationbetweenvariableswillhaveasignificantimpactonthefinalamountofchangecausedbyariskvariable,thefollowingcontentisbaseontheassumptionthateachvariablechangesindependently.
(1)RiskManagementObjectivesandPolicies
TheCompany'sengagementinriskmanagementisaimedatstrikingaproperbalancebetweenriskandprofit,minimizingthenegativeimpactofriskontheCompany'soperatingperformanceandmaximizingtheinterestsofshareholdersandotherequityinvestors.Inviewoftheaboveobjectivesofriskmanagement,theCompany'sbasicstrategyforriskmanagementistoidentifyandanalyzeallrisksfacedbytheCompany,establishtheappropriatebottomlineforrisktoleranceandconductriskmanagement,carryouttimelyandreliablesupervisionofrisksandthuscontroltheriskswithinalimitedrange.
1.MarketRisks
(1)ForeignExchangeRisk
Foreignexchangeriskreferstotheriskoflosscausedbyexchangeratemovements.TheCompany'sforeignexchangeriskismainlyrelatedtoUSdollar.ApartfromtheCompany'sseveralsubsidiariesthatsettletheirpurchasingandsellingbusinessesinUSdollar,theCompany'sothermainbusinessactivitiesaresettledinRMB.AsofDecember31,2018,theassetsandliabilitiesoftheCompanyaresettledinRMB,exceptthattheassetsorliabilitiesmentionedinthefollowingtablearesettledinUSdollar.ForeignexchangerisksarisingfromassetsandliabilitiessettledinsuchforeigncurrenciesmayhaveanimpactontheCompany'soperating
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018performance.
Item | EndingBalance | OpeningBalance |
Cashandcashequivalents | 7,539,126.64 | 11,009,343.09 |
Notespayableandaccountspayable | 35,438,402.24 | 83,154,229.20 |
Otherpayables | 200.00 | |
Short-termloans | 29,017,580.91 | 417,473,862.73 |
Note:TheCompanypayscloseattentiontotheimpactofexchangeratemovementsontheGroup.
(2)Sensitivityanalysisonforeignexchangerisk:
TheCompanyadoptsthesensitivityanalysistechnologytoanalyzethepossibleinfluencesofreasonableandpossiblechangesofriskvariablesoncurrentprofitsandlossesorowner'sequity.Sinceariskvariableseldomchangesbyitselfandthecorrelationbetweenvariableswillhaveasignificantimpactonthefinalamountofchangecausedbyariskvariable,thefollowingcontentisbaseontheassumptionthateachvariablechangesindependently.
Ontheassumptionthatforeigncurrencyassetsandliabilitiesremainrelativelystableandothervariablesremainunchanged,thepossiblereasonablechangesinexchangerateshavethefollowingafter-taxinfluencesoncurrentprofitsandlossesandequities:
Item | ChangeinExchangeRate | Currentperiod | |
InfluenceonProfits | InfluenceonShareholders'Equity | ||
Allforeigncurrencies | Appreciateby5%againstRMB | -2,845,842.82 | -2,845,842.82 |
Allforeigncurrencies | Depreciateby5%againstRMB | 2,845,842.82 | 2,845,842.82 |
2.CreditRisk
OnDecember31,2018,thelargestcreditriskexposurethatmaycausefinanciallosstotheCompanymainlycomesfromthelossonfinancialassetsoftheCompanyduetothefailureoftheotherpartytoperformitsobligations,including:
Bookvalueoffinancialassetsrecognizedintheconsolidatedbalancesheet;forafinancialinstrumentmeasuredatfairvalue,itsbookvaluereflectsitsriskexposureinsteadoftheirbiggestriskexposure,anditsbiggestriskexposuremayvarywiththechangeofitsfuturefairvalue.
Inordertoreducethecreditrisk,theCompanysetsrelevantpoliciestocontrolitsexposure,setscorrespondingcreditperiodsbasedoncustomer’sfinancialposition,possibilityofobtainingguaranteesfromthirdparties,creditrecordsandotherfactorssuchascurrentmarketconditionsandothercreditqualificationsforcustomerassessment,andimplementsothermonitoringprocedurestoensurethatnecessarymeasuresaretakentorecoveroverduecredits.Inaddition,theCompanyreviewsthecollectionofindividualaccountreceivablesoneachbalancesheetdateinordertomakesufficientprovisionforbaddebtsforuncollectableamounts.Therefore,theCompany'smanagementbelievesthattheCompany'screditriskhasbeengreatlyreduced.
TheliquidityfundsoftheCompanyaredepositedinbankswithhighcreditrating,sothecreditriskofliquidityfundsislow.
3.LiquidityRisk
Whenmanagingliquidityrisk,theCompanykeepsandmonitorsadequatecashandcashequivalentsapprovedbyitsmanagementinordertomeettheCompany'sbusinessneedsandreducetheinfluencesofcashflowfluctuations.TheCompany'smanagementmonitorstheuseofbankloansandensurestheperformanceofloanagreements.
TheCompanyusesbankloansasitsmainsourceoffunds.OnDecember31,2018,theamountofbankloansthathavenotbeenusedbytheCompanywasRMB2.88billion.
AsofDecember31,2018,theundiscountedcashflowofCompany'sfinancialassetsandliabilitiesundercontractsisshownbelowbyduedate:
Item | EndingBalance | |||||
NetBookValue | OriginalBookValue | WithinOneYear | 1To2Years | 2To5Years | AboveFiveYears | |
Monetaryfunds | 924,870,016.78 | 924,870,016.78 | 924,870,016.78 | |||
Notespayableandreceivables | 97,775,710.11 | 98,642,588.11 | 98,642,588.11 | |||
Otherreceivables | 18,256,513.93 | 18,573,440.15 | 18,573,440.15 | |||
Available-for-salefinancialassets | 20,000,000.00 | 30,500,000.00 | 30,500,000.00 | |||
Subtotal | 1,060,902,240.82 | 1,072,586,045.04 | 1,072,586,045.04 | |||
Short-termloans | 1,437,715,080.91 | 1,437,715,080.91 | 1,437,715,080.91 |
Notespayableandaccountspayable | 140,564,713.11 | 140,564,713.11 | 140,564,713.11 |
Otherpayables | 111,288,708.99 | 111,288,708.99 | 111,288,708.99 |
Long-termloans | |||
Subtotal | 1,689,568,503.01 | 1,689,568,503.01 | 1,689,568,503.01 |
(Continued)
Item | Beginningbalance | |||||
NetBookValue | OriginalBookValue | WithinOneYear | 1to2Years | 2to5Years | AboveFiveYears | |
Monetaryfunds | 1,014,438,663.43 | 1,014,438,663.43 | 1,014,438,663.43 | |||
Notespayableandreceivables | 75,165,127.11 | 76,068,110.58 | 76,068,110.58 | |||
Otherreceivables | 75,722,139.87 | 79,017,252.75 | 79,017,252.75 | |||
Non-currentassetsduewithinoneyear | 51,000,000.00 | 51,000,000.00 | 51,000,000.00 | |||
Available-for-salefinancialassets | 20,000,000.00 | 30,500,000.00 | 30,500,000.00 | |||
Subtotal | 1,236,325,930.41 | 1,251,024,026.76 | 1,251,024,026.76 | |||
Short-termloans | 2,007,171,362.73 | 2,007,171,362.73 | 2,007,171,362.73 | |||
Notespayableandaccountspayable | 400,693,157.47 | 400,693,157.47 | 400,693,157.47 | |||
Otherpayables | 541,399,822.67 | 541,399,822.67 | 541,399,822.67 | |||
Subtotal | 2,949,264,342.87 | 2,949,264,342.87 | 2,949,264,342.87 |
4.InterestRateRiskTheCompany'sinterestrateriskmainlyarisesfrombankloans.ThefinancialliabilitiesatfloatinginterestratesbringtheCompanytheinterestrateriskoncashflow,whilethefinancialliabilitiesatfixedinterestratesbringtheCompanytheinterestrateriskonfairvalue.TheCompanydecidestherelativeproportionoffixedinterestratecontractsandfloatinginterestratecontractsaccordingtothecurrentmarketenvironment.
AsofDecember31,2018,theCompany'sinterest-bearingliabilitiesunderfloatingratecontractsdenominatedinRMBamountedtoRMB78.5million,andthoseunderfixedratecontractsdenominatedinRMBamountedtoRMB1,359,215,080.91.
X.DisclosureofFairValues
1.Fairvaluesofassetsandliabilitiesmeasuredatfairvalueattheendoftheperiod
Item | FairValuesattheEndofthePeriod | |||
FirstLevelFairValueMeasurement | SecondLevelFairValueMeasurement | ThirdLevelFairValueMeasurement | Total | |
I.Continuousfairvaluemeasurement | ||||
(I)Financialassetsthataremeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitsandlosses | 71,260,414.60 | 71,260,414.60 | ||
1.Tradingfinancialassets | 71,260,414.60 | 71,260,414.60 | ||
(1)InvestmentindebtInstruments | ||||
(2)Investmentinequityinstruments | ||||
(3)Derivativefinancialassets | 71,260,414.60 | 71,260,414.60 | ||
Totalassetscontinuouslymeasuredatfairvalue | 71,260,414.60 | 71,260,414.60 |
2.Basisfordeterminingmarketpricesofcontinuousandnon-continuousfirstlevelfairvaluemeasurementitems
Note:TheCompanymakesoffersforfirstlevelfairvaluemeasurementaccordingtoopencontractsofthefuturesexchange.
XII.RelatedPartiesandRelated-PartyTransactions
1.ParentCompanyoftheCompany
NameofParentCompany | RegisteredPlace | NatureofBusiness | RegisteredCapital(tenthousandYuan) | ProportionofSharesHeldbyParentCompanyintheCompany(%) | ProportionofVotingPowerHeldbyParentCompanyintheCompany(%) |
BeijingGrainGroupCo.Ltd. | Beijing | InvestmentManagement | 90,000.00 | 42.06 | 42.06 |
Note:TheultimatecontrollingpartyoftheCompanyisBeijingCapitalAgribusinessGroupCo.,Ltd.2.SubsidiariesoftheCompanySee1.EquityinSubsidiariesunderSectionVIIIoftheNotesfordetails.3.JointVenturesandAffiliatesoftheCompanySee3.EquityinJointVenturesorAffiliatesunderSectionVIIIoftheNotesfordetailsonmajorjointventuresoraffiliates.TheinformationonotherjointventuresoraffiliatesthathaverelatedpartytransactionswiththeCompanyinthecurrentperiodorhavebalancesofrelatedpartytransactionswiththeCompanyinthepreviousperiodisasfollows:
NameofJointVentureorAffiliate | RelationshipwiththeCompany |
BeijingZhengdaFeedCo.,Ltd. | Jointventure |
SINOGRAIN(Tianjin)WarehousingLogisticsCo.,Ltd. | Affiliate |
4.OtherRelatedParties
NameofOtherRelatedParty | RelationshipwiththeCompany |
BeijingDahongmenGrainPurchasing&StorageWarehouse | Controlledbytheultimatecontrollingparty |
BeijingDaxingNationalGrainPurchasing&StorageWarehouse | Controlledbytheultimatecontrollingparty |
BeijingSoutheastSuburbGrainWarehouse | Controlledbytheultimatecontrollingparty |
BeijingGuchuanFuxingFoodCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingGuchuanRiceIndustryCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingGuchuanFoodCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingHongyuanliRationsSupplyStation | Controlledbytheultimatecontrollingparty |
BeijingJingliangDacangGrainandOilTradeCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingJingliangDaguGrainandOilTradeCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingJingliangE-commerceCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingJingliangDongfangGrainandOilTradeCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingJingliangGurunTradeCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingJingliangBiotechnologyIndustryCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingJingliangLogisticsCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingJingliangYunheGrainandOilTradeCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingJingliangRealEstateCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingJingmenLiangshiState-ownedAssetManagementCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingJunchengNuoyuanGrainandOilPurchaseandSaleCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingLanfengVegetableDistributionCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingGrainGroupFinanceCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingLongdeBusinessManagementCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingNanjiaoAgriculturalProductionManagementCo.,Ltd. | Controlledbytheultimatecontrollingparty |
NameofOtherRelatedParty | RelationshipwiththeCompany |
BeijingNiannianHaoheRationsSupplyStation | Controlledbytheultimatecontrollingparty |
BeijingSanyuanPetroleumCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingSanyuanSeedTechnologyCo.,Ltd.FeedBranch | Controlledbytheultimatecontrollingparty |
BeijingDahongmenGrainPurchasing&StorageWarehouseCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingDahongmenOilPlant | Controlledbytheultimatecontrollingparty |
BeijingHaidianWestSuburbGrainandOilSupplyStation | Controlledbytheultimatecontrollingparty |
BeijingJingchengAutoDrivingTechnicalSchool | Controlledbytheultimatecontrollingparty |
BeijingLiangguanGrainandOilSupplyStation | Controlledbytheultimatecontrollingparty |
BeijingInstituteofFoodScience | Controlledbytheultimatecontrollingparty |
BeijingLongqingXiaduRationsSupplyStation | Controlledbytheultimatecontrollingparty |
BeijingMaliandaoGrainandOilSpecialSupplyStation | Controlledbytheultimatecontrollingparty |
BeijingSouthSuburbGrainPurchasing&StorageWarehouse | Controlledbytheultimatecontrollingparty |
BeijingNanyuanVegetableOilPlant | Controlledbytheultimatecontrollingparty |
BeijingPingguGrainandOilIndustryandTradeCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingFoodSupplyDepartmentNo.34SupplySection | Controlledbytheultimatecontrollingparty |
BeijingShunyiGrainandOilCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingTianguGrainandOilTradeCo.,Ltd. | Controlledbytheultimatecontrollingparty |
SupplyStationofBeijingTongzhouGrainandOilTradingCompany | Controlledbytheultimatecontrollingparty |
BeijingNouthwestSuburbGrainWarehouse | Controlledbytheultimatecontrollingparty |
BeijingNorthwestSuburbGrainPurchasing&StorageWarehouse | Controlledbytheultimatecontrollingparty |
BeijingSesameOilPlant | Controlledbytheultimatecontrollingparty |
BeijingYongheXinchengGrainandOilSupplyCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingAssistantRationsSupplyStation | Controlledbytheultimatecontrollingparty |
BeijingArmyGrainandOilSupplyStation | Controlledbytheultimatecontrollingparty |
BeijingShounongAnimalHusbandryDevelopmentCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingWuhuanShuntongSupplyChainManagementCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingXingshishangTradeCenter | Controlledbytheultimatecontrollingparty |
BeijingYumaMotorVehicleTrainingGroundCo.,Ltd. | Controlledbytheultimatecontrollingparty |
BeijingYuanjishunRationsSupplyStation | Controlledbytheultimatecontrollingparty |
BeijingZhibohuiArchitecturalDesignInstituteCo.,Ltd. | Controlledbytheultimatecontrollingparty |
HebeiShounongModernAgriculturalTechnologyCo.,Ltd. | Controlledbytheultimatecontrollingparty |
Jingliang(Tianjin)E-commerceCo.,Ltd. | Controlledbytheultimatecontrollingparty |
Jingliang(Tianjin)TradeDevelopmentCo.,Ltd. | Controlledbytheultimatecontrollingparty |
JingliangHuayuan(Beijing)AgriculturalHigh-techCo.,Ltd. | Controlledbytheultimatecontrollingparty |
ShandongFukuanBioengineeringCo.,Ltd. | Controlledbytheultimatecontrollingparty |
ChinaIntegratedResearchCenterforMeatProducts | Controlledbytheultimatecontrollingparty |
5.Related-partyTransactions(1)Related-partytransactionsforpurchaseandsaleofgoodsandprovisionandacceptanceoflaborservices①Purchaseofgoodsandacceptanceoflaborservices
RelatedParty | Related-partyTransaction | CurrentAmount | LastTermAmount |
BeijingGuchuanFoodCo.,Ltd. | Purchaseofgoods | 17,173,511.19 | 16,826,139.99 |
BeijingGuchuanRiceIndustryCo.,Ltd. | Purchaseofgoods | 2,537,794.80 | 369,821.34 |
BeijingJingliangE-commerceCo.,Ltd. | Purchaseofgoods | 2,615,077.63 | |
ShandongFukuanBioengineeringCo.,Ltd. | Purchaseofgoods | 1,287,901.32 | 978,017.54 |
BeijingJingliangDongfangGrainandOilTradeCo.,Ltd. | Purchaseofgoods | 221,825.63 | 230,892.20 |
BeijingGrainGroupCo.Ltd. | Purchaseofgoods | 32,075.47 |
Note:Thepriceofarelated-partytransactionshallbeequaltothepricechargedforaunrelated-partytransactionthatissameasorsimilartosuchrelated-partytransaction.
②Saleofgoods/provisionoflaborservices
RelatedParty | Related-partyTransaction | CurrentAmount | LastTermAmount |
BeijingJingliangDacangGrainandOilTradeCo.,Ltd. | Saleofgoods | 20,288.29 | 378.38 |
BeijingPingguGrainandOilIndustryandTradeCo.,Ltd. | Saleofgoods | 6,486.48 | 945.95 |
BeijingTianguGrainandOilTradeCo.,Ltd. | Saleofgoods | 1,690.27 | |
BeijingNouthwestSuburbGrainWarehouse | Saleofgoods | 6,477.88 | |
BeijingJingliangDongfangGrainandOilTradeCo.,Ltd. | Saleofgoods | 6,365,528.55 | 6,210,157.05 |
BeijingGuchuanFoodCo.,Ltd. | Saleofgoods | 2,568,946.46 | 5,415,514.73 |
Jingliang(Tianjin)E-commerceCo.,Ltd. | Saleofgoods | 112,739.62 | 86,230.93 |
BeijingGuchuanRiceIndustryCo.,Ltd. | Saleofgoods | 617,148.71 | 1,699,989.56 |
BeijingSouthSuburbGrainPurchasing&StorageWarehouse | Saleofgoods | 4,729.73 | |
BeijingNorthwestSuburbGrainPurchasing&StorageWarehouse | Saleofgoods | 22,685.84 | |
BeijingJingliangE-commerceCo.,Ltd. | Saleofgoods | 6,553,286.58 | 28,818,146.97 |
BeijingJingliangE-commerceCo.,Ltd. | Provisionoflaborservices | 12,309.25 | |
BeijingJingliangLogisticsCo.,Ltd. | Saleofgoods | 1,351.35 | 1,679.75 |
BeijingHaidianWestSuburbGrainandOilSupplyStation | Saleofgoods | 11,131,081.79 | 8,829,177.86 |
BeijingAssistantRationsSupplyStation | Saleofgoods | 5,968,090.31 | 6,120,835.80 |
BeijingArmyGrainandOilSupplyStation | Saleofgoods | 4,051,022.07 | 4,164,074.71 |
BeijingLongqingXiaduRationsSupplyStation | Saleofgoods | 589,538.05 | 669,425.63 |
BeijingMaliandaoGrainandOilSpecialSupplyStation | Saleofgoods | 3,181,286.36 | 2,090,831.28 |
BeijingJingliangRealEstateCo.,Ltd. | Saleofgoods | 39,835.13 | 38,044.38 |
SupplyStationofBeijingTongzhouGrainandOilTradingCompany | Saleofgoods | 751,542.68 | |
BeijingNanyuanVegetableOilPlant | Saleofgoods | 12,793.80 | 3,410.61 |
BeijingJingliangGurunTradeCo.,Ltd. | Saleofgoods | 906.19 | |
BeijingGrainGroupFinanceCo.,Ltd. | Saleofgoods | 2,068.97 | 19,666.44 |
BeijingNiannianHaoheRationsSupplyStation | Saleofgoods | 875,593.22 | |
BeijingInstituteofFoodScience | Saleofgoods | 7,884.24 | 144,945.40 |
BeijingXingshishangTradeCenter | Saleofgoods | 6,837.84 | 6,964.84 |
BeijingYuanjishunRationsSupplyStation | Saleofgoods | 66,666.67 | 685,368.72 |
BeijingSoutheastSuburbGrainWarehouse | Saleofgoods | 5,892.38 | |
BeijingJingliangYunheGrainandOilTradeCo.,Ltd. | Saleofgoods | 254,714.16 | 168,394.31 |
BeijingLongdeBusinessManagementCo.,Ltd. | Saleofgoods | 19,819.20 | 29,248.18 |
BeijingSesameOilPlant | Saleofgoods | 685.44 | |
BeijingHongyuanliRationsSupplyStation | Saleofgoods | 900,599.52 | 770,810.81 |
BeijingGuchuanFuxingFoodCo.,Ltd. | Saleofgoods | 347.27 | |
BeijingJingliangDaguGrainandOilTradeCo.,Ltd. | Saleofgoods | 88,822.07 | |
BeijingJingliangBiotechnologyIndustryCo.,Ltd. | Saleofgoods | 2,276.18 | |
BeijingJingmenLiangshiState-ownedAssetManagementCo.,Ltd. | Saleofgoods | 2,863.64 | |
BeijingJunchengNuoyuanGrainandOilPurchaseandSaleCo.,Ltd. | Saleofgoods | 2,066,703.52 | |
BeijingLanfengVegetableDistributionCo.,Ltd. | Saleofgoods | 48,458.32 | |
BeijingNanjiaoAgriculturalProductionManagementCo.,Ltd. | Saleofgoods | 6,954.55 | |
BeijingSanyuanPetroleumCo.,Ltd. | Saleofgoods | 1,980.35 | |
BeijingSanyuanSeedTechnologyCo.,Ltd.FeedBranch | Saleofgoods | 6,115,726.92 | |
BeijingJingchengAutoDrivingTechnicalSchool | Saleofgoods | 5,189.66 | |
BeijingLiangguanGrainandOilSupplyStation | Saleofgoods | ||
BeijingFoodSupplyDepartmentNo.34SupplySection | Saleofgoods | 951,982.83 | |
BeijingShunyiGrainandOilCo.,Ltd. | Saleofgoods | 35,808.62 | |
BeijingYongheXinchengGrainandOilSupplyCo.,Ltd. | Saleofgoods | 791,985.23 | |
BeijingShounongAnimalHusbandryDevelopmentCo.,Ltd. | Saleofgoods | 12,883.33 | |
BeijingCapitalAgribusinessGroupCo.,Ltd. | Saleofgoods | 909.09 | |
BeijingWuhuanShuntongSupplyChainManagementCo.,Ltd. | Saleofgoods | 102,800.01 | |
BeijingYumaMotorVehicleTrainingGroundCo.,Ltd. | Saleofgoods | 4,077.59 | |
BeijingZhibohuiArchitecturalDesignInstituteCo.,Ltd. | Saleofgoods | 3,531.53 | |
HebeiShounongModernAgriculturalTechnologyCo.,Ltd. | Saleofgoods | 7,127,624.97 | |
ChinaIntegratedResearchCenterforMeatProducts | Saleofgoods | 6,605.64 |
Note:Thepriceofarelated-partytransactionshallbeequaltothepricechargedforaunrelated-partytransactionthatissameasorsimilartosuchrelated-partytransaction.
(2)Related-partylease
①IftheCompanyisthelessor,
NameofLessee | TypeofLeasedAsset | LeaseIncomeRecognizedintheCurrentPeriod | LeaseIncomeRecognizedinthePriorPeriod |
BeijingGuchuanFoodCo.,Ltd. | Housing | 13,333,333.33 | 13,333,333.33 |
BeijingJingliangE-commerceCo.,Ltd. | Vehicleleasing | 18,839.83 | 21,760.00 |
①IftheCompanyisthelessee,
NameofLessor | TypeofLeasedAsset | Leasefeerecognizedinthecurrentperiod | Leasefeerecognizedinthepriorperiod |
BeijingGrainGroupCo.Ltd. | Houseleasing | 2,141,034.06 | 3,733,554.40 |
BeijingDahongmenGrainPurchasing&StorageWarehouse | Vehicles,housing | 1,584,230.78 | 1,444,600.00 |
BeijingDaxingNationalGrainPurchasing&StorageWarehouse | Oiltankandofficeleasing | 1,918,363.64 | 2,110,200.00 |
BeijingDahongmenOilPlant | Rent | 320,754.72 | |
Jingliang(Tianjin)TradeDevelopmentCo.,Ltd. | Houseleasing | 36,942.10 |
(3)Related-partyguarantee
①IftheCompanyistheguarantor,
GuaranteedParty | AmountGuaranteed | EffectiveDate | DueDate | WhethertheGuaranteeHasBeenFulfilled |
BeijingJingliangOilandFatCo.,Ltd. | 200,000,000.00 | June1,2017 | Maturitydateoffinancing:September30,2019 | No |
Theperiodofguaranteeshallbe2yearsfromthedateofexpirationoftheperiodinwhichtheprincipalcreditor'srightoccurs | ||||
BeijingJingliangOilandFatCo.,Ltd. | 100,000,000.00 | September6,2017 | Noguaranteedloan | No |
Theperiodofguaranteeshallbe2yearsfromthedateofexpirationoftheperiodinwhichtheprincipalcreditor'srightoccurs | ||||
BeijingJingliangOilandFatCo.,Ltd. | 88,000,000.00 | December18,2017 | Maturitydate:January31,2019 | No |
Theperiodofguaranteeshallbe2yearsfromthedateofexpirationoftheperiodinwhichtheprincipalcreditor'srightoccurs | ||||
BeijingJingliangOilandFatCo.,Ltd. | 1,655,000,000.00 | May29,2018 | Maturitydateoffinancing:January18,2019,February1,2019,February11,2019,March17,2019,February19,2019andMarch21,2019 | No |
Jingliang(Tianjin)GrainandOilIndustryCo.,Ltd. | ||||
Jingliang(Singapore)InternationalTradeCo.,Ltd. | ||||
Jingliang(Hebei)OilIndustryCo.,Ltd. | 80,000,000.00 | April2,2018 | Theloanhasbeenpaidoff; | Yes |
Theperiodofguaranteeshallbe2yearsfromthedateofexpirationoftheperiodinwhichtheprincipalcreditor'srightoccurs |
(4)Related-partyloansatcall
TheCompanyhasnorelated-partyloansatcallthisyear.(5)Related-partyassetstransferanddebtrestructuring
RelatedParty | Related-partyTransaction | CurrentAmount | LastTermAmount |
BeijingSesameOilPlant | Incomefromcompensationfordemolition | 2,963,947.53 | 13,192,806.89 |
BeijingNanyuanVegetableOilPlant | Incomefromcompensationfordemolition | 9,090,908.89 | 9,522,943.45 |
(6)Remunerationforkeymanagementstaff
Unit:tenthousandyuan
Item | CurrentAmount | LastTermAmount |
RemunerationforKeyManagementStaff | 473.98 | 317.81 |
(7)Otherrelated-partytransaction
RelatedParty | Related-partyTransaction | CurrentAmount | LastTermAmount |
BeijingJingliangRealEstateCo.,Ltd. | Utilities,informationnetworkfees | 31,530.33 | 70,095.28 |
BeijingJingliangDongfangGrainandOilTradeCo.,Ltd. | Incomefromtrademarkroyalties | 11,722.64 | 11,407.08 |
BeijingDahongmenGrainPurchasing&StorageWarehouseCo.,Ltd. | Powercharge,telephonebill,etc. | 88,985.50 | |
BeijingGuchuanFoodCo.,Ltd. | Incomefromtrademarkroyalties | 3,331,153.31 | 2,904,815.66 |
BeijingGuchuanRiceIndustryCo.,Ltd. | Incomefromtrademarkroyalties | 370,863.21 | 422,670.75 |
JingliangHuayuan(Beijing)AgriculturalHigh-techCo.,Ltd. | Propertyfee | 78,000.00 | |
BeijingCapitalAgribusinessGroupCo.,Ltd. | Costoftransportation | 18,867.92 | |
BeijingGuchuanFoodCo.,Ltd. | Servicecharge | 66,742.77 | |
BeijingGrainGroupCo.Ltd. | Interestexpense | 6,427,421.40 | |
BeijingGrainGroupFinanceCo.,Ltd. | Interestexpense | 6,337,413.77 | |
BeijingGrainGroupCo.Ltd. | Corporatepublicityexpenses | 16,037.74 |
6.Related-partyReceivablesandPayables
(1)Receivables
Item | EndingBalance | BeginningBalance | ||
BookBalance | ProvisionforBadDebts | BookBalance | ProvisionforBadDebts | |
Monetaryfunds | ||||
BeijingGrainGroupFinanceCo.,Ltd. | 98,494,825.91 | |||
Total | 98,494,825.91 | |||
Receivables: | ||||
BeijingGuchuanFoodCo.,Ltd. | 370,505.00 | 256,270.00 | ||
BeijingJingliangE-commerceCo.,Ltd. | 146,333.80 | 265,224.00 | ||
BeijingJingliangDongfangGrainandOilTradeCo.,Ltd. | 1,067,408.00 | 1,025,540.00 | ||
BeijingHaidianWestSuburbGrainandOilSupplyStation | 436,300.00 | 294,009.00 | ||
BeijingAssistantRationsSupplyStation | 1,394,180.00 | 991,912.00 | ||
BeijingLiangguanGrainandOilSupplyStation | 37,200.00 | 74,400.00 | ||
Jingliang(Tianjin)E-commerceCo.,Ltd. | 4,074.00 | |||
Total | 3,456,000.80 | 2,907,355.00 | ||
Prepayments: | ||||
BeijingDahongmenGrainPurchasing&StorageWarehouse | 1,679,284.63 | |||
BeijingDahongmenOilPlant | 340,000.00 | |||
Total | 2,019,284.63 |
Otherreceivables: | ||
Jingliang(HongKong)InternationalTradeCo.,Ltd. | 200.00 | |
Total | 200.00 |
(2)Payables
7.Related-partyCommitments
TheCompanyhasnorelated-partycommitmentsthisyear.XIII.CommitmentsandContingencies
1.Majorcommitments
(1)Capitalcommitment
OnDecember21,2018,theCompanysignedAgreementofIntentforStockAcquisitionwithWangYuecheng.TheCompanyintendstoacquire25.2284%ofthestocksharesofZhejiangXiaoWangZiFoodCo.,Ltd.bycashandissuingsharestopurchaseassets.Aftertheacquisition,theCompanyanditswholly-ownedsubsidiaryBeijingJingliangFoodCo.,Ltd.(hereinafterreferredtoas"JingliangFood")ultimatelyhold95%ofthestocksharesofTargetCompany.SinceWangYuecheng,themaincounterpartyofthistransaction,becamethevice-generalmanageroftheCompany,accordingtotherelevantprovisionsofRulesofShenzhenStockExchangeforFlotationofShares(revisedin2018),itconstitutesarelated-partytransactionoftheCompany.Asofthisfinancialreportdate,theacquisitionisinprogress.
(2)Othercommitments
1)ZhejiangXiaoWangZiFoodCo.,Ltd.(hereinafterreferredtoas"ZhejiangXiaoWangZi"),theholdingsubsidiaryoftheCompany,signedAnimationProductionEntrustmentContractwithJiangsuKungfuFamilyAnimationCo.,Ltd.(hereinafterreferredtoas"KungFuFamilyAnimation")onDecember1,2016.AccordingtotheContract,entrustedbyZhejiangXiaoWangZi,KungfuFamilyAnimationshouldproduceanimationLittlePrinceandPotatoBoy,,applyforprojectapprovaltotheRadio,FilmandTelevisionBureau,handletheanimationpublishinglicensewithrelevantdepartmentsandcompleteproduction,publicationandcommercialoperation.AccordingtotheContract,ZhejiangXiaoWangZishouldpayatotalanimationproductionfeeofRMB45million(includingtax)accordingtotheactualcompletionprogress.AsofDecember31,2018,itpaidanimationproductionfeeofRMB13million(includingtax).ThisanimationprojectwasstartedinJanuary2017andcompletedonJuly18,2018.Thefirst26episodeswerelicensedonJune21,2018,andthelast26episodeswerelicensedonJuly26,2018.OnAugust7,2018,itwasfirstbroadcastedonYMKTTVat17:10.AsofDecember31,2018,ithasbeenbroadcastedonthreeplatforms(YMKTTV,BTVKAKUChildrenChannel,www.jiajiakt.com),localTVstationsandnetworkplatforms.
2)TheSupplementIItotheProfitsCompensationAgreement,whichwasconsideredandapprovedatthe7thmeetingofthe8thBoardofDirectorsoftheCompany,stipulatesthatBeijingJingliangFoodCo.,Ltd.(hereinafterreferredtoas"JingliangFoodCompany")hascommitteditselftorealizethenetprofitofnolessthanRMB130.1115millionin2017,RMB150.3937millionin2018andRMB162.1605millionin2019,respectively.
TheactualnetprofitofJingliangFoodintheperiodofprofitcommitmentshouldbecalculatedaccordingtothefollowingcriteria:
①ThefinancialstatementsofJingliangFoodCompanyanditssubsidiariesshallbepreparedinaccordancewithAccountingStandardsforBusinessEnterprises,otherlawsandregulationsandtheCompany'saccountingpoliciesandaccountingestimates;
Item | EndingBalance | Beginningbalance |
Short-termloans: | ||
BeijingGrainGroupFinanceCo.,Ltd. | 280,000,000.00 | |
Total | 280,000,000.00 | |
Payables: | ||
BeijingGuchuanFoodCo.,Ltd. | 211,309.09 | 531,374.78 |
BeijingJingliangDongfangGrainandOilTradeCo.,Ltd. | 127.27 | |
ShandongFukuanBioengineeringCo.,Ltd. | 56,187.93 | |
Total | 267,624.29 | 531,374.78 |
Advancereceipts: | ||
BeijingGuchuanRiceIndustryCo.,Ltd. | 11,988.00 | |
BeijingSanyuanSeedTechnologyCo.,Ltd.FeedBranch | 0.01 | |
Total | 11,988.01 | |
Otherpayables: | ||
BeijingGrainGroupCo.Ltd. | 561,790.30 | 187,162,049.99 |
BeijingJingliangE-commerceCo.,Ltd. | 169,728.00 | 195,187.20 |
JingliangHuayuan(Beijing)AgriculturalHigh-techCo.,Ltd. | 78,000.00 | |
BeijingDahongmenOilPlant | 47,025.76 | |
Jingliang(Tianjin)TradeDevelopmentCo.,Ltd. | 38,789.20 | |
Total | 817,333.26 | 187,435,237.19 |
②UnlessprovidedbythelawsandregulationsortheCompanychangesitsaccountingpoliciesandaccountingestimates,theaccountingpoliciesandaccountingestimatesofJingliangFoodCompanyanditssubsidiariesshallnotbechangedduringtheperiodofprofitcommitmentwithouttheapprovalofthecompetentauthorityofJingliangFoodCompany;
③Netprofitreferstothenetprofitattributabletotheshareholdersofparentcompanyafterdeductionofthenon-recurringgainsandlossesfromtheconsolidatedfinancialstatements.Ifanyshare-basedpaymentsstipulatedintheAccountingStandardsforBusinessEnterprisesoccurbeforethecompletionofthistransaction,thenetprofitforthatyearshallbeequaltothenetprofitaftereliminationoftheinfluenceoftheabove-mentionedsharepayments.TheaccumulatedcommittednetprofitandtheaccumulatedactualnetprofitforeachyearduringtheperiodofprofitcommitmentofJingliangFoodCompanyshallalsoberespectivelyequaltotheaccumulatedcommittednetprofitandtheaccumulatedactualnetprofitaftereliminationoftheinfluenceoftheabove-mentionedsharepayments.
3)OnAugust11,2015,subsidiaryBeijingJingliangFoodCo.,Ltd.(hereinafterreferredtoasJingliangFoodCompany)signedtheFrameworkContractonTradinginSharesofZhejiangXiaoWangZiFoodCo.,Ltd.andRelatedTransactionswithMr.WangYuechengandZhejiangXiaoWangZiFoodCo.,Ltd.(hereinafterreferredtoasZhejiangXiaoWangZi),stipulatingthatbasedontheauditednetprofitofRMB60.7498millionin2014,WangYuechengshouldcommitthatZhejiangXiaoWangZiFoodCo.,Ltd.willachieveacompoundannualgrowthrateofnotlessthan10%andstrivefor20%intheperiodofperformancecommitment(includingadditionalperformanceguaranteeperiod),i.e.in2015,2016,2017and2018forfourconsecutiveyears.
ZhejiangXiaoWangZicalculatestheamountofperformancecompensationaccordingtothefollowingcriteria:
①Netprofitcompensation:Mr.WangYuechengshouldensurethattheaverageannualnetprofitofZhejiangXiaoWangZiisnotlessthanRMB60.7498millionduringtheperiodofperformanceguarantee.IfthesumofactualnetprofitsforfouryearsislessthanRMB242.9992million,Mr.WangYuechengshouldcompensateZhejiangXiaoWangZiincashbydoublingthedifferencebetweenthesumofactualnetprofitsforfouryearsandRMB242.9992million.
②Compensationforgrowth:Mr.WangYuechengshouldensurethatthesumofactualnetprofitsofZhejiangXiaoWangZiforfouryearsisnotlessthanRMB310.1339millionduringtheperformanceguaranteeperiod,thatis,RMB66.8248millionin2015,73.5073millionin2016,RMB80.858millionin2017andRMB88.9438millionin2018.IfthesumofactualnetprofitsforfouryearsislessthanRMB310.1339million,Mr.WangYuechengshouldcompensateZhejiangXiaoWangZiincashbythedifferencebetweenthesumofactualnetprofitsforfouryearsandRMB310.1339million.
③Performanceincentives:JingliangFoodCompanyagreesthatifthesumofauditednetprofitsofZhejiangXiaoWangZiforfouryearsismorethan310.1339millionYuanduringtheperformanceguaranteeperiod,theperformance-basedawardshallbecalculatedaccumulativelyaccordingtothedifferentsituationslistedinthefollowingtable:
Unit:tenthousandyuan
Situation | CompoundAverageGrowthRate:A | SumofActualNetProfitsforFourYears:B | Performance-basedAward:C |
I. | 10%≤A<15% | 31,013.39≤B<34,884.84 | C=(B-31,013.39)×30% |
II. | 15%≤A<20% | 34,884.84≤B<39,132.64 | C=(B-34,884.84)×40%+3,871.45×30% |
III. | A≥20% | B≥39,132.64 | C=(B-39,132.64)×50%+4,247.80×40%+3,871.45×30% |
Theaboveperformance-basedawardshouldbegivenbyZhejiangXiaoWangZitoMr.WangYuechengandhismanagementteam.
AccordingtoFrameworkContractonTradinginSharesofZhejiangXiaoWangZiFoodCo.,Ltd.andRelatedTransactionsandItsSupplementsignedamongJingliangFoodCompany,Mr.WangYuechengandZhejiangXiaoWangZionJune18,2016,thethreepartieshaveagreedthattheexcessperformance-basedawardwhentheperformancecommitmentisfulfilledshouldbeaccruedbyZhejiangXiaoWangZiandincludedintotheCompany'sannualexpenses.TheactualoperatingperformancedeterminedbytheboardofdirectorsofJingliangFoodCompanyshouldbethesumofthenetprofitrecognizedbyaudit(aftertheexcessperformance-basedawardisaccrued)andtheamountofexcessperformance-basedawardaccrued(amountofexpensesincluded)bydeductionofthedeferredincometaxassetsthatshouldberecognizedontheamountofexcessperformance-basedaward.Inaddition,theactualoperatingperformanceshouldbeconsideredastheconsiderationbaseandgamblingcompletionbaseforJingliangFoodCompanytocalculateitsacquisitionoftheremainingsharesofZhejiangXiaoWangZiinaccordancewithFrameworkContractonTradinginSharesofZhejiangXiaoWangZiFoodCo.,Ltd.
2.Contingencies
AsofDecember31,2018,theCompanyhasnocontingentliabilitiesthatareContingencies.
XIV.EventsaftertheBalanceSheetDate
1.MajorNon-AdjustingEvents
Asofthefinancialreportdate,thecompanyhasnoimportantnon-adjustmentmattersthatneedtobedisclosed.
2.DistributionofProfits
OnMarch28,2019,the33rdmeetingofthe8thboardofdirectorsoftheCompanyapprovedthatnoprofitdistributionshouldbemadein2018.Theresolutionstillneedsapprovalofthestockholders'meeting.
XV.OtherImportantMatters
1.AnnuityPlan
OnNovember18,2013,thecontrollingshareholderofBeijingGrainGroupCo.,Ltd.(hereinafterreferredtoas"BGG")receivedReplyoftheState-ownedAssetsSupervisionandAdministrationCommissionofthePeople'sGovernmentofBeijingMunicipalitytotheEstablishmentofEnterpriseAnnuityPlanofBeijingGrainGroupCo.,Ltd.(BeijingState-ownedAsset[2013]No.
HainanJingliangHoldingsCo.,Ltd.AnnualReport2018224),providingthatBGG'sRequestforReportingofEnterpriseAnnuity(BGGEnterprise[2013]No.258)complieswiththerequirementsofProvisionalMeasuresforTrialImplementationofEnterpriseAnnuity(DecreeNo.20oftheMinistryofLaborandSocialSecurity)andGuidingOpinionsfortheTrialImplementationofEnterpriseAnnuitySystembyState-ownedEnterprisesinBeijing(BeijingState-ownedAssetAudit[2006]No.77)andapprovingthatthesupplementaryold-ageinsuranceandvariouscommercialinsuranceestablishedbytheCompanybeforetheimplementationoftheannuityplanshouldbeterminatedautomaticallyandallemployeeswhohaveparticipatedintheannuityplanwillnolongerenjoysocialbenefitsoutsideofoverallplanningafterretirement.
OnNovember20,2013,BGGreceivedReplytotheFilingofAnnuityPlanofBeijingGrainGroupCo.,Ltd.(XichengHuman&Social[2013]No.71)fromBeijingXichengDistrictHumanResourcesandSocialSecurityBureau,requestingthatBGGshouldstrictlyimplementpaymentscopeandstandardsandrelevantdemocraticproceduresstipulatedintheplanandactivelycooperateinsupervisionandinspectionofrelevantdepartmentsafterfiling.
OnMarch14,2014,theCompanyobtainedtheCertificateofEnterpriseAnnuityParticipationPlanfromPingAnPensionInsuranceCo.,Ltd.ThedetailsontheCertificateislistedasfollows:
TheCompany'sbasicinformation:NameofEnterprise:BeijingJingliangFoodCo.,Ltd.;EnterpriseAnnuityNo.:
C0156482005;theTimeofParticipationPlan:November18,2013;EffectiveTimeofthePlan:March13,2014;PlanNo.oftheSuperiorEnterprise:C0156482000;NameoftheSuperiorEnterprise:BeijingJingliangFoodCo.,Ltd.
BasicinformationofAnnuityPlan:NameofthePlan:PingAn-CITICSplendidLifeEnterpriseAnnuityPlan;TrusteeandAccountManager:PingAnPensionInsuranceCo.,Ltd;Trustee:CHINACITICBANKCORPORATIONLIMITED;AnnuityPlanRegistrationNo.:99JH20120041;AnnuityPlanNo.:P0807;PlanType:CollectivePlan.
Portfolio:PortfolioCode:9155;NameofPortfolio:PingAn-CITICSplendidLifeBondEnhancedPortfolio;InvestmentProportion:100%;InvestmentManager:CITICSecuritiesCo.,Ltd.
2.InformationonDivisions
(1)Basisofdeterminationandaccountingpoliciesforreportingofdivisions
TheCompany'sbusinessesconsistoffoodprocessing,oilandgreaseandsoonaccordingtoitsinternalorganizationalstructure,managementrequirementsandinternalreportingsystem.TheCompany'smanagementregularlyevaluatestheoperatingresultsofthesedivisionstodeterminetheallocationofresourcestothemandevaluatetheirperformance.Theinformationreportedbydivisionsshouldbedisclosedaccordingtotheaccountingpoliciesandmeasurementstandardsadoptedbysuchdivisionswhentheyarereportingtothemanagement.Thesemeasurementbasesshouldbeconsistentwiththeaccountingandmeasurementbasesforpreparationoffinancialstatements.
(2)Reportingofthefinancialinformationondivisions
Item | FoodProcessing | Oil&Grease | Other | OffsetAmongDvisions | Total |
operatingincome | 890,987,143.21 | 6,710,036,021.83 | 54,839,940.19 | -246,738,801.82 | 7,409,124,303.41 |
operatingcosts | 612,079,134.38 | 6,356,277,626.57 | 12,564,164.32 | -235,605,717.15 | 6,745,315,208.12 |
Operatingprofit | 155,081,646.63 | 123,199,419.11 | 71,956,090.71 | -97,681,781.49 | 252,555,374.96 |
Netprofitattributabletoparentcompany | 120,963,155.45 | 92,690,147.06 | 89,081,020.29 | -134,777,741.65 | 167,956,581.15 |
Totalassets | 914,206,851.82 | 2,834,354,132.55 | 5,401,447,974.63 | -4,232,859,962.72 | 4,917,148,996.28 |
Totalliabilities | 204,450,269.30 | 1,599,891,547.43 | 1,063,824,011.22 | -790,083,326.12 | 2,078,082,501.83 |
3.Other
(1)OnDecember13,2017,theCompanyandXinyiyaoTourismIndustrialParkDevelopmentCo.,Ltd.,YujinzhuAgriculturalPartnership(generalpartnership)ofShizhuTujiaAutonomousCountyandBeijingJingliangXinniurunyiEquityInvestmentFund(limitedpartnership)jointlysignedaprojectpartnershipagreementtojointlydevelopandconstructtheYaowanTownGardenComplexProjectinXinyiCityandthelandconsolidationimprovementproject.OnFebruary6,2018,theCompanypaidaninvestmentofRMB13.5millionandtheprojectisongoing.
(2)The30thmeetingofthe8thboardofdirectorsoftheCompanyheldonNovember27,2018consideredandadoptedProposalforAcquiringPartofStockRightsofSubsidiaryJingliangRuralComplexConstructionandOperations(Xinyi)Co.,Ltd.,stipulatingthatCompanyshouldacquire6%oftheequityofJingliangRuralComplexConstructionandOperations(Xinyi)Co.,Ltd.heldbyShizhuTujiaAutonomousCountyYujinzhuAgriculturalPartnership(GeneralPartnership).Afterthetransferofsharesiscompleted,theCompanyshouldhold51%oftheequityofJingliangRuralComplexConstructionandOperations(Xinyi)Co.,Ltd.
(3)Asofthisfinancialreportdate,duetotheproblemofstaffresettlement,theformalitiesfortransferofequityinHainanZhujiangPropertyHotelManagementCo.,Ltd.havenotbeencompleted.AccordingtotheAssetDeliveryAgreement,allrightsandobligationsunderthetransferredassetsshallbeenjoyedandassumedbytheundertakerwithouttheinfluencefromtheformalitiesfortransferofpropertyrights.Therefore,theCompanyjudgesthatthiseventwillnothaveasignificantadverseimpactonitself.
XVI.NotestoMainFinancialStatementItemsofParentCompany
1.NotesPayableandReceivables
Item | EndingBalance | BeginningBalance |
Notesreceivable | ||
Receivables | 79,986.00 | 109,389.00 |
Total | 79,986.00 | 109,389.00 |
(1)Receivables
①Classificationanddisclosureofreceivables
Category | EndingBalance | ||||
BookBalance | ProvisionforBadDebts | BookValue | |||
Amount | Proportion(%) | Amount | ProportionofProvision(%) | ||
Receivableswithindividualsignificantamountsandindividualprovisionsbaddebts | |||||
Receivableswithprovisionforbaddebtsbasedonportfoliosofcreditriskcharacteristics | |||||
Including:agingcombination | 126,420.00 | 46,434.00 | 79,986.00 | ||
CombinedTotal | 126,420.00 | 100.00 | 46,434.00 | 36.73 | 79,986.00 |
Receivableswithnoindividualsignificantamountsbutwithindividualprovisionsbaddebts | |||||
Total | 126,420.00 | 100.00 | 46,434.00 | ---- | 79,986.00 |
(Continued)
Category | BeginningBalance | ||||
BookBalance | ProvisionforBadDebts | BookValue | |||
Amount | Proportion(%) | Amount | ProportionofProvision(%) | ||
Receivableswithindividualsignificantamountsandindividualprovisionsbaddebts | |||||
Receivableswithprovisionforbaddebtsbasedonportfoliosofcreditriskcharacteristics | |||||
Including:agingcombination | 126,420.00 | 17,031.00 | 109,389.00 | ||
CombinedTotal | 126,420.00 | 100.00 | 17,031.00 | 13.47 | 109,389.00 |
Receivableswithnoindividualsignificantamountsbutwithindividualprovisionsbaddebts | |||||
Total | 126,420.00 | 100.00 | 17,031.00 | ---- | 109,389.00 |
A.Portfolioofreceivableswithprovisionforbaddebtsaccordingtoaginganalysismethod
Aging | EndingBalance | ||
Receivables | ProvisionforBadDebts | ProportionofProvision(%) | |
Withinoneyear | |||
Including:withinthecreditperiod | 0 | ||
Creditperiodtooneyear | 2 | ||
1to2years | 3,000.00 | 150.00 | 5 |
2to3years | 51,420.00 | 10,284.00 | 20 |
3to4years | 72,000.00 | 36,000.00 | 50 |
4to5years | 80 | ||
Abovefiveyears | 100 | ||
Total | 126,420.00 | 46,434.00 | ---- |
(Continued)
Aging | BeginningBalance | ||
Receivables | ProvisionforBadDebts | ProportionofProvision(%) | |
Withinoneyear | |||
Including:withinthecreditperiod | 0 | ||
Creditperiodtooneyear | 3,000.00 | 60.00 | 2 |
1to2years | 51,420.00 | 2,571.00 | 5 |
2to3years | 72,000.00 | 14,400.00 | 20 |
3to4years | 50 | ||
4to5years | 80 | ||
Abovefiveyears | 100 | ||
Total | 126,420.00 | 17,031.00 | ---- |
②Provisionforbaddebtsaccrued,recoveredorreversedinthecurrentperiodThereleasingprovisionforbaddebtsinthecurrentperiodisRMB29,403.00.③TopfiveendingbalancesofthereceivablesclassifiedbydebtorThesumoftopfivebalancesofthereceivablesclassifiedbydebtorwasRMB126,420.00,accountingfor100%ofthetotalendingbalanceofthereceivables,andthetotalendingbalanceofcorrespondingprovisionforbaddebtswasRMB46,434.00.
NameofDebtor | EndingBalanceofReceivables | ProportionoftheTotalEndingBalanceofReceivables(%) | EndingBalanceofProvisionforBadDebts |
HainanZhujiangPipeCo.,Ltd. | 126,420.00 | 100.00 | 46,434.00 |
Total | 126,420.00 | 100.00 | 46,434.00 |
2.OtherReceivables
Item | EndingBalance | BeginningBalance |
Otherreceivables | 227,353.10 | 60,576,292.62 |
Interestreceivable | ||
Dividendsreceivable | ||
Total | 227,353.10 | 60,576,292.62 |
(1)Otherreceivables
①Classificationanddisclosureofotherreceivables
Category | EndingBalance | ||||
BookBalance | ProvisionforBadDebts | BookValue | |||
Amount | Proportion(%) | Amount | ProportionofProvision(%) | ||
Otherreceivableswithindividualsignificantamountsandindividualprovisionsbaddebts | |||||
Otherreceivableswithprovisionforbaddebtsbasedonportfoliosofcreditriskcharacteristics | |||||
Including:agingcombination | 281,502.34 | 54,149.24 | 227,353.10 | ||
CombinedTotal | 281,502.34 | 100.00 | 54,149.24 | 19.24 | 227,353.10 |
Receivableswithnoindividualsignificantamountsbutwithindividualprovisionsbaddebts | |||||
Total | 281,502.34 | 100.00 | 54,149.24 | ---- | 227,353.10 |
(Continued)
Category | BeginningBalance | ||||
BookBalance | Provisionforbaddebts | BookValue | |||
Amount | Proportion(%) | Amount | ProportionofProvision(%) | ||
Otherreceivableswithindividualsignificantamountsandindividualprovisionsbaddebts | |||||
Otherreceivableswithprovisionforbaddebtsbasedonportfoliosofcreditriskcharacteristics | |||||
Including:agingcombination | 63,754,181.75 | 3,177,889.13 | 60,576,292.62 | ||
CombinedTotal | 63,754,181.75 | 100.00 | 3,177,889.13 | 4.98 | 60,576,292.62 |
Receivableswithnoindividualsignificantamountsbutwithindividualprovisionsbaddebts | |||||
Total | 63,754,181.75 | 100.00 | 3,177,889.13 | ---- | 60,576,292.62 |
A.Portfolioofotherreceivableswithprovisionforbaddebtsaccordingtoaginganalysismethod
Aging | EndingBalance | ||
Otherreceivables | Provisionforbaddebts | ProportionofProvision(%) | |
Withinoneyear | |||
Including:withinthecreditperiod | 24,040.24 | 0.00 | 0 |
Creditperiodtooneyear | 207,462.10 | 4,149.24 | 2 |
1to2years | 5 | ||
2to3years | 20 | ||
3to4years | 50 | ||
4to5years | 80 | ||
Abovefiveyears | 50,000.00 | 50,000.00 | 100 |
Total | 281,502.34 | 54,149.24 | ---- |
(Continued)
Aging | BeginningBalance | ||
Otherreceivables | ProvisionforBadDebts | ProportionofProvision(%) | |
Withinoneyear | |||
Including:withinthecreditperiod | 2,122.90 | 0 | |
Creditperiodtooneyear | 1,573,793.63 | 31,475.87 | 2 |
1to2years | 62,128,265.22 | 3,106,413.26 | 5 |
2to3years | 20 | ||
3to4years | 50 | ||
4to5years | 50,000.00 | 40,000.00 | 80 |
Abovefiveyears | 100 | ||
Total | 63,754,181.75 | 3,177,889.13 | ---- |
②Provisionforbaddebtsaccrued,recoveredorreversedinthecurrentperiodThereleasingprovisionforbaddebtsinthecurrentperiodisRMB-3,123,739.89.③Classificationofotherreceivablesbynatureofpayment
NatureofPayment | EndingBookBalance | BeginningBookBalance |
Prettycash(foremployees,departments) | 207,462.10 | 182,904.46 |
Otheraccounts | 63,517,970.62 | |
Receivablesforemployees | 24,040.24 | 3,306.67 |
Otheraccounts | 50,000.00 | 50,000.00 |
Total | 281,502.34 | 63,754,181.75 |
3.Long-termEquityInvestment(1)Classificationoflong-termequityinvestment
Item | EndingBalance | BeginningBalance | ||||
BookBalance | ProvisionforImpairment | BookValue | BookBalance | ProvisionforImpairment | BookValue | |
Investmentinsubsidiaries | 2,375,639,964.05 | 2,375,639,964.05 | 2,336,639,964.05 | 2,336,639,964.05 | ||
Investmentinjointventuresandaffiliates | ||||||
Total | 2,375,639,964.05 | 2,375,639,964.05 | 2,336,639,964.05 | 2,336,639,964.05 |
(2)Investmentinsubsidiaries
InvestedEntity | BeginningBalance | CurrentIncrease | CurrentDecrease | EndingBalance | CurrentProvisionforImpairment | EndingBalanceofProvisionforImpairment |
BeijingJingliangFoodCo.,Ltd. | 2,336,639,964.05 | 2,336,639,964.05 |
JingliangRuralComplexConstructionandOperations(Xinyi)Co.,Ltd. | 13,500,000.00 | 13,500,000.00 | ||
Jingliang(Caofeidian)AgriculturalDevelopmentCo.,Ltd. | 25,500,000.00 | 25,500,000.00 | ||
Total | 2,336,639,964.05 | 39,000,000.00 | 2,375,639,964.05 |
4.Operatingincomeandoperatingcosts
Item | CurrentAmount | LastTermAmount | ||
Income | Cost | Income | Cost | |
Otherbusinesses | 2,857.14 | 302,436.60 | ||
Total | 2,857.14 | 302,436.60 |
5.Investmentincome
Item | CurrentAmount | LastTermAmount |
Incomefromlong-termequityinvestmentaccountedbytheequitymethod | -1,070,860.45 | |
Incomefromdisposaloflong-termequityinvestment | 75,820,000.00 | |
Total | 74,749,139.55 |
XVII.AdditionalInformation
1.StatementofCurrentNon-recurringGainsandLosses
Item | Amount | Description |
Profitandlossfromdisposalofnon-currentassets | -367,796.13 | |
Governmentsubsidiesincludedintothecurrentprofitsandlosses(closelyrelatedtotheCompany'sbusinesses,exceptforthosethatshouldbeenjoyedinaccordancewithnationalunifiedstandardquotaorfixedquantity) | 3,607,987.97 | |
Profitorlossarisingfromfairvaluechangesduetotradingfinancialassetsandtradingfinancialliabilities,andinvestmentincomefromdisposaloftradingfinancialassets,tradingfinancialliabilitiesandavailable-for-salefinancialassets,exceptfortheeffectivehedgingbusinessrelatedtotheCompany'snormalbusinessactivities. | 22,651,089.46 | |
Othernon-operatingincomeandexpenditureotherthantheaboveitems | 24,754,455.18 | |
Subtotal | 50,645,736.48 | |
Changeinincometax | -6,260,509.66 | |
Changeinminorityshareholder'sequity(aftertax) | -3,853,822.87 | |
Total | 40,531,403.95 |
Note:Forthefiguresinthenon-recurringprofitandlossitems,“+”indicatesprofitandincome,and“-”indicateslossorexpenditure.
2.ReturnonEquityandEarningsperShare
HainanJingliangHoldingsCo.,Ltd.
March30,2019
CurrentProfit | WeightedReturnonAverageEquity(ROAE) | EPS | |
BasicEPS | DilutedEPS | ||
NetprofitattributabletotheCompany'scommonshareholders | 7.69 | 0.24 | 0.24 |
Netprofitattributabletocommonshareholdersafterdeductionofnon-recurringgainsandlosses | 5.83 | 0.19 | 0.19 |