FOSHAN ELECTRICAL AND LIGHTING CO., LTD.
FIRST QUARTERLY REPORT 2021
April 2021
Part I Important NotesThe Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,supervisors and senior management of Foshan Electrical and Lighting Co., Ltd. (hereinafterreferred to as the “Company”) hereby guarantee the factuality, accuracy and completeness ofthe contents of this Report and its summary, and shall be jointly and severally liable for anymisrepresentations, misleading statements or material omissions therein.All the Company’s directors have attended the Board meeting for the review of this Reportand its summary.Wu Shenghui, the Company’s legal representative, Tang Qionglan, the Company’s ChiefFinancial Officer (CFO), and Peng Fentao, the person-in-charge of the Company’s accountingorgan (equivalent to accounting manager) hereby guarantee that the Financial Statementscarried in this Report are factual, accurate and complete.This Report has been prepared in both Chinese and English. Should there be anydiscrepancies or misunderstandings between the two versions, the Chinese version shallprevail.
Part II Key Corporate InformationI Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
√ Yes □ No
Reason for retrospective restatement:
Business combination involving entities under common control.
| Q1 2021 | Q1 2020 | Change (%) | ||
| Before | Restated | Restated | ||
| Operating revenue (RMB) | 825,678,013.99 | 560,357,960.57 | 560,357,960.57 | 47.35% |
| Net profit attributable to the listed company’s shareholders (RMB) | 42,203,399.57 | 32,282,776.35 | 31,238,269.29 | 35.10% |
| Net profit attributable to the listed company’s shareholders before exceptional gains and losses (RMB) | 39,266,019.69 | 34,187,987.98 | 34,187,987.98 | 14.85% |
| Net cash generated from/used in operating activities (RMB) | 48,558,082.07 | -24,040,955.33 | -21,233,501.52 | 328.69% |
| Basic earnings per share (RMB/share) | 0.0305 | 0.0234 | 0.0226 | 34.96% |
| Diluted earnings per share (RMB/share) | 0.0305 | 0.0234 | 0.0226 | 34.96% |
| Weighted average return on equity (%) | 0.71% | 0.65% | 0.62% | 0.09% |
| 31 March 2021 | 31 December 2020 | Change (%) | ||
| Before | Restated | Restated | ||
| Total assets (RMB) | 7,851,627,428.83 | 8,519,336,914.11 | 8,519,336,914.11 | -7.84% |
| Equity attributable to the listed company’s shareholders (RMB) | 5,629,948,280.73 | 6,263,921,304.54 | 6,263,921,304.54 | -10.12% |
Note: Due to share repurchases in the Reporting Period, the total share capital is calculated on a weighted averagebasis according to the time of share changes when computing the earnings per share, and the earnings per share ofthe same period of last year were adjusted accordingly as per the aforesaid principle.Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
| Item | Q1 2021 | Note |
| Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) | 149,083.95 | |
| Government subsidies charged to current profit or loss (exclusive of government subsidies given in the Company’s ordinary course of business at fixed quotas or amounts as per the government’s uniform standards) | 4,237,000.00 | |
| Capital occupation charges on non-financial enterprises that are recognized in profit or loss | 303,275.64 | |
| Gain or loss on fair-value changes on held-for-trading and derivative financial assets and liabilities & income from disposal of held-for-trading and derivative financial assets and liabilities and other debt investments (exclusive of the effective portion of hedges that arise in the Company’s ordinary course of business) | 197,950.00 | |
| Non-operating income and expense other than the above | 94,596.37 | |
| Less: Income tax effects | 1,785,892.81 | |
| Non-controlling interests effects (net of tax) | 258,633.27 | |
| Total | 2,937,379.88 | -- |
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in theExplanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases for the Reporting Period.
II Total Number of Shareholders and Holdings of Top 10 Shareholders at the End of theReporting Period
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well asHoldings of Top 10 Shareholders
Unit: share
| Number of ordinary shareholders at the period-end | 73,406 | Number of preferred shareholders with resumed voting rights at the period-end (if any) | 0 | |||
| Top 10 shareholders | ||||||
| Name of shareholder | Nature of shareholder | Shareholding percentage | Total shares held | Restricted shares held | Shares in pledge or frozen | |
| Status | Shares | |||||
| Hongkong Wah Shing Holding | Foreign legal person | 13.47% | 188,496,430 | 0 | In pledge | 92,363,251 |
| Company Limited | ||||||
| Prosperity Lamps & Components Limited | Foreign legal person | 10.50% | 146,934,857 | 0 | ||
| Guangdong Electronics Information Industry Group Ltd. | State-owned legal person | 8.77% | 122,694,246 | 0 | In pledge | 32,532,815 |
| Shenzhen Rising Investment Development Co., Ltd. | State-owned legal person | 5.12% | 71,696,136 | 0 | In pledge | 35,800,000 |
| Central Huijin Asset Management Co., Ltd. | State-owned legal person | 2.42% | 33,878,900 | 0 | ||
| Essence International Securities (Hong Kong) Co., Ltd. | Foreign legal person | 2.34% | 32,780,128 | 0 | ||
| Special securities account for repurchases of Foshan Electrical and Lighting Co., Ltd. | Other | 2.22% | 31,070,300 | 0 | ||
| Rising Investment Development Limited | Foreign legal person | 1.82% | 25,482,252 | 0 | ||
| China Merchants Securities (Hong Kong) Co., Ltd | State-owned legal person | 1.04% | 14,504,423 | 0 | ||
| DBS Vickers (Hong Kong) Ltd A/C Clients | Foreign legal person | 0.94% | 13,118,691 | 0 | ||
| Top 10 unrestricted shareholders | ||||||
| Name of shareholder | Unrestricted shares held | Shares by type | ||||
| Type | Shares | |||||
| Hongkong Wah Shing Holding Company Limited | 188,496,430 | RMB-denominated ordinary stock | 188,496,430 |
| Prosperity Lamps & Components Limited | 146,934,857 | RMB-denominated ordinary stock | 146,934,857 |
| Guangdong Electronics Information Industry Group Ltd. | 122,694,246 | RMB-denominated ordinary stock | 122,694,246 |
| Shenzhen Rising Investment Development Co., Ltd. | 71,696,136 | RMB-denominated ordinary stock | 71,696,136 |
| Central Huijin Asset Management Co., Ltd. | 33,878,900 | RMB-denominated ordinary stock | 33,878,900 |
| Essence International Securities (Hong Kong) Co., Ltd. | 32,780,128 | Domestically listed foreign stock | 32,780,128 |
| Special securities account for repurchases of Foshan Electrical and Lighting Co., Ltd. | 31,070,300 | RMB-denominated ordinary stock | 31,070,300 |
| Rising Investment Development Limited | 25,482,252 | Domestically listed foreign stock | 25,482,252 |
| China Merchants Securities (Hong Kong) Co., Ltd | 14,504,423 | Domestically listed foreign stock | 14,504,423 |
| DBS Vickers (Hong Kong) Ltd A/C Clients | 13,118,691 | Domestically listed foreign stock | 13,118,691 |
| Related or acting-in-concert parties among the shareholders above | Among the top 10 shareholders holding unrestricted ordinary shares, Hongkong Wah Shing Holding Company Limited, Shenzhen Rising Investment Development Co., Ltd., Guangdong Electronics Information Industry Group Ltd. and Rising Investment Development Limited are acting-in-concert parties. Apart from that, it is unknown whether there is among the top 10 shareholders any other related parties or acting-in-concert parties as defined in the Administrative Measures for the Acquisition of Listed Companies. | ||
| Top 10 shareholders involved in securities margin trading (if any) | None | ||
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinaryshareholders of the Company conducted any promissory repo during the Reporting Period.
□ Yea √ No
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
Part III Significant Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
Unit: RMB
| Item | Q1 2021/31 March 2021 | Q1 2020/31 December 2020 | Change (%) | Explanation of why |
| Held-for-trading financial assets | 203,249,119.16 | 407,619,201.36 | -50.14% | Disinvestment in bank’s wealth management products upon maturity in the Current Period |
| Other receivables | 35,876,484.95 | 20,194,968.19 | 77.65% | Increase in export tax rebates in the Current Period |
| Notes payable | 630,905,437.90 | 480,971,214.80 | 31.17% | Increase in procurement in the Current Period |
| Employee benefits payable | 53,626,433.18 | 82,485,090.47 | -34.99% | Payment in the Current Period of the year-end bonuses of last year to the employees |
| Other current liabilities | 7,373,666.58 | 5,503,702.07 | 33.98% | Increase in output tax to be recognized as a result of an increase in contract liabilities at the period-end |
| Other non-current liabilities | 30,636.07 | 1,244,064.84 | -97.54% | Settlement of loan of subsidiary to be liquidated and de-registered in the Current Period |
| Treasury shares | 207,340,531.49 | N/A | Repurchase of treasury shares in the Current Period | |
| Operating revenue | 825,678,013.99 | 560,357,960.57 | 47.35% | Increase in operating revenue in the Current Period |
| Cost of sales | 676,742,067.81 | 450,843,200.86 | 50.11% | Mainly due to the increase in the cost of sales with the rising of the operating revenue for the Reporting Period; for the Company starts to implement the new standards governing revenue since 1 January 2020, the freight related to contract performance was turned into the cost of sales for accounting, thus the data of the same period of last year shall be adjusted accordingly. |
| R&D expense | 35,175,015.78 | 19,828,312.32 | 77.40% | The Company increased R&D investments in the Current Period, with an expanded R&D team and an increase in R&D projects. |
| Finance costs | -5,512,578.78 | -13,912,036.15 | 60.38% | Mainly due to the decrease in interest of the Company and fluctuation of exchange rates for the Reporting Period. |
| Other income | 4,247,000.00 | 122,198.82 | 3375.48% | Increase in government grants received in the ordinary course of business in the Current Period |
| Gain on changes in fair value | -6,092,000.00 | -1,528,400.00 | -298.59% | As the forward forex settlement products outstanding at the beginning of the period were delivered upon maturity in the period, the gain/loss on changes in the corresponding fair value was transferred to return on investment |
| Credit impairment loss | 3,529,334.65 | -730,317.40 | 583.26% | Reversal of allowances for expected credit losses due to a decrease in accounts receivable |
| Asset disposal income | 149,083.95 | N/A | Disposal of assets in the Current Period | |
| Non-operating income | 269,122.60 | 72,280.75 | 272.33% | Refunds of handling charges received in the Current Period |
| Non-operating expense | 174,526.23 | 684,869.08 | -74.52% | Decrease in loss on disposal of fixed assets in the Current Period |
| Gross profit | 53,310,213.85 | 37,767,693.04 | 41.15% | Increase in operating revenue in the Current Period |
| Income tax expense | 9,123,807.96 | 6,072,161.84 | 50.26% | Increase in gross profit in the Current Period |
| Net profit | 44,186,405.89 | 31,695,531.20 | 39.41% | Increase in gross profit in the Current Period |
| Net profit attributable to owners of the Company as the parent | 42,203,399.57 | 31,238,269.29 | 35.10% | Increase in net profit in the Current Period |
| Net profit attributable to non-controlling interests | 1,983,006.32 | 457,261.91 | 333.67% | Increase in profits of non-wholly-owned subsidiaries in the Current Period |
| Other comprehensive income, net of tax | -468,665,430.52 | 100,555,938.69 | -566.07% | Decrease in the fair value of investments in other equity instruments in the Current Period |
| Other comprehensive income, net of tax, attributable to owners of the Company as the parent | -468,665,430.52 | 100,555,938.69 | -566.07% | Decrease in the fair value of investments in other equity instruments in the Current Period |
| Changes in the fair value of investments in other equity instruments | -468,616,484.90 | 100,595,067.77 | -565.84% | Decrease in the fair value of investments in other equity instruments in the Current Period |
| Net cash generated from/used in operating activities | 48,558,082.07 | -21,233,501.52 | 328.69% | Increase in sales collected |
| Net cash generated from/used in financing activities | -207,510,992.86 | - | N/A | Repurchase of treasury shares in the Current Period |
| Net increase in cash and cash equivalents | 35,692,307.61 | 256,047,246.55 | -86.06% | Decrease in net cash generated from financing activities in the Current Period |
II Progress, Influence and Solutions with regard to Significant Events
√ Applicable □ Not applicable
The Company held the 6
th Meeting of the 9
th Board of Directors and the 3
rd
Extraordinary General Meeting of2020 respectively on 2 December 2020 and 18 December 2020. On the meetings, the Proposal on theRelated-party Transaction of Acquisition of 100% Equities of Hunan Keda New Energy Investment andDevelopment Co., Ltd. was reviewed and approved, and the acquisition by the Company was agreed. As for theabove-mentioned equity transfer, the registration for the transfer of share ownership was completed. For moredetails, please refer to the Announcement on the Related-party Transaction of Acquisition of 100% Equities ofHunan Keda New Energy Investment and Development Co., Ltd. and Announcement on the Progress of theAcquisition of 100% Equities of Hunan Keda New Energy Investment and Development Co., Ltd. disclosed onCninfo (cninfo.com.cn) respectively on 3 December 2020 and 28 January 2021.
| Summary of the significant event | Disclosure date | Index to the related announcement |
| Announcement on the Related-party Transaction of Acquisition of 100% Equities of Hunan Keda New Energy Investment and Development Co., Ltd. | 3 December 2020 | www.cninfo.com.cn |
| Announcement on the Progress of the Acquisition of 100% Equities of Hunan Keda New Energy Investment and Development Co., Ltd. | 28 January 2021 | www.cninfo.com.cn |
Progress on any share repurchases:
√ Applicable □ Not applicable
On 18 December 2020, the Company called the 3
rdExtraordinary General Meeting of 2020, at which the Proposalon the Repurchase of Part of the Company's Renminbi-Denominated Ordinary Shares (A-Shares) and DomesticListed Foreign Investment Shares (B-Shares) was examined and approved. As of 31 March 2021, the Companyhad repurchased a total of 31,070,300 A-Shares and 3,799,702 B-shares of the Company through centralizedbidding. The repurchased shares account for 2.49% of the Company's total share capital. The A-shares wererepurchased at a highest price of RMB6.70 per share and a lowest price of RMB6.03 per share, with a total cost ofRMB196.959 million (excluding transaction costs). The B shares were repurchased a highest price of HKD3.40per share and a lowest price of HKD3.14 per share, with a total cost of HKD12.4382 million (excludingtransaction costs).
Progress on reducing the repurchased shares by means of centralized bidding:
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during theReporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IV Financial Investments
1. Securities Investments
√ Applicable □ Not applicable
Unit: RMB
| Type of securities | Code of securities | Name of securities | Initial investment cost | Accounting measurement method | Opening carrying amount | Gain/loss on fair-value changes in the current period | Cumulative fair-value changes through equity | Purchased in the current period | Sold in the current period | Gain/loss in the current period | Closing carrying amount | Accounting title | Funding source |
| Domestically/Overseas listed stock | 002074 | Guoxuan High-tech | 160,000,000.00 | Fair value method | 1,778,218,182.00 | -140,457,417.75 | 1,417,525,624.61 | 1,637,760,764.25 | Investment in other equity instruments | Self-funded | |||
| Domestically/Overseas listed stock | 601818 | China Everbright Bank | 30,828,816.00 | Fair value method | 74,001,548.46 | 1,669,207.86 | 52,021,008.50 | 75,670,756.32 | Investment in other equity instruments | Self-funded | |||
| Domestically/Overseas listed stock | 601187 | Xiamen Bank | 292,574,133.00 | Fair value method | 1,448,227,123.20 | -412,525,301.76 | 743,127,688.44 | 1,035,701,821.44 | Investment in | Self-funded |
| other equity instruments | |||||||||||||
| Domestically/Overseas listed stock | N/A | Foshan branch of Guangdong Development Bank | 500,000.00 | Fair value method | 500,000.00 | 0.00 | 500,000.00 | Investment in other equity instruments | Self-funded | ||||
| Total | 483,902,949.00 | -- | 3,300,946,853.66 | -551,313,511.65 | 2,212,674,321.55 | 0.00 | 0.00 | 0.00 | 2,749,633,342.01 | -- | -- | ||
| Disclosure date of the announcement on the Board’s approval of securities investments | |||||||||||||
| Disclosure date of the announcement on the general meeting’s approval of securities investments (if any) | |||||||||||||
2. Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
Unit: USD’0,000
| Operating party | Relationship with the Company | Related-party transaction or not | Type of derivative | Initial investment amount | Beginning date | Ending date | Beginning investment | Purchased in Reporting Period | Sold in Reporting Period | Impairment allowance (if any) | Ending investment | Ending investment as % of the Company’s ending net assets | Actual gain/loss in Reporting Period |
| Agricultural Bank of China (Foshan | Not related | Not | Ordinary forward forex settlement (USD) | 600 | 25 August 2020 | 29 March 2021 | 600 | 600 | 0 | 48.59 |
| branch) | |||||||||||||
| Industrial and Commercial Bank of China (Foshan branch) | Not related | Not | Ordinary forward forex settlement (USD) | 300 | 30 September 2020 | 23 February 2021 | 300 | 300 | 0 | 19.51 | |||
| Industrial and Commercial Bank of China (Foshan branch) | Not related | Not | Ordinary forward forex settlement (USD) | 600 | 20 October 2020 | 23 April 2021 | 600 | 400 | 200 | 15.38 | |||
| Industrial and Commercial Bank of China (Foshan branch) | Not related | Not | Ordinary forward forex settlement (USD) | 300 | 28 October 2020 | 29 January 2021 | 300 | 300 | 0 | 10.4 | |||
| Industrial and Commercial Bank of China (Foshan branch) | Not related | Not | Ordinary forward forex settlement (USD) | 200 | 3 December 2020 | 29 January 2021 | 200 | 200 | 0 | 1.45 | |||
| Bank of Communication (Foshan branch) | Not related | Not | Ordinary forward forex settlement (USD) | 300 | 15 January 2021 | 25 February 2021 | 300 | 300 | 0 | 1.1 | |||
| Industrial and Commercial | Not related | Not | Ordinary forward forex settleme | 200 | 21 January 2021 | 25 February 2021 | 200 | 200 | 0 | 0.49 |
| Bank of China (Foshan branch) | nt (USD) | ||||||||||||
| Foshan branch of the Agricultural Bank of China | Not related | Not | Ordinary forward forex settlement (USD) | 400 | 8 March 2021 | 29 April 2021 | 400 | 400 | 0.46% | ||||
| Industrial and Commercial Bank of China (Foshan branch) | Not related | Not | Ordinary forward forex settlement (USD) | 300 | 25 March 2021 | 29 April 2021 | 300 | 300 | 0.35% | ||||
| Total | 3,200 | -- | -- | 2,000 | 1,200 | 2,300 | 0 | 900 | 0.81% | 96.92 | |||
| Funding source | All self-funded | ||||||||||||
| Legal matters involved (if applicable) | N/A | ||||||||||||
| Disclosure date of board announcement approving derivative investment (if any) | 10 April 2020 | ||||||||||||
| 28 Jan 2021 | |||||||||||||
| Disclosure date of general meeting announcement approving derivative investment (if any) | 8 May 2020 | ||||||||||||
| Analysis of risks and control measures associated with derivative investments held in Reporting Period (including but not limited to market risk, liquidity risk, credit risk, operational risk, legal risk, etc.) | Risk Analysis of Forward Exchange Settlement Business: 1. Risk of exchange rate fluctuations. In the case of large fluctuations in the exchange rate, the quoted price of the bank’s forward exchange rate may be lower than the Company’s quoted exchange rate to the customer, which will make the Company unable to lock the quoted exchange rate to the customer or the bank’s forward exchange rate may deviate from the exchange rate at the time of the Company’s actual receipt and payment, and causes exchange losses. 2. Risk of customer default. The customer’s accounts receivable may be overdue, and the payment for goods cannot be recovered within the predictable payback period, which will result in the loss of the Company due to the delayed forward settlement. 3. Risk of payback prediction. The marketing department shall made corresponding payback prediction based on customer orders and expected orders. However, during the actual implementation process, customers may adjust their orders and predictions, which will result in the Company’s incorrect payback prediction and cause the risk of delayed delivery of forward exchange settlement. | ||||||||||||
| Adopted Risk Control Measures: 1. The Company will strengthen the research and analysis of the exchange rate. When the exchange rate fluctuates greatly, it will adjust the business strategy in a timely manner to stabilize the export business and avoid exchange losses to the utmost. 2. The Management System for Forward Settlement and Sales of Foreign Exchanges reviewed and approved by the board of directors of the Company stipulates that all forward foreign exchange settlement businesses of the Company shall be based on the normal production and operation, and relied on specific business operations to avoid and prevent various exchange rate risks. However, speculative transaction and interest arbitrage are not allowed. At the same time, the system clearly defines the operating principles, approval authority, responsible department and responsible person, internal operation procedures, information isolation measures, internal risk reporting system, risk management procedures, and information disclosure related to the forward settlement business as well. In fact, the system is conducive to strengthen the management of the Company’s forward foreign exchange settlement business and prevent investment risks. 3. In order to prevent any delay in the forward exchange settlement, the Company will strengthen the management of accounts receivable, actively collect receivables, and avoid any overdue receivables. In the meantime, the Company plans to increase the export purchases and purchase corresponding credit insurance so as to reduce the risk of default and customer default. 4. The Company’s forward foreign exchange settlement transactions must be based on the Company’s foreign exchange earnings prediction. Besides, the Company shall strictly control the scale of its forward foreign exchange settlement business, and manage all risks that the Company may face within a controllable range. 5. The internal audit department of the Company shall check the actual signing and execution situation of all trading contracts on a regular or irregular basis. | |
| Changes in market prices or fair value of derivative investments in Reporting Period (fair value analysis should include measurement method and related assumptions and parameters) | The Company carries out recognition and measurement in accordance with the Accounting Standard for Business Enterprises No. 22—Recognition and Measurement of Financial Instruments, the Accounting Standard for Business Enterprises No. 24—Hedges, the Accounting Standard for Business Enterprises No. 37—Presentation of Financial Instrument and other applicable regulations. Fair value is arrived at based on the price provided by pricing service providers such as banks or the price obtained. Fair value measurement and recognition are carried out on a monthly basis. Changes in the fair value of forward exchange settlement contracts entered into by the Company are mainly attributable to difference arising from exchange rate fluctuations. |
| Major changes in accounting policies and specific accounting principles adopted for derivative investments in Reporting Period compared to last reporting period | N/A |
| Opinion of independent directors on derivative investments and risk control | Opinions of the Independent Directors: The forward foreign exchange settlement transactions conducted by the Company are based on normal production and operation, are supported by specific businesses, aim to avoid and prevent foreign exchange risks associated with export businesses, do not involve speculative operations and are consistent with the needs of the |
V Progress of Projects Financed with Raised Funds
□ Applicable √ Not applicable
VI Operating Performance Forecast for January-June 2021
Warning of a forecast loss on or a forecast significant YoY change in the accumulative net profit from thebeginning of the year to the end of the next reporting period, as well as explanation of why:
□ Applicable √ Not applicable
VII Significant Contracts Arising from the Company’s Ordinary Course of Business
□ Applicable √ Not applicable
VIII Cash Entrusted for Wealth Management
√ Applicable □ Not applicable
Unit: RMB’0,000
Company's operation and development. The Company has established relevant businessmanagement policies and risk control and prevention measures. The risk is controllable. Theproposal was passed following a lawful, valid decision-making procedure, has no negativeimpact on the Company's normal operation and business development and does notundermine the interest of the Company and its shareholders. Therefore, the Company'sconducting forward foreign exchange settlement transactions is approved.
Type
| Type | Funding source | Amount | Undue amount | Unrecovered overdue amount |
| Bank’s wealth management product | Self-funded | 40,000 | 20,000 | 0 |
| Total | 40,000 | 20,000 | 0 | |
High-risk wealth management transactions with a significant single amount, or with low security, low liquidity orno principal protection:
√ Applicable □ Not applicable
Unit: RMB’0,000
| Trustee | Type of trustee | Type of wealth management | Principal | Source of principal | Beginning date | Ending date | Use of principal | Determination of yield | Annualized yield rate for | Expected yield (if | Actual gain/loss in Reporting | Receipt/payment of such gain/lo | Allowance for impairment | Prescribed procedure execut | Plan for more transaction | Index to transaction summ |
| product | reference | any) | Period | ss | (if any) | ed or not | or not | ary and other information (if any) | ||||||||
| China Merchants Bank (Foshan branch) | Bank | Not principal-protected with floating yield | 10,000 | The Company’s own idle funds | 17 Sept. 2020 | 17 Sept. 2021 | Investment | Repayment of principal with yield upon maturity | 4.30% | 428.82 | 212.05 | To be received | Yes | Yes | www.cninfo.com.cn | |
| Industrial Bank (sub-branch of Baiyun, Guangzhou) | Bank | Not principal-protected with floating yield | 10,000 | The Company’s own idle funds | 31 Dec. 2020 | 30 Jun. 2021 | Investment | Repayment of principal with yield upon maturity | 3.60% | 178.52 | 88.77 | To be received | Yes | Yes | www.cninfo.com.cn | |
| Total | 20,000 | -- | -- | -- | -- | -- | -- | 607.34 | 300.82 | -- | -- | -- | -- | |||
Wealth management transactions with possible impairments including an expectedly unrecoverable principal:
□ Applicable √ Not applicable
IX Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
No such cases in the Reporting Period.X Occupation of the Company’s Capital by the Controlling Shareholder or Its Related Partiesfor Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.XI Communications with the Investment Community such as Researches, Inquiries andInterviews during the Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by Foshan Electrical and Lighting Co., Ltd.
31 March 2021
Unit: RMB
| Item | 31 March 2021 | 31 December 2020 |
| Current assets: | ||
| Monetary assets | 1,045,900,558.16 | 981,249,699.49 |
| Settlement reserve | ||
| Interbank loans granted | ||
| Held-for-trading financial assets | 203,249,119.16 | 407,619,201.36 |
| Derivative financial assets | ||
| Notes receivable | 180,468,347.32 | 140,972,143.00 |
| Accounts receivable | 940,223,382.28 | 1,134,233,235.70 |
| Accounts receivable financing | ||
| Prepayments | 11,214,269.84 | 11,994,745.05 |
| Premiums receivable | ||
| Reinsurance receivables | ||
| Receivable reinsurance contract reserve | ||
| Other receivables | 35,876,484.95 | 20,194,968.19 |
| Including: Interest receivable | ||
| Dividends receivable | ||
| Financial assets purchased under resale agreements | ||
| Inventories | 883,309,501.72 | 735,685,116.91 |
| Contract assets | ||
| Assets held for sale | ||
| Current portion of non-current assets | ||
| Other current assets | 184,909,000.24 | 175,090,368.85 |
| Total current assets | 3,485,150,663.67 | 3,607,039,478.55 |
| Non-current assets: | ||
| Loans and advances to customers | ||
| Investments in debt obligations | ||
| Investments in other debt obligations | ||
| Long-term receivables | ||
| Long-term equity investments | 181,440,282.83 | 181,365,016.32 |
| Investments in other equity instruments | 2,754,187,518.41 | 3,305,501,030.06 |
| Other non-current financial assets | ||
| Investment property | ||
| Fixed assets | 681,636,804.62 | 685,707,548.55 |
| Construction in progress | 521,082,060.29 | 503,941,120.31 |
| Productive living assets | ||
| Oil and gas assets | ||
| Right-of-use assets | ||
| Intangible assets | 169,972,066.94 | 170,693,873.30 |
| Development costs | ||
| Goodwill | ||
| Long-term prepaid expense | 13,329,715.28 | 13,411,226.23 |
| Deferred income tax assets | 35,853,135.21 | 40,253,777.17 |
| Other non-current assets | 8,975,181.58 | 11,423,843.62 |
| Total non-current assets | 4,366,476,765.16 | 4,912,297,435.56 |
| Total assets | 7,851,627,428.83 | 8,519,336,914.11 |
| Current liabilities: | ||
| Short-term borrowings | ||
| Borrowings from the central bank | ||
| Interbank loans obtained | ||
| Held-for-trading financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | 630,905,437.90 | 480,971,214.80 |
| Accounts payable | 972,841,055.92 | 1,059,674,020.99 |
| Advances from customers | 1,508,780.05 | 1,285,357.28 |
| Contract liabilities | 84,453,803.87 | 65,777,726.45 |
| Financial assets sold under repurchase agreements |
| Customer deposits and interbank deposits | ||
| Payables for acting trading of securities | ||
| Payables for underwriting of securities | ||
| Employee benefits payable | 53,626,433.18 | 82,485,090.47 |
| Taxes payable | 15,410,647.10 | 18,876,657.51 |
| Other payables | 73,385,698.36 | 76,668,330.66 |
| Including: Interest payable | ||
| Dividends payable | ||
| Handling charges and commissions payable | ||
| Reinsurance payables | ||
| Liabilities directly associated with assets held for sale | ||
| Current portion of non-current liabilities | ||
| Other current liabilities | 7,373,666.58 | 5,503,702.07 |
| Total current liabilities | 1,839,505,522.96 | 1,791,242,100.23 |
| Non-current liabilities: | ||
| Insurance contract reserve | ||
| Long-term borrowings | ||
| Bonds payable | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Lease liabilities | ||
| Long-term payables | ||
| Long-term employee benefits payable | ||
| Provisions | ||
| Deferred income | ||
| Deferred income tax liabilities | 331,901,148.22 | 414,670,609.97 |
| Other non-current liabilities | 30,636.07 | 1,244,064.84 |
| Total non-current liabilities | 331,931,784.29 | 415,914,674.81 |
| Total liabilities | 2,171,437,307.25 | 2,207,156,775.04 |
| Owners’ equity: |
| Share capital | 1,399,346,154.00 | 1,399,346,154.00 |
| Other equity instruments | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Capital reserves | 15,157,514.90 | 15,157,514.90 |
| Less: Treasury stock | 207,340,531.49 | |
| Other comprehensive income | 1,880,723,103.09 | 2,349,388,533.61 |
| Specific reserve | ||
| Surplus reserves | 741,396,578.18 | 741,567,039.55 |
| General reserve | ||
| Retained earnings | 1,800,665,462.05 | 1,758,462,062.48 |
| Total equity attributable to owners of the Company as the parent | 5,629,948,280.73 | 6,263,921,304.54 |
| Non-controlling interests | 50,241,840.85 | 48,258,834.53 |
| Total owners’ equity | 5,680,190,121.58 | 6,312,180,139.07 |
| Total liabilities and owners’ equity | 7,851,627,428.83 | 8,519,336,914.11 |
Legal representative: Wu Shenghui Chief Financial Officer: Tang QionglanPerson-in-charge of the Company’s accounting organ: Peng Fentao
2. Balance Sheet of the Company as the Parent
Unit: RMB
| Item | 31 December 2021 | 31 December 2020 |
| Current assets: | ||
| Monetary assets | 974,627,411.83 | 896,261,882.77 |
| Held-for-trading financial assets | 203,249,119.16 | 407,619,201.36 |
| Derivative financial assets | ||
| Notes receivable | 178,039,378.10 | 137,477,199.21 |
| Accounts receivable | 852,409,341.60 | 1,030,713,074.22 |
| Accounts receivable financing | ||
| Prepayments | 9,788,452.03 | 9,581,302.45 |
| Other receivables | 517,859,300.45 | 462,284,585.09 |
| Including: Interest receivable | ||
| Dividends receivable |
| Inventories | 740,154,062.06 | 615,106,650.81 |
| Contract assets | ||
| Assets held for sale | ||
| Current portion of non-current assets | ||
| Other current assets | 143,917,931.44 | 139,275,518.71 |
| Total current assets | 3,620,044,996.67 | 3,698,319,414.62 |
| Non-current assets: | ||
| Investments in debt obligations | ||
| Investments in other debt obligations | ||
| Long-term receivables | ||
| Long-term equity investments | 552,024,578.24 | 536,949,311.73 |
| Investments in other equity instruments | 2,754,187,518.41 | 3,305,501,030.06 |
| Other non-current financial assets | ||
| Investment property | ||
| Fixed assets | 623,968,198.88 | 628,174,755.88 |
| Construction in progress | 64,597,964.57 | 54,652,119.14 |
| Productive living assets | ||
| Oil and gas assets | ||
| Right-of-use assets | ||
| Intangible assets | 122,047,889.91 | 122,391,701.60 |
| Development costs | ||
| Goodwill | ||
| Long-term prepaid expense | 11,859,189.57 | 11,651,100.48 |
| Deferred income tax assets | 27,002,792.82 | 31,403,727.94 |
| Other non-current assets | 6,185,496.63 | 7,548,885.47 |
| Total non-current assets | 4,161,873,629.03 | 4,698,272,632.30 |
| Total assets | 7,781,918,625.70 | 8,396,592,046.92 |
| Current liabilities: | ||
| Short-term borrowings | ||
| Held-for-trading financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | 644,395,437.90 | 484,230,566.21 |
| Accounts payable | 1,084,351,433.92 | 1,108,208,382.75 |
| Advances from customers | ||
| Contract liabilities | 70,981,283.18 | 53,572,800.70 |
| Employee benefits payable | 40,299,566.96 | 62,075,512.08 |
| Taxes payable | 7,236,105.44 | 7,819,839.48 |
| Other payables | 148,299,043.78 | 171,916,835.73 |
| Including: Interest payable | ||
| Dividends payable | ||
| Liabilities directly associated with assets held for sale | ||
| Current portion of non-current liabilities | ||
| Other current liabilities | 6,300,427.00 | 4,483,279.11 |
| Total current liabilities | 2,001,863,298.18 | 1,892,307,216.06 |
| Non-current liabilities: | ||
| Long-term borrowings | ||
| Bonds payable | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Lease liabilities | ||
| Long-term payables | ||
| Long-term employee benefits payable | ||
| Provisions | ||
| Deferred income | ||
| Deferred income tax liabilities | 331,901,148.22 | 414,670,609.97 |
| Other non-current liabilities | ||
| Total non-current liabilities | 331,901,148.22 | 414,670,609.97 |
| Total liabilities | 2,333,764,446.40 | 2,306,977,826.03 |
| Owners’ equity: | ||
| Share capital | 1,399,346,154.00 | 1,399,346,154.00 |
| Other equity instruments | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Capital reserves | 7,426,635.62 | 7,426,635.62 |
| Less: Treasury stock | 207,340,531.49 |
| Other comprehensive income | 1,880,773,173.33 | 2,349,389,658.23 |
| Specific reserve | ||
| Surplus reserves | 741,396,578.18 | 741,567,039.55 |
| Retained earnings | 1,626,552,169.66 | 1,591,884,733.49 |
| Total owners’ equity | 5,448,154,179.30 | 6,089,614,220.89 |
| Total liabilities and owners’ equity | 7,781,918,625.70 | 8,396,592,046.92 |
Legal representative: Wu Shenghui Chief Financial Officer: Tang QionglanPerson-in-charge of the Company’s accounting organ: Peng Fentao
3. Consolidated Income Statement
Unit: RMB
| Item | Q1 2021 | Q1 2020 |
| 1. Revenue | 825,678,013.99 | 560,357,960.57 |
| Including: Operating revenue | 825,678,013.99 | 560,357,960.57 |
| Interest income | ||
| Insurance premium income | ||
| Handling charge and commission income | ||
| 2. Costs and expenses | 784,152,595.65 | 527,891,623.07 |
| Including: Cost of sales | 676,742,067.81 | 450,843,200.86 |
| Interest expense | ||
| Handling charge and commission expense | ||
| Surrenders | ||
| Net insurance claims paid | ||
| Net amount provided as insurance contract reserve | ||
| Expenditure on policy dividends | ||
| Reinsurance premium expense | ||
| Taxes and surcharges | 6,729,392.37 | 7,084,171.07 |
| Selling expense | 30,751,003.52 | 32,287,937.98 |
| Administrative expense | 40,267,694.95 | 31,760,036.99 |
| R&D expense | 35,175,015.78 | 19,828,312.32 |
| Finance costs | -5,512,578.78 | -13,912,036.15 |
| Including: Interest expense | ||
| Interest income | 3,988,043.22 | 10,602,533.79 |
| Add: Other income | 4,247,000.00 | 122,198.82 |
| Return on investment (“-” for loss) | 9,856,780.54 | 8,050,462.45 |
| Including: Share of profit or loss of joint ventures and associates | 75,266.51 | |
| Income from the derecognition of financial assets at amortized cost (“-” for loss) | ||
| Exchange gain (“-” for loss) | ||
| Net gain on exposure hedges (“-” for loss) | ||
| Gain on changes in fair value (“-” for loss) | -6,092,000.00 | -1,528,400.00 |
| Credit impairment loss (“-” for loss) | 3,529,334.65 | -730,317.40 |
| Asset impairment loss (“-” for loss) | ||
| Asset disposal income (“-” for loss) | 149,083.95 | |
| 3. Operating profit (“-” for loss) | 53,215,617.48 | 38,380,281.37 |
| Add: Non-operating income | 269,122.60 | 72,280.75 |
| Less: Non-operating expense | 174,526.23 | 684,869.08 |
| 4. Profit before tax (“-” for loss) | 53,310,213.85 | 37,767,693.04 |
| Less: Income tax expense | 9,123,807.96 | 6,072,161.84 |
| 5. Net profit (“-” for net loss) | 44,186,405.89 | 31,695,531.20 |
| 5.1 By operating continuity | ||
| 5.1.1 Net profit from continuing operations (“-” for net loss) | 44,186,405.89 | 31,695,531.20 |
| 5.1.2 Net profit from discontinued operations (“-” for net loss) | ||
| 5.2 By ownership | ||
| 5.2.1 Net profit attributable to owners of the Company as the parent | 42,203,399.57 | 31,238,269.29 |
| 5.2.1 Net profit attributable to non-controlling interests | 1,983,006.32 | 457,261.91 |
| 6. Other comprehensive income, net of | -468,665,430.52 | 100,555,938.69 |
| tax | ||
| Attributable to owners of the Company as the parent | -468,665,430.52 | 100,555,938.69 |
| 6.1 Items that will not be reclassified to profit or loss | -468,616,484.90 | 100,595,067.77 |
| 6.1.1 Changes caused by remeasurements on defined benefit schemes | ||
| 6.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method | ||
| 6.1.3 Changes in the fair value of investments in other equity instruments | -468,616,484.90 | 100,595,067.77 |
| 6.1.4 Changes in the fair value arising from changes in own credit risk | ||
| 6.1.5 Other | ||
| 6.2 Items that will be reclassified to profit or loss | -48,945.62 | -39,129.08 |
| 6.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method | ||
| 6.2.2 Changes in the fair value of investments in other debt obligations | ||
| 6.2.3 Other comprehensive income arising from the reclassification of financial assets | ||
| 6.2.4 Credit impairment allowance for investments in other debt obligations | ||
| 6.2.5 Reserve for cash flow hedges | ||
| 6.2.6 Differences arising from the translation of foreign currency-denominated financial statements | -48,945.62 | -39,129.08 |
| 6.2.7 Other | ||
| Attributable to non-controlling interests | ||
| 7. Total comprehensive income | -424,479,024.63 | 132,251,469.89 |
| Attributable to owners of the Company as the parent | -426,462,030.95 | 131,794,207.98 |
| Attributable to non-controlling interests | 1,983,006.32 | 457,261.91 |
| 8. Earnings per share | ||
| 8.1 Basic earnings per share | 0.0305 | 0.0226 |
| 8.2 Diluted earnings per share | 0.0305 | 0.0226 |
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees beforethe combinations was RMB0.00, with the amount for last year being RMB0.00.Legal representative: Wu Shenghui Chief Financial Officer: Tang QionglanPerson-in-charge of the Company’s accounting organ: Peng Fentao
4. Income Statement of the Company as the Parent
Unit: RMB
| Item | Q1 2021 | Q1 2020 |
| 1. Operating revenue | 749,661,660.91 | 525,496,491.07 |
| Less: Cost of sales | 629,874,068.88 | 432,357,989.78 |
| Taxes and surcharges | 5,497,116.23 | 6,177,097.24 |
| Selling expense | 27,724,076.48 | 30,083,400.00 |
| Administrative expense | 31,428,131.61 | 26,821,027.28 |
| R&D expense | 31,190,272.17 | 17,626,070.34 |
| Finance costs | -5,335,497.92 | -13,775,921.87 |
| Including: Interest expense | ||
| Interest income | 3,828,283.03 | 10,456,543.51 |
| Add: Other income | 2,501,000.00 | 75,128.00 |
| Return on investment (“-” for loss) | 9,856,780.54 | 8,050,462.45 |
| Including: Share of profit or loss of joint ventures and associates | 75,266.51 | |
| Income from the derecognition of financial assets at amortized cost (“-” for loss) | ||
| Net gain on exposure hedges (“-” for loss) | ||
| Gain on changes in fair value (“-” for loss) | -6,092,000.00 | -1,528,400.00 |
| Credit impairment loss (“-” for loss) | 4,845,885.57 | 772,220.24 |
| Asset impairment loss (“-” for loss) |
| Asset disposal income (“-” for loss) | 149,083.95 | |
| 2. Operating profit (“-” for loss) | 40,544,243.52 | 33,576,238.99 |
| Add: Non-operating income | 234,583.03 | 18,235.94 |
| Less: Non-operating expense | 6,889.83 | -71,320.11 |
| 3. Profit before tax (“-” for loss) | 40,771,936.72 | 33,665,795.04 |
| Less: Income tax expense | 6,104,500.55 | 5,049,869.23 |
| 4. Net profit (“-” for net loss) | 34,667,436.17 | 28,615,925.81 |
| 4.1 Net profit from continuing operations (“-” for net loss) | 34,667,436.17 | 28,615,925.81 |
| 4.2 Net profit from discontinued operations (“-” for net loss) | ||
| 5. Other comprehensive income, net of tax | -468,616,484.90 | 100,595,067.77 |
| 5.1 Items that will not be reclassified to profit or loss | -468,616,484.90 | 100,595,067.77 |
| 5.1.1 Changes caused by remeasurements on defined benefit schemes | ||
| 5.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method | ||
| 5.1.3 Changes in the fair value of investments in other equity instruments | -468,616,484.90 | 100,595,067.77 |
| 5.1.4 Changes in the fair value arising from changes in own credit risk | ||
| 5.1.5 Other | ||
| 5.2 Items that will be reclassified to profit or loss | ||
| 5.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method | ||
| 5.2.2 Changes in the fair value of investments in other debt obligations | ||
| 5.2.3 Other comprehensive income arising from the reclassification of financial assets | ||
| 5.2.4 Credit impairment allowance for investments in other debt obligations | ||
| 5.2.5 Reserve for cash flow hedges |
| 5.2.6 Differences arising from the translation of foreign currency-denominated financial statements | ||
| 5.2.7 Other | ||
| 6. Total comprehensive income | -433,949,048.73 | 129,210,993.58 |
| 7. Earnings per share | ||
| 7.1 Basic earnings per share | ||
| 7.2 Diluted earnings per share |
Legal representative: Wu Shenghui Chief Financial Officer: Tang QionglanPerson-in-charge of the Company’s accounting organ: Peng Fentao
5. Consolidated Cash Flow Statement
Unit: RMB
| Item | Q1 2021 | Q1 2020 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 1,031,138,656.04 | 669,750,377.22 |
| Net increase in customer deposits and interbank deposits | ||
| Net increase in borrowings from the central bank | ||
| Net increase in loans from other financial institutions | ||
| Premiums received on original insurance contracts | ||
| Net proceeds from reinsurance | ||
| Net increase in deposits and investments of policy holders | ||
| Interest, handling charges and commissions received | ||
| Net increase in interbank loans obtained | ||
| Net increase in proceeds from repurchase transactions | ||
| Net proceeds from acting trading of securities | ||
| Tax rebates | 26,143,863.35 | 15,719,615.48 |
| Cash generated from other operating activities | 18,358,589.39 | 43,411,843.79 |
| Subtotal of cash generated from operating activities | 1,075,641,108.78 | 728,881,836.49 |
| Payments for commodities and services | 705,267,730.79 | 510,880,370.55 |
| Net increase in loans and advances to customers | ||
| Net increase in deposits in the central bank and in interbank loans granted | ||
| Payments for claims on original insurance contracts | ||
| Net increase in interbank loans granted | ||
| Interest, handling charges and commissions paid | ||
| Policy dividends paid | ||
| Cash paid to and for employees | 219,582,109.41 | 165,291,285.47 |
| Taxes paid | 25,466,476.99 | 15,730,276.50 |
| Cash used in other operating activities | 76,766,709.52 | 58,213,405.49 |
| Subtotal of cash used in operating activities | 1,027,083,026.71 | 750,115,338.01 |
| Net cash generated from/used in operating activities | 48,558,082.07 | -21,233,501.52 |
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | 210,000,000.00 | 280,000,000.00 |
| Return on investment | 8,161,200.00 | 12,613,429.83 |
| Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | 41,640.28 | 109,978.12 |
| Net proceeds from the disposal of subsidiaries and other business units | ||
| Cash generated from other investing activities | ||
| Subtotal of cash generated from investing activities | 218,202,840.28 | 292,723,407.95 |
| Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 16,677,660.59 | 15,530,355.37 |
| Payments for investments |
| Net increase in pledged loans granted | ||
| Net payments for the acquisition of subsidiaries and other business units | ||
| Cash used in other investing activities | ||
| Subtotal of cash used in investing activities | 16,677,660.59 | 15,530,355.37 |
| Net cash generated from/used in investing activities | 201,525,179.69 | 277,193,052.58 |
| 3. Cash flows from financing activities: | ||
| Capital contributions received | ||
| Including: Capital contributions by non-controlling interests to subsidiaries | ||
| Borrowings raised | ||
| Cash generated from other financing activities | ||
| Subtotal of cash generated from financing activities | ||
| Repayment of borrowings | ||
| Interest and dividends paid | ||
| Including: Dividends paid by subsidiaries to non-controlling interests | ||
| Cash used in other financing activities | 207,510,992.86 | |
| Subtotal of cash used in financing activities | 207,510,992.86 | |
| Net cash generated from/used in financing activities | -207,510,992.86 | |
| 4. Effect of foreign exchange rates changes on cash and cash equivalents | -6,879,961.29 | 87,695.49 |
| 5. Net increase in cash and cash equivalents | 35,692,307.61 | 256,047,246.55 |
| Add: Cash and cash equivalents, beginning of the period | 875,728,218.57 | 1,055,682,413.47 |
| 6. Cash and cash equivalents, end of the period | 911,420,526.18 | 1,311,729,660.02 |
Legal representative: Wu Shenghui Chief Financial Officer: Tang QionglanPerson-in-charge of the Company’s accounting organ: Peng Fentao
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
| Item | Q1 2021 | Q1 2020 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 955,336,342.43 | 640,471,098.43 |
| Tax rebates | 26,143,724.06 | 15,714,059.77 |
| Cash generated from other operating activities | 12,809,461.57 | 12,361,475.68 |
| Subtotal of cash generated from operating activities | 994,289,528.06 | 668,546,633.88 |
| Payments for commodities and services | 668,245,564.84 | 497,890,855.63 |
| Cash paid to and for employees | 173,671,566.86 | 127,807,771.53 |
| Taxes paid | 14,265,423.35 | 8,859,709.89 |
| Cash used in other operating activities | 62,557,862.59 | 54,781,434.63 |
| Subtotal of cash used in operating activities | 918,740,417.64 | 689,339,771.68 |
| Net cash generated from/used in operating activities | 75,549,110.42 | -20,793,137.80 |
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | 210,000,000.00 | 280,000,000.00 |
| Return on investment | 8,161,200.00 | 12,613,429.83 |
| Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | 103,361.02 | |
| Net proceeds from the disposal of subsidiaries and other business units | ||
| Cash generated from other investing activities | ||
| Subtotal of cash generated from investing activities | 218,161,200.00 | 292,716,790.85 |
| Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 14,686,415.99 | 14,962,496.05 |
| Payments for investments | 15,000,000.00 | |
| Net payments for the acquisition of subsidiaries and other business units | ||
| Cash used in other investing |
| activities | ||
| Subtotal of cash used in investing activities | 29,686,415.99 | 14,962,496.05 |
| Net cash generated from/used in investing activities | 188,474,784.01 | 277,754,294.80 |
| 3. Cash flows from financing activities: | ||
| Capital contributions received | ||
| Borrowings raised | ||
| Cash generated from other financing activities | ||
| Subtotal of cash generated from financing activities | ||
| Repayment of borrowings | ||
| Interest and dividends paid | ||
| Cash used in other financing activities | 207,510,992.86 | |
| Subtotal of cash used in financing activities | 207,510,992.86 | |
| Net cash generated from/used in financing activities | -207,510,992.86 | |
| 4. Effect of foreign exchange rates changes on cash and cash equivalents | -6,856,683.37 | 120,937.17 |
| 5. Net increase in cash and cash equivalents | 49,656,218.20 | 257,082,094.17 |
| Add: Cash and cash equivalents, beginning of the period | 803,264,792.72 | 983,378,125.66 |
| 6. Cash and cash equivalents, end of the period | 852,921,010.92 | 1,240,460,219.83 |
Legal representative: Wu Shenghui Chief Financial Officer: Tang QionglanPerson-in-charge of the Company’s accounting organ: Peng FentaoII Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of the NewStandards Governing Leases from 2021
□ Applicable √ Not applicable
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of the NewStandards Governing Leases from 2021
□ Applicable √ Not applicable
III Independent Auditor’s ReportIndicate by tick mark whether the financial statements above have been audited by an independent auditor.
□ Yes √ No
These financial statements have not been audited by such an auditor.
Foshan Electrical and Lighting Co., Ltd.Legal representative: Wu Shenghui
23 April 2021