I Important Notice
The board of directors (the “Board”), the supervisory committee (the“Supervisory Committee”), the directors (the “Directors”), supervisors (the“Supervisors”) and senior management (the “Senior Management”) of theCompany hereby warrant that the contents of this quarterly report are true,accurate and complete, and there are no false representations, misleadingstatements or material omissions, and are jointly and severally responsible forthe liabilities of the Company.
All Directors were present at the Board meeting to consider and approvethis quarterly report.
Chen Hongguo, the head of the Company, Dong Lianming, the head incharge of accounting, and Zhang Bo, the head of the accounting department(Accounting Officer), declare that they warrant the truthfulness, accuracy andcompleteness of the financial statements in this quarterly report.
II. General Information of the Company
I. Major financial data and financial indicators
Retrospective adjustment to or restatement of the accounting data for prior years by the Company□ Yes √ No
The reporting period | Corresponding period of prior year | Increase/decrease compared to the corresponding period of the prior year | |
Revenue (RMB) | 6,159,836,579.24 | 7,241,811,895.12 | -14.94% |
Net profit attributable to shareholders of the Company (RMB) | 38,223,111.21 | 782,500,357.98 | -95.12% |
Net profit after extraordinary gains or losses attributable to shareholders of the Company (RMB) | -23,652,252.85 | 733,118,818.26 | -103.23% |
Net cash flows from operating activities (RMB) | 1,424,685,047.04 | 1,267,680,953.19 | 12.39% |
Basic earnings per share (RMB per share) | -0.037 | 0.207 | -117.87% |
Diluted earnings per share (RMB per share) | -0.037 | 0.207 | -117.87% |
Rate of return on weighted average net assets | -0.61% | 3.32% | -3.93% |
The reporting period | Corresponding period of prior year | Increase/decrease compared to the corresponding period of the prior year | |
Total assets (RMB) | 106,040,273,940.00 | 105,318,734,827.82 | 0.69% |
Net assets attributable to shareholders of the Company (RMB) | 25,141,902,723.14 | 25,048,731,454.79 | 0.37% |
Data description:
① The net profit attributable to shareholders of the Company does not exclude the effect of the interest on perpetual bonds andthe effect of the dividends on preference shares that have been distributed and declared. When calculating financial indicators such asearnings per share and rate of return on weighted average net assets, the interest on perpetual bonds of RMB47,835,616 from 1January 2019 to 31 March 2019 and the distributed dividends on preference shares of RMB98,100,000 for 2019 are deducted.
② Pursuant to the proposed profit distribution plan for 2017 approved at the 2017 annual general meeting of the Company,based on the total ordinary share capital of 1,936,405,467 shares as at the end of 2017, a cash dividend of RMB6 (tax inclusive) per10 shares was distributed to ordinary shareholders; and a capitalisation issue made out of the capital reserves of 5 shares for every 10shares held was distributed to ordinary shareholders. The Company’s share capital increased by 968,202,733 shares. The earnings pershare for the corresponding period of last year were also adjusted accordingly.Items and amounts of extraordinary gains or losses
√ Applicable □ Not applicable
Unit: RMB
Item | Amounts for the period from the beginning of the year to the end of the reporting period | Note |
Profit or loss from disposal of non-current assets (including write-off of provision for assets impairment) | -452,007.43 | |
Government grants (except for the government grants closely related to the normal operation of the Company and granted constantly at a fixed amount or quantity in accordance with a certain standard based on state policies) accounted for in profit or loss for the current period | 77,271,053.63 | |
Non-operating income and expenses other than the above items | 4,714,672.46 | |
Less: Effect of income tax | 19,917,068.20 | |
Effect of minority interest (after tax) | -258,713.60 | |
Total | 61,875,364.06 | -- |
Notes for the Company’s extraordinary gain or loss items as defined in the Explanatory Announcement on Information Disclosure forCompanies Offering Their Securities to the Public No.1 - Extraordinary Gains or Losses and the extraordinary gain or loss items asillustrated in the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No.1 -Extraordinary Gains or Losses defined as its recurring gain or loss items.□ Applicable √ Not applicableNo extraordinary gain or loss items as defined or illustrated in the Explanatory Announcement on Information Disclosure forCompanies Offering Their Securities to the Public No.1 - Extraordinary Gains or Losses were defined by the Company as itsrecurring gain or loss items during the reporting period.
II. Total number of shareholders and the shareholding of the top ten shareholders as at theend of the reporting period
1. Total number of shareholders of ordinary shares and shareholders of preference shares with restoredvoting rights and the shareholding of the top ten shareholders
Unit: share
Total number of shareholders of ordinary shares as at the end of the reporting period | 123,152, of which 102,479 were holders of A shares, 20,307 were holders of B shares and 366 were holders of H shares | Total number of shareholders of preference shares with restored voting right as at the end of the reporting period (if any) | 0 | ||||||
Shareholding of top ten shareholders | |||||||||
Name of shareholders | Nature of shareholders | Percentage of shareholding | Number of shares held | Number of restricted shares held | Share pledged or locked-up | ||||
Status of shares | Number |
CHENMING HOLDINGS COMPANY LIMITED | State-owned legal person | 15.29% | 444,146,128 | 0 | Pledged | 314,739,850 | |||
HKSCC NOMINEES LIMITED | Overseas legal person | 12.85% | 373,353,125 | 0 | |||||
CHENMING HOLDINGS (HONG KONG) LIMITED | Overseas legal person | 12.54% | 364,131,563 | 0 | |||||
CENTRAL HUIJIN ASSET MANAGEMENT LTD. | State-owned legal person | 2.07% | 60,206,850 | 0 | |||||
NATIONAL SOCIAL SECURITY FUND 418 PORTFOLIO | Others | 0.64% | 18,648,662 | 0 | |||||
CHINA UNIVERSAL FUND - CHINA CONSTRUCTION BANK - CHINA LIFE INSURANCE – CHINA LIFE INSURANCE’S EQUITY PORTFOLIO ENTRUSTED TO CHINA UNIVERSAL FUND | Others | 0.47% | 13,701,360 | 0 | |||||
AGRICULTURAL BANK OF CHINA LIMITED - CHINA CSI 500 ETF | Others | 0.47% | 13,637,850 | 0 | |||||
VANGUARD EMERGING MARKETS STOCK INDEX FUND | Overseas legal person | 0.44% | 12,912,357 | 0 | |||||
JIN Xing | Domestic nature person | 0.40% | 11,690,950 | 0 | |||||
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | Overseas legal person | 0.39% | 11,350,008 | 0 | |||||
Shareholding of the top ten shareholders of non-restricted shares | |||||||||
Name of shareholders | Number of non-restricted shares held | Class of shares | |||||||
Class of shares | Number | ||||||||
CHENMING HOLDINGS COMPANY LIMITED | 444,146,128 | RMB ordinary shares | 444,146,128 | ||||||
HKSCC NOMINEES LIMITED | 373,353,125 | Overseas listed foreign shares | 373,353,125 | ||||||
CHENMING HOLDINGS (HONG KONG) LIMITED | 364,131,563 | Domestic listed foreign shares | 210,717,563 | ||||||
Overseas listed foreign shares | 153,414,000 | ||||||||
CENTRAL HUIJIN ASSET MANAGEMENT LTD. | 60,206,850 | RMB ordinary shares | 60,206,850 | ||||||
NATIONAL SOCIAL SECURITY FUND 418 PORTFOLIO | 18,648,662 | RMB ordinary shares | 18,648,662 | ||||||
CHINA UNIVERSAL FUND - CHINA CONSTRUCTION BANK - CHINA LIFE INSURANCE - CHINA LIFE INSURANCE’S EQUITY PORTFOLIO ENTRUSTED TO CHINA UNIVERSAL | 13,701,360 | RMB ordinary shares | 13,701,360 |
FUND | ||||
AGRICULTURAL BANK OF CHINA LIMITED - CHINA CSI 500 ETF | 13,637,850 | RMB ordinary shares | 13,637,850 | |
VANGUARD EMERGING MARKETS STOCK INDEX FUND | 12,912,357 | Domestic listed foreign shares | 12,912,357 | |
JIN Xing | 11,690,950 | Domestic listed foreign shares | 11,690,950 | |
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | 11,350,008 | Domestic listed foreign shares | 11,350,008 | |
Related party relationship or acting in concert among the above shareholders | A shareholder, Chenming Holdings (Hong Kong) Limited, which is an overseas legal person, is a wholly-owned subsidiary of a shareholder, Shouguang Chenming Holdings Company Limited, which is a state-owned legal person. Save for the above, it is not aware that any other shareholders of tradable shares are persons acting in concert. It is also not aware that any other shareholders of tradable shares are related to each other. | |||
Securities margin trading of top 10 ordinary shareholders, if any | Chenming Holdings Company Limited held 444,146,128 RMB ordinary shares, of which 397,746,128 shares were held through ordinary account and 46,400,000 shares were held through credit guarantee securities account. |
Whether an agreed repurchase transaction was entered into during the reporting period by the top 10 ordinary shareholders and top 10shareholders of non-restricted shares of the Company□ Yes √ No
The top 10 ordinary shareholders and top 10 shareholders of non-restricted ordinary shares of the Company did not enter into any agreedrepurchase transaction during the reporting period.
2. Total number of shareholders of preference shares and shareholding of the top ten shareholders ofpreference shares
√ Applicable □ No applicable
Unit: share
Total number of shareholders of preference shares as at the end of the reporting period | 7 | ||||||
Shareholding of the top ten shareholders of preference shares | |||||||
Name of shareholders | Nature of shareholders | Percentage of shareholding | Number of shares held | Number of restricted shares held | Share pledged or locked-up | ||
Status of shares | Number | ||||||
BEIJING YIBEN ZHONGXING INVESTMENT MANAGEMENT CO., LTD. | Domestic non-state-owned legal person | 27.78% | 12,500,000 | 0 | Pledged | 12,500,000 | |
BANK OF COMMUNICATIONS | Others | 22.44% | 10,100,000 | 0 |
INTERNATIONAL TRUST CO., LTD. – HUILI NO. 167 SINGLE CAPITAL TRUST | |||||||
BANK OF COMMUNICATIONS INTERNATIONAL TRUST CO., LTD. – HUILI NO. 136 SINGLE CAPITAL TRUST | Others | 14.22% | 6,400,000 | 0 | |||
QILU BANK CO., LTD. - QILU BANK QUANXIN WEALTH MANAGEMENT PRODUCT SERIES | Others | 13.33% | 6,000,000 | 0 | |||
HENGFENG BANK CO., LTD. | Domestic non-state-owned legal person | 11.11% | 5,000,000 | 0 | |||
SHANGHAI STATE-OWNED ASSETS OPERATION CO., LTD. | State-owned legal person | 6.67% | 3,000,000 | 0 | |||
NCF - MINSHENG BANK - CHINA FORTUNE INTERNATIONAL TRUST - CHINA FORTUNE TRUST?MIN XIN NO. 11 SINGLE CAPITAL TRUST | Others | 4.44% | 2,000,000 | 0 | |||
Related party relationship or acting in concert among the above shareholders | The shareholders of preference shares, namely “BANK OF COMMUNICATIONS INTERNATIONAL TRUST CO., LTD. - HUILI NO. 167 SINGLE CAPITAL TRUST” and “BANK OF COMMUNICATIONS INTERNATIONAL TRUST CO., LTD. - HUILI NO.136 SINGLE CAPITAL TRUST”, are persons acting in concert. Save for the above, it is not aware that any other shareholders of preference shares are persons acting in concert, and it is also not aware whether there is any related party relationship between the above shareholders of preference shares and the top ten shareholders of ordinary shares. |
III Material matters
I. Details and reasons for changes of major financial data and financial indicators during thereporting period
√ Applicable □ Not applicable
(I) Analysis of the assets and liabilities of the Company
Unit: RMB
Item | 31 March 2019 | 31 December 2018 | Change | Reason for change |
Bills receivable | 1,564,424,793.74 | 1,213,116,491.46 | 28.96% | (1) |
Prepayments | 1,166,925,861.32 | 863,739,020.74 | 35.10% | (2) |
Non-current assets due within one year | 5,255,022,836.99 | 4,007,503,281.86 | 31.13% | (3) |
Other non-current assets | 2,185,530,770.12 | 1,522,493,129.66 | 43.55% | (4) |
Explanation of the reasons leading to the major changes:
(1) Bills receivable increased by 28.96% as compared to the beginning of the year mainly due to the increase in the payment forgoods made by bills at the end of the reporting period.(2) Prepayments increased by 35.10% as compared to the beginning of the year mainly due to the increase in prepayments formaterials during the reporting period.(3) Non-current assets due within one year increased by 31.13% as compared to the beginning of the year mainly due to the increasein lease receivable due within one year at the end of the reporting period.(4) Other non-current assets increased by 43.55% as compared to the beginning of the year mainly due to the subscription of sharesof Nanyue Bank by the Company during the reporting period.(II) Reasons for significant year on year changes of income statement items during the
reporting period
Unit: RMB
Item | January – March 2019 | January – March 2018 | Change | Reason for change |
Revenue | 6,159,836,579.24 | 7,241,811,895.12 | -12.86% | (1) |
Loss on impairment of assets | -82,790,921.68 | 59,082,697.85 | -342.32% | (2) |
Credit impairment loss | -60,378,880.05 |
Non-operating income | 85,638,465.22 | 2,608,937.24 | 3182.50% | (3) |
Income tax expenses | 66,242,708.11 | 207,172,541.16 | -68.03% | (4) |
Explanation of the reasons leading to the major changes:
(1) Revenue decreased by 12.86%as compared to the corresponding period of last year mainly due to a year-on-year decrease in the prices of
machine-made paper.
(2) Loss on impairment of assets and credit impairment loss decreased by 342.32% as compared to the corresponding period of last year
mainly due to the change of the conditions that caused inventory impairment and reversal of inventory impairment provision.
(3) Non-operating income increased by 3182.50% as compared to the corresponding period of last year mainly due to the increase of
government grants during the reporting period.
(4) Income tax expenses decreased by 68.03% as compared to the corresponding period of last year mainly due to a year-on-year decrease in
the profit of the Company during the reporting period..
(III) Analysis of cash flows during the reporting period
Unit: RMB
Item | January – March 2019 | January – March 2018 | Change | Reason for change |
Net cash flows from operating activities | 1,424,685,047.04 | 1,267,680,953.19 | 12.39% | (1) |
Net cash flows from investment activities | -866,817,537.75 | -1,724,411,977.89 | 49.73% | (2) |
Net cash flows from financing activities | 104,038,375.61 | -134,535,571.79 | 177.33% | (3) |
Explanation of the reasons leading to the major changes:
(1) Net cash flows from operating activities increased by 12.39% as compared to the beginning of the year mainly due to ayear-on-year increase in net recovery of proceeds of the financial leasing business.(2) Net cash flows from investing activities increased by 49.73% as compared to the beginning of the year mainly due to the decreasein capital expenditures after work in progress basically completed.(3) Net cash flows from financial activities increased by 177.33% as compared to the beginning of the year mainly due to ayear-on-year decrease in repayment of debts due by the Company during the reporting period
II. Progress in respect to material matters and analysis of the related effects and solutions
□Applicable √ Not applicableProgress of share repurchase□ Applicable √ Not applicableProgress of decrease in the holding of repurchased shares by way of bidding□ Applicable √ Not applicable
III. Undertakings made by parties involved in undertakings including the Company’sbeneficial controllers, shareholders, related parties, bidders and the Company subsistingduring the reporting period
□ Applicable √ Not applicableDuring the reporting period, there were no undertakings made by parties involved in undertakings including the Company’sbeneficial controllers, shareholders, related parties, bidders and the Company subsisting during the reporting period.
IV. Estimate of the operating results for January - June 2019
Warning of projection on cumulative net profit for the period from the beginning of the year to the end of the next reporting period tobe at a loss or expected to have material changes as compared to the corresponding period of prior year and its explanation□ Applicable √ Not applicable
V. Security investments
□ Applicable √ Not applicableThe Company did not have any security investments during the reporting period.
VI. Derivatives investments
□ Applicable √ Not applicableThe Company did not have any derivative investments during the reporting period.
VII. Registration report on reception of research investigations, communications andinterviews during the reporting period
□ Applicable √ Not applicableThe Company did not have any reception of research investigations, communications and interviews during the reporting period.
VIII. External guarantees against the rules and regulations
□ Applicable √ Not applicableThere was no external guarantee provided by the Company which was against the rules and regulations during the reporting period.
IX. Appropriation of funds of the Company by the controlling shareholder and its relatedparties for non-operating purposes
□ Applicable √ Not applicableThere was no appropriation of funds of the Company by the controlling shareholder and its related parties for non-operating purposesduring the reporting period.
IV Financial Statements
I. Financial Statements
1. Consolidated balance sheet
Prepared by: Shandong Chenming Paper Holdings Limited
31 March 2019
Unit: RMB
Item | 31 March 2019 | 31 December 2018 |
CURRENT ASSETS: | ||
Monetary funds | 20,195,953,397.17 | 19,292,774,747.79 |
Bills receivable and accounts receivable | 5,224,506,450.29 | 4,617,603,496.05 |
Including: Bills receivable | 1,564,424,793.74 | 1,213,116,491.46 |
Accounts receivable | 3,660,081,656.55 | 3,404,487,004.59 |
Prepayments | 1,166,925,861.32 | 863,739,020.74 |
Other receivables | 2,131,155,979.26 | 2,133,089,983.39 |
Including: Interest receivable | 145,717,684.31 | 198,577,632.43 |
Inventories | 5,777,025,018.30 | 6,771,488,433.74 |
Non-current assets due within one year | 5,255,022,837.00 | 4,007,503,281.86 |
Other current assets | 9,578,368,257.36 | 10,281,312,825.13 |
Total current assets | 49,328,957,800.70 | 47,967,511,788.70 |
NON-CURRENT ASSETS: | ||
Long-term receivables | 6,101,078,391.22 | 7,926,610,770.86 |
Long-term equity investments | 484,753,517.14 | 484,674,282.77 |
Other non-current financial assets | 103,000,000.00 | 103,000,000.00 |
Investment properties | 4,759,298,096.95 | 4,844,993,039.62 |
Fixed assets | 29,123,100,818.09 | 27,913,986,152.68 |
Construction in progress | 11,232,178,807.62 | 11,871,350,821.55 |
Intangible assets | 1,928,405,206.91 | 1,939,355,274.98 |
Goodwill | 5,969,626.57 | 5,969,626.57 |
Long-term prepaid expenses | 132,377,479.80 | 134,916,241.81 |
Deferred income tax assets | 655,623,424.88 | 603,873,698.62 |
Other non-current assets | 2,185,530,770.12 | 1,522,493,129.66 |
Total non-current assets | 56,711,316,139.30 | 57,351,223,039.12 |
Total assets | 106,040,273,940.00 | 105,318,734,827.82 |
CURRENT LIABILITIES: | ||
Short-term borrowings | 42,415,220,578.50 | 40,227,945,361.89 |
Bills payable and accounts payable | 8,186,746,903.16 | 8,369,198,199.59 |
Staff remuneration payables | 125,556,633.11 | 135,373,407.70 |
Taxes payable | 428,529,364.48 | 451,651,198.64 |
Other payables | 1,567,918,963.25 | 1,777,718,017.48 |
Including: Interest payable | 225,561,505.67 | 226,788,777.59 |
Contract liabilities | 450,838,151.37 | 419,540,133.74 |
Non-current liabilities due within one year | 6,038,703,014.40 | 7,216,305,771.01 |
Other current liabilities | 2,983,332,844.66 | 2,816,956,481.68 |
Total current liabilities | 62,196,846,452.93 | 61,414,688,571.73 |
NON-CURRENT LIABILITIES: | ||
Long-term borrowings | 7,922,301,553.56 | 7,798,934,484.94 |
Bonds payable | 2,097,720,000.00 | 2,097,562,500.00 |
Long-term payables | 3,735,359,917.94 | 3,900,255,693.44 |
Provisions | 325,259,082.28 | 325,259,082.28 |
Deferred income | 1,822,732,572.82 | 1,862,395,197.61 |
Other non-current liabilities | 1,974,519,015.59 | 2,047,948,069.73 |
Total non-current liabilities | 17,877,892,142.19 | 18,032,355,028.00 |
TOTAL LIABILITIES | 80,074,738,595.12 | 79,447,043,599.73 |
OWNERS’ EQUITY: | ||
Share capital | 2,904,608,200.00 | 2,904,608,200.00 |
Other equity instruments | 7,465,500,000.00 | 7,465,500,000.00 |
Including: Preference shares | 4,477,500,000.00 | 4,477,500,000.00 |
Perpetual bonds | 2,988,000,000.00 | 2,988,000,000.00 |
Capital reserves | 5,091,449,915.14 | 5,091,449,915.14 |
Other comprehensive income | -583,472,023.87 | -736,520,181.01 |
Special reserves | 3,257,998.47 | 3,257,998.47 |
Surplus reserves | 1,148,888,912.11 | 1,148,888,912.11 |
General risk reserves | 64,123,919.23 | 64,123,919.23 |
Retained profit | 9,047,545,802.06 | 9,107,422,690.85 |
Total equity attributable to equity holders of the company | 25,141,902,723.14 | 25,048,731,454.79 |
Minority interest | 823,632,621.74 | 822,959,773.30 |
Total owners’ equity | 25,965,535,344.88 | 25,871,691,228.09 |
TOTAL LIABILITIES AND OWNERS’ EQUITY | 106,040,273,940.00 | 105,318,734,827.82 |
Legal Representative: Chen Hongguo Head in charge of accounting: Dong Lianming Head of the accounting department: Zhang Bo
2. Balance sheet of the Company
Unit: RMB
Item | 31 March 2019 | 31 December 2018 |
CURRENT ASSETS: | ||
Monetary funds | 8,133,817,288.55 | 8,160,234,434.15 |
Bills receivable and accounts receivable | 2,117,516,939.60 | 1,785,939,152.84 |
Including: Bills receivable | 1,341,393,665.34 | 436,662,187.80 |
Accounts receivable | 776,123,274.26 | 1,349,276,965.04 |
Prepayments | 4,010,051,371.76 | 1,584,388,551.00 |
Other receivables | 17,131,850,216.88 | 19,405,314,961.24 |
Including: Interest receivable | 78,320,102.39 | 77,257,506.25 |
Inventories | 956,794,487.03 | 1,133,888,230.37 |
Other current assets | 151,630,899.25 | 140,126,157.18 |
Total current assets | 32,501,661,203.07 | 32,209,891,486.78 |
NON-CURRENT ASSETS: | ||
Long-term receivables | 516,925,607.06 | 516,925,607.06 |
Long-term equity investments | 23,535,229,813.87 | 22,487,417,443.24 |
Investment in other equity instruments | 3,000,000.00 | 3,000,000.00 |
Other non-current financial assets | 103,000,000.00 | 103,000,000.00 |
Fixed assets | 3,647,516,368.70 | 2,103,164,588.93 |
Construction in progress | 598,757,990.85 | 2,014,493,138.68 |
Intangible assets | 455,381,935.89 | 458,365,862.52 |
Deferred income tax assets | 365,034,033.93 | 303,861,021.95 |
Other non-current assets | 9,800,000.00 | 9,800,000.00 |
Total non-current assets | 29,234,645,750.30 | 28,000,027,662.38 |
Total assets | 61,736,306,953.37 | 60,209,919,149.16 |
CURRENT LIABILITIES: | ||
Short-term borrowings | 9,091,326,249.07 | 7,668,689,104.31 |
Bills payable and accounts payable | 12,488,642,728.92 | 11,318,835,274.79 |
Contract liabilities | 4,001,450,623.08 | 3,299,778,982.47 |
Staff remuneration payables | 63,662,541.20 | 53,899,651.15 |
Taxes payable | 66,861,870.20 | 59,595,083.56 |
Other payables | 5,284,469,913.82 | 5,465,488,890.52 |
Including: Interest payable | 139,804,333.34 | 139,444,333.34 |
Non-current liabilities due within one year | 3,308,818,149.56 | 3,256,715,148.39 |
Other current liabilities | 3,294,105,426.06 | 3,527,956,481.68 |
Total current liabilities | 37,599,337,501.91 | 34,650,958,616.87 |
NON-CURRENT LIABILITIES: | ||
Long-term borrowings | 864,438,729.84 | 1,335,482,969.43 |
Bonds payable | 2,097,720,000.00 | 2,097,562,500.00 |
Long-term payables | 1,598,835,567.57 | 2,072,502,840.48 |
Provisions | 325,259,082.28 | 325,259,082.28 |
Deferred income | 45,326,721.31 | 46,412,014.99 |
Other non-current liabilities | 1,517,966,671.00 | 1,592,166,670.00 |
Total non-current liabilities | 6,449,546,772.00 | 7,469,386,077.18 |
TOTAL LIABILITIES | 44,048,884,273.91 | 42,120,344,694.05 |
OWNERS’ EQUITY: | ||
Share capital | 2,904,608,200.00 | 2,904,608,200.00 |
Other equity instruments | 7,465,500,000.00 | 7,465,500,000.00 |
Including: Preference shares | 4,477,500,000.00 | 4,477,500,000.00 |
Perpetual bonds | 2,988,000,000.00 | 2,988,000,000.00 |
Capital reserves | 4,953,557,435.19 | 4,953,557,435.19 |
Surplus reserves | 1,136,699,330.20 | 1,136,699,330.20 |
Retained profit | 1,227,057,714.07 | 1,629,209,489.72 |
Total owners’ equity | 17,687,422,679.46 | 18,089,574,455.11 |
TOTAL LIABILITIES AND OWNERS’ EQUITY | 61,736,306,953.37 | 60,209,919,149.16 |
3. Consolidated income statement
Unit: RMB
Item | Amounts for the period | Amounts for the prior period |
I. Total revenue | 6,159,836,579.24 | 7,241,811,895.12 |
Including: Revenue | 6,159,836,579.24 | 7,241,811,895.12 |
II. Total operating costs | 6,151,098,241.89 | 6,348,793,347.27 |
Including: Operating costs | 4,741,194,631.64 | 4,692,310,599.07 |
Taxes and surcharges | 65,722,322.73 | 62,538,374.77 |
Sales and distribution expenses | 287,382,511.79 | 270,903,272.57 |
General and administrative expenses | 272,195,901.33 | 277,118,055.37 |
Research and development expenses | 192,763,955.03 | 218,189,602.03 |
Finance expenses | 735,008,721.10 | 768,650,745.61 |
Including: Interest expenses | 785,193,442.24 | 740,613,828.95 |
Interest income | 85,022,879.60 | 54,514,358.78 |
Loss on impairment of assets | -82,790,921.68 | 59,082,697.85 |
Credit impairment loss | -60,378,880.05 | |
Plus: Other income | 18,406,874.30 | 35,587,255.87 |
Investment income (“-” denotes loss) | 79,234.37 | 38,745,214.22 |
Including: Investment income from associates and joint ventures | 79,234.37 | -5,008,613.46 |
Gain on change in fair value (“-” denotes loss) | 18,500,000.00 | |
Gain on disposal of assets (“-” denotes loss) | -3,619,496.92 | 5,264.44 |
III. Operating profit (“-” denotes loss) | 23,604,949.10 | 985,856,282.38 |
Plus: Non-operating income | 85,638,465.22 | 2,608,937.24 |
Less: Non-operating expenses | 4,104,746.56 | 905,848.50 |
IV. Total profit (“-” denotes total loss) | 105,138,667.76 | 987,559,371.12 |
Less: Income tax expenses | 66,242,708.11 | 207,172,541.16 |
V. Net profit (“-” denotes net loss) | 38,895,959.65 | 780,386,829.96 |
(I) Classification according to the continuity of operation | ||
Net profit from continuing operations (“-” denotes net loss) | 38,895,959.65 | 780,386,829.96 |
(II) Classification according to ownership | ||
1. Net profit attributable to shareholders of the Company | 38,223,111.21 | 782,500,357.98 |
2. Profit or loss of minority interest | 672,848.44 | -2,113,528.02 |
VI. Net other comprehensive income after tax | 153,048,157.14 | 280,681,880.86 |
Net other comprehensive income after tax attributable to shareholders of the Company | 153,048,157.14 | 280,681,880.86 |
Other comprehensive income that will be reclassified to profit or loss in sub sequent periods | 153,048,157.14 | 280,681,880.86 |
Exchange differences on translation of foreign operations | 153,048,157.14 | 280,681,880.86 |
VII. Total comprehensive income | 191,944,116.79 | 1,061,068,710.82 |
Total other comprehensive income attributable to shareholders of the Company | 191,271,268.35 | 1,063,182,238.84 |
Total comprehensive income attributable to minority interest | 672,848.44 | -2,113,528.02 |
VIII. Earnings per share: | ||
(I) Basic earnings per share | -0.037 | 0.207 |
(II) Diluted earnings per share | -0.037 | 0.207 |
Legal Representative: Chen Hongguo Head in charge of accounting: Dong Lianming Head of the accounting department: Zhang Bo
4. Income statement of the Company
Unit: RMB
Item | Amounts for the period | Amounts for the prior period |
I. Revenue | 1,180,608,914.97 | 1,450,100,125.24 |
Less: Operating costs | 996,667,766.88 | 1,004,299,850.90 |
Taxes and surcharges | 11,315,088.59 | 23,185,158.78 |
Sales and distribution expenses | 41,028,655.63 | 41,118,479.35 |
General and administrative expenses | 79,878,521.50 | 71,959,572.80 |
Research and development expenses | 53,425,038.77 | 56,885,732.93 |
Finance expenses | 359,385,884.76 | 160,195,809.53 |
Including: Interest expenses | 604,583,755.19 | 567,560,286.21 |
Interest income | 257,495,978.51 | 415,216,766.54 |
Loss on impairment of assets | -3,637,308.53 | |
Credit impairment loss | 1,063,774.22 | |
Plus: Other income | 1,085,293.68 | 1,085,293.65 |
Investment income (“-” denotes loss) | 312,370.63 | 35,095,805.72 |
Including: Investment income from associates and joint ventures | 312,370.63 | -154,294.28 |
Gain on change in fair value (“-” denotes loss) | 18,500,000.00 | |
Gain on disposal of assets (“-” denotes loss) | -3,632,875.13 | 121.63 |
II. Operating profit (“-” denotes loss) | -364,391,026.20 | 150,774,050.48 |
Plus: Non-operating income | 2,648,246.00 | 164,617.03 |
Less: Non-operating expenses | 3,482,007.43 | 621,903.47 |
III. Total profit (“-” denotes total loss) | -365,224,787.63 | 150,316,764.04 |
Less: Income tax expenses | -61,173,011.98 | 18,641,304.02 |
IV. Net profit (“-” denotes net loss) | -304,051,775.65 | 131,675,460.02 |
Net profit from continuing operations (“-” denotes net loss) | -304,051,775.65 | 131,675,460.02 |
V. Total comprehensive income | -304,051,775.65 | 131,675,460.02 |
VI. Earnings per share: | ||
(I) Basic earnings per share | - | - |
(II) Diluted earnings per share | - | - |
5. Consolidated cash flow statement
Unit: RMB
Item | Amounts for the period | Amounts for the prior period |
I. Cash flows from operating activities: | ||
Cash received from sales of goods and rendering of services | 6,865,397,396.38 | 8,279,206,351.45 |
Tax rebates received | 345,075.02 | 2,412,586.40 |
Cash received relating to other operating activities | 1,574,349,856.47 | 580,565,896.58 |
Subtotal of cash inflows from operating activities | 8,440,092,327.87 | 8,862,184,834.43 |
Cash paid for goods and services | 5,663,841,703.91 | 6,100,012,550.54 |
Cash paid to and for employees | 346,721,083.55 | 338,948,088.15 |
Payments of taxes and surcharges | 552,838,124.31 | 497,568,122.37 |
Cash paid relating to other operating activities | 452,006,369.06 | 657,975,120.18 |
Subtotal of cash outflows from operating activities | 7,015,407,280.83 | 7,594,503,881.24 |
Net cash flows from operating activities | 1,424,685,047.04 | 1,267,680,953.19 |
II. Cash flows from investment activities: | ||
Cash received from investments | 30,000,000.00 | |
Cash received from investment income | 112,541,400.00 | |
Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 76,631.50 | 17,384.00 |
Subtotal of cash inflows from investment activities | 76,631.50 | 142,558,784.00 |
Cash paid for purchase of fixed assets, intangible assets and other long-term assets | 176,754,169.25 | 591,970,761.89 |
Cash paid on investments | 1,171,957,789.46 | |
Cash paid relating to other investment activities | 690,140,000.00 | 103,042,210.54 |
Subtotal of cash outflows from investment activities | 866,894,169.25 | 1,866,970,761.89 |
Net cash flows from investment activities | -866,817,537.75 | -1,724,411,977.89 |
III. Cash flows from financing activities: | ||
Cash received from borrowings | 9,537,282,829.45 | 9,233,253,564.49 |
Cash received relating to other financing activities | 2,432,706,925.14 | 6,034,958,302.56 |
Subtotal of cash inflows from financing activities | 11,969,989,754.59 | 15,268,211,867.05 |
Cash repayments on borrowing | 8,052,875,959.00 | 10,182,447,626.95 |
Cash paid for dividend and profit distribution or interest payment | 712,139,280.54 | 651,766,445.79 |
Cash paid relating to other financing activities | 3,100,936,139.44 | 4,568,533,366.10 |
Subtotal of cash outflows from financing activities | 11,865,951,378.98 | 15,402,747,438.84 |
Net cash flows from financing activities | 104,038,375.61 | -134,535,571.79 |
IV. Effect of foreign exchange rate changes on cash and cash equivalents | -202,918,477.21 | -18,600,721.48 |
V. Net increase in cash and cash equivalents | 458,987,407.69 | -609,867,317.97 |
Plus: Balance of cash and cash equivalents as at the beginning of the period | 2,381,558,242.52 | 2,804,408,374.46 |
VI. Balance of cash and cash equivalents as at the end of the period | 2,840,545,650.21 | 2,194,541,056.49 |
6. Cash flow statement of the Company
Unit: RMB
Item | Amounts for the period | Amounts for the prior period |
I. Cash flows from operating activities: | ||
Cash received from sales of goods and rendering of services | 1,344,720,749.36 | 1,646,162,348.96 |
Cash received relating to other operating activities | 618,744,996.01 | 21,435,511.08 |
Subtotal of cash inflows from operating activities | 1,963,465,745.37 | 1,667,597,860.04 |
Cash paid for goods and services | 610,419,459.85 | 800,010,191.80 |
Cash paid to and for employees | 113,868,782.40 | 109,109,796.36 |
Payments of taxes and surcharges | 30,119,219.00 | 129,294,420.54 |
Cash paid relating to other operating activities | 395,606,491.12 | 2,483,754,448.42 |
Subtotal of cash outflows from operating activities | 1,150,013,952.37 | 3,522,168,857.12 |
Net cash flows from operating activities | 813,451,793.00 | -1,854,570,997.08 |
II. Cash flows from investment activities: | ||
Cash received from investments | 30,000,000.00 | |
Cash received from investment income | 112,541,400.00 | |
Net cash received from disposal of fixed assets, | 25,022.00 |
intangible assets and other long-term assets | ||
Subtotal of cash inflows from investment activities | 25,022.00 | 142,541,400.00 |
Cash paid for purchase of fixed assets, intangible assets and other long-term assets | 2,752,000.00 | 6,127,000.00 |
Cash paid on investments | 1,047,500,000.00 | |
Subtotal of cash outflows from investment activities | 1,050,252,000.00 | 6,127,000.00 |
Net cash flows from investment activities | -1,050,226,978.00 | 136,414,400.00 |
III. Cash flows from financing activities: | ||
Cash received from borrowings | 3,608,046,421.28 | 2,680,503,196.92 |
Cash received relating to other financing activities | 1,399,028,643.17 | 5,408,064,947.95 |
Subtotal of cash inflows from financing activities | 5,007,075,064.45 | 8,088,568,144.87 |
Cash repayments on borrowing | 2,213,232,691.23 | 3,605,796,202.77 |
Cash paid for dividend and profit distribution or interest payment | 364,442,666.62 | 438,519,151.51 |
Cash paid relating to other financing activities | 2,224,412,965.16 | 2,710,525,941.91 |
Subtotal of cash outflows from financing activities | 4,802,088,323.01 | 6,754,841,296.19 |
Net cash flows from financing activities | 204,986,741.44 | 1,333,726,848.68 |
IV. Effect of foreign exchange rate changes on cash and cash equivalents | -296,116.69 | 5,801,533.68 |
V. Net increase in cash and cash equivalents | -32,084,560.25 | -378,628,214.72 |
Plus: Balance of cash and cash equivalents as at the beginning of the period | 607,805,063.02 | 1,020,262,069.85 |
VI. Balance of cash and cash equivalents as at the end of the period | 575,720,502.77 | 641,633,855.13 |
II. Reason for Adjustment in the Financial Statement1. Adjustment to the relevant items in the financial statements at the beginning of the yeardue to the first adoption of the New Standards for Financial Instruments, the New Standardsfor Revenue and the New Standards for Lease
□Applicable √ Not applicable
2. Reason for the retrospective adjustment to the comparative data in the prior period due tothe first adoption of the New Standards for Financial Instruments and the New Standards forLease
□ Applicable √ Not applicable
III. Auditors’ Report
Has the first quarterly report already been audited yet?□ Yes √ NoThe first quarterly report of the Company is unaudited.
By order of the BoardShandong Chenming Paper Holdings Limited
29 April 2019