Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2020
HAINAN JINGLIANG HOLDINGS CO., LTD.
FIRST QUARTER REPORT 2020
April 2020
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2020
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,supervisors and senior management of Hainan Jingliang Holdings 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.Li Shaoling, the Company’s legal representative, Guan Ying, the Company’s head forfinancial affairs, and Liu Quanli, head of the Company’s financial department (equivalent tofinancial manager) hereby guarantee that the Financial Statements carried in this Report arefactual, accurate and complete.This Report and its summary have been prepared in both Chinese and English. Should therebe any discrepancies or misunderstandings between the two versions, the Chinese versionsshall prevail.
Part II Key Corporate Information
I Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
Q1 2020 | Q1 2019 | Change (%) | |
Operating revenue (RMB) | 1,719,261,111.71 | 1,707,549,259.31 | 0.69% |
Net profit attributable to the listed company’s shareholders (RMB) | 27,655,045.32 | 26,311,530.50 | 5.11% |
Net profit attributable to the listed company’s shareholders before exceptional items (RMB) | 23,730,342.72 | 17,033,200.00 | 39.32% |
Net cash generated from/used in operating activities (RMB) | 328,948,834.32 | 172,926,738.46 | 90.22% |
Basic earnings per share (RMB/share) | 0.04 | 0.04 | 0.00% |
Diluted earnings per share (RMB/share) | 0.04 | 0.04 | 0.00% |
Weighted average return on equity (%) | 1.14% | 1.15% | -0.01% |
31 March 2020 | 31 December 2019 | Change (%) | |
Total assets (RMB) | 5,243,335,859.31 | 5,231,266,600.19 | 0.23% |
Equity attributable to the listed company’s shareholders (RMB) | 2,433,806,767.63 | 2,406,039,283.87 | 1.15% |
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item | Q1 2020 | Note |
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 government’s uniform standards) | 346,647.73 | |
Gain/loss from change of fair value of trading financial assets and liabilities, and derivative financial assets and liabilities, and investment gains from disposal of trading financial assets and liabilities, and derivative financial assets and liabilities, and investment in other debt obligations, other than valid hedging related to the Company’s common businesses | 4,768,109.67 |
Non-operating income and expense other than the above | 210,318.24 | |
Project confirmed with the definition of non-recurring gains and losses | 85,356.57 | |
Less: Income tax effects | 1,345,905.02 | |
Non-controlling interests effects (net of tax) | 139,824.59 | |
Total | 3,924,702.60 | -- |
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 31 March 2020
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 | 48,079 | 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 | ||||||
BEIJING GRAIN GROUP CO., LTD. | State-owned legal person | 42.06% | 288,439,561 | 164,877,598 | |||
BEIJING STATE-OWNED CAPITAL OPERATION AND MANAGEMENT CENTER | State-owned legal person | 7.07% | 48,510,460 | 48,510,460 | |||
LI SHERYN ZHAN MING | Foreign natural person | 2.43% | 16,631,079 | ||||
CHINA DEVELOPMENT BANK CAPITAL CO., LTD. | State-owned legal person | 2.23% | 15,307,251 |
GOLD BUFFALO RUNYING (TIANJIN) EQUITY INVESTMENT FUND MANAGEMENT CO., LTD.—GOLD BUFFALO RUNYING (TIANJIN) EQUITY INVESTMENT FUND (L.P.) | Other | 1.55% | 10,659,879 | |||||
WANG JIZHONG | Domestic natural person | 1.22% | 8,391,668 | |||||
MEI JIANYING | Domestic natural person | 0.38% | 2,604,203 | |||||
ZHANG XIAOXIA | Domestic natural person | 0.28% | 1,949,250 | |||||
CHINA MERCHANTS FUND-GUOXIN INVESTMENT CO., LTD.- CHINA MERCHANTS FUND-GUOXIN STOCK NO.1-ASSET MANAGEMENT PLAN | Other | 0.26% | 1,769,000 | |||||
WANG XIAOXING | Domestic natural person | 0.26% | 1,757,200 | |||||
Top 10 unrestricted shareholders | ||||||||
Name of shareholder | Unrestricted shares held | Shares by type | ||||||
Type | Shares | |||||||
BEIJING GRAIN GROUP CO., LTD. | 123,561,963 | RMB-denominated ordinary stock | 123,561,963 | |||||
LI SHERYN ZHAN MING | 16,631,079 | Domestically listed foreign stock | 16,631,079 | |||||
CHINA DEVELOPMENT BANK CAPITAL CO., LTD. | 15,307,251 | RMB-denominated ordinary stock | 15,307,251 | |||||
GOLD BUFFALO RUNYING (TIANJIN) EQUITY INVESTMENT FUND MANAGEMENT CO., LTD.—GOLD BUFFALO RUNYING (TIANJIN) EQUITY INVESTMENT FUND (L.P.) | 10,659,879 | RMB-denominated ordinary stock | 10,659,879 | |||||
WANG JIZHONG | 8,391,668 | RMB-denominated ordinary stock | 8,391,668 | |||||
MEI JIANYING | 2,604,203 | RMB-denominated ordinary stock | 2,604,203 |
ZHANG XIAOXIA | 1,949,250 | Domestically listed foreign stock | 1,949,250 |
CHINA MERCHANTS FUND-GUOXIN INVESTMENT CO., LTD.- CHINA MERCHANTS FUND-GUOXIN STOCK NO.1-ASSET MANAGEMENT PLAN | 1,769,000 | RMB-denominated ordinary stock | 1,769,000 |
WANGXIAOXING | 1,757,200 | RMB-denominated ordinary stock | 1,757,200 |
CHEN OUQIN | 1,652,679 | RMB-denominated ordinary stock | 1,652,679 |
Related or acting-in-concert parties among the shareholders above | Beijing State-Owned Capital Operation And Management Center owns 100% of Beijing Grain Group Co., Ltd., and Beijing Grain Group Co., Ltd. is a shareholder of the Company (a 42.06% holding). Apart from that, the Company does not know whether there are any other related parties or acting-in-concert parties among the top 10 shareholders. | ||
Top 10 ordinary shareholders involved in securities margin trading (if any) | Shareholder Wang Xiaoxing holds 1,757,200 shares in the Company through his account of collateral securities for margin trading in Soochow Securities Co., Ltd. |
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
1. Monetary assets as at 31 March 2020 rose compared to 31 December 2019, primarily because certain raisedfunds were redeemed and transferred back to the special bank account for raised funds upon maturity of cashmanagement in the Current Period, which reduced other current assets accordingly.
2. Finance costs went up in Q1 2020 compared to Q1 2019, primarily driven by foreign exchange losses due toexchange rate fluctuations in the Current Period.
3. Gain on changes in fair value went down in Q1 2020 compared to Q1 2019, primarily driven by changes in thevalue of futures contracts.
4. Net profit went up in Q1 2020 compared to Q1 2019, primarily because the processing and sales volumes in theoils pressing business increased year-on-year due to improvement in market demand in the Current Period,boosting revenue and gross profit.
5. Net cash generated from operating activities went up in Q1 2020 compared to Q1 2019, primarily because thepurchases of soybeans as raw materials in the oils division decreased year-on-year.
6. Net cash generated from operating activities went up in Q1 2020 compared to Q1 2019, primarily becausecertain raised funds were redeemed and transferred back to the special bank account for raised funds uponmaturity of cash management in the Current Period.
7. Net cash generated from financing activities went up in Q1 2020 compared to Q1 2019, primarily driven by thebank loan raised in the Current Period to ensure the production and operation during the COVID-19 pandemic.II Progress, Influence and Solutions with regard to Significant Events
√ Applicable □ Not applicable
Summary of the significant event | Disclosure date | Index to the related announcement |
The Company and its wholly-owned subsidiary Beijing Jingliang Food Co., Ltd. intend to acquire, through cash payment and share offering, the total 25.1149% equity holdings of six natural persons (Wang Yuecheng, Qiu Xiaobin, Hong Muqiang, Zhu Yanjun, Yao Zishan and | 26 March 2020 | Announcement No. 2020-015 of Hainan Jingliang Holdings Co., Ltd. on the Approval of the Company’s Plan to Acquire Assets through Cash Payment and Share Offering by the M&A Committee of the CSRC & |
Shuai Yiwu) in Zhejiang Xiaowangzi Food Share Co., Ltd. (hereinafter referred to as the “Transaction”). The Transaction has been approved unconditionally at the 9th Work Conference in 2020 of the Mergers and Acquisitions Committee of the China Securities Regulatory Commission on 25 March 2020. | Resumption of Trading in the Company’s Stocks disclosed on www.cninfo.com.cn |
Progress of any share repurchases:
□ Applicable √ Not applicable
Progress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during theReporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.IV Securities Investments
√ Applicable □ Not applicable
Unit: RMB
Variety of security | Symbol of security | Name of security | Initial investment cost | Accounting measurement model | Beginning carrying value | Gain/loss of changes in fair value in the Reporting Period | Accumulative changes in fair value recorded into equities | Purchased in the Reporting Period | Sold in the Reporting Period | Gain/loss in Reporting Period | Ending carrying value | Accounting title | Capital source |
Other | 204001 | GC001 | Cost method | 289,900,000.00 | 289,900,000.00 | 30,767.16 | Other | Self-raised | |||||
Other | 204003 | GC003 | Cost method | 40,000,000.00 | 40,000,000.00 | 34,619.73 | Other | Self-raised | |||||
Total | 0.00 | -- | 0.00 | 0.00 | 0.00 | 329,900,000.00 | 329,900,000.00 | 65,386.89 | 0.00 | -- | -- | ||
Disclosure date of announcement on | 7 March 2020 |
Board’s consent for securities investment | |
Disclosure date of announcement on shareholders’ meeting’s consent for securities investment (if any) | N/A |
V Cash Entrusted for Wealth Management
√ Applicable □ Not applicable
Unit: RMB'0,000
Specific type | Capital resources | Amount incurred | Undue Balance | Overdue amount |
Bank financial products | Self-owned funds | 4,530 | 4,030 | 0 |
Brokerage financial products | Idle raised funds | 38,700 | 9,500 | 0 |
Total | 43,230 | 13,530 | 0 |
Particulars of cash entrusted for wealth management with single significant amount or low security, bad liquidity,and no capital preservation
√ Applicable □ Not applicable
Unit: RMB'0,000
Trustee | Type of trustee | Type of wealth management product | Principal | Source of principal | Beginning date | Ending date | Use of principal | Determination of yield | Annualized yield rate for reference | Expected yield (if any) | Actual gain/loss in Reporting Period | Receipt/payment of such gain/loss | Allowance for impairment (if any) | Prescribed procedure executed or not | Plan for more transaction or not | Index to transaction summary and other information (if any) |
CITIC Securities Company | Securities company | Income voucher | 9,500 | Idle raised funds | 17 March 2020 | 18 May 2020 | Contractual stipulation | Repayment of principal | 2.70% | 43.46 | 0 | Not redeemed yet | Yes | Yes | www.cninfo.com.cn: 2020- |
Limited | with yield when the investment is at maturity | 011 | |||||||||||||
Total | 9,500 | -- | -- | -- | -- | -- | -- | 43.46 | 0 | -- | -- | -- | -- |
Whether there is the case where the principal cannot be recovered at maturity or other case which may causeimpairment of cash entrusted for wealth management
□ Applicable √ Not applicable
VI Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
Unit: RMB’0,000
Type of derivative | Start date | End date | Ending investment | Ending investment as % of the Company’s ending net assets | Actual gain/loss in Reporting Period |
Foreign exchange forwards | 1 January 2020 | 31 March 2020 | 4,663.81 | 1.92% | -791.26 |
Agricultural product future contract | 1 January 2020 | 31 March 2020 | 13,807.55 | 5.67% | 3,391.12 |
Total | -- | -- | 18,471.36 | 7.59% | 2,599.86 |
Funding source | Self-funded | ||||
Legal matters involved (if applicable) | N/A | ||||
Disclosure date of board announcement approving derivative investment (if any) | 30 March 2019 | ||||
7 March 2020 | |||||
Disclosure date of board announcement approving derivative investment (if any) | 20 April 2019 | ||||
18 April 2020 | |||||
Analysis of risks and control measures associated with derivative investments held in Reporting Period (including but | The Company’s conduction of hedging business is not aimed at speculation, but mainly to effectively avoid the impact of raw material price fluctuation on the Company. However, there will be certain risks: 1. Price fluctuation risk: price fluctuation risk may be generated when the futures market changes greatly, resulting in transaction losses; 2. Capital risk: capital risk may be |
not limited to market risk, liquidity risk, credit risk, operational risk, legal risk, etc.) | correspondingly brought because the futures trading adopts margin and marking-to-market system; 3. Internal control risk: there may be risks due to imperfect internal control system for the high expertise and complexity of futures trading; 4. Technical risk: there may be technical risks due to incomplete computer systems. The Company adopts following risk control measures: 1. Matching the hedging business with the Company’s production and operation so as to maximally reduce the price fluctuation risk; 2. The Company will reasonably dispatch its own funds for hedging business, strictly control the hedging fund scale and reasonably plan and use margins; 3. Management System for Commodity Futures Trading is formulated based on actual situation of the Company and pursuant to governing stipulations of Guidelines for Standard Operation of Companies Listed in Shenzhen Stock Exchange which have made clearly stipulations about the amount, variety scope, approval authority, internal approval procedures, responsible departments and persons, information isolation measures, internal risk report and related solution process, information disclosure, etc. regarding hedging business. The Company will strictly control all sectors in accordance with Management System for Commodity Futures Trading; 4. Establishing qualified systems for transaction, communication and information services so as to guarantee the normal operation of the transaction system and smooth proceeding of transactions. When a wrong order occurs, corresponding measures should be timely taken to reduce losses. |
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 value of the Company’s future contracts changed according to the contract prices declared by the future exchange, which were broadly representative. And the fair value of the Company’s future contracts was executed in strict compliance with the future exchange’s settlement methods. |
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 | 1. Opinion of independent directors on the Proposal on 2020 Futures Hedging Plan of Jingliang (Tianjin) Grain and Oil Industry Co., Ltd. and Beijing Jingliang Oils Co., Ltd.: after check, the Company carried out the business of futures hedging based on normal production and management, relying on specific business. Under the premise of ensuring normal production and management, the Company used futures hedging tools to avoid the adverse impacts on the Company’s operation from the large price fluctuation of raw materials and products, which is not detrimental to the interests of the Company and all other shareholders, especially minority shareholders. At the same time, the Company formulated relevant systems, and specific operating instructions for the business of futures hedging through strengthening internal control and implementing risk prevention measures. It is agreed that the Company and its subsidiaries will continue to conduct futures hedging business according to the relevant regulations. 2. Opinion of independent directors on the Proposal on Conducting Foreign Exchange Derivatives Trading Business by the Company and Majority-owned Subsidiaries: after check, the relevant |
VII Communications with the Investment Community such as Researches, Inquiries andInterviews during the Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VIII Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IX Occupation of the Company’s Capital by the Controlling Shareholder or Its RelatedParties for Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
Part IV Financial StatementsI Financial Statements
1. Consolidated Balance Sheet
Prepared by Hainan Jingliang Holdings Co., Ltd.
31 March 2020
Unit: RMB
Item | 31 March 2020 | 31 December 2019 |
Current assets: | ||
Monetary assets | 1,107,450,554.75 | 557,168,512.39 |
Settlement reserve | ||
Interbank loans granted | ||
Held-for-trading financial assets | 186,300,000.00 | 161,300,000.00 |
Derivative financial assets | 100,000,798.20 | 88,792,254.00 |
Notes receivable | ||
Accounts receivable | 68,805,379.47 | 80,743,986.81 |
Accounts receivable financing | ||
Prepayments | 169,093,542.01 | 138,379,800.10 |
Premiums receivable | ||
Reinsurance receivables | ||
Receivable reinsurance contract reserve | ||
Other receivables | 24,586,397.27 | 19,220,097.34 |
Including: Interest receivable | 1,184,752.78 | 3,927,438.90 |
Dividends receivable | ||
Financial assets purchased under resale agreements | ||
Inventories | 1,177,690,703.07 | 1,412,755,661.65 |
Contractual assets | ||
Assets classified as held for sale | ||
Current portion of non-current assets | ||
Other current assets | 218,749,762.68 | 560,297,233.13 |
Total current assets | 3,052,677,137.45 | 3,018,657,545.42 |
Non-current assets: | ||
Loans and advances to customers | ||
Investments in debt obligations | ||
Investments in other debt obligations | ||
Long-term receivables | ||
Long-term equity investments | 198,301,333.79 | 198,301,333.79 |
Investments in other equity instruments | 20,000,000.00 | 20,000,000.00 |
Other non-current financial assets | ||
Investment property | 31,377,913.01 | 31,781,350.74 |
Fixed assets | 1,185,755,107.31 | 1,210,450,340.22 |
Construction in progress | 13,478,358.61 | 17,876,177.78 |
Productive living assets | ||
Oil and gas assets | ||
Use rights assets | ||
Intangible assets | 364,472,197.09 | 368,170,434.38 |
R&D expense | ||
Goodwill | 191,394,422.51 | 191,394,422.51 |
Long-term prepaid expense | 20,792,613.08 | 21,026,628.97 |
Deferred income tax assets | 5,086,776.46 | 2,603,066.38 |
Other non-current assets | 160,000,000.00 | 151,005,300.00 |
Total non-current assets | 2,190,658,721.86 | 2,212,609,054.77 |
Total assets | 5,243,335,859.31 | 5,231,266,600.19 |
Current liabilities: | ||
Short-term borrowings | 1,373,872,340.97 | 1,329,238,701.60 |
Borrowings from the central bank | ||
Interbank loans obtained | ||
Held-for-trading financial liabilities | ||
Derivative financial liabilities | ||
Notes payable | ||
Accounts payable | 117,672,784.31 | 130,568,413.43 |
Advances from customers | 392,629,731.72 | 481,119,461.41 |
Contractual liabilities | ||
Financial assets sold under repurchase agreements |
Customer deposits and interbank deposits | ||
Payables for acting trading of securities | ||
Payables for underwriting of securities | ||
Payroll payable | 10,991,825.56 | 25,192,583.58 |
Taxes payable | 29,759,714.23 | 47,842,621.41 |
Other payables | 130,260,313.93 | 96,171,396.23 |
Including: Interest payable | 22,257,558.80 | 24,604,524.69 |
Dividends payable | 11,013,302.88 | 11,013,302.88 |
Handling charges and commissions payable | ||
Reinsurance payables | ||
Liabilities directly associated with assets classified as held for sale | ||
Current portion of non-current liabilities | ||
Other current liabilities | 28,456,769.62 | |
Total current liabilities | 2,083,643,480.34 | 2,110,133,177.66 |
Non-current liabilities: | ||
Insurance contract reserve | ||
Long-term borrowings | ||
Bonds payable | ||
Including: Preferred shares | ||
Perpetual bonds | ||
Lease liabilities | ||
Long-term payables | ||
Long-term payroll payable | 5,720,716.87 | 5,730,662.87 |
Provisions | ||
Deferred income | 71,095,229.18 | 71,518,169.27 |
Deferred income tax liabilities | 53,962,892.07 | 52,788,949.62 |
Other non-current liabilities | ||
Total non-current liabilities | 130,778,838.12 | 130,037,781.76 |
Total liabilities | 2,214,422,318.46 | 2,240,170,959.42 |
Owners’ equity: | ||
Share capital | 685,790,364.00 | 685,790,364.00 |
Other equity instruments | ||
Including: Preferred shares | ||
Perpetual bonds | ||
Capital reserves | 1,595,672,048.19 | 1,595,672,048.19 |
Less: Treasury stock | ||
Other comprehensive income | 380,066.58 | 267,628.14 |
Specific reserve | ||
Surplus reserves | 122,001,060.13 | 122,122,436.98 |
General reserve | ||
Retained earnings | 29,963,228.73 | 2,186,806.56 |
Total equity attributable to owners of the Company as the parent | 2,433,806,767.63 | 2,406,039,283.87 |
Non-controlling interests | 595,106,773.22 | 585,056,356.90 |
Total owners’ equity | 3,028,913,540.85 | 2,991,095,640.77 |
Total liabilities and owners’ equity | 5,243,335,859.31 | 5,231,266,600.19 |
Legal representative: Li Shaoling Head for financial affairs: Guan YingHead of the financial department: Liu Quanli
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item | 31 March 2020 | 31 December 2019 |
Current assets: | ||
Monetary assets | 4,686,882.89 | 5,606,837.37 |
Held-for-trading financial assets | ||
Derivative financial assets | ||
Notes receivable | ||
Accounts receivable | 42,510.00 | 42,510.00 |
Accounts receivable financing | ||
Prepayments | 24,360.00 | 532,843.92 |
Other receivables | 31,977,075.33 | 12,612,756.48 |
Including: Interest receivable | ||
Dividends receivable | ||
Inventories | 4,824,035.45 | 4,824,035.45 |
Contractual assets |
Assets classified as held for sale | ||
Current portion of non-current assets | ||
Other current assets | 2,243,944.60 | 2,114,765.22 |
Total current assets | 43,798,808.27 | 25,733,748.44 |
Non-current assets: | ||
Investments in debt obligations | ||
Investments in other debt obligations | ||
Long-term receivables | ||
Long-term equity investments | 2,377,420,527.10 | 2,377,420,527.10 |
Investments in other equity instruments | 20,000,000.00 | 20,000,000.00 |
Other non-current financial assets | ||
Investment property | 5,400,748.58 | 5,476,357.73 |
Fixed assets | 2,941,556.02 | 3,028,013.69 |
Construction in progress | ||
Productive living assets | ||
Oil and gas assets | ||
Use rights assets | ||
Intangible assets | 67,799.28 | 94,800.66 |
R&D expense | ||
Goodwill | ||
Long-term prepaid expense | 62,893.00 | 86,477.92 |
Deferred income tax assets | ||
Other non-current assets | ||
Total non-current assets | 2,405,893,523.98 | 2,406,106,177.10 |
Total assets | 2,449,692,332.25 | 2,431,839,925.54 |
Current liabilities: | ||
Short-term borrowings | ||
Held-for-trading financial liabilities | ||
Derivative financial liabilities | ||
Notes payable | ||
Accounts payable | ||
Advances from customers | 38,896.41 | 38,896.41 |
Contractual liabilities | ||
Payroll payable | 280,483.04 | 480,445.28 |
Taxes payable | 938,544.08 | 1,709,752.97 |
Other payables | 529,702,773.88 | 503,550,996.94 |
Including: Interest payable | 21,082,795.47 | 21,082,795.47 |
Dividends payable | 3,213,302.88 | 3,213,302.88 |
Liabilities directly associated with assets classified as held for sale | ||
Current portion of non-current liabilities | ||
Other current liabilities | ||
Total current liabilities | 530,960,697.41 | 505,780,091.60 |
Non-current liabilities: | ||
Long-term borrowings | ||
Bonds payable | ||
Including: Preferred shares | ||
Perpetual bonds | ||
Lease liabilities | ||
Long-term payables | ||
Long-term payroll payable | ||
Provisions | ||
Deferred income | ||
Deferred income tax liabilities | ||
Other non-current liabilities | ||
Total non-current liabilities | ||
Total liabilities | 530,960,697.41 | 505,780,091.60 |
Owners’ equity: | ||
Share capital | 685,790,364.00 | 685,790,364.00 |
Other equity instruments | ||
Including: Preferred shares | ||
Perpetual bonds | ||
Capital reserves | 2,173,387,468.71 | 2,173,387,468.71 |
Less: Treasury stock | ||
Other comprehensive income | ||
Specific reserve | ||
Surplus reserves | 109,487,064.39 | 109,487,064.39 |
Retained earnings | -1,049,933,262.26 | -1,042,605,063.16 |
Total owners’ equity | 1,918,731,634.84 | 1,926,059,833.94 |
Total liabilities and owners’ equity | 2,449,692,332.25 | 2,431,839,925.54 |
3. Consolidated Income Statement
Unit: RMB
Item | Q1 2020 | Q1 2019 |
1. Revenue | 1,719,261,111.71 | 1,707,549,259.31 |
Including: Operating revenue | 1,719,261,111.71 | 1,707,549,259.31 |
Interest income | ||
Premium income | ||
Handling charge and commission income | ||
2. Costs and expenses | 1,658,412,402.25 | 1,701,865,328.68 |
Including: Cost of sales | 1,544,129,698.32 | 1,587,493,295.12 |
Interest expense | ||
Handling charge and commission expense | ||
Surrenders | ||
Net claims paid | ||
Net amount provided as policy reserve | ||
Expenditure on policy dividends | ||
Reinsurance premium expense | ||
Taxes and surcharges | 4,029,610.82 | 4,739,849.10 |
Selling expense | 52,228,754.23 | 53,329,529.57 |
Administrative expense | 41,898,096.16 | 48,807,017.63 |
R&D expense | 526,336.27 | 248,751.52 |
Finance costs | 15,599,906.45 | 7,246,885.74 |
Including: Interest expense | 15,320,470.42 | 16,484,863.99 |
Interest income | 7,791,295.76 | 8,697,066.79 |
Add: Other income | 1,879,509.69 | 529,365.60 |
Return on investment (“-” for loss) | 4,768,109.67 | 3,057,637.45 |
Including: Share of profit or loss of joint ventures and associates | ||
Income from the derecognition of financial assets at amortized cost (“-” for loss) |
Foreign exchange gain (“-” for loss) | ||
Net gain on exposure hedges (“-” for loss) | ||
Gain on changes in fair value (“-” for loss) | -14,186,448.05 | 15,874,468.46 |
Credit impairment loss (“-” for loss) | ||
Asset impairment loss (“-” for loss) | -4,344.16 | |
Asset disposal income (“-” for loss) | 12,024,268.43 | |
3. Operating profit (“-” for loss) | 53,309,880.77 | 37,165,326.41 |
Add: Non-operating income | 512,126.89 | 1,151,376.64 |
Less: Non-operating expense | 1,181,483.76 | 182,176.69 |
4. Profit before tax (“-” for loss) | 52,640,523.90 | 38,134,526.36 |
Less: Income tax expense | 12,926,062.26 | 8,993,780.25 |
5. Net profit (“-” for net loss) | 39,714,461.64 | 29,140,746.11 |
5.1 By operating continuity | ||
5.1.1 Net profit from continuing operations (“-” for net loss) | 39,714,461.64 | 29,140,746.11 |
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 | 27,655,045.32 | 26,311,530.50 |
5.2.1 Net profit attributable to non-controlling interests | 12,059,416.32 | 2,829,215.61 |
6. Other comprehensive income, net of tax | 112,438.44 | -117,176.33 |
Attributable to owners of the Company as the parent | 112,438.44 | -117,176.33 |
6.1 Items that will not be reclassified to profit or loss | ||
6.1.1 Changes caused by remeasurements on defined benefit pension 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 | ||
6.1.4 Changes in the fair value of the company’s credit risks | ||
6.1.5 Other |
6.2 Items that will be reclassified to profit or loss | 112,438.44 | -117,176.33 |
6.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method | ||
6.2.2 Changes in the fair value of investments in other debt obligations | ||
6.2.3 Other comprehensive income arising from the reclassification of financial assets | ||
6.2.4 Allowance for credit impairments in investments in other debt obligations | ||
6.2.5 Reserve for cash flow hedges | ||
6.2.6 Differences arising from the translation of foreign currency-denominated financial statements | 112,438.44 | -117,176.33 |
6.2.7 Other | ||
Attributable to non-controlling interests | ||
7. Total comprehensive income | 39,826,900.08 | 29,023,569.78 |
Attributable to owners of the Company as the parent | 27,767,483.76 | 26,194,354.17 |
Attributable to non-controlling interests | 12,059,416.32 | 2,829,215.61 |
8. Earnings per share | ||
8.1 Basic earnings per share | 0.04 | 0.04 |
8.2 Diluted earnings per share | 0.04 | 0.04 |
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees beforethe combinations was RMBXXX, with the amount for the same period of last year being RMBXXX.Legal representative: Li Shaoling Head for financial affairs: Guan YingHead of the financial department: Liu Quanli
4. Income Statement of the Company as the Parent
Unit: RMB
Item | Q1 2020 | Q1 2019 |
1. Operating revenue | 0.00 | 0.00 |
Less: Cost of sales | 0.00 | 0.00 |
Taxes and surcharges | 2,700.00 | 36,788.40 |
Selling expense | ||
Administrative expense | 6,328,612.55 | 8,299,221.03 |
R&D expense | ||
Finance costs | -3,113.45 | 3,694,507.98 |
Including: Interest expense | 3,699,792.76 | |
Interest income | 3,963.45 | 9,134.39 |
Add: Other income | ||
Return on investment (“-” for loss) | ||
Including: Share of profit or loss of joint ventures and associates | ||
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) | ||
Credit impairment loss (“-” for loss) | ||
Asset impairment loss (“-” for loss) | -4,344.16 | |
Asset disposal income (“-” for loss) | ||
2. Operating profit (“-” for loss) | -6,328,199.10 | -12,034,861.57 |
Add: Non-operating income | ||
Less: Non-operating expense | 1,000,000.00 | |
3. Profit before tax (“-” for loss) | -7,328,199.10 | -12,034,861.57 |
Less: Income tax expense | ||
4. Net profit (“-” for net loss) | -7,328,199.10 | -12,034,861.57 |
4.1 Net profit from continuing operations (“-” for net loss) | -7,328,199.10 | -12,034,861.57 |
4.2 Net profit from discontinued operations (“-” for net loss) | ||
5. Other comprehensive income, net of tax | ||
5.1 Items that will not be reclassified to profit or loss | ||
5.1.1 Changes caused by remeasurements on defined benefit pension 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 | ||
5.1.4 Changes in the fair value of the company’s credit risks | ||
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 Allowance for credit impairments in 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 | -7,328,199.10 | -12,034,861.57 |
7. Earnings per share | ||
7.1 Basic earnings per share | ||
7.2 Diluted earnings per share |
5. Consolidated Cash Flow Statement
Unit: RMB
Item | Q1 2020 | Q1 2019 |
1. Cash flows from operating activities: | ||
Proceeds from sale of commodities and rendering of services | 1,881,294,907.03 | 1,993,101,212.16 |
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 | 3,888,658.17 | 1,989,284.94 |
Cash generated from other operating activities | 322,173,357.74 | 222,605,666.42 |
Subtotal of cash generated from operating activities | 2,207,356,922.94 | 2,217,696,163.52 |
Payments for commodities and services | 1,512,095,916.20 | 1,703,243,616.27 |
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 | 90,315,621.12 | 86,117,594.16 |
Taxes paid | 48,656,100.30 | 44,910,779.37 |
Cash used in other operating activities | 227,340,451.00 | 210,497,435.26 |
Subtotal of cash used in operating activities | 1,878,408,088.62 | 2,044,769,425.06 |
Net cash generated from/used in operating activities | 328,948,834.32 | 172,926,738.46 |
2. Cash flows from investing activities: |
Proceeds from disinvestment | 430,158,276.12 | 408,094,662.13 |
Return on investment | 4,513,448.35 | 2,718,922.13 |
Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | 2,500.00 | 44,844.68 |
Net proceeds from the disposal of subsidiaries and other business units | 5,000,000.00 | |
Cash generated from other investing activities | ||
Subtotal of cash generated from investing activities | 439,674,224.47 | 410,858,428.94 |
Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 4,848,818.22 | 17,181,094.76 |
Payments for investments | 238,280,000.00 | 822,386,686.00 |
Net increase in pledged loans granted | ||
Net payments for the acquisition of subsidiaries and other business units | 1,780,563.05 | |
Cash used in other investing activities | ||
Subtotal of cash used in investing activities | 243,128,818.22 | 841,348,343.81 |
Net cash generated from/used in investing activities | 196,545,406.25 | -430,489,914.87 |
3. Cash flows from financing activities: | ||
Capital contributions received | ||
Including: Capital contributions by non-controlling interests to subsidiaries | ||
Borrowings obtained | 1,223,077,644.38 | 342,470,792.50 |
Cash generated from other financing activities | ||
Subtotal of cash generated from financing activities | 1,223,077,644.38 | 342,470,792.50 |
Repayments of borrowings | 1,174,444,005.01 | 446,871,965.95 |
Payments for interest and dividends | 16,033,923.34 | 17,691,810.54 |
Including: Dividends paid by subsidiaries to non-controlling interests | ||
Cash used in other financing activities | 28,022.97 | |
Subtotal of cash used in financing activities | 1,190,477,928.35 | 464,591,799.46 |
Net cash generated from/used in financing activities | 32,599,716.03 | -122,121,006.96 |
4. Effect of foreign exchange rate changes on cash and cash equivalents | -7,811,914.24 | -59,331.42 |
5. Net increase in cash and cash equivalents | 550,282,042.36 | -379,743,514.79 |
Add: Cash and cash equivalents, beginning of the period | 555,097,777.21 | 867,870,016.78 |
6. Cash and cash equivalents, end of the period | 1,105,379,819.57 | 488,126,501.99 |
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item | Q1 2020 | Q1 2019 |
1. Cash flows from operating activities: | ||
Proceeds from sale of commodities and rendering of services | ||
Tax rebates | 200.00 | 1,800.00 |
Cash generated from other operating activities | 4,596,500.27 | 20,428,310.16 |
Subtotal of cash generated from operating activities | 4,596,700.27 | 20,430,110.16 |
Payments for commodities and services | 6,089.61 | 14,172.05 |
Cash paid to and for employees | 4,536,346.77 | 4,980,819.49 |
Taxes paid | 296,186.19 | 39,120.34 |
Cash used in other operating activities | 4,678,032.18 | 29,639,022.05 |
Subtotal of cash used in operating activities | 9,516,654.75 | 34,673,133.93 |
Net cash generated from/used in operating activities | -4,919,954.48 | -14,243,023.77 |
2. Cash flows from investing activities: | ||
Proceeds from disinvestment | ||
Return on investment | ||
Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | ||
Net proceeds from the disposal of subsidiaries and other business units | ||
Cash generated from other investing activities |
Subtotal of cash generated from investing activities | ||
Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 47,052.41 | |
Payments for investments | ||
Net payments for the acquisition of subsidiaries and other business units | 1,780,563.05 | |
Cash used in other investing activities | ||
Subtotal of cash used in investing activities | 1,827,615.46 | |
Net cash generated from/used in investing activities | -1,827,615.46 | |
3. Cash flows from financing activities: | ||
Capital contributions received | ||
Borrowings obtained | 4,000,000.00 | 3,500,000.00 |
Cash generated from other financing activities | ||
Subtotal of cash generated from financing activities | 4,000,000.00 | 3,500,000.00 |
Repayments of borrowings | ||
Payments for interest and dividends | ||
Cash used in other financing activities | ||
Subtotal of cash used in financing activities | ||
Net cash generated from/used in financing activities | 4,000,000.00 | 3,500,000.00 |
4. Effect of foreign exchange rate changes on cash and cash equivalents | ||
5. Net increase in cash and cash equivalents | -919,954.48 | -12,570,639.23 |
Add: Cash and cash equivalents, beginning of the period | 3,536,102.19 | 13,597,659.66 |
6. Cash and cash equivalents, end of the period | 2,616,147.71 | 1,027,020.43 |
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of any NewStandards Governing Revenue or Leases from 2020
□ Applicable √ Not applicable
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of any NewStandards Governing Revenue or Leases from 2020
□ Applicable √ Not applicable
III Independent Auditor’s Report
Indicate 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.
Hainan Jingliang Holdings Co., Ltd.25 April 2020