Report for the First Quarter of 2015

Date:2015-07-14      Source: 网络      Views: 4840

Lu Thai Textile Co., Ltd.

Report for the First Quarter of 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apr. 2015

 

 

 

 

Section I. Important Reminders

The Board of Directors, the Supervisory Committee, directors, supervisors and senior management staff of Lu Thai Textile Co., Ltd. (hereinafter referred to as “the Company”) warrant that the information carried in this report is factual, accurate and complete, without any false record, misleading statement or material omission. And they shall be jointly and severally liable for that.

All directors have attended the board session for reviewing this report.

Liu Shizhen, company principal, Zhang Hongmei, chief of the accounting work, and Zhang Keming, chief of the accounting organ (chief of accounting), hereby confirm that the financial statements enclosed in this report are factual, accurate and complete.

This report is prepared in both Chinese and English. Should there be any discrepancy between the two versions, the Chinese version shall prevail.

 

Section II. Financial Highlights & Change of Shareholders

 

I. Main accounting data and financial indicators

Does the Company adjust retrospectively or restate accounting data of previous years due to change of the accounting policy or correction of any accounting error?

□ Yes √ No

 

Jan.-Mar. 2015

Jan.-Mar. 2014

 +/- (%)

Operating revenues (RMB Yuan)

1,428,557,406.74

1,524,854,012.98

-6.32%

Net profit attributable to shareholders of the Company (RMB Yuan)

152,714,080.35

213,792,166.20

-28.57%

Net profit attributable to shareholders of the Company after extraordinary gains and losses (RMB Yuan)

131,929,166.88

227,859,696.84

-42.10%

Net cash flows from operating activities (RMB Yuan)

-97,329,127.52

55,775,238.83

-274.50%

Basic EPS (RMB Yuan/share)

0.16

0.22

-27.27%

Diluted EPS (RMB Yuan/share)

0.16

0.22

-27.27%

Weighted average ROE (%)

2.29%

3.51%

-1.22%

 

31 Mar. 2015

31 Dec. 2014

+/- (%)

Total assets (RMB Yuan)

8,698,973,617.97

8,627,671,393.88

0.83%

Net assets attributable to shareholders of the Company (RMB Yuan)

6,741,743,242.88

6,588,772,245.55

2.32%

Items and amounts of extraordinary gains and losses

√ Applicable □ Inapplicable

Unit: RMB Yuan

Item

Jan.-Mar. 2015

Explanation

Gains/losses on the disposal of non-current assets (including the offset part of the asset impairment provisions)

357,152.45

 

Government grants recognized in the current period, except for those acquired in the ordinary course of business or granted at certain quotas or amounts according to the government’s unified standards

3,086,413.47

 

Gains and losses on change in fair value from tradable financial assets and tradable financial liabilities, as well as investment income from disposal of tradable financial assets and tradable financial liabilities and financial assets available for sales except for effective hedging related with normal businesses of the Company

19,330,543.33

 

Non-operating income and expense other than the above

961,226.39

 

Income tax effects

2,701,309.01

 

Minority interests effects (after tax)

249,113.16

 

Total

20,784,913.47

--

Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said explanatory announcement as a recurrent gain/loss item

□ Applicable √ Inapplicable

No such cases in the reporting period.

II. Total number of shareholders at the period-end and shareholdings of top 10 shareholders

1. Total number of common shareholders at the period-end and shareholdings of top 10 common shareholders

Unit: share

Total number of shareholders at the period-end

75,039

Shareholdings of top 10 shareholders

Name of shareholder

Nature of shareholder

Shareholding percentage

Number of shares held

Number of restricted shares held

Pledged or frozen shares

Status of shares

Number of shares

Zibo Lucheng Textile Investment Co., Ltd.

Domestic non-state-owned corporation

14.69%

140,353,583

 

Pledged

26,000,000

Tailun (Thailand) Textile Co., Ltd.

Foreign corporation

12.37%

118,232,400

118,232,400

 

 

DBS VICKERS (HONG KONG) LTD A/C CLIENTS

Foreign corporation

2.74%

26,213,346

 

 

 

LYNAS ASIA FUND

Foreign corporation

1.82%

17,364,475

 

 

 

VALUE PARTNERS HIGH-DIVIDEND STOCKS FUNDS

Foreign corporation

1.72%

16,411,865

 

 

 

UBS   AG

Foreign corporation

1.38%

13,173,194

 

 

 

T.ROWE PRICE INTL DISCOVERY FUND

Foreign corporation

0.91%

8,704,074

 

 

 

First State Investment Management UK Limited-First State China A Share Fund

Foreign corporation

0.90%

8,597,472

 

 

 

VALUE PARTNERS CLASSIC FUND

Foreign corporation

0.85%

8,156,383

 

 

 

NATIONAL WESTMINSTER BANK PLC AS DEP OF FS GREATER CHINA GROWTH FUND

Foreign corporation

0.82%

7,858,094

 

 

 

Shareholdings of top 10 non-restricted common shareholders

Name of shareholder

Number of non-restricted common shares held

Variety of shares

Variety

Number

Zibo Lucheng Textile Investment Co., Ltd.

140,353,583

RMB ordinary shares

140,353,583

DBS VICKERS (HONG KONG) LTD A/C CLIENTS

26,213,346

Domestically listed foreign shares

26,213,346

LYNAS ASIA FUND

17,364,475

Domestically listed foreign shares

17,364,475

VALUE PARTNERS HIGH-DIVIDEND STOCKS FUNDS

16,411,865

Domestically listed foreign shares

16,411,865

UBS   AG

13,173,194

RMB ordinary shares

13,173,194

T.ROWE PRICE INTL DISCOVERY FUND

8,704,074

Domestically listed foreign shares

8,704,074

First State Investment Management UK Limited-First State China A Share Fund

8,597,472

RMB ordinary shares

8,597,472

VALUE PARTNERS CLASSIC FUND

8,156,383

Domestically listed foreign shares

8,156,383

NATIONAL WESTMINSTER BANK PLC AS DEP OF FS GREATER CHINA GROWTH FUND

7,858,094

Domestically listed foreign shares

7,858,094

Nan Shan Life Insurance Company, Ltd. 

6,872,500

RMB ordinary shares

6,872,500

Explanation on associated relationship or persons acting in concert among the above-mentioned shareholders

Zibo Lucheng Textile Investment Co., Ltd. is the first largest shareholder of the Company and also is the actual controlling shareholder. Tailun (Thailand) Textile Co., Ltd. is the foreign sponsor shareholder and is also the second largest shareholder of the Company. All of other shareholders are people holding circulating A share or circulating B share and the Company is not able to confirm whether there is associated relationship or concerted action among other shareholders.

Top 10 common shareholders taking part in securities margin trading (if any)

N/A

                     

Did any of the top 10 common shareholders or the top 10 non-restricted common shareholders of the Company conduct any promissory repo during the reporting period?

□ Yea √ No

No such cases in the reporting period.

Section III. Significant Events

I. Significant changes of the major accounting statement items and financial indicators for the reporting period, as well as the reasons for these changes

√ Applicable □ Inapplicable

1. Financial assets measured at fair value with changes recorded into current gains and losses as at 31 Mar. 2015 stood at RMB 2,399,200.00, up 100% from the opening amount, mainly because of changes in the fair value of these financial assets.

2. Prepayments as at 31 Mar. 2015 stood at RMB 262,841,192.20, up 50.31% from the opening amount, mainly because prepayments for raw materials increased.

3. Other current assets as at 31 Mar. 2015 stood at RMB 39,572,694.94, up 665.83% from the opening amount, mainly because the input VAT and the prepaid income tax to be deducted both increased.

4. Long-term deferred expenses as at 31 Mar. 2015 stood at RMB 42,350,433.78, up 49.55% from the opening amount, mainly because the land rental expenses by Lu Thai Cambodia increased.

5. Financial liabilities measured at fair value with changes recorded into current gains and losses as at 31 Mar. 2015 stood at RMB 0.00, down 100% from the opening amount, mainly because the financial liabilities were settled and transferred into the gains on fair value changes.

6. Payroll payable as at 31 Mar. 2015 stood at RMB 172,099,833.99, down 34.20% from the opening amount, mainly because the year-end bonuses for employees for 2014 were paid in the current period.

7. Taxes and fares payable as at 31 Mar. 2015 stood at RMB 48,499,480.61, down 34.51% from the opening amount, mainly because the taxes and fares payable decreased.

8. Interest payable as at 31 Mar. 2015 stood at RMB 872,891.23, up 70.70% from the opening amount, mainly because short-term borrowings increased.

9. Long-term payables as at 31 Mar. 2015 stood at RMB 0.00, down 100% from the opening amount, mainly because of the payments for electricity and bonds.

10. Business tax and surtaxes for Jan.-Mar. 2015 stood at RMB 13,321,763.49, up 64.21% year on year, mainly because the city construction & maintenance tax, the educational surcharges, etc. increased.

11. Financial expenses for Jan.-Mar. 2015 stood at RMB 2,905,274.94, down 64.20% year on year, mainly because the exchange gains increased.

12. Asset impairment losses for Jan.-Mar. 2015 stood at RMB 1,158,851.88, up 123.31% year on year, mainly because accounts receivable increased.

13. Gains on fair value changes for Jan.-Mar. 2015 stood at RMB 5,705,400.00, up 119.81% year on year, mainly because due financial assets were delivered, resulting in the carryover of the previously recognized gain/loss on fair value changes, and the fair value of financial assets changed.

14. Non-operating incomes for Jan.-Mar. 2015 stood at RMB 4,816,916.15, up 71.23% year on year, mainly because governmental subsidies increased.

15. Non-operating expense for Jan.-Mar. 2015 stood at RMB 412,123.84, down 59.58% year on year, mainly because the losses on disposal of non-current assets decreased.

16. Net cash flows from operating activities for Jan.-Mar. 2015 stood at RMB -97,329,127.52, down 274.50% year on year, mainly because the cash received from sale of goods and rendering of services decreased.

II. Progress of significant events and analysis & explanations on their influence and solutions

□ Applicable √ Inapplicable

III. Commitments made by the Company or any shareholder with a shareholding over 5% in the reporting period or such commitments made in previous period and carried down into the reporting period

□ Applicable √ Inapplicable

No such cases in the reporting period.

IV. Predict the operating results of Jan.-Jun. 2015

Warning of possible loss or considerable YoY change of the accumulated net profit made during the period-begin to the end of the next reporting period according to prediction, as well as explanations on the reasons:

□ Applicable √ Inapplicable

V. Securities investments

□ Applicable √ Inapplicable

No such cases in the reporting period.

VI. Shareholdings in other listed companies

□ Applicable √ Inapplicable

No such cases in the reporting period.

VII. Investments in derivatives

√ Applicable □ Inapplicable

Unit: RMB Ten Thousand Yuan

Operator

Relation

Related-party transaction or not

Type of derivative investment

Initial investment amount

Beginning date

Ending date

Opening investment amount

Impairment provision (if any)

Closing investment amount

Proportion of the closing investment amount in the Company’s closing net assets

Actual gain/loss in reporting period

commercial bank

non-associate

No

The forward foreign exchange settlement

94,519.94

14 Nov. 2014

28 Jan. 2015

21,213.88

 

28,813.35

4.02%

1,246.64

commercial bank

non-associate

No

Foreign exchange trading

347.96

11 Feb. 2015

30 Mar. 2015

0

 

0

 

9.02

commercial bank

non-associate

No

Share option group

94,930

21 Oct. 2014

26 Mar. 2016

31,835

 

91,747.5

12.80%

106.85

Total

189,797.9

--

--

53,048.88

 

120,560.85

16.82%

1,362.51

Capital source for derivative investment

Self-owned funds 

Cases involving lawsuit (if applicable)

No

Disclosure date of the board announcement approving the wealth management entrustment (if any)

27 Mar. 2014

Disclosure date of the general meeting announcement approving the wealth management entrustment (if any)

 

Analysis on risks and control measures of derivative products held in the reporting period (including but not limited to market risk, liquidity risk, credit risk, operation risk, law risk, etc.)

The Company conducted derivatives products transaction in order for hedging. And the forward settlement hedging was operated by installments, with the relevant amount not more than the planned derivatives products transactions. And all derivatives products transaction was zero-deposit. Meanwhile, the Company had a complete risk control system for sufficient analysis and prevention of possible risks such as risk of laws and regulations, credit risk, operation risk and market risk.

1. Risk of laws and regulations:

The Company conducted derivatives products transaction in strict accordance with relevant laws and rules as well as regulatory policies from government securities regulatory authorities, if there were no standard operation procedures and strict approval procedures, it was easy to cause compliant and regulatory risks existing in the validity and feasibility of contract, commitments and other legal documents signed.

Precautionary measures: The Company carefully studied and mastered laws, regulations and policies relevant to derivative products transaction, formulated internal control rules for the forward settlement hedging business, standardized the operation procedures. And strengthened the compliant examination on derivative products investment business, and strictly abided by relevant laws, regulations and the Company’s internal management rules.

2. Credit risk and liquidity risk:

When the contract matures, the Company couldn’t deliver as scheduled due to insufficient liquidity, and the counterparty or the Company couldn’t fulfill the contract due to other aspects except the liquidity, which would cause credit risk and further economic losses for the Company. Precaution measure: the Company chose the powerful financial institutions with good reputation as the counterparty, and signed standard derivative products transaction contract, as well as strictly controlled the credit risk of counterparty. The Company conducted derivative investment transactions according to the relevant approval procedure, which was in line with relevant laws, regulations, the Company’s Articles of Association, the Management Rules for Derivative Investment of Lu Thai Textile Co., Ltd. and the Proposal on the Plan of Lu Thai Textile Co., Ltd. for Derivative Transactions and the relevant regulations of the Proposal on the 2014 Derivative Transactions Plan of Luthai Textile Co., Ltd. and performed relevant information disclosure responsibilities. The Company decided the up limit for the amount of derivative products transaction according to the production and operation scale and the progress of foreign exchange income for the Company, and delivered by phases. It was also possible to use extension of term and other ways to ensure the fulfillment of contract as schedules upon the mature of contract, and wouldn’t cause any loss of credit risk for the Company due to insufficient liquidity or other reasons.

3. Operation risk:

The derivative financial transactions had high specialty and complexity, so imperfect internal operation procedures, staffs and external events would make the Company to undertake risks during the transaction. Precaution measure: The Company promulgated strict authorization and approval system and perfect regulatory mechanism, fixed the departments, operation procedures and approval procedures system to conduct derivative products transaction, established special risk control positions, implemented strict authorization and post checks and balances system, meanwhile, it improved the overall quality of relevant personnel through strengthening the business training and professional ethics education for them. Besides, it established the System of Reporting the Abnormal Situation Timely, formed an efficient risk management procedures, so as to ensure to lower the operation risks to the maximum.

4. Market risk:

The forward settlement of exchange is an important derivative products transaction, which was significantly affected by the exchange rate fluctuation due to its large amount. The Central Bank decided to expand the inter-bank spot RMB-dollar trading band from 1% to 2% since 17 Mar. 2014, which would increase the difficulty in the operation of forward settlement of exchange. Besides, if the RMB is devalued by a large margin on the basis of the current situation before the contract is due, so then, the larger losses shall incur in the contract on forward settlement of exchange signed by the Company.

Risk analysis and precaution measure: Renminbi appreciated significantly compared with that before the exchange rate reform, but Renminbi internationalization would be a long-term goal, which decided that Renminbi would not depreciated significantly. Although the increased fluctuation range added the operation difficulty, it provided a certain opportunity, which required relevant personnel of the Company actively master the market trend, carefully operate and hold positive opportunity, so as to try the best to reduce the market risks under the condition of increased market difficulty.

Changes of market prices or fair values in the reporting period of the invested derivatives. And the analysis on the fair value of the derivatives should include the specific use methods and the relevant assumptions and parameters.

1. Up to 31 Mar. 2015, the Company held 31 undue financial derivative product contracts, totaling US$ 203 million, of which there were about 7 forward foreign exchange settlements with the total amount of US$ 45 million as well as there were about 24 foreign currency options with the total amount of US$ 158 million (the latest expiration before Feb. 2016). The above financial derivative products accounted for 16.82% of the closing net assets.

2. From Jan. 2015 to Mar. 2015, the due financial derivative products of the Company totally equaled to US$ 110.5662 million, which generated a gain of RMB 13.6251 million. The due forward settlement was US$ 105 million, which generated a gain of RMB 12.4664 million; the due forward foreign exchange trading amount equaled to US$ 0.5662 million, which generated a gain of RMB 90,200; the due foreign currency options was US$ 5 million, which generated a gain of RMB 1.0685 million.

Whether significant changes occurred to the Company’s accounting policy and specific accounting principles of derivatives in the reporting period compared to the previous reporting period

Unchanged

Specific opinion from independent directors on the Company’s derivatives investment and risk control

The Company’s independent directors Zhou Zhiji, Zhang Chengzhu, Wanglei, Xu Jianjun and Zhao Yao concerning conducting derivatives business, have issued the following professional advice: we were of the opinion that it would strengthen the Company’s competitiveness to use derivative transactions with focus on forward settlement and purchase as an effective tool to avoid foreign exchange risks, to strengthen the relevant internal control and to carry out the loss and risk prevention measures so as to improve the operation and management. It was considered feasible for the Company to conduct derivative transactions with focus on forward settlement and purchase, and no harm was done to interests of the Company’s shareholders.

VIII. Researches, visits and interviews received in the reporting period

√ Applicable □ Inapplicable

Time of reception

Place of reception

Way of reception

Visitor type

Visitor

Main discussion and materials provided by the Company

31 Mar. 2015

 

Telephone Communication

Institution

EVERBRIGHT SECURITIES Li Jie, Tang Shuangshuang 

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Qilu Securities Han Liping

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Natural arch assets  Hu Xin

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Sheng Wan Spiritual Co., Ltd. Liu Zongxun

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

JiangHai Securities Self-operation Liuhua

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Hongdao Investment  Ji Wei

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Chang Xin Assets Huang Wei

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Hui Jie investment Xie Rui

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

JD Capital Chen Tao

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Jiangsu Xinye Shao Lei

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Yuan Cheng Investment Zeng Shang

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Minsheng Tonghui  Assets Management Bai Fan

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Yin Tai Securities Zeng Liang

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Shanghai Right Share Xu Wenguang Han Ying

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Li Cheng Assets Weng Di 

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Zong Yi Run Bang Liang Liang

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Tianfeng Securities Ding Ling Xiao

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Zhong Ou Fund  Zhang Bo

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Bank of China International Information Technology Department Yao Yonghua

The Company's current situation

31 Mar. 2015

 

Telephone Communication

Institution

Ping An Life Insurance Sui Haiqi

The Company's current situation

Section IV. Financial Statements

I. Financial statements

1. Consolidated balance sheet

Prepared by Lu Thai Textile Co., Ltd.

Unit: RMB Yuan

Item

Closing balance

Opening balance

Current Assets:

 

 

  Monetary funds

581,633,140.07

666,293,798.30

  Financial assets measured at fair value of which changes are recorded in current profits and losses

2,399,200.00

 

  Derivative financial assets  

 

 

  Notes receivable

102,405,366.01

113,804,477.43

  Accounts receivable

239,235,352.68

211,970,554.10

  Accounts paid in advance

262,841,192.20

174,865,932.88

Dividend receivable

 

 

  Other accounts receivable

55,533,008.39

63,378,909.28

  Financial assets purchased under agreements to resell

 

 

  Inventories

1,807,120,959.61

1,752,570,382.21

  Assets held for sale

 

 

  Non-current assets due within 1 year

 

 

  Other current assets

39,572,694.94

5,167,324.98

Total current assets

3,090,740,913.90

2,988,051,379.18

Non-current assets:

 

 

  Loans by mandate and advances granted

 

 

  Available-for-sale financial assets

67,442,600.00

67,442,600.00

  Held-to-maturity investments

 

 

  Long-term accounts receivable

6,980,998.00

6,980,998.00

  Long-term equity investment

 

 

  Investing real estate

 

 

  Fixed assets

4,888,413,338.86

4,930,848,056.04

  Construction in progress

135,835,075.46

123,585,226.80

  Engineering materials

13,952,157.15

19,885,765.41

  Disposal of fixed assets

 

 

  Production biological assets

1,248,251.26

1,310,500.00

  Oil-gas assets

 

 

  Intangible assets

372,338,014.57

373,760,347.71

  R&D expense

 

 

  Goodwill

20,613,803.29

20,613,803.29

  Long-term deferred expenses

42,350,433.78

28,319,033.27

  Deferred income tax assets

46,276,748.70

49,963,446.84

  Other non-current assets

12,781,283.00

16,910,237.34

Total of non-current assets

5,608,232,704.07

5,639,620,014.70

Total assets

8,698,973,617.97

8,627,671,393.88

Current liabilities:

 

 

  Short-term borrowings

598,046,187.34

517,452,946.24

  Financial liabilities measured at fair value of which changes are recorded in current profits and losses

 

3,306,200.00

  Derivative financial liabilities  

 

 

  Notes payable

5,926,012.85

7,421,979.09

  Accounts payable

276,717,096.22

344,082,239.16

  Accounts received in advance

94,064,453.40

82,176,191.45

  Payroll payable

172,099,833.99

261,539,206.93

  Tax payable

48,499,480.61

74,052,405.97

  Interest payable

872,891.23

511,373.44

Dividend payable

441,456.54

441,456.54

  Other accounts payable

71,640,383.15

58,075,873.18

  Non-current liabilities due within 1 year

101,115,828.19

100,733,898.72

  Other current liabilities

 

 

Total current liabilities

1,369,423,623.52

1,449,793,770.72

Non-current liabilities:

 

 

  Long-term borrowings

9,987,158.75

9,904,645.59

  Long-term payables

 

220,000.00

  Long-term payroll payables

80,360,457.97

80,360,457.97

  Specific payables

 

 

  Estimated liabilities

 

 

  Deferred income

66,237,376.21

67,057,221.40

  Deferred income tax liabilities

2,432,968.08

2,064,713.02

  Other non-current liabilities

1,840,000.00

1,840,000.00

Total non-current liabilities

160,857,961.01

161,447,037.98

Total liabilities

1,530,281,584.53

1,611,240,808.70

Owners’ equity:

 

 

Share capital

955,758,496.00

955,758,496.00

  Capital reserves

1,007,079,868.23

1,007,039,561.13

  Less: Treasury stock

 

 

  Other comprehensive income

-8,223,568.49

-8,440,178.37

  Specific reserves

 

 

  Surplus reserves

742,347,832.47

742,347,832.47

  Provisions for general risks

 

 

  Retained profits

4,044,780,614.67

3,892,066,534.32

Total equity attributable to owners of the Company

6,741,743,242.88

6,588,772,245.55

Minority interests

426,948,790.56

427,658,339.63

Total owners’ equity

7,168,692,033.44

7,016,430,585.18

Total liabilities and owners’ equity

8,698,973,617.97

8,627,671,393.88

Legal representative: Liu Shizhen   Chief of the accounting work: Zhang Hongmei  Chief of the accounting organ: Zhang Keming

2. Balance sheet of the Company

Unit: RMB Yuan

Item

Closing balance

Opening balance

Current Assets:

 

 

  Monetary funds

280,268,937.68

250,409,717.93

  Financial assets measured at fair value of which changes are recorded in current profits and losses

2,399,200.00

 

  Derivative financial assets  

 

 

  Notes receivable

85,889,905.77

87,341,876.69

  Accounts receivable

259,155,421.87

321,897,074.61

  Accounts paid in advance

328,775,876.60

193,383,406.51

  Interest receivable

 

 

Dividend receivable

 

 

  Other accounts receivable

73,350,063.39

28,049,517.79

  Inventories

1,239,453,582.16

1,206,795,514.65

  Assets held for sale

 

 

  Non-current assets due within 1 year

 

 

  Other current assets

12,271,565.13

1,017,648.28

Total current assets

2,281,564,552.60

2,088,894,756.46

Non-current assets:

 

 

  Available-for-sale financial assets

55,282,600.00

55,282,600.00

  Held-to-maturity investments

 

 

  Long-term accounts receivable

 

 

  Long-term equity investment

1,208,549,817.36

1,170,861,572.56

  Investing real estate

 

 

  Fixed assets

3,087,578,503.55

3,115,567,670.72

  Construction in progress

91,193,418.73

77,701,863.38

  Engineering materials

9,650,599.43

18,626,397.04

  Disposal of fixed assets

 

 

  Production biological assets

 

 

  Oil-gas assets

 

 

  Intangible assets

237,599,548.64

239,561,216.15

  R&D expense

 

 

  Goodwill

 

 

  Long-term deferred expenses

 

 

  Deferred income tax assets

30,605,177.48

31,683,250.78

  Other non-current assets

5,406,401.00

5,406,401.00

Total of non-current assets

4,725,866,066.19

4,714,690,971.63

Total assets

7,007,430,618.79

6,803,585,728.09

Current liabilities:

 

 

  Short-term borrowings

268,789,601.05

109,116,402.18

  Financial liabilities measured at fair value of which changes are recorded in current profits and losses

 

3,075,000.00

  Derivative financial liabilities  

 

 

  Notes payable

1,140,002.40

4,126,949.64

  Accounts payable

369,395,558.41

370,179,503.31

  Accounts received in advance

58,317,071.02

42,230,252.30

  Payroll payable

133,671,721.17

201,779,896.86

  Tax payable

24,261,331.68

38,755,976.56

  Interest payable

628,292.61

401,695.08

Dividend payable

441,456.54

441,456.54

  Other accounts payable

28,229,237.15

22,996,300.29

  Liabilities held for sale

 

 

  Non-current liabilities due within 1 year

101,115,828.19

100,733,898.72

  Other current liabilities

 

 

Total current liabilities

985,990,100.22

893,837,331.48

Non-current liabilities:

 

 

Long-term borrowings

9,942,198.75

9,904,645.59

  Long-term payables

 

 

  Long-term payroll payables

80,360,457.97

80,360,457.97

  Specific payables

 

 

  Estimated liabilities

 

 

  Deferred income

30,300,696.46

 

  Deferred income tax liabilities

359,880.00

 

  Other non-current liabilities

 

30,469,481.47

Total non-current liabilities

120,963,233.18

120,734,585.03

Total liabilities

1,106,953,333.40

1,014,571,916.51

Owners’ equity:

 

 

  Share capital

955,758,496.00

955,758,496.00

  Capital reserves

1,013,432,549.32

1,013,392,242.22

  Less: Treasury stock

 

 

  Other comprehensive income

 

 

  Specific reserves

 

 

  Surplus reserves

742,347,832.47

742,347,832.47

  Retained profits

3,188,938,407.60

3,077,515,240.89

Total owners’ equity  

5,900,477,285.39

5,789,013,811.58

Total liabilities and owners’ equity

7,007,430,618.79

6,803,585,728.09

3. Consolidated income statement

Unit: RMB Yuan

Item

Jan.-Mar. 2015

Jan.-Mar. 2014

I. Total operating revenues 

1,428,557,406.74

1,524,854,012.98

Including: Sales income

1,428,557,406.74

1,524,854,012.98

II. Total operating costs

1,265,704,564.06

1,255,227,267.11

Including: Cost of sales

1,044,182,982.58

1,059,292,161.99

Taxes and associate charges

13,321,763.49

8,112,449.96

Selling and distribution expenses

51,797,009.15

45,674,167.84

Administrative expenses

152,338,682.02

139,004,880.22

Financial expenses

2,905,274.94

8,115,706.19

Asset impairment loss

1,158,851.88

-4,972,099.09

Add: Gain/(loss) from change in fair value (“-” means loss)

5,705,400.00

-28,794,020.00

Gain/(loss) from investment (“-” means loss)

13,625,143.33

15,059,650.31

Including: share of profits in associates and joint ventures

 

 

Foreign exchange gains (“-” means loss)

 

 

III. Business profit (“-” means loss)

182,183,386.01

255,892,376.18

Add: non-operating income

4,816,916.15

2,813,117.81

  Including: Gains on disposal of non-current assets

367,515.59

50,957.05

Less: non-operating expense

412,123.84

1,019,563.59

Including: Losses on disposal of non-current assets

10,363.14

676,552.87

IV. Total profit (“-” means loss)

186,588,178.32

257,685,930.40

Less: Income tax expense

34,583,647.04

37,984,156.38

V. Net profit (“-” means loss)

152,004,531.28

219,701,774.02

Net profit attributable to owners of the Company

152,714,080.35

213,792,166.20

Minority shareholders’ income

-709,549.07

5,909,607.82

VI. After-tax net amount of other comprehensive incomes

215,117.44

502,851.87

After-tax net amount of other comprehensive incomes attributable to owners of the Company

215,117.44

502,851.87

      (I) Other comprehensive incomes that will not be reclassified into gains and losses

 

 

        1. Changes in net liabilities or assets with a defined benefit plan upon re-measurement

 

 

        2. Enjoyable shares in other comprehensive incomes in investees that cannot be reclassified into gains and losses under the equity method

 

 

      (II) Other comprehensive incomes that will be reclassified into gains and losses

215,117.44

502,851.87

        1. Enjoyable shares in other comprehensive incomes in investees that will be reclassified into gains and losses under the equity method

 

 

        2. Gains and losses on fair value changes of available-for-sale financial assets 

 

 

        3. Gains and losses on reclassifying held-to-maturity investments into available-for-sale financial assets

 

 

        4. Effective hedging gains and losses on cash flows 

 

 

        5. Foreign-currency financial statement translation difference

215,117.44

502,851.87

        6. Other  

 

 

After-tax net amount of other comprehensive incomes attributable to minority shareholders 

 

 

VII. Total comprehensive incomes

152,219,648.72

220,204,625.89

    Attributable to owners of the Company

152,929,197.79

214,295,018.07

    Attributable to minority shareholders

-709,549.07

5,909,607.82

VIII. Earnings per share  

 

 

    (I) Basic earnings per share

0.16

0.22

    (II) Diluted earnings per share

0.16

0.22

Where business mergers under the same control occurred in this reporting period, the net profit achieved by the merged parties before the business mergers was RMB  , with the corresponding amount for the same period of last year being RMB  .

Legal representative: Liu Shizhen   Chief of the accounting work: Zhang Hongmei  Chief of the accounting organ: Zhang Keming

4. Income statement of the Company

Unit: RMB Yuan

Item

Jan.-Mar. 2015

Jan.-Mar. 2014

I. Total sales

1,092,837,005.97

1,027,387,778.45

Less: cost of sales

842,767,486.89

708,449,373.42

Business taxes and surcharges

10,401,216.67

5,172,792.21

Distribution expenses

23,672,458.92

20,428,081.26

Administrative expenses

107,394,185.74

97,433,212.33

Financial costs

-582,535.37

-1,286,965.86

Impairment loss

-965,962.31

-3,046,160.73

Add: gain/(loss) from change in fair value (“-” means loss)

5,474,200.00

-23,720,300.00

Gain/(loss) from investment (“-” means loss)   

12,628,943.33

12,022,210.27

Including: income form investment on associates and joint ventures

 

 

II. Business profit (“-” means loss)

128,253,298.76

188,539,356.09

Add: non-operating income

4,528,078.79

2,090,225.37

Including: Gains on disposal of non-current assets

367,515.59

14336.05

Less: non-operating expense

172,420.29

866,262.37

Including: Losses on disposal of non-current assets

10,363.14

674876.26

III. Total profit (“-” means loss)

132,608,957.26

189,763,319.09

Less: Income tax expense

21,185,790.55

25,553,980.21

IV. Net profit (“-” means loss)

111,423,166.71

164,209,338.88

V. After-tax net amount of other comprehensive incomes

 

 

(I) Other comprehensive incomes that will not be reclassified into gains and losses

 

 

1. Changes in net liabilities or assets with a defined benefit plan upon re-measurement

 

 

2. Enjoyable shares in other comprehensive incomes in investees that cannot be reclassified into gains and losses under the equity method

 

 

(II) Other comprehensive incomes that will be reclassified into gains and losses

 

 

1. Enjoyable shares in other comprehensive incomes in investees that will be reclassified into gains and losses under the equity method

 

 

2. Gains and losses on fair value changes of available-for-sale financial assets 

 

 

3. Gains and losses on reclassifying held-to-maturity investments into available-for-sale financial assets

 

 

4. Effective hedging gains and losses on cash flows 

 

 

5. Foreign-currency financial statement translation difference

 

 

6. Other  

 

 

VI. Total comprehensive incomes

111,423,166.71

164,209,338.88

VII. Earnings per share 

 

 

 (I) Basic earnings per share

0.12

0.17

 (II) Diluted earnings per share

0.12

0.17

5. Consolidated cash flow statement

Unit: RMB Yuan

Item

Jan.-Mar. 2015

Jan.-Mar. 2014

I. Cash flows from operating activities:

 

 

  Cash received from sale of commodities and rendering of service

1,409,322,323.45

1,687,365,414.77

  Tax refunds received

36,086,459.45

44,724,303.43

  Other cash received relating to operating activities

12,607,023.84

21,602,693.31

Subtotal of cash inflows from operating activities

1,458,015,806.74

1,753,692,411.51

Cash paid for goods and services

925,879,104.51

1,069,481,319.44

  Cash paid to and for employees

434,927,450.28

430,633,920.43

  Various taxes paid

119,315,613.30

120,108,409.19

  Other cash payment relating to operating activities

75,222,766.17

77,693,523.62

Subtotal of cash outflows from operating activities

1,555,344,934.26

1,697,917,172.68

Net cash flows from operating activities

-97,329,127.52

55,775,238.83

II. Cash flows from investing activities:

 

 

  Cash received from withdrawal of investments

 

 

  Cash received from return on investments

 

 

  Net cash received from disposal of fixed assets, intangible assets and other long-term assets

1,209,136.18

1,564,743.67

  Net cash received from disposal of subsidiaries or other business units

 

 

    Other cash received relating to investing activities

14,349,088.60

16,628,598.97

Subtotal of cash inflows from investing activities

15,558,224.78

18,193,342.64

  Cash paid to acquire fixed assets, intangible assets and other long-term assets

77,688,786.57

122,361,158.19

  Cash paid for investment

 

 

  Net increase of pledged loans

 

 

  Net cash paid to acquire subsidiaries and other business units

 

 

  Other cash payments relating to investing activities

 

 

Subtotal of cash outflows from investing activities

77,688,786.57

122,361,158.19

Net cash flows from investing activities

-62,130,561.79

-104,167,815.55

III. Cash Flows from Financing Activities:

 

 

   Cash received from capital contributions

 

 

   Including: Cash received from minority shareholder investments by subsidiaries

 

 

   Cash received from borrowings

499,500,745.26

178,448,809.09

   Cash received from issuance of bonds

 

 

   Other cash received relating to financing activities

16,000,000.00

12,000,000.00

Subtotal of cash inflows from financing activities

515,500,745.26

190,448,809.09

   Repayment of borrowings

420,419,094.09

322,265,867.92

   Cash paid for interest expenses and distribution of dividends or profit

6,336,269.66

7,025,184.46

    Including: dividends or profit paid by subsidiaries to minority shareholders

 

 

    Other cash payments relating to financing activities

61,299,156.00

12,000,000.00

Sub-total of cash outflows from financing activities

488,054,519.75

341,291,052.38

Net cash flows from financing activities

27,446,225.51

-150,842,243.29

IV. Effect of foreign exchange rate changes on cash and cash equivalents

2,953,649.57

-592,871.45

V. Net increase in cash and cash equivalents

-129,059,814.23

-199,827,691.46

    Add: Opening balance of cash and cash equivalents

649,393,798.30

869,909,505.89

VI. Closing balance of cash and cash equivalents

520,333,984.07

670,081,814.43

6. Cash flow statement of the Company

Unit: RMB Yuan

Item

Jan.-Mar. 2015

Jan.-Mar. 2014

I. Cash flows from operating activities:

 

 

  Cash received from sale of commodities and rendering of service

1,157,272,756.12

1,135,988,900.43

  Tax refunds received

32,062,208.83

28,058,174.14

  Other cash received relating to operating activities

3,218,883.40

1,457,351.16

Subtotal of cash inflows from operating activities

1,192,553,848.35

1,165,504,425.73

  Cash paid for goods and services

779,155,896.02

733,603,575.84

  Cash paid to and for employees

327,538,401.62

323,138,484.20

  Various taxes paid

45,531,121.17

70,900,289.12

  Other cash payment relating to operating activities

100,393,923.38

36,859,914.06

Subtotal of cash outflows from operating activities

1,252,619,342.19

1,164,502,263.22

Net cash flows from operating activities

-60,065,493.84

1,002,162.51

II. Cash flows from investing activities:

 

 

  Cash received from retraction of investments

 

 

  Cash received from return on investments

 

 

  Net cash received from disposal of fixed assets, intangible assets and other long-term assets

1,209,136.18

1,563,943.67

  Net cash received from disposal of subsidiaries or other business units

 

 

  Other cash received relating to investing activities

12,999,351.78

13,772,550.56

Subtotal of cash inflows from investing activities

14,208,487.96

15,336,494.23

  Cash paid to acquire fixed assets, intangible assets and other long-term assets

44,996,274.50

85,844,328.08

  Cash paid for investment

36,160,983.67

19,343,283.56

  Net cash paid to acquire subsidiaries and other business units

 

 

  Other cash payments relating to investing activities

 

 

Subtotal of cash outflows from investing activities

81,157,258.17

105,187,611.64

Net cash flows from investing activities

-66,948,770.21

-89,851,117.41

III. Cash Flows from Financing Activities:

 

 

   Cash received from capital contributions

 

 

   Cash received from borrowings

256,245,018.34

26,096,206.39

   Cash received from issuance of bonds

 

 

   Other cash received relating to financing activities

 

 

Subtotal of cash inflows from financing activities

256,245,018.34

26,096,206.39

   Repayment of borrowings

98,059,135.07

26,529,242.39

   Cash paid for interest expenses and distribution of dividends or profit

1,369,866.44

1,806,334.37

    Other cash payments relating to financing activities

61,299,156.00

 

Sub-total of cash outflows from financing activities

160,728,157.51

28,335,576.76

Net cash flows from financing activities

95,516,860.83

-2,239,370.37

IV. Effect of foreign exchange rate changes on cash and cash equivalents

957,466.97

-168,440.09

V. Net increase in cash and cash equivalents

-30,539,936.25

-91,256,765.36

    Add: Opening balance of cash and cash equivalents

249,509,717.93

503,157,687.92

VI. Closing balance of cash and cash equivalents

218,969,781.68

411,900,922.56

II. Audit report

Is this report audited?

□ Yes √ No

This report is not audited. 

 

 

 

 

 

 

 

          Chairman of the Board: Liu Shizhen

 Lu Thai Textile Co., Ltd.

                                                           25 Apr. 2015