Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
WEST CHINA CEMENT LIMITED
中 國 西 部 水 泥 有 限 公 司
(Incorporated in Jersey with limited liability, with registered number 94796)
(Stock Code: 2233)
FIRST QUARTERLY RESULTS OF 2021 OF
YAOBAI AND ITS SUBSIDIARIES
Reference is made to the announcements of West China Cement Limited (the "Company", together with its subsidiaries, the "Group") dated 30 April 2019, 8 May 2019, 31 August 2020 and 4 September 2020 in relation to the issuance of the Medium-term Notes by Yaobai (collectively, the "Announcements"). This announcement is made by the Company pursuant to Rule 13.09(2) of the Listing Rules and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance. Unless otherwise stated, terms used in this announcement shall have the same meanings as those defined in the Announcements.
On 8 May 2019, Yaobai completed the issuance of the first tranche of the Medium-term Notes. The first tranche of the Medium-term Notes was issued in the principal amount of RMB500 million.
On 4 September 2020, Yaobai completed the issuance of the second tranche of the Medium- term Notes. The second tranche of the Medium-term Notes was issued in the principal amount of RMB700 million.
- 1 -
According to the relevant PRC regulations and the terms of the Medium-term Notes, Yaobai and its subsidiaries ("Yaobai Group") is required to publish its quarterly results for the three months ended 31 March 2021 (the "Quarterly Results") on the website of China Money and Shanghai Clearing during the three-year term of the Medium-term Notes.
Shareholders of the Company ("Shareholders") and potential investors are advised that the Quarterly Results are unaudited and prepared in accordance with the PRC GAAP. There are thus a number of accounting treatments and other differences between the quarterly results of Yaobai Group ("Yaobai Group Results"), and the interim and final results of the Company which are prepared in accordance with IFRS. These differences include, amongst others:
- the exclusion of the results of the Shaanxi Fuping Cement Company Ltd ("Fuping Cement Ltd") from the Yaobai Group Results, as Fuping Cement Ltd is an indirect subsidiary of the Company;
- only part of the interests payable under the Syndicated Loan are included in the Yaobai Group Results, with the balance being accounted for under the Company's accounts, and there is no foreign exchange translation differences of the Syndicated Loan in the Yaobai Group Results; and
- none of the expenses of the Company's offshore entities are included in the Yaobai Group Results.
To ensure that all Shareholders and potential investors of the Company have equal and timely access to the information pertaining to the Company, set forth below are the Quarterly Results prepared in accordance with the PRC GAAP, which is also published simultaneously on the websites of China Money and Shanghai Clearing.
- 2 -
1. Balance Sheet
Prepared by: Yaobai Special Cement Group Co., Ltd | Unit: RMB | |||||||
As at | As at | As at | As at | |||||
31 March | 31 December | 31 March | 31 December | |||||
2021 | 2020 | 2021 | 2020 | |||||
Items | Consolidated | Consolidated | Yaobai | Yaobai | ||||
Current Assets: | ||||||||
Monetary capital | 1,108,291,449.77 | 1,211,240,371.80 | 979,146,218.79 | 921,873,299.05 | ||||
Tradable financial assets | 87,077,816.70 | 185,776,315.21 | 87,077,816.70 | 185,776,315.21 | ||||
Notes receivable | 105,233,431.79 | 106,305,123.63 | 44,413,631.99 | 44,613,631.99 | ||||
Accounts receivable | 975,463,066.60 | 762,870,940.36 | - | - | ||||
Receivables financing | 52,450,061.31 | 13,172,390.00 | - | - | ||||
Advance payments | 190,021,659.01 | 147,771,993.37 | 751,074.33 | 295,524.07 | ||||
Other receivables | 1,461,243,036.37 | 1,160,946,591.86 | 3,869,257,328.46 | 4,452,510,594.69 | ||||
Inventories | 646,639,312.48 | 626,112,914.61 | 474,087.59 | 504,432.00 | ||||
Non-current assets due within one year | 4,102,391.53 | 4,102,391.53 | - | - | ||||
Other current assets | 167,945,363.74 | 180,210,303.59 | 1,283,333.34 | - | ||||
Total current assets | ||||||||
4,798,467,589.30 | 4,398,509,335.96 | 4,982,403,491.20 | 5,605,573,797.01 | |||||
Non-current assets: | ||||||||
Long-term receivables | 219,116,071.03 | 220,663,450.61 | - | - | ||||
Long-term equity investments | 79,213,064.20 | 77,309,191.00 | 5,857,430,364.49 | 5,129,210,522.92 | ||||
Other equity instrument investment | 51,951,053.93 | 48,869,336.56 | - | - | ||||
Fixed assets | 6,236,906,223.42 | 6,374,233,101.53 | 134,573,067.55 | 137,542,757.69 | ||||
Construction in progress | 2,518,031,253.10 | 2,376,787,748.60 | 3,989,919.31 | 2,332,154.57 | ||||
Intangible assets | 964,554,904.79 | 938,516,346.47 | 18,075,778.97 | 18,273,160.19 | ||||
Goodwill | 183,263,878.86 | 183,263,878.86 | - | - | ||||
Long-term deferred expenses | 1,364,678.12 | 7,791,886.40 | - | - | ||||
Deferred income tax assets | 35,736,014.88 | 35,736,014.88 | 867,150.13 | 867,150.13 | ||||
Other non-current assets | 917,707,500.89 | 441,446,894.64 | 65,200,000.00 | 65,200,000.00 | ||||
Total non-current assets | ||||||||
11,207,844,643.22 | 10,704,617,849.55 | 6,080,136,280.45 | 5,353,425,745.50 | |||||
Total assets | ||||||||
16,006,312,232.52 | 15,103,127,185.51 | 11,062,539,771.65 | 10,958,999,542.51 | |||||
- 3 -
As at | As at | As at | As at | |
31 March | 31 December | 31 March | 31 December | |
2021 | 2020 | 2021 | 2020 | |
Items | Consolidated | Consolidated | Yaobai | Yaobai |
Current liabilities: | ||||
Short-term borrowings | 1,203,294,187.11 | 1,058,294,187.11 | 1,093,294,187.11 | 958,294,187.11 |
- Tradable financial liabilities
- Derivative financial liabilities
Notes payable | 946,330,000.00 | 638,000,000.00 | 960,000,000.00 | 636,500,000.00 | ||||
Accounts payable | 1,201,981,254.80 | 1,382,612,962.54 | 5,514,089.25 | 3,907,461.28 | ||||
Receipts in advance | - | 11,250.00 | - | - | ||||
Contract liabilities | 342,258,915.38 | 196,404,955.93 | - | - | ||||
Employee benefits payable | 90,640,554.67 | 92,716,599.74 | 8,446,331.64 | 6,109,078.60 | ||||
Taxes payable | 46,109,544.51 | 145,955,640.22 | 13,035,927.78 | 13,150,018.39 | ||||
Other payables | 1,167,156,210.24 | 1,505,872,357.46 | 831,326,211.39 | 1,216,133,807.33 | ||||
Non-current liabilities due within one year | 290,000,000.00 | 290,000,000.00 | 210,000,000.00 | 210,000,000.00 | ||||
Other current liabilities | 97,673,735.53 | 91,416,180.09 | 44,413,631.99 | 44,413,631.99 | ||||
Total current liabilities | ||||||||
5,385,444,402.24 | 5,401,284,133.09 | 3,166,030,379.16 | 3,088,508,184.70 | |||||
Non-current liabilities: | ||||||||
Long-term borrowings | 1,258,147,473.27 | 669,411,158.27 | 589,411,158.27 | 589,411,158.27 | ||||
Debentures payable | 1,255,504,761.23 | 1,232,842,264.24 | 1,255,504,761.23 | 1,232,842,264.24 | ||||
Long-term payables | 30,218,748.29 | 35,039,786.57 | - | - | ||||
Estimated liabilities | 204,345,423.43 | 204,371,657.11 | - | - | ||||
Deferred income | 34,382,705.61 | 35,807,168.44 | 2,119,949.87 | 2,119,949.87 | ||||
Deferred income tax liabilities | 10,090,395.14 | 10,090,395.14 | - | - | ||||
Total non-current liabilities | ||||||||
2,792,689,506.97 | 2,187,562,429.77 | 1,847,035,869.37 | 1,824,373,372.38 | |||||
Total liabilities | ||||||||
8,178,133,909.21 | 7,588,846,562.86 | 5,013,066,248.53 | 4,912,881,557.08 | |||||
Owners' equity (or shareholders' equity): | ||||||||
Paid-in capital (or Share capital) | 1,890,000,000.00 | 1,890,000,000.00 | 1,890,000,000.00 | 1,890,000,000.00 | ||||
Capital reserve | 51,656,776.09 | 51,656,776.09 | 12,715,940.06 | 12,715,940.06 | ||||
Other comprehensive income | 15,225,086.14 | 15,207,954.08 | - | - | ||||
Special reserve | 59,623,126.72 | 52,622,934.44 | - | - | ||||
Surplus reserve | 642,134,879.54 | 642,134,879.54 | 642,134,879.54 | 642,134,879.54 | ||||
Undistributed profit | 4,742,975,113.53 | 4,462,091,089.31 | 3,504,622,703.52 | 3,501,267,165.83 | ||||
Total equity attributable to owners of | ||||||||
the parent (or shareholders) | 7,401,614,982.02 | 7,113,713,633.46 | - | - | ||||
Minority interests | 426,563,341.29 | 400,566,989.19 | - | - | ||||
Total owners' equity (or shareholders' equity) | ||||||||
7,828,178,323.31 | 7,514,280,622.65 | 6,049,473,523.12 | 6,046,117,985.43 | |||||
Total liabilities and owners' equity | ||||||||
(or shareholders' equity) | 16,006,312,232.52 | 15,103,127,185.51 | 11,062,539,771.65 | 10,958,999,542.51 | ||||
- 4 -
2. Income Statement
Prepared by: Yaobai Special Cement Group Co., Ltd | Unit: RMB | ||||||||||||||
2021 Q1 | 2020 Q1 | 2021 Q1 | 2020 Q1 | ||||||||||||
Items | Consolidated | Consolidated | Yaobai | Yaobai | |||||||||||
I. Total operating revenue | 1,423,203,537.51 | 752,005,385.29 | 18,102,491.36 | 2,889,313.49 | |||||||||||
Including: | Operating revenue | 1,423,203,537.51 | 752,005,385.29 | - | - | ||||||||||
II. Total operating costs | |||||||||||||||
1,106,075,791.71 | 596,491,978.55 | - | - | ||||||||||||
Including: | Operating costs | 949,726,236.63 | 475,731,898.48 | - | - | ||||||||||
Taxes and surcharges | 24,640,231.69 | 10,992,506.75 | 506,430.85 | 392,168.05 | |||||||||||
Selling expenses | 12,995,604.90 | 7,579,972.79 | 3,295,933.08 | 2,000,684.89 | |||||||||||
Administrative expenses | 82,299,850.87 | 71,414,592.57 | 18,795,338.40 | 12,955,242.81 | |||||||||||
Research and development expenses | 2,639,776.09 | 1,362,004.43 | - | - | |||||||||||
Financial expenses | 33,774,091.53 | 29,411,003.53 | -4,298,685.06 | -1,342,301.39 | |||||||||||
Including: Interest expenses | 38,361,012.66 | 30,556,668.87 | 641,666.66 | - | |||||||||||
Interest income | -5,138,255.34 | -1,565,773.20 | -4,943,219.71 | -1,383,540.81 | |||||||||||
Add: | Other income | 37,178,321.28 | 31,773,711.45 | 27,238.09 | 553,076.78 | ||||||||||
Investment income (loss is represented | |||||||||||||||
by "-") | 2,278,017.37 | 3,222,093.00 | 2,258,668.20 | 3,222,093.00 | |||||||||||
Gain on fair value changes | |||||||||||||||
(loss is represented by "-") | 1,301,501.49 | - | 1,301,501.49 | - | |||||||||||
Credit impairment loss | |||||||||||||||
(loss is represented by "-") | -2,081,414.27 | 141,334.62 | - | - | |||||||||||
Asset disposal income (loss is | |||||||||||||||
represented by "-") | - | -1,359,292.34 | - | - | |||||||||||
III. Operating profit (loss is represented by "-") | |||||||||||||||
355,804,171.67 | 189,291,253.47 | 3,390,881.87 | -7,341,311.09 | ||||||||||||
Add: | Non-operating income | 8,022,483.66 | 4,730,588.97 | 61,908.43 | 17,280.00 | ||||||||||
Less: | Non-operating expenses | 2,083,475.60 | 19,742,888.57 | 31,244.55 | - | ||||||||||
IV. Total profit (total loss is represented by "-") | |||||||||||||||
361,743,179.73 | 174,278,953.87 | 3,421,545.75 | -7,324,031.09 | ||||||||||||
Less: | Income tax expenses | 56,045,431.10 | 29,657,399.81 | 66,008.06 | - | ||||||||||
- 5 -
2021 Q1 | 2020 Q1 | 2021 Q1 | 2020 Q1 | ||
Items | Consolidated | Consolidated | Yaobai | Yaobai | |
V. Net profit (net loss is represented by "-") | 305,697,748.63 | 144,621,554.06 | 3,355,537.69 | -7,324,031.09 | |
(I) By continuity of operations | |||||
1. | Net profit from continuing operations | ||||
(net loss is represented by "-") | 305,697,748.63 | 144,621,554.06 | 3,355,537.69 | -7,324,031.09 | |
2. | Net profit from discontinued operations | ||||
(net loss is represented by "-") | - | - | - | - |
- By ownership
1. Net profit attributable to shareholders
of the parent (net loss is | |||||||||||
represented by "-") | 280,884,024.22 | 134,710,983.48 | 3,355,537.69 | -7,324,031.09 | |||||||
2. | Minority interests (net loss is | ||||||||||
represented by "-") | 24,813,724.41 | 9,910,570.58 | - | - | |||||||
VI. Net other comprehensive income after tax | |||||||||||
- | - | - | - | ||||||||
VII. Total comprehensive income | |||||||||||
305,697,748.63 | 144,621,554.06 | 3,355,537.69 | -7,324,031.09 | ||||||||
(I) | Total comprehensive income attributable to | ||||||||||
owners of the parent | 280,884,024.22 | 134,710,983.48 | 3,355,537.69 | -7,324,031.09 | |||||||
(II) | Total comprehensive income attributable to | ||||||||||
minority shareholders | 24,813,724.41 | 9,910,570.58 | - | - | |||||||
VIII. Earnings per share | |||||||||||
(I) | Basic earnings per share | - | - | - | - | ||||||
(II) | Diluted earnings per share | - | - | - | - | ||||||
- 6 -
3. Cash Flow Statement
Prepared by: Yaobai Special Cement Group Co., Ltd | Unit: RMB | |||
2021 Q1 | 2020 Q1 | 2021 Q1 | 2020 Q1 | |
Items | Consolidated | Consolidated | Yaobai | Yaobai |
I. Cash flow generated from operating activities:
Cash received from sales of goods or rendering | ||||||||||
of services | 961,483,703.53 | 881,455,327.67 | 126,539,770.18 | 91,776,620.99 | ||||||
Tax refund received | 25,431,506.26 | 20,745,430.94 | - | - | ||||||
Cash received relating to other operating | ||||||||||
activities | 62,604,655.24 | 35,571,373.34 | 46,856,822.11 | 39,232,485.94 | ||||||
Sub-total of cash inflow from operating | ||||||||||
activities | 1,049,519,865.03 | 937,772,131.95 | 173,396,592.29 | 131,009,106.93 | ||||||
Cash paid for goods and service | 351,819,436.22 | 381,513,594.68 | - | 35,600,000.00 | ||||||
Cash paid to and for employees | 138,200,042.68 | 111,180,684.45 | 13,987,933.66 | 7,303,494.55 | ||||||
Payments of taxes | 172,624,069.66 | 103,488,288.33 | 23,010,637.43 | 1,460,631.22 | ||||||
Cash payments relating to other operating | ||||||||||
activities | 135,599,558.37 | 136,700,242.83 | 21,586,464.36 | 82,724,905.85 | ||||||
Sub-total of cash outflows from operating | ||||||||||
activities | 798,243,106.93 | 732,882,810.29 | 58,585,035.45 | 127,089,031.62 | ||||||
Net cash flow from operating activities | ||||||||||
251,276,758.10 | 204,889,321.66 | 114,811,556.84 | 3,920,075.31 | |||||||
II. Cash flow generated from investing activities: | ||||||||||
Cash received from disposal of investments | 100,000,000.00 | - | 100,000,000.00 | - | ||||||
Cash received from returns on investments | 354,795.00 | - | 354,795.00 | - | ||||||
Net cash received from disposal of fixed assets, | ||||||||||
intangible assets and other long-term assets | - | 350,000.00 | - | - | ||||||
Cash received relating to other investing | ||||||||||
activities | - | - | - | - | ||||||
Sub-total of cash inflows from investing | ||||||||||
activities | 100,354,795.00 | 350,000.00 | 100,354,795.00 | - | ||||||
Cash paid to acquire fixed assets, intangible | ||||||||||
assets and other long-term assets | 933,401,994.18 | 313,095,663.65 | 30,195,077.47 | 187,952,929.82 | ||||||
Cash paid for investments | 5,300,000.00 | - | 140,794,800.00 | 46,715,000.00 | ||||||
Cash paid relating to other investing activities | - | - | - | - | ||||||
Sub-total of cash outflows from investing | ||||||||||
activities | 938,701,994.18 | 313,095,663.65 | 170,989,877.47 | 234,667,929.82 | ||||||
Net cash flow from investing activities | ||||||||||
-838,347,199.18 | -312,745,663.65 | -70,635,082.47 | -234,667,929.82 | |||||||
- 7 - |
2021 Q1 | 2020 Q1 | 2021 Q1 | 2020 Q1 | |||||||||
Items | Consolidated | Consolidated | Yaobai | Yaobai | ||||||||
III. Cash flow generated from financing activities: | ||||||||||||
Cash received from borrowings | 1,505,000,000.00 | 100,000,000.00 | 945,000,000.00 | 100,000,000.00 | ||||||||
Cash received relating to other financing | ||||||||||||
activities | - | - | - | - | ||||||||
Sub-total of cash inflows from financing | ||||||||||||
activities | 1,505,000,000.00 | 100,000,000.00 | 945,000,000.00 | 100,000,000.00 | ||||||||
Cash repayments of debt | 593,507,525.00 | 100,000,000.00 | 515,000,000.00 | 100,000,000.00 | ||||||||
Cash payments for distribution of | ||||||||||||
dividends, profits and interest | 427,370,955.95 | 12,280,827.75 | 416,903,554.63 | 9,802,142.75 | ||||||||
Cash payments relating to other financing | ||||||||||||
activities | - | - | - | - | ||||||||
Sub-total of cash outflows from financing | ||||||||||||
activities | 1,020,878,480.95 | 112,280,827.75 | 931,903,554.63 | 109,802,142.75 | ||||||||
Net cash flow from financing activities | ||||||||||||
484,121,519.05 | -12,280,827.75 | 13,096,445.37 | -9,802,142.75 | |||||||||
IV. | Effect of change of foreign currency rates | |||||||||||
on cash and cash equivalents | - | - | - | - | ||||||||
V. | Net increase in cash and cash equivalents | |||||||||||
-102,948,922.03 | -120,137,169.74 | 57,272,919.74 | -240,549,997.26 | |||||||||
Add: Opening balance of cash and | ||||||||||||
cash equivalents | 1,211,240,371.80 | 1,182,925,084.71 | 921,873,299.05 | 1,102,456,218.88 | ||||||||
VI. | Closing balance of cash and cash equivalents | |||||||||||
1,108,291,449.77 | 1,062,787,914.97 | 979,146,218.79 | 861,906,221.62 | |||||||||
The information contained in this announcement is prepared based solely on a preliminary assessment by the management of the Company with reference to the information currently available, which have not been reviewed or audited by the Company's auditors. The Quarterly Results in this announcement, which are unaudited, have been prepared in accordance with PRC GAAP. Accordingly, the information contained in this announcement and in the Quarterly Results may differ from those in the unaudited or audited consolidated financial statements to be published by the Company for the six months ending 30 June 2021 and for the year ending 31 December 2021, respectively. Further, the financial information in this announcement is provided for reference only and Shareholders and potential investors of the Company are advised to exercise caution and not to place undue reliance on such information when dealing in the shares of the Company. When in doubt, the Shareholders and potential investors of the Company are advised to consult their own professional or financial advisers.
- 8 -
DEFINITIONS
In this announcement, the following terms shall have the following meanings unless the context requires otherwise:
"IFRS" | International Financial Reporting Standards, a collective |
term which includes standards and interpretations approved | |
by the International Accounting Standards Board (IASB), | |
and the International Accounting Standards and interpretations | |
issued by the International Accounting Standards Committee | |
(IASC) | |
"Listing Rules" | the Rules Governing the Listing of Securities on The Stock |
Exchange of Hong Kong Limited | |
"PRC" | the People's Republic of China, excluding, for the purpose |
of this announcement only, the Hong Kong Special | |
Administrative Region, the Macau Special Administrative | |
Region, and Taiwan | |
"PRC GAAP" | the Accounting Standards for Business Enterprises issued by |
the Ministry of Finance of the PRC on 15 February 2006, | |
and other relevant accounting principles and financial | |
regulations as promulgated in the PRC | |
"RMB" | Renminbi yuan, the lawful currency of the PRC |
"Syndicated Loan" | the loan with a syndicate of financial institutions of US$150 |
million for a period of 3 years entered into by the Company | |
on 5 September 2019 | |
By Order of the Board | |
West China Cement Limited | |
Zhang Jimin | |
Chairman | |
Hong Kong, 28 April 2021 |
As at the date of this announcement, the executive Directors are Mr. Zhang Jimin and Dr. Ma Weiping, the non-executive Directors are Mr. Ma Zhaoyang, Ms. Liu Yan and Mr. Fan Changhong and the independent non-executive Directors are Mr. Lee Kong Wai, Conway, Mr. Zhu Dong and Mr. Tam King Ching, Kenny.
- 9 -
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Disclaimer
West China Cement Ltd. published this content on 28 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2021 11:43:02 UTC.