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.
中 遠 海 運 發 展 股 份 有 限 公 司
COSCO SHIPPING Development Co., Ltd.*
(A joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock Code: 02866)
OVERSEAS REGULATORY ANNOUNCEMENT
This announcement is made pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The "COSCO SHIPPING Development Co., Ltd. Pro Forma Consolidated Financial Statements and Review Report for 2020" as published by COSCO SHIPPING Development Co., Ltd. in Chinese on the website of the Shanghai Stock Exchange (www.sse.com.cn) on 29 April 2021 and its English translation extract is enclosed hereto as overseas regulatory announcement for your reference only. In case of any inconsistencies between the Chinese version and the English translation, the Chinese version shall prevail.
By order of the Board
COSCO SHIPPING Development Co., Ltd.
Cai Lei
Joint Company Secretary
29 April 2021
As at the date of this announcement, the Board comprises Mr. Wang Daxiong, Mr. Liu Chong and Mr. Xu Hui, being executive Directors, Mr. Huang Jian, Mr. Liang Yanfeng and Mr. Ip Sing Chi, being non-executive Directors, and Mr. Cai Hongping, Ms. Hai Chi Yuet, Mr. Graeme Jack, Mr. Lu Jianzhong and Ms. Zhang Weihua, being independent non-executive Directors.
- The Company is a registered non-Hong Kong company as defined in the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) and it is registered under its Chinese name and under the English name "COSCO SHIPPING Development Co., Ltd.".
REVIEW REPORT
Ernst & Young Hua Ming (2021) Zhuan Zi No. 61227808_B01
COSCO SHIPPING Development Co., Ltd.
To All Shareholders of COSCO SHIPPING Development Co., Ltd.,
We have reviewed the accompanying pro forma combined financial statements of COSCO SHIPPING Development Co., Ltd. prepared in accordance with the basis of preparation stated in Note 2 to the pro forma combined financial statements, which comprise the pro forma combined balance sheet as at 31 December 2020, the pro forma combined income statements for 2020 and limited notes to the pro forma combined financial statements. It is the responsibility of the management of COSCO SHIPPING Development Co., Ltd. to prepare the pro forma combined financial statements in accordance with the basis of preparation stated in Note 2 to the pro forma combined financial statements. Our responsibility is to issue a review report on the pro forma combined financial statements on the basis of the review work.
We conducted our review work in accordance with the provisions of the "China Certified Public Accountant Review Standard No. 2101 - Review of Financial Statement". This standard requires that we plan and perform review work to obtain limited assurance about whether there are material reporting errors in the pro forma combined financial statements. The review was mainly limited to inquiring the relevant personnel of COSCO SHIPPING Development Co., Ltd. and implementing the analysis procedures for the financial information, which provided less assurance than the audit. We have not carried out the audit and therefore do not express an audit opinion.
Based on our review, we are not aware of any matter that causes us to believe that the above pro forma combined financial statements have not been prepared in all material respects in accordance with the basis of preparation stated in Note 2 to the pro forma combined financial statements.
We remind users of the pro forma combined financial statements to pay attention to the description of preparation basis in Note 2 to the pro forma combined financial statements. This report is only for COSCO SHIPPING Development Co., Ltd. to apply to China Securities Regulatory Commission to acquire assets and raise ancillary funds through issuance of shares, and is not applicable to any other purposes. This paragraph does not affect the review conclusions published.
1
REVIEW REPORT (Continued)
Ernst & Young Hua Ming (2021) Zhuan Zi No. 61227808_B01
COSCO SHIPPING Development Co., Ltd.
(No text on this page)
Ernst & Young Hua Ming LLP | Chinese Certified Public |
Accountant: You Fei (尤飞) |
Chinese Certified Public
Accountant: Zhu Li (朱莉)
Beijing, the PRC | 23 April 2021 |
2
COSCO SHIPPING Development Co., Ltd. | |||||
PRO FORMA CONSOLIDATED BALANCE SHEET | |||||
As at 31 December 2020 | RMB | ||||
Assets | Note V | 31 December 2020 | 31 December 2019 | ||
Current assets | |||||
Cash and bank balances | 1 | 13,379,760,376.91 | 10,468,319,046.24 | ||
Financial assets held for trading | 2 | 654,224,047.94 | 515,966,828.33 | ||
Bills receivables | 3 | 391,903,718.89 | 16,700,690.01 | ||
Accounts receivable | 4 | 4,233,997,406.55 | 2,101,558,440.72 | ||
Reinsurance accounts receivable | 6,938,190.88 | 7,453,139.84 | |||
Prepayments | 5 | 1,718,491,888.73 | 573,363,854.29 | ||
Other receivables | 6 | 273,157,801.17 | 905,139,864.98 | ||
Inventories | 7 | 1,964,858,083.79 | 1,480,850,232.29 | ||
Non-current assets due within | |||||
one year | 8 | 19,380,569,317.13 | 16,553,534,222.73 | ||
Other current assets | 9 | 380,130,156.28 | 116,665,693.07 | ||
Total current assets | 42,384,030,988.27 | 32,739,552,012.50 | |||
Non-current assets | |||||
Other debt investments | 10 | 59,820,000.00 | - | ||
Long-term receivables | 11 | 27,698,200,826.12 | 27,051,677,344.51 | ||
Long-term equity investments | 12 | 21,022,573,976.71 | 25,854,213,940.22 | ||
Other non-current financial | |||||
assets | 13 | 3,932,753,960.40 | 4,266,307,368.85 | ||
Investment properties | 14 | 113,220,569.47 | 121,167,177.90 | ||
Fixed assets | 15 | 56,533,767,074.02 | 58,415,566,560.34 | ||
Construction in progress | 16 | 193,499,047.74 | 106,782,505.64 | ||
Right-of-use assets | 17 | 121,371,604.51 | 175,811,685.93 | ||
Intangible assets | 18 | 607,217,429.04 | 606,809,898.04 | ||
Long-term prepaid expenses | 19 | 58,786,352.81 | 67,067,622.72 | ||
Deferred income tax assets | 20 | 284,669,504.39 | 243,651,234.65 | ||
Other non-current assets | 21 | 222,669,186.50 | 54,773,101.34 | ||
Total non-current assets | 110,848,549,531.71 | 116,963,828,440.14 | |||
Total assets | 153,232,580,519.98 | 149,703,380,452.64 |
The accompanying notes of the pro forma combined financial statements form part of these pro forma combined financial statements
3
COSCO SHIPPING Development Co., Ltd.
PRO FORMA CONSOLIDATED BALANCE SHEET(Continued)
As at 31 December 2020 | RMB | ||||
Liabilities and owners' equity | Note V | 31 December 2020 | 31 December 2019 | ||
Current liabilities | |||||
Short-term borrowings | 22 | 19,953,169,100.00 | 17,245,920,397.60 | ||
Bills-payable | 23 | 1,463,509,348.22 | 926,240,520.00 | ||
Accounts payable | 24 | 3,945,885,713.10 | 3,044,893,843.72 | ||
Receipts in advance | 25 | 348,748,576.27 | 169,957,081.65 | ||
Contract liabilities | 26 | 175,784,942.16 | 173,711,329.14 | ||
Staff remuneration payable | 27 | 678,495,772.39 | 436,368,348.40 | ||
Taxes payable | 28 | 263,232,003.87 | 229,473,189.06 | ||
Other payables | 29 | 2,011,650,818.06 | 1,526,971,875.86 | ||
Reinsurance accounts payable | 25,724,639.84 | 22,520,027.50 | |||
Non-current liabilities due within | |||||
one year | 30 | 37,138,160,577.00 | 32,335,764,543.94 | ||
Other current liabilities | 31 | 3,000,000,000.00 | - | ||
Total current liabilities | 69,004,361,490.91 | 56,111,821,156.87 | |||
Non-current liabilities | |||||
Long-term borrowings | 32 | 45,527,948,093.17 | 54,853,208,883.56 | ||
Bonds payable | 33 | 8,287,545,838.06 | 8,271,399,591.01 | ||
Lease liabilities | 34 | 55,338,974.12 | 151,920,055.56 | ||
Long-term payables | 35 | 2,607,811,275.88 | 2,352,044,869.48 | ||
Long-term staff remuneration | |||||
payable | 36 | 21,688,199.77 | 18,491,589.50 | ||
Deferred income | 37 | 20,372,489.01 | 15,780,249.77 | ||
Deferred income tax liabilities | 20 | 104,888,101.64 | 350,975,260.05 | ||
Other non-current liabilities | 38 | 196,756,397.98 | 12,032,890.65 | ||
Total non-current liabilities | 56,822,349,369.63 | 66,025,853,389.58 | |||
Total liabilities | 125,826,710,860.54 | 122,137,674,546.45 |
The accompanying notes of the pro forma combined financial statements form part of these pro forma combined financial statements
4
COSCO SHIPPING Development Co., Ltd.
PRO FORMA CONSOLIDATED BALANCE SHEET(Continued)
As at 31 December 2020 | RMB | |||||
Liabilities and owners' equity | Note V | 31 December 2020 | 31 December 2019 | |||
Owners' equity | 13,027,199,539.00 | 13,027,199,539.00 | ||||
Share capital | 39 | |||||
Other equity instruments | 40 | 6,000,000,000.00 | 7,000,000,000.00 | |||
Including: Perpetual bonds | 6,000,000,000.00 | 7,000,000,000.00 | ||||
Capital reserve | 41 | 1,968,821,870.70 | 2,414,696,722.10 | |||
Less: Treasury shares | 42 | 233,428,071.84 | 233,428,071.84 | |||
Other comprehensive income | 43 | (2,320,757,973.36) | (2,638,034,334.93) | |||
Special reserve | 44 | 1,360,053.39 | 2,887,403.67 | |||
Surplus reserve | 45 | 1,635,440,480.64 | 1,552,192,349.37 | |||
Retained earnings | 46 | 7,327,233,760.91 | 6,440,192,298.82 | |||
Total equity attributable to | ||||||
shareholders of the parent | 27,405,869,659.44 | 27,565,705,906.19 | ||||
company | ||||||
Minority interests | - | - | ||||
Total owners' equity | 27,405,869,659.44 | 27,565,705,906.19 | ||||
Total liabilities and owners' equity | 153,232,580,519.98 | 149,703,380,452.64 |
These pro forma combined financial statements have been signed by:
Legal representative: | Person-in-charge of accounting | Head of the accounting |
affairs: | department: |
The accompanying notes of the pro forma combined financial statements form part of these pro forma combined financial statements
5
COSCO SHIPPING Development Co., Ltd. | |
PRO FORMA CONSOLIDATED INCOME STATEMENT | |
2020 | RMB |
Note V | |
Operating revenue | 47 |
Handling charges and commission income | 48 |
Less: Operating cost | 47 |
Taxes and surcharges | 49 |
Selling expenses | 50 |
Administrative expenses | 51 |
Research and development expenses | 52 |
Finance cost | 53 |
Including: Interest expense | |
Interest income | |
Add: Other gains | 54 |
Investment gains | 55 |
Including: Gains from investment in associates and | |
joint ventures | |
Derecognition gains on financial assets | |
measured at amortized cost | |
Losses from change in fair value | 56 |
Credit impairment losses | 57 |
Asset impairment losses | 58 |
Gains from disposal of assets | 59 |
Profit from operations | |
Add: Non-operating income | 60 |
Less: Non-operating expense | 61 |
Total profit | |
Less: Income tax expenses | 63 |
Net profit
Classified by continuity of operation
Net profit from continuing operations
Net profit from discontinued operations
Classified by ownership of equity
Net profit attributable to shareholders of the parent company Minority interests
2020
20,181,877,707.96
41,359,181.05
14,927,473,766.37
76,483,592.46
21,971,091.53
1,359,674,144.48
21,576,502.18
2,405,424,826.78
2,232,946,536.45
150,729,536.76
134,702,346.99
2,437,088,739.98
1,980,351,138.33
4,588,747.02
(206,223,798.34)
(625,008,425.05)
(743,803,399.30)
25,722,891.70
2,433,111,321.19
61,926,633.97
17,900,416.45
2,477,137,538.71
335,861,123.99
2,141,276,414.72
1,453,190,376.73
688,086,037.99
2,141,276,414.72
-
The accompanying notes of the pro forma combined financial statements form part of these pro forma combined financial statements
6
COSCO SHIPPING Development Co., Ltd. | |
PRO FORMA CONSOLIDATED INCOME STATEMENT (Continued) | |
2020 | RMB |
Note V | |
Net other comprehensive income after taxes | |
Net other comprehensive income attributable to shareholders | |
of the parent company after taxes | 43 |
Other comprehensive income that may not be transferred | |
to profit or loss | |
Other comprehensive income that may not be transferred | |
to profit or loss under the equity method | |
Other comprehensive income that may be reclassified | |
to profit or loss | |
Other comprehensive income that may be transferred to | |
profit or loss under the equity method | |
Reserve for cash flow hedging | |
Exchange differences from translation of financial statement | |
Net other comprehensive income attributable to | |
minority interests after taxes | 43 |
Total comprehensive income | |
Including: | |
Total comprehensive income attributable to | |
shareholders of the parent company | |
Total comprehensive income attributable to | |
minority interests | |
Earnings per share | 64 |
Basic earnings per share (RMB per share) |
Diluted earnings per share (RMB per share)
2020
317,276,361.57
317,276,361.57
(13,390,441.41)
(342,364,689.90)
(10,030,039.10)
683,061,531.98
-
2,458,552,776.29
2,458,552,776.29
-
0.1395
0.1395
The accompanying notes of the pro forma combined financial statements form part of these pro forma combined financial statements
7
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Cosco Shipping Development Co. Ltd. published this content on 29 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2021 14:57:04 UTC.