Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibilities 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.
(A Sino-foreign joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock Code: 568)
ANNOUNCEMENT
UNAUDITED 2021 FIRST QUARTERLY REPORT
This report is published simultaneously in the People's Republic of China pursuant to the Rules Governing the Listing of Shares on Shenzhen Stock Exchange 《( 深圳證券交易所股票上市規則》) and in Hong Kong pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
PART 1 IMPORTANT NOTICE
The board of directors, supervisory committee and the directors, supervisors and senior management of the Company confirm that this quarterly report does not contain any false information, misleading statements or material omissions, and collectively and individually accept responsibility for the truthfulness, accuracy and completeness of its contents.
All directors attended the Board meeting for approving this quarterly report.
Yang Yun Long, person in charge of the Company, Liu Min, accounting officer in charge of the Company and Zhang Xue Mei, head of accounting section (accounting executive) of the Company, hereby confirm the truthfulness, accuracy and completeness of the financial statements contained in this quarterly report.
- 1 -
PART 2 BASIC INFORMATION OF THE COMPANY
-
KEY FINANCIAL DATA AND FINANCIAL INDICATORS
Any necessary retrospective adjustment or restatement of accounting data of prior years
□ Yes ✓ No
Increase/decrease | |||
in the current | |||
reporting period | |||
as compared | |||
The | to the | ||
corresponding | corresponding | ||
The current | period of | period of | |
reporting period | last year | last year | |
Operating income (RMB) | 544,093,801.68 | 526,079,581.62 | 3.42% |
Net profit attributable to shareholders of the | |||
listed Company (RMB) | -109,329,169.93 | -74,046,605.73 | -47.65% |
Net profit attributable to shareholders of the | |||
listed Company excluding extraordinary | |||
profit or loss (RMB) | -110,052,476.77 | -73,949,340.08 | -48.82% |
Net cash flow from operating activities | |||
(RMB) | -198,994,506.89 | -121,768,899.10 | -63.42% |
Basic earnings per share (RMB per share) | -0.137 | -0.0928 | -47.63% |
Diluted earnings per share (RMB per share) | -0.137 | -0.0928 | -47.63% |
Weighted average return on net assets | -6.33% | -4.33% | -2.00% |
Increase/decrease | |||
at the end of the | |||
current reporting | |||
period as | |||
At the end of | compared to the | ||
the current | At the end of | end of | |
reporting period | last year | last year | |
Total assets (RMB) | 4,945,297,224.14 | 5,175,635,815.38 | -4.45% |
Net assets attributable to shareholders of the | |||
listed company (RMB) | 1,671,301,045.60 | 1,780,737,084.59 | -6.15% |
Extraordinary profit or loss items and amounts
- Applicable □ Not applicable
- 2 -
Unit: RMB | ||
Amount from the | ||
beginning of the year to | ||
the end of the reporting | ||
Item | period | Note |
Profit or loss on disposal of non- | -249,203.45 | Mainly comprised the loss on |
current assets (including written- | the disposal of certain scrap | |
off of provisions for assets | equipment by the Company. | |
impairment) | ||
Government grants included in the | 1,074,438.69 | Mainly comprised the |
profit or loss for the current period | government grants received | |
(excluding those grants that are | by the Company such as the | |
closely related to the Company's | subsidies for on-the-job | |
business and that were granted in | training paid by Shouguang | |
accordance with the standard | Human Resources and Social | |
amount or volume prescribed by | Security Bureau. | |
the State) | ||
Other non-operating income and | 67,879.03 | - |
expenses other than the above | ||
items | ||
Less: Effect of income tax | 112,063.72 | - |
Effect of minority interests | 57,743.71 | - |
(after tax) | ||
Total | 723,306.84 | - |
Explain the reasons for determination of the extraordinary profit or loss items defined by the Company in accordance with the definition set out in the Explanatory Announcement No. 1 on Information Disclosure by Public Issuers - Extraordinary Profit or Loss Items (《公開發行證券 的公司信息披露解釋性公告第1號 - 非經常性損益》), and of the recurring profit or loss items that are in conformity with the definition of ''extraordinary profit or loss items'' as set out in the abovementioned document.
- Applicable ✓ Not applicable
No extraordinary profit or loss item as defined and illustrated in the Explanatory Announcement No. 1 on Information Disclosure by Public Issuers - Extraordinary Profit or Loss Items was deemed to be ordinary profit or loss item for the reporting period.
- 3 -
-
TOTAL NUMBER OF SHAREHOLDERS AND TOP TEN SHAREHOLDERS AS AT THE END OF THE REPORTING PERIOD
1. Total number of ordinary shareholders, number of preferred shareholders restored by voting rights and top ten shareholders
Unit: share | |||
Total number of ordinary | 31,194 | Total number of preferred | 0 |
shareholders as at the | (including 31,149 | shareholders restored by | |
end of the reporting | holders of A shares | voting rights at the end of | |
period | and 45 holders of | the reporting period (if | |
H shares) | any) |
Shareholdings of top ten shareholders
Number of | Pledged or frozen | |||||
Nature of | Percentage of | Number of | shares with | Status of | ||
Name of shareholder | shareholder | shareholding | shares held | sale restriction | shares | Quantity |
Shouguang Molong | State-owned legal | 29.53% | 235,617,000 | - | - | - |
Holdings Co., Ltd. | person | |||||
HKSCC Nominees | Overseas legal | 20.31% | 162,044,590 | - | - | - |
Limited | person | |||||
Shandong Zhimeng | Domestic non- | 8.46% | 67,494,910 | - | - | - |
Holdings Co., Ltd. | stated owned | |||||
legal person | ||||||
Zhang Yun San | Domestic natural | 4.03% | 32,168,400 | - | - | - |
person | ||||||
Lin Fu Long | Domestic natural | 3.08% | 24,602,700 | - | - | - |
person | ||||||
Shouguang Panjin | Domestic non- | 2.53% | 20,200,000 | - | - | - |
Property Co., Ltd. | stated owned | |||||
legal person | ||||||
Hong Kong Securities | Overseas legal | 1.15% | 9,153,438 | - | - | - |
Clearing Company | person | |||||
Limited | ||||||
Lin Wei Rong | Domestic natural | 0.29% | 2,300,000 | - | - | - |
person | ||||||
Sun Xiao Ou | Domestic natural | 0.26% | 2,085,500 | - | - | - |
person | ||||||
Xie Kun | Domestic natural | 0.25% | 1,999,600 | - | - | - |
person |
- 4 -
Shareholdings of top ten shareholders not subject to lock-up
Number of | Share type | ||
shares not | |||
subject to | |||
Name of shareholder | lock-up held | Share type | Quantity |
Shouguang Molong Holdings | 235,617,000 | RMB ordinary shares | 235,617,000 |
Co., Ltd. | |||
HKSCC Nominees Limited | 162,044,590 | Overseas listed foreign shares | 162,044,590 |
Shandong Zhimeng Holdings | 67,494,910 | RMB ordinary shares | 2,754,910 |
Co., Ltd. | Overseas listed foreign shares | 64,740,000 | |
Zhang Yun San | 32,168,400 | RMB ordinary shares | 23,108,000 |
Overseas listed foreign shares | 9,060,400 | ||
Lin Fu Long | 24,602,700 | RMB ordinary shares | 24,602,700 |
Shouguang Panjin Property Co., | 20,200,000 | RMB ordinary shares | 200,000 |
Ltd. | Overseas listed foreign shares | 20,000,000 | |
Hong Kong Securities Clearing | 9,153,438 | RMB ordinary shares | 9,153,438 |
Company Limited | |||
Lin Wei Rong | 2,300,000 | RMB ordinary shares | 2,300,000 |
Sun Xiao Ou | 2,085,500 | RMB ordinary shares | 2,085,500 |
Xie Kun | 1,999,600 | RMB ordinary shares | 1,999,600 |
Connected relationship or | Shandong Zhimeng Holdings Co., Ltd. and Shouguang Panjin | ||
concert party relationship | Property Co., Ltd. became parties acting in concert through | ||
among the above shareholders | entering into a concert party agreement and they do not control | ||
each other. | |||
Description of the top ten | Not applicable | ||
ordinary shareholders | |||
participating in margin trading | |||
business (if any) |
Whether the top ten ordinary shareholders and the top ten shareholders not subject to lock-up made the repurchase transactions during the reporting period.
- Yes ✓ No
The top ten ordinary shareholders and the top ten shareholders not subject to lock-up did not undertake the repurchase transactions during the reporting period.
2. Total number of preferred shareholders and top ten preferred shareholders □ Applicable ✓ Not applicable
- 5 -
PART 3 MATERIAL MATTERS
-
CHANGES IN MAJOR FINANCIAL STATEMENTS AND FINANCIAL INDICATORS DURING THE REPORTING PERIOD AND THE REASONS THEREFOR
✓ Applicable □ Not applicable
- The explanation for major changes of the Company's assets and liabilities structure during the reporting period
Unit: RMB | ||||
31 December | ||||
31 March 2021 | 2020 | Change | Reason for | |
Items | (Unaudited) | (Audited) | (%) | difference |
Financing receivables | 18,825,342.43 | 33,575,777.00 | -43.93% | (1) |
Prepayments | 71,966,964.14 | 24,755,942.84 | 190.71% | (2) |
Other receivables | 108,188,767.56 | 156,486,818.72 | -30.86% | (3) |
Other current assets | 28,988,342.93 | 21,904,932.90 | 32.34% | (4) |
Taxes payable | 8,956,345.00 | 27,192,105.60 | -67.06% | (5) |
Other payables | 66,982,576.70 | 43,853,326.94 | 52.74% | (6) |
Non-current liabilities due | ||||
within 1 year | 94,438,619.62 | 139,784,923.46 | -32.44% | (7) |
- Financing receivables decreased by 43.93% compared with the beginning of the year, mainly attributable to the negotiation of bank acceptance bills during the current period.
- Prepayments increased by 190.71% compared with the beginning of the year, mainly attributable to the increased prepayments for materials at the end of the reporting period.
- Other receivables decreased by 30.86% compared with the beginning of the year, mainly attributable to the collection of certain outstanding amounts during the current period in respect of the disposal of assets in last year.
- Other current assets increased by 32.34% compared with the beginning of the year, mainly attributable to the increase in input value-added tax at the end of the reporting period.
- Taxes payable decreased by 67.06% compared with the beginning of the year, mainly attributable to the payment of tax for last year during the current period.
- Other payables increased by 52.74% compared with the beginning of the year, mainly attributable to the increase in accrued energy charges at the end of the current period.
- 6 -
- Non-currentliabilities due within 1 year decreased by 32.44% compared with the beginning of the year, mainly attributable to the decrease in long-term borrowings due within one year at the end of the current period.
- The explanation for major changes of profit or loss indicators year on year during the reporting period
Unit: RMB | ||||
January to | January to | |||
March 2021 | March 2020 | Change | Reason for | |
Items | (Unaudited) | (Unaudited) | (%) | difference |
Business tax and surcharges | 2,441,714.88 | 6,111,171.52 | -60.05% | (1) |
Administrative expenses | 75,691,897.75 | 58,132,503.25 | 30.21% | (2) |
Research and development | ||||
expenses | 5,028,713.10 | 2,591,581.91 | 94.04% | (3) |
Asset impairment loss | ||||
(loss expressed with ''-'') | -1,255,284.76 | -2,068,041.57 | -39.30% | (4) |
Credit impairment losses | ||||
(loss expressed with ''-'') | -1,876,507.24 | -3,836,940.14 | -51.09% | (5) |
Gain on disposal of assets | 7,096.07 | 46,389.96 | -84.70% | (6) |
Non-operating income | 407,657.70 | 222,851.14 | 82.93% | (7) |
Non-operating expenses | 596,078.19 | 367,744.50 | 62.09% | (8) |
Income tax expenses | 620,782.29 | 1,432,996.79 | -56.68% | (9) |
- Business tax and surcharges decreased by 60.05% compared with the same period of last year, mainly attributable to the decrease in value-added tax payables for the current period and the resulting decrease in surcharges.
- Administrative expenses increased by 30.21% compared with the same period of last year, mainly attributable to the inclusion of expenses incurred by subsidiaries for routine maintenance in the current period, and the lesser orders secured in the oilfield market which led to a low capacity utilisation rate of certain production lines for further processing and, in turn, an increase in relevant expenses.
- Research and development expenses increased by 94.04% compared with the same period of last year, mainly attributable to the increased efforts in research and development of new products during the current period and the decreased investment in research and development due to the COVID-19 pandemic over the corresponding period of last year, which resulted in a relatively higher growth in research and development expenses in the current period.
- 7 -
- Asset impairment loss decreased by 39.30% compared with the same period of last year, mainly attributable to the lower impairment loss provided in respect of inventories for the current period.
- Credit impairment loss decreased by 51.09% compared with the same period of last year, mainly attributable to the lower credit impairment loss provided in respect of account receivables for the current period.
- Gain on disposal of assets decreased by 84.70% compared with the same period of last year, mainly attributable to the lesser equipment disposed during the current period compared with the same period of last year.
- Non-operationincome increased by 82.93% compared with the same period of last year, mainly attributable to the more income from claims of breach of contracts received during the current period compared with the same period of last year.
- Non-operatingexpenses increased by 62.09% compared with the same period of last year, mainly attributable to increase in net loss on retirement of certain equipment during the current period.
- Income tax expenses decreased by 56.68% compared with the same period of last year, mainly attributable to decrease in deferred income tax expenses recognised for the current period.
- The explanation for changes of cash flow statement year on year during the reporting period
Unit: RMB | ||||
January to | January to | |||
March 2021 | March 2020 | Change | Reason for | |
Items | (Unaudited) | (Unaudited) | (%) | difference |
Net cash flow generated | ||||
from operating activities | -198,994,506.89 | -121,768,899.10 | -63.42% | (1) |
Net cash flows generated | ||||
from investing activities | 41,565,007.36 | -11,021,698.76 | 477.12% | (2) |
Net cash flow generated | ||||
from financing activities | -158,652,310.39 | 73,991,695.09 | -314.42% | (3) |
- Net cash flow generated from operating activities decreased by 63.42% compared with the same period last year, mainly attributable to the increase in cash payments for purchase of raw materials during the current period.
- 8 -
- Net cash flows generated from investing activities increased by 477.12% compared with the same period last year, mainly attributable to the collection of certain outstanding amounts during the current period in respect of the disposal of assets in last year.
- Net cash flow generated from financing activities decreased by 314.42% compared with the same period last year, mainly attributable to the increase in cash repayment for due debts during the current period.
- THE PROGRESS OF SIGNIFICANT EVENTS, THEIR IMPACT AND THE ANALYSIS OF SOLUTIONS
- Applicable □ Not Applicable
- Change of the scope of business of the Company
The Company convened the eighth extraordinary meeting of the sixth session of the board of directors on 8 February 2021 and the first extraordinary general meeting for 2021 on 3 March 2021. At the meetings, the Company considered and approved the Resolution on the Change of the Scope of Business of the Company and the Amendments to the Articles of Association (《關於變更公司經營範圍及修訂〈公司章程〉的議案》). The related announcement is available on the information disclosure website of cninfo (http://www.cninfo.com.cn). On 4 March 2021, the Company completed the industrial and commercial registration for the change, and received the replaced business licence from Weifang Municipal Administration for March Regulation (濰坊市市場監督管理局). - Completion of registration for the transfer under controlling shareholder agreement and change in controlling shareholders of the Company
On 24 March 2021, the Company was notified by Shouguang Molong Holdings Co., Ltd., a controlling shareholder, that it has entered into an agreement for the transfer of 235,617,000 A shares of the Company held by Mr. Zhang En Rong (which represented 29.53% of the total share capital of the Company), and the registration of transfer was completed with China Securities Depository and Clearing Co., Ltd. Shenzhen Branch on 23 March 2021. Upon completion of the share transfer, Molong Holdings holds 235,617,000 shares of the listed company, all of them are circulating shares not subject to lock-up and representing 29.53% of the total share capital of the listed company, making it become a controlling shareholder of the listed company. the actual controller of the listed company remains e State-owned Assets Supervision and Administration Commission of Shouguang City (壽光市國有資產監督管理 局). The related announcement is available on the information disclosure website of cninfo (http://www.cninfo.com.cn).
- 9 -
Date of | Search index of interim | |
Particulars of significant matters | disclosure | report disclosure website |
Change of scope of business of the | 6 March 2021 | cninfo.com |
Company | ||
(Announcement No. 2021- | ||
011) | ||
Completion of registration for the transfer | 25 March 2021 | cninfo.com |
under controlling shareholder agreement | ||
and change in controlling shareholders of | (Announcement No. 2021- | |
the Company | 015) |
The implementation of share repurchase
- Applicable ✓ Not Applicable
The implementation of reducing shareholdings in share repurchase through centralized bidding
- Applicable ✓ Not Applicable
- OBLIGATED PARTIES SUCH AS ACTUAL CONTROLLERS, SHAREHOLDERS, RELATED PARTIES, ACQUIRER AND THE COMPANY WHO HAVE NOT FULFILLED THEIR OBLIGATIONS DURING THE REPORTING PERIOD AS SCHEDULED
- Applicable ✓ Not Applicable
There were no obligations in the reporting period that the obligated parties such as actual controllers, shareholders, related parties, acquirer and the Company who have not fulfilled their obligations during the reporting period as scheduled.
IV. INVESTMENTS IN FINANCIAL ASSETS
1. Investments in securities
- Applicable ✓ Not applicable
The Company did not hold any investments in securities during the reporting period.
2. Investments in derivatives
- Applicable ✓ Not applicable
The Company did not hold any investments in derivatives during the reporting period.
- 10 -
- PROGRESS OF FUND-RAISING INVESTMENT PROJECTS
- Applicable ✓ Not applicable
VI. FORECAST OF THE OPERATING RESULTS FROM JANUARY TO JUNE 2021
Alert of forecast regarding potential loss in total net profit from the beginning of the year to the end of the next reporting period or significant year-on-year changes and its reason(s)
- Applicable ✓ Not applicable
VII. MATERIAL CONTRACTS IN THE ORDINARY COURSE OF BUSINESS
- Applicable ✓ Not applicable
VIII. ENTRUSTED WEALTH MANAGEMENT
- Applicable □ Not applicable
Unit: RMB ten thousand
Amount for | ||||
Source of funds for the | the entrusted | Amount | ||
entrusted wealth | wealth | Unmatured | due but not | |
Type | management | management | balance | received |
Bank financial products | Self-owned fund | 1,000 | 0 | 0 |
Total | 1,000 | 0 | 0 |
Particulars of high-risk entrusted wealth management with individually significant, low-security,low-liquidity,non-principal protected products
- Applicable ✓ Not applicable
Expected irrecoverable principal or other potential impairment in entrusted wealth management
- Applicable ✓ Not applicable
IX. NON-COMPLIANT EXTERNAL GUARANTEES
- Applicable ✓ Not applicable
There were no non-compliant external guarantees during the reporting period.
-
OCCUPATION OF NON-OPERATING FUNDS OF THE LISTED COMPANY BY CONTROLLING SHAREHOLDERS AND THEIR RELATED PARTIES
□ Applicable ✓ Not applicable
- 11 -
There was no occupation of non-operating funds of the listed company by controlling shareholders and their related parties during the reporting period.
XI. ACTIVITY REGISTRATION FORM OF RECEPTION INVESTIGATION, COMMUNICATION, INTERVIEWS AND OTHER ACTIVITIES DURING THE REPORTING PERIOD
- Applicable ✓ Not applicable
There were no such activities during the reporting period.
- 12 -
PART 4 FINANCIAL STATEMENTS
-
FINANCIAL STATEMENTS
1. Consolidated balance sheet
Prepared by: Shandong Molong Petroleum Machinery Company Limited
Unit: RMB | ||
Item | 31 March 2021 | 31 December 2020 |
Current assets: | ||
Monetary funds | 559,304,957.53 | 759,979,803.03 |
Settlement deposits | - | - |
Lending funds | - | - |
Financial assets held for trading | - | - |
Derivative financial assets | - | - |
Bills receivable | 135,794,852.67 | 164,945,170.51 |
Accounts receivable | 211,149,208.60 | 287,920,595.28 |
Financing receivables | 18,825,342.43 | 33,575,777.00 |
Loans and advances | 846,005.30 | 951,005.30 |
Prepayments | 71,966,964.14 | 24,755,942.84 |
Insurance receivables | - | - |
Reinsurance receivables | - | - |
Reinsurance contract reserves receivable | - | - |
Other receivables | 108,188,767.56 | 156,486,818.72 |
Including: Interest receivables | - | - |
Dividends receivable | - | - |
Purchases of sell-back financial assets | - | - |
Inventories | 922,801,841.46 | 787,377,614.78 |
Contract assets | - | - |
Assets held for sale | - | - |
Non-current assets due within one year | - | - |
Other current assets | 28,988,342.93 | 21,904,932.90 |
Total current assets | 2,057,866,282.62 | 2,237,897,660.36 |
- 13 -
Item | 31 March 2021 | 31 December 2020 |
Non-current assets: | ||
Loans and advances | - | - |
Debt investments | - | - |
Other debt investments | - | - |
Long-term receivables | - | - |
Long-term equity investments | 2,314,697.29 | 2,314,697.29 |
Investments in other equity instruments | - | - |
Other non-current financial assets | - | - |
Investment properties | - | - |
Fixed assets | 2,438,615,362.74 | 2,493,577,016.35 |
Construction-in-progress | 8,509,049.09 | 7,620,542.62 |
Productive biological assets | - | - |
Oil and gas assets | - | - |
Right-of-use assets | 3,826,592.25 | 4,591,910.73 |
Intangible assets | 389,109,286.64 | 393,688,845.70 |
Development expenditures | 9,781,661.36 | - |
Goodwill | - | - |
Long-term deferred expenses | - | - |
Deferred income tax assets | 34,546,184.55 | 35,217,034.73 |
Other non-current assets | 728,107.60 | 728,107.60 |
Total non-current assets | 2,887,430,941.52 | 2,937,738,155.02 |
Total assets | 4,945,297,224.14 | 5,175,635,815.38 |
- 14 -
Item | 31 March 2021 | 31 December 2020 |
Current liabilities: | ||
Short-term borrowings | 1,986,021,847.68 | 2,054,225,378.29 |
Borrowings from the central bank | - | - |
Borrowing funds | - | - |
Financial liabilities held for trading | - | - |
Derivative financial liabilities | - | - |
Bills payable | 140,024,134.64 | 121,472,511.10 |
Accounts payable | 623,475,013.23 | 648,352,428.48 |
Receipts in advance | - | - |
Contract liabilities | 101,795,539.05 | 83,749,468.02 |
Proceeds from disposal of buy-back financial | ||
assets | - | - |
Customer bank deposits and due to banks and | ||
other financial institutions | - | - |
Securities brokerage deposits | - | - |
Securities underwriting brokerage deposits | - | - |
Salaries payable | 54,383,956.92 | 54,493,884.87 |
Taxes payable | 8,956,345.00 | 27,192,105.60 |
Other payables | 66,982,576.70 | 43,853,326.94 |
Including: Interests payable | - | - |
Dividends payable | - | - |
Brokerage and commission payables | - | - |
Reinsurance payables | - | - |
Liabilities held for sale | - | - |
Non-current liabilities due within one year | 94,438,619.62 | 139,784,923.46 |
Other current liabilities | 44,228,673.29 | 50,195,434.08 |
Total current liabilities | 3,120,306,706.13 | 3,223,319,460.84 |
- 15 -
Item | 31 March 2021 | 31 December 2020 | ||
Non-current liabilities: | ||||
Insurance contract reserves | - | - | ||
Long-term borrowings | 110,757,919.31 | 114,063,150.53 | ||
Bonds payable | - | - | ||
Including: Preferred shares | - | - | ||
Perpetual bonds | - | - | ||
Lease liabilities | 5,121,808.52 | 4,968,359.84 | ||
Long-term payables | - | 4,585,000.00 | ||
Long-term salaries payable | - | - | ||
Estimated liabilities | 12,860,151.58 | 14,392,824.64 | ||
Deferred income | 7,176,480.86 | 7,176,480.86 | ||
Deferred income tax liabilities | 5,510,580.98 | 5,560,648.87 | ||
Other non-current liabilities | - | - | ||
Total non-current liabilities | 141,426,941.25 | 150,746,464.74 | ||
Total liabilities | 3,261,733,647.38 | 3,374,065,925.58 | ||
Owners' equity: | ||||
Share capital | 797,848,400.00 | 797,848,400.00 | ||
Other equity instruments | - | - | ||
Including: Preferred shares | - | - | ||
Perpetual bonds | - | - | ||
Capital reserve | 863,169,158.42 | 863,169,158.42 | ||
Less: Treasury shares | - | - | ||
Other comprehensive income | -2,122,446.88 | -2,015,577.82 | ||
Special reserve | - | - | ||
Surplus reserve | 187,753,923.88 | 187,753,923.88 | ||
General risk reserve | 11,236.91 | 11,236.91 | ||
Undistributed profits | ||||
(loss expressed with ''-'') | -175,359,226.73 | -66,030,056.80 | ||
Total equity attributable to owners of the | ||||
parent company | 1,671,301,045.60 | 1,780,737,084.59 | ||
Minority interests | 12,262,531.16 | 20,832,805.21 | ||
Total owners' equity | 1,683,563,576.76 | 1,801,569,889.80 | ||
Total liabilities and owners' equity | 4,945,297,224.14 | 5,175,635,815.38 | ||
Legal representative: | Chief accounting officer: Head of accounting department: | |||
Yang Yun Long | Liu Min | Zhang Xue Mei |
- 16 -
2. Balance sheet of the parent company
Unit: RMB | ||
Item | 31 March 2021 | 31 December 2020 |
Current assets: | ||
Monetary funds | 493,992,963.74 | 708,481,226.15 |
Financial assets held for trading | - | - |
Derivative financial assets | - | - |
Bills receivable | 132,213,668.35 | 164,945,170.51 |
Accounts receivable | 384,588,002.34 | 442,232,065.03 |
Financing receivables | 14,259,646.25 | 10,980,000.00 |
Prepayments | 587,705,316.42 | 618,700,408.46 |
Other receivables | 813,163,416.13 | 756,323,484.10 |
Including: Interest receivables | - | - |
Dividends receivable | - | - |
Inventories | 608,551,569.55 | 511,814,843.00 |
Contract assets | - | - |
Assets held for sale | - | - |
Non-current assets due within one year | - | - |
Other current assets | 10,296,829.26 | 3,749,202.40 |
Total current assets | 3,044,771,412.04 | 3,217,226,399.65 |
- 17 -
Item | 31 March 2021 | 31 December 2020 |
Non-current assets: | ||
Debt investments | - | - |
Other debt investments | - | - |
Long-term receivables | - | - |
Long-term equity investments | 1,144,019,921.73 | 1,144,019,921.73 |
Investments in other equity instruments | - | - |
Other non-current financial assets | - | - |
Investment properties | - | - |
Fixed assets | 865,478,970.23 | 889,048,148.96 |
Construction-in-progress | 888,506.47 | - |
Productive biological assets | - | - |
Oil and gas assets | - | - |
Right-of-use assets | 3,826,592.25 | 4,591,910.73 |
Intangible assets | 88,920,842.92 | 91,321,208.29 |
Development expenditures | 9,781,661.36 | - |
Goodwill | - | - |
Long-term deferred expenses | - | - |
Deferred income tax assets | 32,422,656.74 | 33,048,514.20 |
Other non-current assets | 378,107.60 | 378,107.60 |
Total non-current assets | 2,145,717,259.30 | 2,162,407,811.51 |
Total assets | 5,190,488,671.34 | 5,379,634,211.16 |
- 18 -
Item | 31 March 2021 | 31 December 2020 |
Current liabilities: | ||
Short-term borrowings | 1,474,588,356.88 | 1,543,791,887.49 |
Financial liabilities held for trading | - | - |
Derivative financial liabilities | - | - |
Bills payable | 631,891,067.03 | 692,839,443.49 |
Accounts payable | 226,469,698.91 | 219,825,699.80 |
Receipts in advance | - | - |
Contract liabilities | 52,051,029.23 | 55,899,703.37 |
Salaries payable | 34,253,679.11 | 34,757,933.77 |
Taxes payable | 6,010,684.71 | 23,942,984.02 |
Other payables | 160,361,307.43 | 139,153,160.81 |
Including: Interests payable | - | - |
Dividends payable | - | - |
Liabilities held for sale | - | - |
Non-current liabilities due within one year | 52,800,636.50 | 63,235,847.52 |
Other current liabilities | 37,850,410.82 | 46,582,393.75 |
Total current liabilities | 2,676,276,870.62 | 2,820,029,054.02 |
Non-current liabilities: | ||
Long-term borrowings | - | - |
Bonds payable | - | - |
Including: Preferred shares | - | - |
Perpetual bonds | - | - |
Lease liabilities | 5,121,808.52 | 4,968,359.84 |
Long-term payables | - | 4,585,000.00 |
Long-term salaries payable | - | - |
Estimated liabilities | 12,860,151.58 | 14,392,824.64 |
Deferred income | - | - |
Deferred income tax liabilities | - | - |
Other non-current liabilities | - | - |
Total non-current liabilities | 17,981,960.10 | 23,946,184.48 |
Total liabilities | 2,694,258,830.72 | 2,843,975,238.50 |
- 19 -
Item | 31 March 2021 | 31 December 2020 |
Owners' equity: | ||
Share capital | 797,848,400.00 | 797,848,400.00 |
Other equity instruments | - | - |
Including: Preferred shares | - | - |
Perpetual bonds | - | - |
Capital reserve | 863,150,490.92 | 863,150,490.92 |
Less: Treasury shares | - | - |
Other comprehensive income | - | - |
Special reserve | - | - |
Surplus reserve | 187,753,923.88 | 187,753,923.88 |
Undistributed profits | 647,477,025.82 | 686,906,157.86 |
Total owners' equity | 2,496,229,840.62 | 2,535,658,972.66 |
Total liabilities and owners' equity | 5,190,488,671.34 | 5,379,634,211.16 |
- 20 -
3. Consolidated income statement
Unit: RMB | ||
Amount for the | Amount for the | |
Item | current period | previous period |
I. Total operating revenue | 544,093,801.68 | 526,079,581.62 |
Including: Operating revenue | 544,093,801.68 | 526,079,581.62 |
Interest income | - | - |
Insurance premium earned | - | - |
Brokerage and commission income | - | - |
II. Total operating costs | 659,121,911.28 | 598,740,436.26 |
Including: Operating costs | 531,702,272.26 | 486,514,881.33 |
Interest expenses | - | - |
Brokerage and commission expenses | - | - |
Surrenders | - | - |
Net compensation expenses | - | - |
Net charge of insurance liability | ||
reserve | - | - |
Policyholder dividend expenses | - | - |
Reinsurance premiums | - | - |
Taxes and surcharges | 2,441,714.88 | 6,111,171.52 |
Selling expenses | 3,118,517.16 | 2,907,377.52 |
Administrative expenses | 75,691,897.75 | 58,132,503.25 |
Research and development expenses | 5,028,713.10 | 2,591,581.91 |
Finance costs | 41,138,796.13 | 42,482,920.73 |
Including: Interest expenses | 36,706,445.15 | 45,123,737.26 |
Interest income | 1,274,619.35 | 1,343,525.86 |
Add: Other income | 1,074,438.69 | 30,107.74 |
Investment income | ||
(loss expressed with ''-'') | - | - |
Including: Gains on investment in | ||
associates and joint ventures | - | - |
Gain on derecognition of | ||
financial assets measured at | ||
amortised cost | - | - |
Exchange gains (loss expressed with ''-'') | - | - |
Net gains on exposure hedges | ||
(loss expressed with ''-'') | - | - |
Gain on fair value changes | ||
(loss expressed with ''-'') | - | - |
Credit impairment losses | -1,876,507.24 | |
(loss expressed with ''-'') | -3,836,940.14 | |
Asset impairment losses | -1,255,284.76 | |
(loss expressed with ''-'') | -2,068,041.57 | |
Gain on disposal of assets | 7,096.07 | |
(loss expressed with ''-'') | 46,389.96 | |
III. Operating profit (loss expressed with ''-'') | -117,078,366.84 | -78,489,338.65 |
Add: Non-operating income | 407,657.70 | 222,851.14 |
Less: Non-operating expenses | 596,078.19 | 367,744.50 |
IV. Total profit (total loss expressed with ''-'') | -117,266,787.33 | -78,634,232.01 |
Less: Income tax expenses | 620,782.29 | 1,432,996.79 |
- 21 -
Amount for the | Amount for the | |
Item | current period | previous period |
V. Net profit (net loss expressed with ''-'') | -117,887,569.62 | -80,067,228.80 |
(I) By business continuity | ||
1. Net profit from continuing operations | -117,887,569.62 | |
(net loss expressed with ''-'') | -80,067,228.80 | |
2. Net profit from discontinued operations | ||
(net loss expressed with ''-'') | - | - |
(II) By attributable ownership | ||
1. Net profit attributable to the owners of | -109,329,169.93 | |
the parent company | -74,046,605.73 | |
2. Minority interests | -8,558,399.69 | -6,020,623.07 |
VI. Other comprehensive income, net of tax | -118,743.42 | -278,161.67 |
Other comprehensive income attributable to | -106,869.06 | |
owners of the parent company, net of tax | -250,345.51 | |
(I) Other comprehensive income that may not | ||
be reclassified to profit or loss | - | - |
1. Changes on remeasurement of defined | ||
benefit plans | - | - |
2. Other comprehensive income that may not | ||
be transferred to profit or loss under | ||
equity accounting | - | - |
3. Fair value changes in investments in | ||
other equity instruments | - | - |
4. Fair value changes in credit risk of the | ||
Company | - | - |
5. Others | - | - |
(II) Other comprehensive income that will be | -106,869.06 | |
reclassified to profit or loss | -250,345.51 | |
1. Other comprehensive income that may be | ||
transferred to profit or loss under equity | ||
accounting | - | - |
2. Fair value changes in other debt | ||
investments | - | - |
3. Reclassification of financial assets to | ||
other comprehensive income | - | - |
4. Credit-impaired provision for other debt | ||
investments | - | - |
5. Cash flow hedge reserve | - | - |
6. Exchange differences on translation of | -106,869.06 | |
foreign financial statements | -250,345.51 | |
7. Others | - | - |
Other comprehensive income attributable to | -11,874.36 | |
minority shareholders, net of tax | -27,816.16 |
- 22 -
Amount for the | Amount for the | |
Item | current period | previous period |
VII. Total comprehensive income | -118,006,313.04 | -80,345,390.47 |
Total comprehensive income attributable to | -109,436,038.99 | |
owners of the parent company | -74,296,951.24 | |
Total comprehensive income attributable to | -8,570,274.05 | |
minority shareholders | -6,048,439.23 | |
VIII. Earnings per share: | ||
(I) Basic earnings per share | -0.137 | -0.0928 |
(II) Diluted earnings per share | -0.137 | -0.0928 |
Net profit of consolidated entity before business combination under common control was RMB nil for the current period, as compared to the net profit of consolidated entity of RMB nil for the prior period.
Legal representative: | Chief accounting officer: | Head of accounting department: |
Yang Yun Long | Liu Min | Zhang Xue Mei |
- 23 -
4. Income statement of the parent company
Unit: RMB | ||
Amount for the | Amount for the | |
Item | current period | previous period |
I. Operating revenue | 484,451,531.33 | 464,193,684.53 |
Less: Operating costs | 469,449,782.89 | 427,539,647.88 |
Taxes and surcharges | 1,014,681.42 | 4,752,890.37 |
Selling expenses | 2,794,473.78 | 2,682,387.37 |
Administrative expenses | 17,453,511.70 | 23,473,938.87 |
Research and development expenses | 5,028,713.10 | 2,591,581.91 |
Finance costs | 24,804,178.93 | 27,344,167.61 |
Including: Interest expenses | 20,631,299.63 | 29,867,294.04 |
Interest income | 1,126,196.50 | 1,373,123.92 |
Add: Other income | 886,529.57 | 25,983.64 |
Investment income | ||
(loss expressed with ''-'') | - | - |
Including: Gains on investment in | ||
associates and joint ventures | - | - |
Gain on derecognition of | ||
financial assets measured at | ||
amortised cost | ||
(loss expressed with ''-'') | - | - |
Net gains on exposure hedges | ||
(loss expressed with ''-'') | - | - |
Gain on fair value changes | ||
(loss expressed with ''-'') | - | - |
Credit impairment losses | -2,134,642.16 | |
(loss expressed with ''-'') | -3,930,744.20 | |
Asset impairment losses | -1,255,284.76 | |
(loss expressed with ''-'') | -2,068,041.57 | |
Gains on disposal of assets | ||
(loss expressed with ''-'') | - | - |
II. Operating profit (loss expressed with ''-'') | -38,597,207.84 | -30,163,731.61 |
Add: Non-operating income | 140,124.77 | 68,688.11 |
Less: Non-operating expenses | 346,191.51 | 321,755.50 |
III. Total profit (total loss expressed with ''-'') | -38,803,274.58 | -30,416,799.00 |
Less: Income tax expenses | 625,857.46 | 1,453,058.79 |
IV. Net profit (net loss expressed with ''-'') | -39,429,132.04 | -31,869,857.79 |
(I) Net profit from continuing operations | -39,429,132.04 | |
(net loss expressed with ''-'') | -31,869,857.79 | |
(II) Net profit from discontinued operations | ||
(net loss expressed with ''-'') | - | - |
- 24 -
Amount for the | Amount for the | |
Item | current period | previous period |
V. Other comprehensive income, net of tax |
- Other comprehensive income that may not be reclassified to profit or loss
1. Changes on remeasurement of defined | ||
benefit plans | - | - |
2. Other comprehensive income that may not be transferred to profit or loss under
equity accounting | - | - | |
3. | Fair value changes in investments in other | ||
equity instruments | - | - | |
4. | Fair value changes in credit risk of the | ||
Company | - | - | |
5. | Others | - | - |
- Other comprehensive income that will be reclassified to profit or loss
1. Other comprehensive income that may be transferred to profit or loss under equity
accounting | - | - | |
2. | Fair value changes in other debt | ||
investments | - | - | |
3. | Reclassification of financial assets to | ||
other comprehensive income | - | - | |
4. | Credit-impaired provision for other debt | ||
investments | - | - | |
5. | Cash flow hedge reserve | - | - |
6. | Exchange differences on translation of | ||
foreign financial statements | - | - | |
7. | Others | - | - |
VI. Total comprehensive income | -39,429,132.04 | -31,869,857.79 | |
VII. Earnings per share: | |||
(I) Basic earnings per share | - | - | |
(II) Diluted earnings per share | - | - |
- 25 -
5. Consolidated statement of cash flows
Unit: RMB | ||
Amount for the | Amount for the | |
Item | current period | previous period |
I. Cash flows from operating activities: | ||
Cash received from sales of goods and rendering | 612,714,179.55 | |
of services | 622,939,983.78 | |
Net increase in customer deposits and due to | ||
banks and other financial institutions | - | - |
Net increase in borrowings from the central bank | - | - |
Net increase in borrowing funds from other | ||
financial institutions | - | - |
Cash received from receiving premiums of | ||
original insurance contracts | - | - |
Net cash received from reinsurance business | - | - |
Net increase in deposits from policyholders and | ||
investments | - | - |
Cash received of interests, brokerages and | ||
commissions | - | - |
Net increase in borrowing funds | - | - |
Net increase in repurchase business capital | - | - |
Net cash proceeds from securities brokerage | - | - |
Receipts of tax refunds | 2,803,476.82 | 6,810,368.90 |
Other cash received relating to operating | 4,360,773.43 | |
activities | 11,173,995.56 | |
Sub-total of cash inflows from operating | ||
activities | 619,878,429.80 | 640,924,348.24 |
Cash paid for purchasing goods and receiving | 574,822,504.93 | |
services | 524,263,205.81 | |
Net increase in loans and advances to customers | -434,000.00 | -145,974.85 |
Net increase in deposits with the central bank | ||
and other financial institutions | - | - |
Cash paid for compensations of original | ||
insurance contracts | - | - |
Net increase in lending funds | - | - |
Cash paid for interests, brokerages and | ||
commissions | - | - |
Cash paid for policyholder dividends | - | - |
Cash paid to and on behalf of employees | 58,713,225.60 | 41,431,460.65 |
Taxes paid | 21,366,163.09 | 6,601,164.50 |
Other cash paid relating to operating activities | 164,405,043.07 | 190,543,391.23 |
Sub-total of cash outflows from operating | ||
activities | 818,872,936.69 | 762,693,247.34 |
Net cash flow generated from operating | ||
activities | -198,994,506.89 | -121,768,899.10 |
- 26 -
Amount for the | Amount for the | |
Item | current period | previous period |
II. Cash flows from investing activities: | ||
Cash received from return on investments | - | - |
Cash received from gains on investments | - | - |
Net cash from disposal of fixed assets, | 50,020,691.50 | |
intangible assets and other long-term assets | - | |
Net cash received from disposal of subsidiaries | ||
and other business entities | - | - |
Other cash received relating to investing | ||
activities | - | - |
Sub-total of cash inflows from investing | ||
activities | 50,020,691.50 | - |
Cash paid for purchase and construction of fixed | ||
assets, intangible assets and other long-term | 8,455,684.14 | |
assets | 11,021,698.76 | |
Cash paid for investments | - | - |
Net increase in pledged loans | - | - |
Net cash paid for acquisition of subsidiaries and | ||
other business entities | - | - |
Other cash paid relating to investing activities | - | - |
Sub-total of cash outflows from investing | ||
activities | 8,455,684.14 | 11,021,698.76 |
Net cash flow generated from investing | ||
activities | 41,565,007.36 | -11,021,698.76 |
III. Cash flows from financing activities: | ||
Cash received from capital contributions | - | - |
Including: Cash received from capital | ||
contributions from minority | ||
shareholders by subsidiaries | - | - |
Cash received from borrowings | 1,017,360,007.53 | 1,218,151,500.00 |
Other cash received relating to financing | ||
activities | - | - |
Sub-total of cash inflows from financing | ||
activities | 1,017,360,007.53 | 1,218,151,500.00 |
Cash paid for repayment of debts | 1,140,584,025.11 | 1,103,736,783.31 |
Cash paid for distribution of dividends and | 35,428,292.81 | |
profits or repayment of interests | 40,423,021.60 | |
Including: Dividends and profits paid to | ||
minority shareholders by subsidiaries | - | - |
Other cash paid relating to financing activities | - | - |
Sub-total of cash outflows from financing | ||
activities | 1,176,012,317.92 | 1,144,159,804.91 |
Net cash flow generated from financing | ||
activities | -158,652,310.39 | 73,991,695.09 |
- 27 -
Amount for the | Amount for the | |
Item | current period | previous period |
IV. Effect of changes in foreign exchange rate on | ||
cash and cash equivalents | -22,429.03 | -3,401,974.52 |
V. Net increase in cash and cash equivalents | -316,104,238.95 | -62,200,877.29 |
Add: Balance of cash and cash equivalents at | 699,989,196.48 | |
the beginning of the period | 496,256,836.18 | |
VI. Balance of cash and cash equivalents at the | ||
end of the period | 383,884,957.53 | 434,055,958.89 |
- 28 -
6. Statement of cash flows of the parent company
Unit: RMB | ||
Amount for the | Amount for the | |
Item | current period | previous period |
I. Cash flows from operating activities: | ||
Cash received from sales of goods and rendering | 510,400,689.03 | |
of services | 551,853,857.37 | |
Refunds of taxes received | 2,803,476.82 | 6,722,591.72 |
Other cash received relating to operating | 22,426,193.24 | |
activities | 1,857,741.03 | |
Sub-total of cash inflows from operating | ||
activities | 535,630,359.09 | 560,434,190.12 |
Cash paid for purchasing goods and receiving | 621,448,070.82 | |
services | 169,508,007.03 | |
Cash paid to and on behalf of employees | 38,035,311.82 | 26,146,448.77 |
Cash paid for taxes | 19,012,182.13 | 4,941,242.62 |
Other cash paid relating to operating activities | 113,466,665.44 | 175,624,282.78 |
Sub-total of cash outflows from operating | ||
activities | 791,962,230.21 | 376,219,981.20 |
Net cash flow generated from operating | ||
activities | -256,331,871.12 | 184,214,208.92 |
II. Cash flows from investing activities | ||
Cash received from disposal of investments | - | - |
Cash received from gains on investments | - | - |
Net cash from disposal of fixed assets, | 50,000,000.00 | |
intangible assets and other long-term assets | - | |
Net cash received from disposal of subsidiaries | ||
and other business entities | - | - |
Other cash received relating to investing | ||
activities | - | - |
Sub-total of cash inflows from investing | ||
activities | 50,000,000.00 | - |
Cash paid for purchase and construction of fixed | ||
assets, intangible assets and other long-term | 225,000.00 | |
assets | 161,000.00 | |
Cash paid for investments | - | - |
Net cash paid for acquisition of subsidiaries and | ||
other business entities | - | - |
Other cash paid relating to investing activities | - | - |
Sub-total of cash outflows from investing | ||
activities | 225,000.00 | 161,000.00 |
Net cash flow generated from investing | ||
activities | 49,775,000.00 | -161,000.00 |
- 29 -
Amount for the | Amount for the | |
Item | current period | previous period |
III. Cash flows from financing activities: | ||
Cash received from capital contributions | - | - |
Cash received from borrowings | 610,760,007.53 | 762,551,500.00 |
Other cash received relating to financing activities | - | - |
Sub-total of cash inflows from financing activities | 610,760,007.53 | 762,551,500.00 |
Cash paid for repayment of liabilities | 696,484,025.11 | 978,136,783.31 |
Cash paid for dividend and profit distributions or | 17,923,898.68 | |
interest repayments | 27,464,641.02 | |
Other cash paid relating to financing activities | - | - |
Sub-total of cash outflows from financing | ||
activities | 714,407,923.79 | 1,005,601,424.33 |
Net cash flow generated from financing activities | -103,647,916.26 | -243,049,924.33 |
IV. Effect of changes in foreign exchange rate on cash | ||
and cash equivalents | -38,975.03 | -3,459,799.67 |
V. Net increase in cash and cash equivalents | -310,243,762.41 | -62,456,515.08 |
Add: Balance of cash and cash equivalents at the | 664,816,726.15 | |
beginning of the period | 471,734,072.09 | |
VI. Balance of cash and cash equivalents at the end | ||
of the period | 354,572,963.74 | 409,277,557.01 |
- DESCRIPTION OF FINANCIAL STATEMENT ADJUSTMENT
- Adjustment to the financial statements at the beginning of the year of first implementation since 2021 when the new lease standard was implemented for the first time
- Applicable ✓ Not applicable
- Description of the retrospective adjustment to the comparative figures for the previous period since 2021 when the new lease standard was first implemented
- Applicable ✓ Not applicable
- 30 -
III. AUDIT REPORT
Whether the first quarterly report has been audited
- Yes ✓ No
The first quarterly report of the Company is unaudited.
By order of the Board
Shandong Molong Petroleum Machinery Company Limited*
Yang Yun Long
Chairman
Shandong, the PRC
28 April 2021
As at the date of this announcement, the Board comprises the executive Directors, namely Mr. Yang Yun Long, Mr. Yuan Rui, Mr. Liu Min and Mr. Li Zhi Xin; the non-executive Directors, namely Mr. Yao You Ling and Mr. Wang Quan Hong; and the independent non-executive Directors, namely Mr. Tang Qing Bin, Mr. Song Zhi Wang and Mr. Cai Zhong Jie.
- For identification purpose only
- 31 -
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Shandong Molong Petroleum Machinery Co. 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 10:47:05 UTC.