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.
新 疆 拉 夏 貝 爾 服 飾 股 份 有 限 公 司
Xinjiang La Chapelle Fashion Co., Ltd.
(formerly known as "Shanghai La Chapelle Fashion Co., Ltd. (上海拉夏貝爾服飾股份有限公司)")
(a joint stock company incorporated in the People's Republic of China with limited liability)
(Stock code: 06116)
ANNOUNCEMENT IN RELATION TO THE SUPPLEMENTAL CORRECTION OF FINANCIAL FIGURES IN THE FINANCIAL REPORTS FOR THE THREE MONTHS ENDED 31 MARCH 2020, THE SIX MONTHS ENDED 30 JUNE 2020 AND THE NINE MONTHS ENDED
30 SEPTEMBER 2020
This announcement is made by Xinjiang La Chapelle Fashion Co., Ltd. (the "Company") pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
-
NATURE OF AND REASONS FOR THE SUPPLEMENTAL CORRECTION OF ACCOUNTING ERRORS IN PREVIOUS FINANCIAL REPORTS
In May 2019, the Company pledged 100% of its equity interest in a former wholly-owned subsidiary LaCha Fashion I Limited ("LaCha Fashion I"), 100% of its equity interest in LaCha Apparel II Sàrl ("LaCha Apparel II"), and 100% of its equity interest in Naf Naf SAS to HTI Advisory Company Limited for a loan of EUR37.4 million to fund the consideration for acquiring 60% equity interest in Naf Naf SAS. The Company and some of its subsidiaries accepted joint and several liability for the loan in the form of a guarantee.
Subsequently, due to the Company's liquidity difficulties and the deterioration of Naf Naf SAS's operating conditions, the Company failed to repay the loan on time. On 25 February 2020, HTI Advisory Company Limited took over LaCha Fashion I, and filed a claim against the Company and some of its subsidiaries in May 2020, praying for an order that they be jointly and severally liable for the loan under the guarantee. Since the Company was of the view there was insufficient evidence to show that it had lost control over LaCha Fashion I on 25 February 2020, the Company did not exclude LaCha Fashion I and its subsidiaries from its consolidated financial statements since 25 February 2020. Rather, the Company excluded Naf Naf SAS from its consolidated financial statements only since 15 May 2020 (French time), the date on which Naf Naf SAS entered into judicial liquidation.
1
According to the opinion of Da Hua Certified Public Accountants (Special General Partnership), the Company's auditor for the year ended 31 December 2020, since 25 February 2020, i.e. the date on which HIT Advisory Company Limited took over LaCha Fashion I, the Company has been unable to exert any control or influence over LaCha Fashion I, and therefore losing actual control over LaCha Fashion I, LaCha Apparel II, and Naf Naf SAS. As a result of the adjustments made to the consolidated financial statements for the year ended 31 December 2020 by Da Hua Certified Public Accountants (Special General Partnership), it is necessary to supplement and correct the financial figures previously disclosed in the unaudited consolidated financial statements of the Company for the three months ended 31 March 2020, the six months ended 30 June 2020 and the nine months ended 30 September 2020.
On 20 April 2021, the Company considered and approved the "resolution on supplementing and
correcting the financial reports for the first quarter, first six months, and third quarter of the year ended 31 December 2020" (《關於補充更正2020年第一季度報告、2020年半年度報告及2020年 第三季度報告的議案》) at the eighteenth meeting of the fourth session of the board of directors.
Accordingly, corresponding corrections have been made to the unaudited consolidated financial statements of the Company for the three months ended 31 March 2020, the six months ended 30 June 2020 and the nine months ended 30 September 2020.
- PARTICULARS OF THE SUPPLEMENTAL CORRECTION OF ACCOUNTING ERRORS
- Impact on the consolidated financial statements of the Company for the three months ended 31 March 2020
- Balance Sheet
As at 31 March 2020 | |||
Amount in | |||
Original | the statement | ||
amount in the | after | ||
Items affected | statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
Current assets | |||
Cash at bank and on hand | 250,901 | 193,092 | -57,809 |
Accounts Receivable | 424,968 | 343,094 | -81,874 |
Advance to suppliers | 147,524 | 129,736 | -17,788 |
Other receivables | 212,708 | 151,188 | -61,520 |
Inventories | 1,414,931 | 1,137,892 | -277,039 |
Non-current assets due within one year | 25,588 | 25,587 | -1 |
Other current assets | 70,397 | 23,928 | -46,469 |
Total current assets | 2,547,017 | 2,004,517 | -542,500 |
2
As at 31 March 2020 | |||
Amount in | |||
Original | the statement | ||
amount in the | after | ||
Items affected | statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
Non-current assets | |||
Long-term receivables | 189,258 | 127,020 | -62,238 |
Long-term equity investments | 206,139 | 188,798 | -17,341 |
Other equity instruments investment | 11,646 | 11,646 | - |
Other non-current financial assets | 93,200 | 97,777 | 4,577 |
Fixed asset | 1,662,065 | 1,650,927 | -11,138 |
Construction in progress | 212,538 | 142,047 | -70,491 |
Right-of-use assets | 1,404,154 | 624,899 | -779,255 |
Intangible assets | 185,287 | 185,287 | - |
Goodwill | 78,231 | 78,231 | - |
Long-term prepaid expenses | 201,963 | 201,963 | - |
Deferred tax assets | 427,993 | 413,727 | -14,266 |
Other non-current assets | 14,614 | 14,614 | - |
Total non-current assets | 4,687,088 | 3,736,936 | -950,152 |
TOTAL ASSETS | 7,234,105 | 5,741,453 | -1,492,652 |
Current liabilities | |||
Short-term borrowings | 1,497,675 | 1,155,318 | -342,357 |
Notes payable | 126,518 | 126,518 | - |
Accounts payable | 1,557,531 | 1,252,259 | -305,272 |
Advance from customers | 944 | 944 | - |
Contract liabilities | 33,823 | 21,667 | -12,156 |
Employee benefits payable | 177,373 | 94,669 | -82,704 |
Taxes payable | 156,575 | 72,866 | -83,709 |
Other payables | 892,103 | 737,685 | -154,418 |
Include: interest payable | 23,522 | 10,425 | -13,097 |
Non-current liabilities due within one | |||
year | 110,014 | 677,121 | 567,107 |
Total current liabilities | 4,552,556 | 4,139,047 | -413,509 |
Non-current liabilities | |||
Long-term borrowings | 299,098 | - | -299,098 |
Lease liabilities | 1,484,850 | 480,886 | -1,003,964 |
Accrued liabilities | 27,345 | 314,916 | 287,571 |
Deferred tax liabilities | 42,957 | 7,175 | -35,782 |
Other non-current liabilities | 21,971 | 20,562 | -1,409 |
Total non-current liabilities | 1,876,221 | 823,539 | -1,052,682 |
Total liabilities | 6,428,777 | 4,962,586 | -1,466,191 |
3
As at 31 March 2020 | |||
Amount in | |||
Original | the statement | ||
amount in the | after | ||
Items affected | statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
Equity | |||
Share capital | 547,672 | 547,672 | - |
Capital surplus | 1,911,603 | 1,911,344 | -259 |
Less: treasury share | 20,010 | 20,010 | - |
Other comprehensive income | -50,007 | -31,961 | 18,046 |
Surplus reserve | 246,885 | 246,788 | -97 |
Undistributed profits | -1,710,551 | -1,837,849 | -127,298 |
Total equity attributable to | |||
Shareholders of the Company | 925,592 | 815,984 | -109,608 |
Minority interests | -120,264 | -37,117 | 83,147 |
Total equity | 805,328 | 778,867 | -26,461 |
TOTAL LIABILITIES AND EQUITY | 7,234,105 | 5,741,453 | -1,492,652 |
4
(b) Income Statements | |||
For the three months ended 31 March 2020 | |||
Amount in | |||
Original | the statement | ||
amount in the | after | ||
Items affected | statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
Revenue | 1,001,846 | 957,800 | -44,046 |
Less: Cost of sales | -511,734 | -487,700 | 24,034 |
Taxes and surcharges | -6,376 | -5,985 | 391 |
Selling and distribution expenses | -657,606 | -597,000 | 60,606 |
General and administrative | |||
expenses | -190,534 | -172,914 | 17,620 |
Financial expenses | -66,987 | -55,673 | 11,314 |
Add: Other income | 4,757 | 4,822 | 65 |
Investment income | 299 | -48,961 | -49,260 |
Loss on fair value changes | - | - | - |
Credit impairment losses | -814 | -88,891 | -88,077 |
Asset impairment losses | -2,702 | -17,323 | -14,621 |
Gains on disposals of assets | -6,832 | 6,033 | 12,865 |
Operating profit | -436,683 | -505,792 | -69,109 |
Add: Non-operating income | 31 | 30 | -1 |
Less: Non-operating expenses | -593 | -592 | 1 |
Profit before tax | -437,245 | -506,354 | -69,109 |
Less: Income tax expenses | 89,067 | 77,583 | -11,484 |
Net profit | -348,178 | -428,771 | -80,593 |
Net profit from continuing operations | -348,178 | -373,919 | -25,741 |
Net profit from discontinued operations | - | -54,852 | -54,852 |
Attributable to shareholders of the | |||
Company | -342,164 | -423,146 | -80,982 |
Attributable to minority interests | -6,014 | -5,625 | 389 |
Other comprehensive income/after tax | -10,048 | 7,998 | 18,046 |
Attributable to shareholders of the | |||
Company/after tax | -10,048 | 7,998 | 18,046 |
Other comprehensive losses that cannot | |||
be reclassified into profit and loss | - | 26,088 | 26,088 |
Changes in fair value of other equity | |||
instrument investments | - | 26,088 | 26,088 |
Other comprehensive income | |||
reclassified to profit or loss | -10,048 | -18,090 | -8,042 |
Translation differences on translation of | |||
foreign currency financial statements | -10,048 | -18,090 | -8,042 |
5
For the three months ended 31 March 2020 | |||
Amount in | |||
Original | the statement | ||
amount in the | after | ||
Items affected | statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
Total comprehensive income | -358,226 | -420,773 | -62,547 |
Attributable to shareholders of the | |||
Company | -352,212 | -415,148 | -62,936 |
Attributable to minority interests | -6,014 | -5,625 | 389 |
Basic losses per share (RMB) | -0.63 | -0.77 | -0.14 |
Diluted losses per share (RMB) | -0.63 | -0.77 | -0.14 |
6
(c) Cash Flow Statements | |||
For the three months ended 31 March 2020 | |||
Amount in | |||
Original | the statement | ||
amount in | after | ||
Items affected | the statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
1. Cash flows from operating activities | |||
Cash received from sales of products or | |||
rendering of services | 720,226 | 689,779 | -30,447 |
Cash received relating to other operating | |||
activities | 178,512 | 103,464 | -75,048 |
Sub-total of cash inflows | 898,738 | 793,243 | -105,495 |
Cash paid for goods and services | -305,800 | -278,511 | 27,289 |
Cash paid to and on behalf of employees | -227,825 | -227,825 | - |
Payments of taxes and surcharges | -28,106 | -27,715 | 391 |
Cash paid relating to other operating | |||
activities | -391,421 | -239,176 | 152,245 |
Sub-total of cash outflows | -953,152 | -773,227 | 179,925 |
Net cash flows from/(used in) | |||
operating activities | -54,414 | 20,016 | 74,430 |
2. Cash flows used in investing activities | |||
Net cash received from disposals of | |||
fixed assets, intangible assets and | |||
other long-term assets | 119 | 119 | - |
Net cash received from disposal of | |||
subsidiaries and other business units | - | 5,000 | 5,000 |
Cash received relating to other investing | |||
activities | - | 22,675 | 22,675 |
Sub-total of cash inflows | 119 | 27,794 | 27,675 |
Cash paid to acquire fixed assets, | |||
intangible assets and other long-term | |||
assets | -93,876 | -81,137 | 12,739 |
Cash paid for investments | - | - | - |
Net cash paid to acquire a subsidiary | |||
and other business units | - | -8,449 | -8,449 |
Cash paid relating to other investing | |||
activities | -500 | -7,199 | -6,699 |
Sub-total of cash outflows | -94,376 | -96,785 | -2,409 |
Net cash flows used in investing | |||
activities | -94,257 | -68,991 | 25,266 |
7
For the three months ended 31 March 2020 | |||
Amount in | |||
Original | the statement | ||
amount in | after | ||
Items affected | the statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
3. Cash flows from financing activities | |||
Cash received from borrowings | 112,990 | 112,990 | - |
Sub-total of cash inflows | 112,990 | 112,990 | - |
Cash repayments of borrowings | -58,371 | -37,457 | 20,914 |
Cash payments for distribution of | |||
dividends, profits or interest expenses | -11,422 | -11,422 | - |
Cash payments relating to other | |||
financing activities | -1,000 | -113,231 | -112,231 |
Sub-total of cash outflows | -70,793 | -162,110 | -91,317 |
Net cash flows (used)/from financing | |||
activities | 42,197 | -49,120 | -91,317 |
4. Effect of foreign exchange rate | |||
changes on cash and cash equivalents | -309 | - | 309 |
5. Net decrease in cash and cash | |||
equivalents | -106,783 | -98,095 | 8,688 |
Add: Cash and cash equivalents at | |||
beginning of the period | 357,684 | 175,549 | -182,135 |
6. Cash and cash equivalents at end of | |||
the period | 250,901 | 77,454 | -173,447 |
8
- Impact on the consolidated financial statements of the Company for the six months ended 30 June 2020
- Balance Sheet
As at 30 June 2020 | |||
Amount in | |||
Original | the statement | ||
amount in | after | ||
Items affected | the statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
Current assets | |||
Cash at bank and on hand | 236,914 | 233,229 | -3,685 |
Accounts Receivable | 236,625 | 236,625 | - |
Advance to suppliers | 63,861 | 63,861 | - |
Other receivables | 130,680 | 130,793 | 113 |
Inventories | 813,920 | 813,920 | - |
Non-current assets due within one year | 26,286 | 26,287 | 1 |
Other current assets | 16,679 | 16,677 | -2 |
Total current assets | 1,524,965 | 1,521,392 | -3,573 |
Non-current assets | - | - | |
Long-term receivables | 92,280 | 92,280 | - |
Long-term equity investments | 187,751 | 187,751 | - |
Other equity instruments investment | 11,646 | 11,646 | - |
Other non-current financial assets | 93,733 | 93,733 | - |
Fixed asset | 1,619,656 | 1,619,656 | - |
Construction in progress | 142,195 | 142,195 | - |
Right-of-use assets | 451,858 | 451,858 | - |
Intangible assets | 174,353 | 174,353 | - |
Goodwill | 78,231 | 78,231 | - |
Long-term prepaid expenses | 182,908 | 182,907 | -1 |
Deferred tax assets | 517,742 | 512,316 | -5,426 |
Other non-current assets | 14,613 | 14,614 | 1 |
Total non-current assets | 3,566,966 | 3,561,540 | -5,426 |
TOTAL ASSETS | 5,091,931 | 5,082,932 | -8,999 |
9
As at 30 June 2020 | |||
Amount in | |||
Original | the statement | ||
amount in | after | ||
Items affected | the statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
Current liabilities | - | - | - |
Short-term borrowings | 1,478,451 | 1,180,400 | -298,051 |
Notes payable | 10,177 | 10,177 | - |
Accounts payable | 1,253,020 | 1,250,649 | -2,371 |
Advance from customers | 745 | 745 | - |
Contract liabilities | 5,655 | 5,655 | - |
Employee benefits payable | 112,161 | 112,162 | 1 |
Taxes payable | 59,809 | 55,548 | -4,261 |
Other payables | 725,078 | 707,547 | -17,531 |
Include: interest payable | 39,904 | 19,352 | -20,552 |
Non-current liabilities due within one | |||
year | 562,390 | 562,388 | -2 |
Total current liabilities | 4,207,486 | 3,885,271 | -322,215 |
Non-current liabilities | - | - | - |
Lease liabilities | 384,865 | 384,865 | - |
Accrued liabilities | 197 | 320,470 | 320,273 |
Deferred tax liabilities | 1,915 | 1,915 | - |
Other non-current liabilities | 16,886 | 16,887 | 1 |
Total non-current liabilities | 403,863 | 724,137 | 320,274 |
Total liabilities | 4,611,349 | 4,609,408 | -1,941 |
Equity | - | - | - |
Share capital | 547,672 | 547,672 | - |
Capital surplus | 1,910,804 | 1,910,804 | - |
Less: treasury share | 20,010 | 20,010 | - |
Other comprehensive income | -36,075 | -31,961 | 4,114 |
Surplus reserve | 246,788 | 246,788 | - |
Undistributed profits | -2,122,319 | -2,133,491 | -11,172 |
Total equity attributable to | |||
Shareholders of the Company | 526,860 | 519,802 | -7,058 |
Minority interests | -46,278 | -46,278 | - |
Total equity | 480,582 | 473,524 | -7,058 |
TOTAL LIABILITIES AND EQUITY | 5,091,931 | 5,082,932 | -8,999 |
10
(b) Income Statements | |||
For the six months ended 30 June 2020 | |||
Amount in | |||
Original | the statement | ||
amount in | after | ||
Items affected | the statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
Revenue | 1,434,574 | 1,362,227 | -72,347 |
Less: Cost of sales | -742,236 | -706,104 | 36,132 |
Taxes and surcharges | -16,980 | -15,691 | 1,289 |
Selling and distribution expenses | -1,066,957 | -1,026,322 | 40,635 |
General and administrative | |||
expenses | -179,286 | -148,541 | 30,745 |
Financial expenses | -109,320 | -91,129 | 18,191 |
Add: Other income | 9,789 | 7,398 | -2,391 |
Investment income | 315,790 | -13,704 | -329,494 |
Loss on fair value changes | -4,044 | -4,044 | - |
Credit impairment losses | -359,834 | -97,421 | 262,413 |
Asset impairment losses | -173,561 | -173,561 | - |
Gains on disposals of assets | 814 | 10,672 | 9,858 |
Operating profit | -891,251 | -896,220 | -4,969 |
Add: Non-operating income | 1,179 | 1,179 | - |
Less: Non-operating expenses | -8,030 | -5,783 | 2,247 |
Profit before tax | -898,102 | -900,824 | -2,722 |
Less: Income tax expenses | 182,583 | 177,157 | -5,426 |
Net profit | -715,519 | -723,667 | -8,148 |
Net profit from continuing operations | -611,277 | -668,815 | -57,538 |
Net profit from discontinued operations | -104,242 | -54,852 | 49,390 |
Attributable to shareholders of the | |||
Company | -707,616 | -718,788 | -11,172 |
Attributable to minority interests | -7,903 | -4,879 | 3,024 |
Other comprehensive income/after tax | 3,883 | 7,998 | 4,115 |
Attributable to shareholders of the | |||
Company/after tax | 3,883 | 7,998 | 4,115 |
Other comprehensive losses that cannot | |||
be reclassified into profit and loss | -514 | 26,088 | 26,602 |
Changes in fair value of other equity | |||
instrument investments | -514 | 26,088 | 26,602 |
Other comprehensive income | |||
reclassified to profit or loss | 4,397 | -18,090 | -22,487 |
Translation differences on translation of | |||
foreign currency financial statements | 4,397 | -18,090 | -22,487 |
11
For the six months ended 30 June 2020 | |||
Amount in | |||
Original | the statement | ||
amount in | after | ||
Items affected | the statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
Total comprehensive income | -711,636 | -715,669 | -4,033 |
Attributable to shareholders of the | |||
Company | -703,733 | -710,790 | -7,057 |
Attributable to minority interests | -7,903 | -4,879 | 3,024 |
Basic losses per share (RMB) | -1.30 | -1.31 | -0.01 |
Diluted losses per share (RMB) | -1.30 | -1.31 | -0.01 |
12
(c) Cash Flow Statements | |||
For the six months ended 30 June 2020 | |||
Amount in | |||
Original | the statement | ||
amount in | after | ||
Items affected | the statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
1. Cash flows from operating activities | - | - | - |
Cash received from sales of products or | |||
rendering of services | 1,590,521 | 1,518,174 | -72,347 |
Cash received relating to other operating | |||
activities | 56,987 | 56,987 | - |
Sub-total of cash inflows | 1,647,508 | 1,575,161 | -72,347 |
Cash paid for goods and services | -892,302 | -856,170 | 36,132 |
Cash paid to and on behalf of employees | -331,540 | -331,540 | - |
Payments of taxes and surcharges | -85,037 | -83,747 | 1,290 |
Cash paid relating to other operating | |||
activities | -152,352 | -122,623 | 29,729 |
Sub-total of cash outflows | -1,461,231 | -1,394,080 | 67,151 |
Net cash flows from/(used in) | |||
operating activities | 186,277 | 181,081 | -5,196 |
2. Cash flows used in investing activities | - | - | - |
Net cash received from disposals of | |||
fixed assets, intangible assets and | |||
other long-term assets | 567 | 567 | - |
Net cash received from disposal of | |||
subsidiaries and other business units | - | 3,120 | 3,120 |
Cash received relating to other investing | |||
activities | - | - | - |
Sub-total of cash inflows | 567 | 3,687 | 3,120 |
Cash paid to acquire fixed assets, | |||
intangible assets and other long-term | |||
assets | -63,682 | -63,682 | - |
Cash paid for investments | - | - | - |
Net cash paid to acquire a subsidiary | |||
and other business units | - | -8,449 | -8,449 |
Cash paid relating to other investing | |||
activities | -48,320 | -13,875 | 34,445 |
Sub-total of cash outflows | -112,002 | -86,006 | 25,996 |
Net cash flows used in investing | |||
activities | -111,435 | -82,319 | 29,116 |
13
For the six months ended 30 June 2020 | |||
Amount in | |||
Original | the statement | ||
amount in | after | ||
Items affected | the statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
3. Cash flows from financing activities | - | - | - |
Cash received from borrowings | 270,000 | 270,000 | - |
Sub-total of cash inflows | 270,000 | 270,000 | - |
Cash repayments of borrowings | -233,864 | -233,864 | - |
Cash payments for distribution of | |||
dividends, profits or interest expenses | -55,805 | -55,805 | - |
Cash payments relating to other | |||
financing activities | -192,269 | -192,269 | - |
Sub-total of cash outflows | -481,938 | -481,938 | - |
Net cash flows (used)/from financing | |||
activities | -211,938 | -211,938 | - |
4. Effect of foreign exchange rate | |||
changes on cash and cash equivalents | 9,650 | -283 | -9,933 |
5. Net decrease in cash and cash | |||
equivalents | -127,446 | -113,459 | 13,987 |
Add:Cash and cash equivalents at | |||
beginning of the period | 175,549 | 175,549 | - |
6. Cash and cash equivalents at end of | |||
the period | 48,103 | 62,090 | 13,987 |
14
- Impact on the consolidated financial statements of the Company for the nine months ended 30 September 2020
- Balance Sheet
As at 30 September 2020 | |||
Amount in | |||
Original | the statement | ||
amount in | after | ||
Items affected | the statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
Current assets | |||
Cash at bank and on hand | 256,026 | 252,355 | -3,671 |
Accounts Receivable | 281,721 | 281,721 | - |
Advance to suppliers | 76,668 | 76,668 | - |
Other receivables | 125,967 | 126,112 | 145 |
Inventories | 721,167 | 721,167 | - |
Non-current assets due within one year | 26,286 | 26,287 | 1 |
Other current assets | 14,844 | 14,844 | - |
Total current assets | 1,502,679 | 1,499,154 | -3,525 |
Non-current assets | - | - | |
Long-term receivables | 92,280 | 92,280 | - |
Long-term equity investments | 187,159 | 187,159 | - |
Other equity instruments investment | 11,646 | 11,646 | - |
Other non-current financial assets | 93,733 | 93,733 | - |
Fixed asset | 1,590,276 | 1,590,276 | - |
Construction in progress | 142,534 | 142,534 | - |
Right-of-use assets | 263,353 | 263,353 | - |
Intangible assets | 170,017 | 170,017 | - |
Goodwill | 78,231 | 78,231 | - |
Long-term prepaid expenses | 127,950 | 127,950 | - |
Deferred tax assets | 543,544 | 534,707 | -8,837 |
Other non-current assets | 14,614 | 14,614 | - |
Total non-current assets | 3,315,337 | 3,306,500 | -8,837 |
TOTAL ASSETS | 4,818,016 | 4,805,654 | -12,362 |
15
As at 30 September 2020 | |||
Amount in | |||
Original | the statement | ||
amount in | after | ||
Items affected | the statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
Current liabilities | - | - | - |
Short-term borrowings | 1,457,122 | 1,170,400 | -286,722 |
Notes payable | - | - | - |
Accounts payable | 1,281,330 | 1,279,049 | -2,281 |
Advance from customers | - | - | - |
Contract liabilities | 3,352 | 3,352 | - |
Employee benefits payable | 105,769 | 105,769 | - |
Taxes payable | 78,991 | 74,730 | -4,261 |
Other payables | 753,812 | 722,327 | -31,485 |
Include: interest payable | 72,626 | 38,110 | -34,516 |
Non-current liabilities due within one | |||
year | 466,900 | 466,900 | - |
Total current liabilities | 4,147,276 | 3,822,527 | -324,749 |
Non-current liabilities | - | - | - |
Lease liabilities | 245,616 | 245,616 | - |
Accrued liabilities | 197 | 333,136 | 332,939 |
Deferred tax liabilities | 1,915 | 1,915 | - |
Other non-current liabilities | 13,249 | 13,249 | - |
Total non-current liabilities | 260,977 | 593,916 | 332,939 |
Total liabilities | 4,408,253 | 4,416,443 | 8,190 |
Equity | - | - | - |
Share capital | 547,672 | 547,672 | - |
Capital surplus | 1,910,806 | 1,910,806 | - |
Less: treasury share | 20,010 | 20,010 | - |
Other comprehensive income | -27,952 | -31,961 | -4,009 |
Surplus reserve | 246,788 | 246,788 | - |
Undistributed profits | -2,198,034 | -2,214,577 | -16,543 |
Total equity attributable to | |||
Shareholders of the Company | 459,270 | 438,718 | -20,552 |
Minority interests | -49,507 | -49,507 | - |
Total equity | 409,763 | 389,211 | -20,552 |
TOTAL LIABILITIES AND EQUITY | 4,818,016 | 4,805,654 | -12,362 |
16
(b) Income Statements | |||
For the nine months ended | |||
30 September 2020 | |||
Amount in | |||
Original | the statement | ||
amount in | after | ||
Items affected | the statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
Revenue | 1,741,402 | 1,669,055 | -72,347 |
Less: Cost of sales | -875,560 | -839,426 | 36,134 |
Taxes and surcharges | -20,484 | -19,194 | 1,290 |
Selling and distribution expenses | -1,279,136 | -1,238,501 | 40,635 |
General and administrative | |||
expenses | -238,898 | -208,157 | 30,741 |
Financial expenses | -155,814 | -123,848 | 31,966 |
Add: Other income | 10,418 | 8,028 | -2,390 |
Investment income | 311,421 | -18,073 | -329,494 |
Loss on fair value changes | -4,044 | -4,044 | - |
Credit impairment losses | - | - | - |
Asset impairment losses | - | - | - |
Gains on disposals of assets | 15,649 | 25,507 | 9,858 |
Operating profit | -993,108 | -1,000,038 | -6,930 |
Add: Non-operating income | 1,462 | 1,462 | - |
Less: Non-operating expenses | -10,734 | -8,487 | 2,247 |
Profit before tax | -1,002,380 | -1,007,063 | -4,683 |
Less: Income tax expenses | 207,918 | 199,081 | -8,837 |
Net profit | -794,462 | -807,982 | -13,520 |
Net profit from continuing operations | -690,220 | -753,130 | -62,910 |
Net profit from discontinued operations | -104,242 | -54,852 | 49,390 |
Attributable to shareholders of the | |||
Company | -783,331 | -799,874 | -16,543 |
Attributable to minority interests | -11,131 | -8,108 | 3,023 |
Other comprehensive income/after tax | 12,006 | 7,998 | -4,008 |
Attributable to shareholders of the | |||
Company/after tax | 12,006 | 7,998 | -4,008 |
Other comprehensive losses that cannot | |||
be reclassified into profit and loss | - | - | - |
Changes in fair value of other equity | |||
instrument investments | 497 | 26,088 | 25,591 |
Other comprehensive income | |||
reclassified to profit or loss | - | - | - |
Translation differences on translation of | |||
foreign currency financial statements | 11,509 | -18,090 | -29,599 |
17
For the nine months ended | |||
30 September 2020 | |||
Amount in | |||
Original | the statement | ||
amount in | after | ||
Items affected | the statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
Total comprehensive income | -782,456 | -799,984 | -17,528 |
Attributable to shareholders of the | |||
Company | -771,325 | -791,876 | -20,551 |
Attributable to minority interests | -11,131 | -8,108 | 3,023 |
Basic losses per share (RMB) | -1.44 | -1.52 | -0.08 |
Diluted losses per share (RMB) | -1.44 | -1.52 | -0.08 |
18
(c) Cash Flow Statements | |||
For the nine months ended | |||
30 September 2020 | |||
Amount in | |||
Original | the statement | ||
amount in | after | ||
Items affected | the statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
1. Cash flows from operating activities | - | - | - |
Cash received from sales of products or | |||
rendering of services | 1,889,548 | 1,817,201 | -72,347 |
Cash received relating to other operating | |||
activities | 63,223 | 63,223 | - |
Sub-total of cash inflows | 1,952,771 | 1,880,424 | -72,347 |
Cash paid for goods and services | -932,236 | -896,104 | 36,132 |
Cash paid to and on behalf of employees | -418,503 | -418,503 | - |
Payments of taxes and surcharges | -99,989 | -98,699 | 1,290 |
Cash paid relating to other operating | |||
activities | -210,849 | -257,728 | -46,879 |
Sub-total of cash outflows | -1,661,577 | -1,671,034 | -9,457 |
Net cash flows from/(used in) operating | |||
activities | 291,194 | 209,390 | -81,804 |
2. Cash flows used in investing activities | - | - | - |
Net cash received from disposals of | |||
fixed assets, intangible assets and | |||
other long-term assets | 14,835 | 14,835 | - |
Net cash received from disposal of | |||
subsidiaries and other business units | - | 3,120 | 3,120 |
Cash received relating to other investing | |||
activities | - | - | - |
Sub-total of cash inflows | 14,835 | 17,955 | 3,120 |
Cash paid to acquire fixed assets, | |||
intangible assets and other long-term | |||
assets | -66,193 | -66,193 | - |
Cash paid for investments | - | - | - |
Net cash paid to acquire a subsidiary | |||
and other business units | - | -8,449 | -8,449 |
Cash paid relating to other investing | |||
activities | -48,320 | -34,281 | 14,039 |
Sub-total of cash outflows | -114,513 | -108,923 | 5,590 |
Net cash flows used in investing | |||
activities | -99,678 | -90,968 | 8,710 |
19
For the nine months ended | |||
30 September 2020 | |||
Amount in | |||
Original | the statement | ||
amount in | after | ||
Items affected | the statement | adjustment | Difference |
(RMB'000) | (RMB'000) | (RMB'000) | |
3. Cash flows from financing activities | - | - | - |
Cash received from borrowings | 270,000 | 270,000 | - |
Sub-total of cash inflows | 270,000 | 270,000 | - |
Cash repayments of borrowings | -250,838 | -250,838 | - |
Cash payments for distribution of | |||
dividends, profits or interest expenses | -65,504 | -65,504 | - |
Cash payments relating to other | |||
financing activities | -200,537 | -200,537 | - |
Sub-total of cash outflows | -516,879 | -516,879 | - |
Net cash flows (used)/from financing | |||
activities | -246,879 | -246,879 | - |
4. Effect of foreign exchange rate | |||
changes on cash and cash equivalents | -1,378 | -283 | 1,095 |
5. Net decrease in cash and cash | |||
equivalents | -56,741 | -128,740 | -71,999 |
Add: Cash and cash equivalents at | |||
beginning of the period | 175,549 | 175,549 | - |
6. Cash and cash equivalents at end of | |||
the period | 118,808 | 46,809 | -71,999 |
20
-
OPINION OF THE INDEPENDENT DIRECTORS AND SUPERVISORY COMMITTEE
The independent directors of the Company are of the view that, the corrections made only affect the financial figures of the Company for the three months ended 31 March 2020, the six months ended 30 June 2020 and the nine months ended 30 September 2020, and do not affect the Company's annual report for the year ended 31 December 2020 or any other annual reports. Further, the corrections made do not involve retrospective adjustments to the financial figures of previous years, are in line with the Company's actual business and financial circumstances and in compliance with the relevant provisions and requirements of Accounting Standards for Business Enterprises. The corrected and supplemented financial statements can better reflect the financial position and performance of the Company in a more objective and fairer manner.
The supervisory committee of the Company is of the view that, the corrections made are in compliance with the relevant provisions and requirements of Accounting Standards for Business Enterprises and "Standards for the Contents and Formats of Information Disclosure by Companies
Offering Securities to the Public No. 19 - Correction of Financial Information and Relevant Disclosure" (《公開發行證券的公司信息披露編報規則第19 號-財務信息的更正及相關披 露》) issued by the China Securities Regulatory Commission. The corrected and supplemented financial statements can better reflect the financial position and performance of the Company in a more objective and fairer manner, and will not harm the legitimate interests of the Company and the shareholders as a whole. Therefore, the supervisory committee approved the correction of accounting errors in prior periods in question.
IV. OTHER MATTERS
The Company will further improve the skills and risk awareness of its financial personnel, strengthen effective communication between the Company's employees and external audit institutions, and manage the process of financial reporting, external provision, analysis and utilization as a whole, so as to prevent accounting errors from happening again. The Company apologizes for the inconvenience caused to investors by the corrections made to the financial reports for the three months ended 31 March 2020, the six months ended 30 June 2020 and the nine months ended 30 September 2020, and would be grateful for investors' understanding.
By Order of the Board
Xinjiang La Chapelle Fashion Co., Ltd.
Mr. Wu Jinying
Chairman
Shanghai, the People's Republic of China
29 April 2021
As of the date of this announcement, the executive directors of the Company are Mr. Wu Jinying, Ms. Zhang Ying and Ms. Zhang Danling; the non-executive director of the Company is Mr. Yin Xinzai; the independent non-executive directors of the Company are Mr. Xing Jiangze, Ms. Wong Sze Wing and Mr. Zhu Xiaozhe.
21
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Shanghai La Chapelle Fashion Co. Ltd. published this content on 30 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2021 04:03:00 UTC.