杭汽轮B:关于2015年度计提资产减值准备的公告(英文版)

来源:深交所 2016-03-19 00:00:00
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Stock Code: 200771 Stock ID: Hangqilun B Announcement No. 2016-37

Hangzhou Steam Turbine Co., Ltd.

Announcement on the provision for impairment of

assets of year 2015

The members of the Board and the Company acknowledge being responsible for the

truthfulness, accuracy, and completeness of the announcement. Not any false record,

misleading statement or significant omission carried in this announcement.

The 6th term of Board held its 28th Meeting on March 17, 2016, The meeting examined the

Proposal of the provision for impairment of assets, This proposal was adopted with 11 votes in

favor, 0 objection and 0 waive.

The amount of the provision for impairment of assets of year 2015 of the company is

RMB245,130,878.11, the detail of which is announced as follows:

I.The overview of the provision for impairment of assets

For fairly reflecting the company’s assets value, according to the Accounting Standards for

Enterprises and Regulations on Provision of Asserts Impairment and Write-off of Assets for

Enterprises, and based on the principle of prudence, the company has checked each asset of the

consolidated financial statements by the end of the reporting period and has assessed that there

would be some impairment of assets, then determined the need for the provision for impairment of

assets. The assets of the provision for impairment of asset mainly included accounts receivable,

other receivables and inventory. The total amount of the provision of for impairment of assets is

RMB 245,130,878.11, which was detailed as follows:

The information table of the company’s provision for impairment of assets for year 2015

In RMB

Amount of each corresponding item

Lessen in the current

Items on impairment

Beginning Provision in the period

of assets Ending balance

balance current period

Reco

Write off

very

Provision for bad

1 610,307,568.28 190,166,947.80 5,695,365.27 794,779,150.81

debts( accounts

1

receivable)

Provision for bad

2 debts( other 8,603,524.17 -64,824.40 285,250.00 8,253,449.77

receivables)

Provision for

3 inventory price 158,244.58 55,028,754.71 2,198,984.63 52,988,014.66

falling

Total 625,852,490.69 245,130,878.11 - 8,179,599.90 862,803,768.90

II. The confirmation standard and method of provision on the provision for impairment of

assets

The main assets of the provision for the impairment of assets included accounts receivable,

other receivables and inventory.

I. The amount of the provision for bad debts of accounts receivable of year 2015 is RMB

190,102,123.40. The confirmation standard and method of provision on the provision for bad

debts of accounts receivable are:

(1)Recognition and providing of bad debt provision on individual receivable account with large

amount

Basis of recognition or standard amount of

Accounts take over 10% of the book balance of receivable accounts

individual account with large amount

Impairment test performed individually, bad debt provision will be provided at

Basis of bad debt provision

the difference of expected cash flow lower than the book value.

(2)Recognition and providing basis of bad debt reserves for group of receivable accounts with

similar characteristics of credit risks

Name of the Group Basis of bad debt provision

Group by age analysis Age analysis method

Combined range of association Other method

Bad debt provisions are provided on age analyze basis in the group

Rate of provision on receivable Rate of provision on other receivable

Age

account account

Within 1 year)included) 5.00% 5.00%

1-2 years 10.00% 10.00%

2-3 years 30.00% 30.00%

3-4 years 60.00% 60.00%

4-5 years 80.00% 80.00%

Over 5 years 100.00% 100.00%

(3) Receivable accounts with minor amount but bad debt provisions are provided individually

Basis of providing bad debt individually When there is significant difference between the current

2

value of future cash flow of the receivable account and

the current value of future cash flow of the group

Impairment test performed individually, bad debt

Basis of bad debt provision provision will be provided at the difference of expected

cash flow lower than the book value.

2. The amount of the provision for inventory falling price of year 2015 is RMB

55,028,754.71, and the confirmation standard and method of provision on the

inventory falling price are:

On the balance sheet date, the inventory was the lower result between the results calculated

by cost and net realized value, and according to single inventory/inventory category, the balance

of the costs that was higher than the net realized value is the amount of the provision for inventory

falling price. As to the inventory directly used for sales, under the normal production and

operation process, the net realized value of the inventory shall be determined by the amount that

calculated by the estimated sales price of the inventory minus the estimated sales expenses and

relevant taxes and fees; as to the inventory needed processing, under the normal production and

operation process, the net realized value of the inventory shall be determined by the amount that

calculated by the estimated sales price of the final products minus the related processing costs and

the estimated sales expenses and relevant taxes and fees; on the balance sheet date, under one item

inventory that part have contacted price and the other part have no contracted price, the net

realized value of the inventory shall be determined respectively and be compared with the

corresponding costs, and the amount of provision for inventory price falling and the amount of

recovery shall be respectively determined.

III. The influence of the provision for impairment of assets on the company’s financial status

The company’s provision for the impairment of assets leads to the decrease of

RMB245,130,878.11 on the net profits in the company's consolidated financial statements of year

2015, so that there was a decrease of RMB 245,130,878.11 on the net profits of year 2015 that are

attributable to the company’s shareholders.

IV.The review process of the provision for impairment of assets

The item of the provision for impairment of assets has been examined and adopted in the

company’s 28th board meeting of the 6th session board of directors. Due to the amount of the

provision for impairment of assets exceed the 50% audited net profits of the company of year

2015, according to the regulations of the Stock Listing Rules stipulated by the Shenzhen stock

exchange, the item of provision shall be examined and adopted in the general shareholder meeting.

V.The reasonableness explanation of the provision for impairment of assets by the board of

directors

The board of directors reckoned that: the provision for impairment of assets was in

accordance with the Accounting Standards for Enterprises and the company’s management

3

institution on provision for impairment of assets, and that was in line with the principle of

prudence and was reasonable, objectively and fairly reflected the company’s financial status, so

the board agreed the provision for impairment of assets. The company shall performance the

review process by strictly conforming to the provisions stipulated by the Regulations on Provision

of Asserts Impairment and Write-off of Assets for Enterprises (Revised in 2015).

VI.The independent opinions on the provision for impairment of assets from independent

directors

The company has carried out the provision for impairment of assets of year 2015 by

conforming to the Accounting Standards for Enterprises and relevant regulations, which was in

line with the company’s actual situation and the company law, the articles of association and

relevant regulation and laws, with standardized procedure for reviewing, and there was no

situation that would jeopardize the interests of the company and the minority shareholders. The

provision for impairment of assets was agreed.

VII.The examination opinions on the company’s provision for impairment of

assets by the board of supervisors

The board of supervisors reckoned that: the company's provision for impairment of assets was in

accordance with the Accounting Standards for Enterprises and relevant regulations, which fairly

reflected the company’s assets value and operating results. The decision making procedure of the

proposal on provision for impairment of assets was in line with the law, and the provision for

impairment of assets was agreed.

VIII. Documents for reference

1. Resolutions of the 28th meeting of the 6th Term of Board;

2. Resolutions of the 14th Meeting of the 6th Supervisory Committee

3. Independent Opinions of Independent Directors

The Board of Directors of

Hangzhou Steam Turbine Co., Ltd.

March 19, 2016

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