鲁泰Ｂ：2016年第一季度报告正文（英文版）_股票频道

Abstract of the Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.

Stock code: 000726, 200726 Stock name: Lu Thai A, Lu Thai B Announcement No.: 2016-019

Lu Thai Textile Co., Ltd.

Abstract of the Report for the First Quarter of 2016

Abstract of the Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.

Section I Important Statements

The Board of Directors, the Supervisory Committee, directors, supervisors and

senior management staff of Lu Thai Textile Co., Ltd. (hereinafter referred to as

“the Company”) warrant that the information carried in this report is factual,

accurate and complete, without any false record, misleading statement or

material omission. And they shall be jointly and severally liable for that.

All directors have attended the board session for reviewing this report.

Liu Zibin, company principal, Zhang Hongmei, chief of the accounting work,

and Zhang Keming, chief of the accounting organ (chief of accounting), hereby

confirm that the financial statements enclosed in this report are factual, accurate

and complete.

This Report is prepared in both Chinese and English. Should there be any

discrepancy between the two versions, the Chinese version shall prevail.

Abstract of the Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.

Section II Financial Results and Changes in Shareholders

I Financial results

Whether the Company performed any retroactive adjustments to or restatement of its accounting data due to changes of accounting

policies or correction of accounting errors

□ Yes √ No

January-March

January-March 2016 +/-%

2015

Operating revenues (RMB) 1,282,806,624.05 1,428,557,406.74 -10.20%

Net profit attributable to shareholders of the Company

150,268,522.21 152,714,080.35 -1.60%

(RMB)

Net profit attributable to shareholders of the Company after

137,542,633.98 131,929,166.88 4.25%

deducting exceptional profit and loss (RMB)

Net operating cash flow (RMB) 183,258,282.60 -97,329,127.52 -288.29%

Basic earnings per share (RMB/share) 0.16 0.16 0.00%

Diluted earnings per share (RMB/share) 0.16 0.16 0.00%

Weighted average return on equity 2.15% 2.29% -0.14%

31 March 2016 31 December 2015 +/-%

Total assets (RMB) 9,059,317,160.04 9,091,170,499.22 -0.35%

Net assets attributable to shareholders of the Company

6,865,658,300.17 6,837,113,075.58 0.42%

(RMB)

Exceptional profit and loss

√ Applicable □ Not applicable

Unit: RMB

Item January-March 2016 Note

Profit/loss on disposal of non-current assets (including offset amount of asset impairment

-119,596.26

provisions)

Government grants charged to the profit/loss for the Reporting Period (except for the

government grants closely related to the business of the Company and given at a fixed quota 4,596,057.87

or amount in accordance with the State’s uniform standards)

Gains and losses on change in fair value from tradable financial assets and tradable financial

liabilities, as well as investment income from disposal of tradable financial assets and

4,700,743.33

tradable financial liabilities and financial assets available for sales, except for effective

hedging related with normal businesses of the Company

Non-operating incomes and expenses other than the above 2,954,115.86

Less: Income tax effects -1,211,324.23

Abstract of the Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.

Minority interests effects (after tax) 616,756.80

Total 12,725,888.23 --

Explanation of why the Company classified an item as exceptional profit/loss according to the definition in the Explanatory

Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Profit and Loss,

or reclassified any exceptional profit/loss item given as an example in the said explanatory announcement to recurrent profit/loss

□ Applicable √ Not applicable

No such cases in the Reporting Period.

II Total number of shareholders at the period-end and shareholdings of top ten shareholders

1. Numbers of common shareholders and preference shareholders with resumed voting rights as well as

shareholdings of top ten shareholders

Unit: share

Total number of common Total number of preference shareholders with

69,043 0

shareholders at the period-end resumed voting rights at the period-end (if any)

Shareholdings of top ten shareholders

Pledged or frozen

Shareholdi

Number of shares

Nature of ng Number of

Name of shareholder restricted shares Numbe

shareholder percentage shares held Status of

held r of

(%) shares

Domestic

Zibo Lucheng Textile Investment Co., Ltd. non-state-owned 14.69% 140,353,583

corporation

Foreign

Tailun Textile Co., Ltd. 12.37% 118,232,400 118,232,400

corporation

State-owned

Central Huijin Investment Co., Ltd. 2.13% 20,315,300

corporation

Foreign

T.ROWE PRICE INTL DISCOVERY FUND 2.09% 19,948,219

corporation

CHINA SECURITIES FINANCE State-owned

1.64% 15,679,091

CORPORATION LIMITED corporation

Foreign

LYNAS ASIA FUND 1.51% 14,413,375

corporation

FIRST STATE INVESTMENTS

Foreign

ICVC-FIRST STATE GREATER CHINA 1.12% 10,714,368

corporation

GROWTH FUND

HUA AN NEW SILK ROAD THEME Domestic

1.06% 10,110,000

EQUITY SECURITIES INVESTMENT non-state-owned

Abstract of the Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.

FUND corporation

Foreign

VALUE PARTNERS CLASSIC FUND 0.85% 8,156,383

corporation

Foreign

First State China A Share Fund 0.82% 7,881,381

corporation

Shareholdings of top ten non-restricted shareholders

Number of non-restricted Variety of shares

Name of shareholder

shares held Variety Number

RMB common

Zibo Lucheng Textile Investment Co., Ltd. 140,353,583 140,353,583

RMB common

Central Huijin Investment Co., Ltd. 20,315,300 20,315,300

Domestically

T.ROWE PRICE INTL DISCOVERY FUND 19,948,219 listed foreign 19,948,219

RMB common

CHINA SECURITIES FINANCE CORPORATION LIMITED 15,679,091 15,679,091

Domestically

LYNAS ASIA FUND 14,413,375 listed foreign 14,413,375

Domestically

FIRST STATE INVESTMENTS ICVC-FIRST STATE

10,714,368 listed foreign 10,714,368

GREATER CHINA GROWTH FUND

HUA AN NEW SILK ROAD THEME EQUITY SECURITIES RMB common

10,110,000 10,110,000

INVESTMENT FUND shares

Domestically

VALUE PARTNERS CLASSIC FUND 8,156,383 listed foreign 8,156,383

RMB common

First State China A Share Fund 7,881,381 7,881,381

Domestically

HTHK-MANULIFE CHINA VALUE FUND 6,858,138 listed foreign 6,858,138

Zibo Lucheng Textile Investment Co., Ltd. is the largest

shareholder of the Company and the actual controller. Tailun

(Thailand) Textile Co., Ltd. is the second largest shareholder as

Related or acting-in-concert parties among the above

well as sponsor of foreign capital of the Company. All of other

shareholders

shareholders are people holding circulating A share or circulating

B share and the Company is not able to confirm whether there is

associated relationship or concerted action among other

Abstract of the Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.

shareholders.

Top ten common shareholders conducting securities margin

N/A

trading (if any)

Did any of the top ten common shareholders or the top ten non-restricted common shareholders of the Company conduct any

promissory repo during the Reporting Period?

□ Yea √ No

No such cases in the Reporting Period.

2. Total number of preference shareholders and shareholdings of the top ten of them

□ Applicable √ Not applicable

Section III Significant Events

I Changes in major accounting statement items and financial indicators for the Reporting

Period, as well as reasons for such changes

√ Applicable □ Not applicable

(1) Notes receivable stood at RMB87,564,218.01 on 31 March 2016, down 34.23% from the

opening amount, mainly because letters of credit became due.

(2) Interest receivable stood at RMB0.00 on 31 March 2016, down 100.00% from the opening

amount, mainly because savings became due and interest was collected.

(3) Other accounts receivable stood at RMB44,055,162.39 on 31 March 2016, down 37.79% from

the opening amount, mainly because export rebates were received.

(4) Engineering materials stood at RMB19,909,444.99 on 31 March 2016, up 215.03% from the

opening amount, mainly because equipment to be installed increased.

(5) Other non-current assets stood at RMB47,372,488.77 on 31 March 2016, up 37.30% from the

opening amount, mainly because prepayments for equipment increased.

(6) Financial liabilities measured at fair value with fair value changes charged to the current profit

and loss stood at RMB19,928,030.00 on 31 March 2016, down 57.32% from the opening amount,

mainly because financial liabilities became due and loss on the fair value changes decreased.

(7) Payroll payable stood at RMB181,404,630.78 on 31 March 2016, down 37.72% from the

opening amount, mainly because the year-end bonuses for employees for 2015 were paid in the

current period.

(8) Interest payable stood at RMB988,920.36 on 31 March 2016, down 46.60% from the opening

amount, mainly because interest payable decreased.

(9) Treasury shares stood at RMB131,096,061.14 on 31 March 2016, up 1029.09% from the

opening amount, mainly because repurchased shares increased.

(10) Asset impairment loss stood at RMB-870,101.65 for January-March 2016, down 175.08%

from the same period of last year, mainly because accounts receivable decreased.

(11) Profit on fair value changes stood at RMB21,750,839.63 for January-March 2016, up 281.23%

from the same period of last year, mainly because of the profit on fair value changes in due

Abstract of the Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.

financial liabilities and the fair value changes in the current period.

(12) Investment profit stood at RMB-17,050,096.30 for January-March 2016, down 225.14% from

the same period of last year, mainly because loss on investment in financial derivative instruments

increased.

(13) Non-operating income stood at RMB8,337,965.06 for January-March 2016, up 73.10% from

the same period of last year, mainly because governmental subsidies increased.

II Progress of significant events and analysis & explanations on their influence and solutions

√ Applicable □ Not applicable

On 5 August 2015, the Company held the 2015 1st Extraordinary General Meeting, which reviewed and approved the Proposal on

Repurchasing Part of the Share A and Share B of the Company, and had published the Report about Repurchasing Part of the Share A

and Share B of the Company on 10 October 2015 and as for the details of the above, please refer to the announcement of the

Company (No.: 2015-029) and the report about repurchasing the shares that respectively diclosed on www.cninfo.com.cn on 6

August 2015 and 10 October 2015. The Company began to execute the repurchase proposal since 10 November 2015 and up to 31

March 2016, the Company had accumulatively repurchased the Share B of 15,318,707 shares and as for the detailed situation, please

refer to the announcement of the Company (No.: 2016-016) that disclosed on www.cninfo.com.cn on 6 April 2016.

Index to the relevant announcement

Overview of the significant event Date of disclosure

disclosed on the website

On 5 August 2015, the Company held the Announcement on the Resolution of the

2015 1 Extraordinary General Meeting, 2015 1st Extraordinary General Meeting

6 Aug. 2015

which reviewed and approved the Proposal (No.: 2015-029), which disclosed on

on Repurchasing Part of the Share A and http://www.cninfo.com.cn

Share B of the Company, and had

Report about Repurchasing Part of the

published the Report about Repurchasing Share A and Share B of the Company,

Part of the Share A and Share B of the 10 Oct. 2015 which disclosed on

Company on 10 October 2015 and as for

http://www.cninfo.com.cn

the details of the above, please refer to the

Announcement on the Execution of

announcement of the Company (No.:

Repurchasing the Shares (No.: 2015-047),

2015-029) and the report about 11 Nov. 2015

which disclosed on

repurchasing the shares that respectively

http://www.cninfo.com.cn

diclosed on www.cninfo.com.cn on 6

August 2015 and 10 October 2015. The

Company began to execute the repurchase

proposal since 10 November 2015 and up

to 31 March 2016, the Company had Announcement on the Progress of

accumulatively repurchased the Share B of Repurchasing the Shares (No.: 2016-016),

6 Apr. 2016

15,318,707 shares and as for the detailed which disclosed on

situation, please refer to the announcement http://www.cninfo.com.cn

of the Company (No.: 2016-016) that

disclosed on www.cninfo.com.cn on 6

April 2016.

Abstract of the Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.

III Commitments of the Company, its shareholders, actual controller, acquirer, directors,

supervisors, senior management or other related parties fulfilled in the Reporting Period or

ongoing at the period-end

√ Applicable □ Not applicable

Date of

Commitment Type of Term of

Commitment Contents commitment Fulfillment

maker commitment commitment

making

Commitments made in share reform

Commitments made in acquisition

documents or shareholding alteration

documents

Commitments made in time of asset

restructuring

Commitments made in time of IPO or

refinancing

Commitments concerning stock

ownership incentive

The major

The biggest shareholder

shareholder Zibo Lucheng

Zibo Lucheng Textile

Textile Investment

Investment Co., Ltd. and

Co., Ltd. and the directors,

the directors, supervisors as

Zibo Lucheng

supervisors well as senior

Textile

and senior executives of

Investment

executives 10 Jul. 2015 which had not

Other commitments made to minority Co., Ltd. and Other

committed 10 Jul. 2015 to 10 Jan. decreased the

shareholders the directors, commitments

that the shares 2016 shareholding

supervisors

of the of the

and senior

Company held Company

executives

by them from 10 Jul.

would not be 2015 to 10

decreased Jan. 2016.

from 10 Jul. The

2015 to the commitment

future six had

months completed the

execution.

Executed on time Yes

Abstract of the Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.

Specific reasons for failing to fulfill

commitments on time and plans for N/A

next step

IV Operating result forecast for January-June 2016

Forecast of a possible deficit or considerable YoY change in the accumulative net profit made during the period from the beginning

of the year to the end of the next reporting period, as well as explanation of why:

□ Applicable √ Not applicable

V Securities investments

√ Applicable □ Not applicable

Variet Closin Sour

Opening

Code of Initial g

y of Name of Opening sharehol Closing Profit/loss in Accountin ce of

shareh Closing book

securitie investment cost number of ding number of

olding value (RMB)

the Reporting

securit securities shares held percenta shares held Period (RMB) g title secu

s (RMB) percen

ies ge rities

tage

Tradable

Buy-

Stock 01788 GTJA 27,521,014.00 12,100,000 0.17% 12,100,000 0.17% 27,425,569.60 financial

assets

Tradable

Buy-

Stock 02883 ZHYT 17,255,412.00 2,450,000 0.05% 3,000,000 0.06% 15,149,394.00 -1,294,179.90 financial

assets

Tradable

Buy-

Stock 00980 LHCS 12,625,586.00 3,839,000 0.34% 4,574,000 0.41% 10,138,627.77 -2,443,171.44 financial

assets

Tradable

Buy-

Stock 02006 JJJD 9,242,184.00 3,380,000 0.06% 3,380,000 0.06% 8,900,310.64 -309,820.94 financial

assets

Tradable

Buy-

Stock 00116 ZSS 3,964,789.00 40,000 0.01% 377,000 0.06% 3,675,602.97 -275,435.65 financial

assets

Tradable

Buy-

Stock 01666 TRTKJ 3,190,939.00 300,000 0.02% 300,000 0.02% 3,114,875.40 -64,997.40 financial

assets

Tradable

Buy-

Stock 200056 HTB 2,175,792.00 200,000 0.03% 200,000 0.03% 1,906,590.40 -261,656.20 financial

assets

Tradable

Buy-

Stock 00525 GSTL 2,750,680.00 850,000 0.01% 500,000 0.01% 1,387,444.50 -293,634.92 financial

assets

Abstract of the Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.

Tradable

Buy-

Stock 200053 SJDB 830,765.00 50,000 0.02% 50,000 0.02% 684,555.95 -143,327.60 financial

assets

Tradable

Buy-

Stock 200058 SSGB 468,272.00 100,000 0.01% 100,000 0.01% 484,147.30 17,499.30 financial

assets

Other securities investment

524,000.00 100,000 -- 100,000 -- 415,816.71 -20,831.92 -- --

held at the period-end

Total 80,549,433.00 23,409,000 -- 24,681,000 -- 73,282,935.24 -5,089,556.67 -- --

Disclosure date of the

announcement about the

board’s consent for the

securities investment

Disclosure date of the

announcement about the

general meeting’s consent

for the securities investment

(if any)

VI Investment in financial derivatives

√ Applicable □ Not applicable

Unit: RMB’0,000

Proporti

on of

closing

Amou investme

Relate Type

nt Impair nt Actual

d-part of Amount

Initial Opening purcha ment Closing amount gain/loss

Operat Relati y derivat Beginning Ending sold in

investment investment sed in provisi investment in the in

or on transac ive date date reporting

amount amount reporti on (if amount Compan reporting

tion or invest period

ng any) y’s period

not ment

period closing

net

assets

(%)

Forwa

Comm rd

Non-re 2015-01-2 2016-07-

ercial No exchan 79,386.21 79,386.21 18.35 28,157.11 0 51,247.45 7.01% -915.2

lated 6 18

bank ge

settle

Abstract of the Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.

ment

Comm Option

Non-re 2015-01-2 2016-07-

ercial No portfol 104,300 104,300 0 53,650 0 50,650 6.93% -782.55

lated 3 10

bank io

Total 183,686.21 -- -- 183,686.21 18.35 81,807.11 0 101,897.45 13.94% -1,697.75

Capital source for derivative

Own funds

investment

Lawsuit (if applicable) No lawsuits

Disclosure date of board

announcement on approval of 2015-04-25

derivative investment (if any)

Disclosure date of general

meeting announcement on

approval of derivative

investment (if any)

The Company conducted derivatives products transaction in order for hedging. And the forward settlement

hedging was operated by installments, with the relevant amount not more than the planned derivatives products

transactions. And all derivatives products transaction was zero-deposit. Meanwhile, the Company had a

complete risk control system for sufficient analysis and prevention of possible risks such as risk of laws and

regulations, credit risk, operation risk and market risk.

1. Risk concerning laws and regulations:

The Company conducted derivatives products transaction in strict accordance with relevant laws and rules as

well as regulatory policies from government securities regulatory authorities, if there were no standard

operation procedures and strict approval procedures, it was easy to cause compliant and regulatory risks

existing in the validity and feasibility of contract, commitments and other legal documents signed.

Risk analysis and risk control

Risk control measures: The Company carefully studied and mastered laws, regulations and policies relevant to

measures for derivative

derivative products transaction, formulated internal control rules for the forward settlement hedging business,

products held in reporting

standardized the operation procedures. And strengthened the compliant examination on derivative products

period (including but not

investment business, and strictly abided by relevant laws, regulations and the Company’s internal management

limited to market risk,

rules.

liquidity risk, credit risk,

2. Credit risk and liquidity risk:

operation risk, legal risk, etc.)

When the contract matures, the Company couldn’t deliver as scheduled due to insufficient liquidity, and the

counterparty or the Company couldn’t fulfill the contract due to other aspects except the liquidity, which would

cause credit risk and further economic losses for the Company.

Risk control measures: the Company chose the powerful financial institutions with good reputation as the

counterparty, and signed standard derivative products transaction contract, as well as strictly controlled the

credit risk of counterparty. The Company conducted derivative investment transactions according to the

relevant approval procedure, which was in line with relevant laws, regulations, the Company’s Articles of

Association, the Management Rules for Derivative Investment of Lu Thai Textile Co., Ltd. and the Proposal on

the Plan of Lu Thai Textile Co., Ltd. for Derivative Transactions in 2015 approved at the 20th Session of the 7th

Board of Directors on 23 Apr. 2015, and performed relevant information disclosure responsibilities. The

Abstract of the Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.

Company decided the up limit for the amount of derivative products transaction according to the production

and operation scale and the progress of foreign exchange income for the Company, and delivered by phases. It

was also possible to use extension of term and other ways to ensure the fulfillment of contract as schedules

upon the mature of contract, and wouldn’t cause any loss of credit risk for the Company due to insufficient

liquidity or other reasons.

3. Operation risk:

The derivative financial transactions had high specialty and complexity, so imperfect internal operation

procedures, staffs and external events would make the Company to undertake risks during the transaction.

Risk control measures: The Company promulgated strict authorization and approval system and perfect

regulatory mechanism, fixed the departments, operation procedures and approval procedures system to conduct

derivative products transaction, established special risk control positions, implemented strict authorization and

post checks and balances system, meanwhile, it improved the overall quality of relevant personnel through

strengthening the business training and professional ethics education for them. Besides, it established the

System of Reporting the Abnormal Situation Timely, formed an efficient risk management procedures, so as to

ensure to lower the operation risks to the maximum.

4. Market risk:

Since the RMB exchange rate reform on 8 Nov. 2015, the reform towards a market-based RMB exchange rate

regime has stepped into a new stage. In the short run, there is some depreciation pressure on the RMB, but a

sharp depreciation is considered unlikely. In the long run, the positive economic fundamentals of China, the

large surplus of the current accounts and the faster globalization of the RMB will enable the RMB to remain a

strong currency. In the near future, the RMB exchange rate is expected to be more flexible with a distinct

feature of bidirectional volatility and stable within a rational and balanced range. The forward settlement of

exchange and the option business is important derivative product transactions of the Company, which was

significantly affected by the exchange rate fluctuation. If the RMB is devalued by a large margin on the basis

of the current situation before the contract is due, so then, the larger losses shall incur in the contract on

forward settlement of exchange or option signed by the Company.

Risk control measures: Although a more flexible RMB exchange rate and the increased fluctuation range added

to the operation difficulty, it provided a certain opportunity. Therefore, the relevant personnel of the Company

will actively analyze market changes, carefully operate and hold positive opportunity, so as to try the best to

reduce the market risks under the condition of increased market difficulty.

1. Up to 31 March 2016, the Company held 32 undue financial derivative product contracts, totaling USD179

million, including 17 forward settlement contracts worth USD81 million and 15 foreign exchange option

Changes in market prices or

contracts worth USD98 million (the latest expiration before July 2016). The financial derivative products

fair value of invested

above accounted for 13.94% of the closing net assets.

derivatives in reporting period

2. From January- March 2016, the due financial derivative products of the Company totally equaled to

(fair value analysis should

USD121 million, and the losses generated was RMB16.9775 million. To be specific, the due forward

include specific analysis

settlement was USD44.5 million, generating loss of RMB9.152 million; the due foreign exchange options

methods as well as relevant

equaled to USD76.5 million, of which USD50.5 million was delivered on time upon satisfaction of the

assumptions and parameters)

delivery conditions, generating loss of RMB7.8255 million, and USD26 million was undelivered due to

dissatisfaction of the delivery conditions.

Significant changes in the

Company’s accounting policy No significant changes

and specific accounting

Abstract of the Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.

principles for derivatives in

reporting period when

compared to last period

The Company’s independent directors Zhou Zhiji, Zhang Chengzhu, Wang Lei, Xu Jianjun and Zhao Yao,

concerning conducting derivatives business, have issued the following professional advice: We are of the

Specific opinion from opinion that it will strengthen the Company’s competitiveness to use derivative transactions with focus on

independent directors on the forward settlement and purchase as an effective tool to avoid foreign exchange risks, to strengthen the relevant

Company’s derivatives internal control and to carry out the loss and risk prevention measures so as to improve the operation and

investment and risk control management. In conducting derivative transactions with focus on forward settlement and purchase, the

Company follows a legal approval procedure, has sound relevant institutions and keeps the risks relatively

controllable. No harm has been done to the interests of the Company’s shareholders.

VII Visits paid to the Company in the Reporting Period for purposes of research,

communication, interview, etc.

√ Applicable □ Not applicable

Date of visit Way of visit Type of visitor Index to main inquiry information

2016-03-30 Telephone communication Institution The basic situation of the Company

VIII Illegal provision of guarantees for external parties

□ Applicable √ Not applicable

No such cases in the Reporting Period.

IX Occupation of the Company’s funds by the controlling shareholder or its related parties

for non-operating purposes

□ Applicable √ Not applicable

No such cases in the Reporting Period.

Chairman of the Board: Liu Zibin

Lu Thai Textile Co., Ltd.

27 April 2016

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鲁 泰Ｂ：2016年第一季度报告正文（英文版）

鲁泰Ｂ：2016年第一季度报告正文（英文版）