Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
Lu Thai Textile Co., Ltd.
Report for the First Quarter of 2016
April 2016
1
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.
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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 2016 January-March 2015 +/-%
Operating revenues (RMB) 1,282,806,624.05 1,428,557,406.74 -10.20%
Net profit attributable to shareholders of the Company (RMB) 150,268,522.21 152,714,080.35 -1.60%
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 (RMB) 6,865,658,300.17 6,837,113,075.58 0.42%
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 or 4,596,057.87
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 tradable
4,700,743.33
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
Minority interests effects (after tax) 616,756.80
Total 12,725,888.23 --
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Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
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
Shareholding Number of shares
Nature of Number of
Name of shareholder percentage restricted Numbe
shareholder shares held Status of
(%) shares held r of
shares
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
EQUITY SECURITIES INVESTMENT non-state-owned 1.06% 10,110,000
FUND corporation
VALUE PARTNERS CLASSIC FUND Foreign 0.85% 8,156,383
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Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
corporation
Foreign
First State China A Share Fund 0.82% 7,881,381
corporation
Shareholdings of top ten non-restricted shareholders
Number of Variety of shares
Name of shareholder non-restricted shares
Variety Number
held
Zibo Lucheng Textile Investment Co., Ltd. 140,353,583 RMB common shares 140,353,583
Central Huijin Investment Co., Ltd. 20,315,300 RMB common shares 20,315,300
Domestically listed
T.ROWE PRICE INTL DISCOVERY FUND 19,948,219 19,948,219
foreign shares
CHINA SECURITIES FINANCE CORPORATION LIMITED 15,679,091 RMB common shares 15,679,091
Domestically listed
LYNAS ASIA FUND 14,413,375 14,413,375
foreign shares
FIRST STATE INVESTMENTS ICVC-FIRST STATE Domestically listed
10,714,368 10,714,368
GREATER CHINA GROWTH FUND foreign shares
HUA AN NEW SILK ROAD THEME EQUITY SECURITIES
10,110,000 RMB common shares 10,110,000
INVESTMENT FUND
Domestically listed
VALUE PARTNERS CLASSIC FUND 8,156,383 8,156,383
foreign shares
First State China A Share Fund 7,881,381 RMB common shares 7,881,381
Domestically listed
HTHK-MANULIFE CHINA VALUE FUND 6,858,138 6,858,138
foreign shares
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
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.
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Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
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
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.
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Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
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 disclosed on
Overview of the significant event Date of disclosure
the website
On 5 August 2015, the Company held the 2015 1st Announcement on the Resolution of the 2015 1st
Extraordinary General Meeting, which reviewed and 6 Aug. 2015 Extraordinary General Meeting (No.: 2015-029),
approved the Proposal on Repurchasing Part of the Share A which disclosed on http://www.cninfo.com.cn
and Share B of the Company, and had published the Report Report about Repurchasing Part of the Share A
about Repurchasing Part of the Share A and Share B of the 10 Oct. 2015 and Share B of the Company, which disclosed on
Company on 10 October 2015 and as for the details of the http://www.cninfo.com.cn
above, please refer to the announcement of the Company
Announcement on the Execution of
(No.: 2015-029) and the report about repurchasing the
11 Nov. 2015 Repurchasing the Shares (No.: 2015-047), which
shares that respectively diclosed on www.cninfo.com.cn on
disclosed on http://www.cninfo.com.cn
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
Announcement on the Progress of Repurchasing
repurchased the Share B of 15,318,707 shares and as for the
6 Apr. 2016 the Shares (No.: 2016-016), which disclosed on
detailed situation, please refer to the announcement of the
http://www.cninfo.com.cn
Company (No.: 2016-016) that disclosed on
www.cninfo.com.cn on 6 April 2016.
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
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Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
restructuring
Commitments made in time of IPO or
refinancing
Commitments concerning stock
ownership incentive
The biggest The major
shareholder shareholder Zibo
Zibo Lucheng Lucheng Textile
Textile Investment Co.,
Investment Co., Ltd. and the
Ltd. and the directors,
Zibo Lucheng
directors, supervisors as
Textile
supervisors and well as senior
Investment
Other senior 10 Jul. 2015 executives of
Other commitments made to minority Co., Ltd. and
commitment executives 10 Jul. 2015 to 10 Jan. which had not
shareholders the directors,
s committed that 2016 decreased the
supervisors
the shares of the shareholding of
and senior
Company held the Company
executives
by them would from 10 Jul.
not be 2015 to 10 Jan.
decreased from 2016. The
10 Jul. 2015 to commitment had
the future six completed the
months execution.
Executed on time Yes
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
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Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
Tradable
Buy-
Stock 01788 GTJA 27,521,014.00 12,100,000 0.17% 12,100,000 0.17% 27,425,569.60 financial
in
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
in
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
in
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
in
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
in
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
in
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
in
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
in
assets
Tradable
Buy-
Stock 200053 SJDB 830,765.00 50,000 0.02% 50,000 0.02% 684,555.95 -143,327.60 financial
in
assets
Tradable
Buy-
Stock 200058 SSGB 468,272.00 100,000 0.01% 100,000 0.01% 484,147.30 17,499.30 financial
in
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
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Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
for the securities investment
(if any)
VI Investment in financial derivatives
√ Applicable □ Not applicable
Unit: RMB’0,000
Proporti
on of
closing
Rela
Amou investme
ted-
Type of nt Impair nt Actual
part Amount
derivativ Initial Opening purcha ment Closing amount gain/loss
Rela y Beginning Ending sold in
Operator e investment investment sed in provisi investment in the in
tion trans date date reporting
investme amount amount reporti on (if amount Compan reporting
actio period
nt ng any) y’s period
n or
period closing
not
net
assets
(%)
Forward
Commer Non- exchang
2016-07-
cial relat No e 79,386.21 2015-01-26 79,386.21 18.35 28,157.11 0 51,247.45 7.01% -915.2
18
bank ed settleme
nt
Commer Non-
Option 2016-07-
cial relat No 104,300 2015-01-23 104,300 0 53,650 0 50,650 6.93% -782.55
portfolio 10
bank ed
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)
Risk analysis and risk control The Company conducted derivatives products transaction in order for hedging. And the forward settlement
measures for derivative hedging was operated by installments, with the relevant amount not more than the planned derivatives products
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Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
products held in reporting transactions. And all derivatives products transaction was zero-deposit. Meanwhile, the Company had a complete
period (including but not risk control system for sufficient analysis and prevention of possible risks such as risk of laws and regulations,
limited to market risk, credit risk, operation risk and market risk.
liquidity risk, credit risk, 1. Risk concerning laws and regulations:
operation risk, legal risk, etc.) 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 control measures: The Company carefully studied and mastered laws, regulations and policies relevant to
derivative products transaction, formulated internal control rules for the forward settlement hedging business,
standardized the operation procedures. And strengthened the compliant examination on derivative products
investment business, and strictly abided by relevant laws, regulations and the Company’s internal management
rules.
2. Credit risk and liquidity risk:
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 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
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Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
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 above
fair value of invested
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 USD121
(fair value analysis should
million, and the losses generated was RMB16.9775 million. To be specific, the due forward settlement was
include specific analysis
USD44.5 million, generating loss of RMB9.152 million; the due foreign exchange options equaled to USD76.5
methods as well as relevant
million, of which USD50.5 million was delivered on time upon satisfaction of the delivery conditions,
assumptions and parameters)
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
and specific accounting
No significant changes
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 opinion
Specific opinion from that it will strengthen the Company’s competitiveness to use derivative transactions with focus on forward
independent directors on the settlement and purchase as an effective tool to avoid foreign exchange risks, to strengthen the relevant internal
Company’s derivatives control and to carry out the loss and risk prevention measures so as to improve the operation and management. In
investment and risk control 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
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Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
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.
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Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
Section IV Financial Statements
I Financial statements
1. Consolidated balance sheet
Prepared by Lu Thai Textile Co., Ltd.
31 March 2016
Unit: RMB
Item Closing balance Opening balance
Current Assets:
Monetary funds 757,125,291.06 795,501,196.07
Financial assets measured at fair value with fair value changes
73,282,935.24 71,696,678.70
included in the profit and loss for the Reporting Period
Derivative financial assets
Notes receivable 87,564,218.01 133,145,518.39
Accounts receivable 242,898,968.12 262,848,042.62
Accounts paid in advance 153,556,443.90 196,809,904.13
Interest receivable 653,075.08
Dividends receivable
Other accounts receivable 44,055,162.39 70,821,406.28
Redemptory monetary capital for sale
Inventories 1,850,443,068.61 1,743,963,973.24
Assets held for sale
Non-current assets due within 1 year
Other current assets 52,011,125.79 57,391,316.34
Total current assets 3,260,937,213.12 3,332,831,110.85
Non-current assets:
Loans by mandate and advances granted 67,442,600.00 67,442,600.00
Available-for-sale financial assets
Held-to-maturity investments 4,980,998.00 4,980,998.00
Long-term accounts receivable
Long-term equity investment
Investing real estate 4,921,961,771.97 4,907,575,469.84
Fixed assets 201,483,905.91 205,094,029.50
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Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
Construction in progress 19,909,444.99 6,319,783.17
Engineering materials
Disposal of fixed assets 1,068,865.76 1,177,113.89
Production biological assets
Oil-gas assets 369,986,301.37 363,385,986.63
Intangible assets
R&D expense 20,613,803.29 20,613,803.29
Goodwill 84,305,783.02 85,124,145.25
Long-term deferred expenses 59,253,983.84 62,123,091.53
Deferred income tax assets 47,372,488.77 34,502,367.27
Other non-current assets 5,798,379,946.92 5,758,339,388.37
Total of non-current assets 9,059,317,160.04 9,091,170,499.22
Total assets
Current liabilities: 869,165,093.98 802,766,318.90
Short-term borrowings 19,928,030.00 46,695,875.00
Financial liabilities measured at fair value of which changes are
recorded in current profits and losses
Derivative financial liabilities 2,300,000.00 3,109,149.48
Notes payable 264,475,432.90 248,570,405.57
Accounts payable 89,006,303.92 95,077,531.32
Accounts received in advance 181,404,630.78 291,263,599.62
Payroll payable 57,191,543.12 80,615,008.14
Tax payable 988,920.36 1,851,876.78
Interest payable 441,113.64 441,113.64
Dividend payable 78,561,029.90 62,514,814.53
Other accounts payable
Non-current liabilities due within 1 year
Other current liabilities
Total current liabilities 1,563,462,098.60 1,632,905,692.98
Non-current liabilities:
Long-term borrowings 7,970,031.94
Long-term payables
Long-term payroll payables 81,499,403.98 81,499,403.98
Specific payables
15
Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
Estimated liabilities
Deferred income 96,307,172.17 96,135,077.91
Deferred income tax liabilities 2,180,916.93 2,192,694.35
Other non-current liabilities 1,840,000.00 1,840,000.00
Total non-current liabilities 189,797,525.02 181,667,176.24
Total liabilities 1,753,259,623.62 1,814,572,869.22
Owners’ equity:
Share capital 955,758,496.00 955,758,496.00
Capital reserves 1,007,146,773.32 1,007,146,166.97
Less: Treasury stock 131,096,061.14 11,610,721.68
Other comprehensive income 14,852,207.80 17,090,772.31
Specific reserves
Surplus reserves 815,648,504.28 815,648,504.28
Provisions for general risks
Retained profits 4,203,348,379.91 4,053,079,857.70
Total equity attributable to owners of the Company 6,865,658,300.17 6,837,113,075.58
Minority interests 440,399,236.25 439,484,554.42
Total owners’ equity 7,306,057,536.42 7,276,597,630.00
Total liabilities and owners’ equity 9,059,317,160.04 9,091,170,499.22
Legal representative: Liu Zibin Chief of the accounting work: Zhang Hongmei Chief of the accounting organ: Zhang Keming
2. Balance sheet of the Company
Unit: RMB
Item Closing balance Opening balance
Current Assets:
Monetary funds 358,212,852.99 361,326,403.14
Financial assets measured at fair value of which changes
are recorded in current profits and losses
Derivative financial assets
Notes receivable 66,141,481.70 100,449,603.66
Accounts receivable 251,935,646.63 235,128,453.94
Accounts paid in advance 106,757,033.01 194,884,351.36
Interest receivable
Dividend receivable
16
Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
Other accounts receivable 13,810,189.50 33,540,540.54
Inventories 1,305,148,972.22 1,194,474,541.81
Assets held for sale
Non-current assets due within 1 year
Other current assets 25,332,530.65 20,665,251.54
Total current assets 2,127,338,706.70 2,140,469,145.99
Non-current assets:
Available-for-sale financial assets 55,282,600.00 55,282,600.00
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investment 1,683,749,200.04 1,577,704,740.04
Investing real estate
Fixed assets 3,086,129,936.02 3,086,026,962.51
Construction in progress 44,807,924.43 47,195,873.42
Engineering materials 18,934,121.93 4,752,722.48
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 229,752,878.60 231,714,546.11
R&D expense
Goodwill
Long-term deferred expenses
Deferred income tax assets 52,085,653.51 56,039,573.79
Other non-current assets 38,129,486.47 25,733,137.67
Total of non-current assets 5,208,871,801.00 5,084,450,156.02
Total assets 7,336,210,507.70 7,224,919,302.01
Current liabilities:
Short-term borrowings 636,353,507.06 509,321,176.41
Financial liabilities measured at fair value of which
17,367,500.00 39,527,800.00
changes are recorded in current profits and losses
Derivative financial liabilities
Notes payable 600,000.00 400,000.00
Accounts payable 213,677,601.12 156,939,081.65
Accounts received in advance 74,434,610.74 52,388,447.07
17
Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
Payroll payable 138,159,972.27 225,146,911.56
Tax payable 31,977,367.00 44,647,234.36
Interest payable 948,367.87 830,073.23
Dividend payable 441,113.64 441,113.64
Other accounts payable 34,369,973.68 19,453,519.54
Liabilities held for sale
Non-current liabilities due within 1 year
Other current liabilities
Total current liabilities 1,148,330,013.38 1,049,095,357.46
Non-current liabilities:
Long-term borrowings
Long-term payables
Long-term payroll payables 81,499,403.98 81,499,403.98
Specific payables
Estimated liabilities
Deferred income 62,364,637.31 61,687,374.76
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 143,864,041.29 143,186,778.74
Total liabilities 1,292,194,054.67 1,192,282,136.20
Owners’ equity:
Share capital 955,758,496.00 955,758,496.00
Capital reserves 1,013,499,454.41 1,013,498,848.06
Less: Treasury stock 131,096,061.14 11,610,721.68
Other comprehensive income
Specific reserves
Surplus reserves 815,648,504.28 815,648,504.28
Retained profits 3,390,206,059.48 3,259,342,039.15
Total owners’ equity 6,044,016,453.03 6,032,637,165.81
Total liabilities and owners’ equity 7,336,210,507.70 7,224,919,302.01
3. Consolidated income statement
Unit: RMB Yuan
Item January-March 2016 January-March 2015
18
Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
1. Operating revenues 1,282,806,624.05 1,428,557,406.74
Including: Sales income 1,282,806,624.05 1,428,557,406.74
Interest income
Premium income
Handling charge and commission income
2. Total operating costs 1,104,882,243.72 1,265,704,564.06
Including: Cost of sales 875,523,212.12 1,044,182,982.58
Business tax and surtaxes 12,382,148.81 13,321,763.49
Selling expenses 42,056,002.44 51,797,009.15
Administrative expenses 172,095,558.59 152,338,682.02
Financial costs 3,695,423.41 2,905,274.94
Asset impairment loss -870,101.65 1,158,851.88
Add: Profit/loss on fair value changes (“-” means loss) 21,750,839.63 5,705,400.00
Profit/loss on investment (“-” means loss) -17,050,096.30 13,625,143.33
Including: Share of profit in associates and joint
ventures
Foreign exchange profit (“-” means loss)
3. Operating profit (“-” means loss) 182,625,123.66 182,183,386.01
Add: Non-operating income 8,337,965.06 4,816,916.15
Including: Profit on disposal of non-current assets 12,908.07 367,515.59
Less: Non-operating expense 907,387.59 412,123.84
Including: Loss on disposal of non-current assets 132,504.33 10,363.14
4. Total profit (“-” means loss) 190,055,701.13 186,588,178.32
Less: Corporate income tax 38,872,497.09 34,583,647.04
5. Net profit (“-” means loss) 151,183,204.04 152,004,531.28
Net profit attributable to owners of the Company 150,268,522.21 152,714,080.35
Minority shareholders’ income 914,681.83 -709,549.07
6. After-tax net amount of other composite income -2,238,564.51 215,117.44
After-tax net amount of other composite income
-2,238,564.51 215,117.44
attributable to owners of the Company
6.1 Other composite income that will not be
reclassified into profit and loss
6.1.1 Changes in net liabilities or assets with a
defined benefit plan upon re-measurement
6.1.2 Enjoyable share in other comprehensive
income in investees that cannot be reclassified into profit
and loss under the equity method
19
Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
6.2 Other composite income that will be
-2,238,564.51 215,117.44
reclassified into profit and loss
6.2.1 Enjoyable share in other composite
income in investees that will be reclassified into profit
and loss under the equity method
6.2.2 Profit and loss on fair value changes of
available-for-sale financial assets
6.2.3 Profit and loss on reclassifying
held-to-maturity investments into available-for-sale
financial assets
6.2.4 Effective hedging profit and loss on cash
flow
6.2.5 Foreign-currency financial statement
-2,238,564.51 215,117.44
translation difference
6.2.6 Other
After-tax net amount of other composite income
attributable to minority shareholders
7. Total composite income 148,944,639.53 152,219,648.72
Attributable to owners of the Company 148,029,957.70 152,929,197.79
Attributable to minority shareholders 914,681.83 -709,549.07
8. Earnings per share
8.1 Basic earnings per share 0.16 0.16
8.2 Diluted earnings per share 0.16 0.16
Where business mergers under the same control occurred in the Reporting Period, net profit achieved by the merged parties before
the business mergers was RMB0.00, with the corresponding amount for the same period of last year being RMB0.00.
Legal representative: Liu Zibin Chief of the accounting work: Zhang Hongmei Chief of the accounting organ: Zhang Keming
4. Income statement of the Company
Unit: RMB
Item January-March 2016 January-March 2015
1. Operating revenues 1,041,199,143.68 1,092,837,005.97
Less: Operating costs 741,786,374.54 842,767,486.89
Business tax and surtaxes 9,396,186.31 10,401,216.67
Selling expenses 19,170,957.71 23,672,458.92
Administrative expenses 124,915,990.74 107,394,185.74
Financial costs 1,604,951.15 -582,535.37
Asset impairment loss -68,701.41 -965,962.31
20
Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
Add: profit/loss on fair value changes (“-” means loss) 22,160,300.00 5,474,200.00
Profit/loss on investment (“-” means loss) -13,525,100.00 12,628,943.33
Including: Income from investment on associates and joint
ventures
2. Operating profit (“-” means loss) 153,028,584.64 128,253,298.76
Add: Non-operating income 6,099,909.65 4,528,078.79
Including: Profit on disposal of non-current assets 367,515.59
Less: Non-operating expense 690,342.86 172,420.29
Including: Loss on disposal of non-current assets 68,673.15 10,363.14
3. Total profit (“-” means loss) 158,438,151.43 132,608,957.26
Less: Corporate income tax 27,574,131.10 21,185,790.55
4. Net profit (“-” means loss) 130,864,020.33 111,423,166.71
5. After-tax net amount of other composite income
5.1 Other composite income that will not be reclassified into
profit and loss
5.1.1 Changes in net liabilities or assets with a defined benefit
plan upon re-measurement
5.1.2 Enjoyable share in other composite income in investees
that cannot be reclassified into profit and loss under the equity
method
5.2 Other composite income that will be reclassified into profit
and loss
5.2.1 Enjoyable share in other composite income in investees
that will be reclassified into profit and loss under the equity method
5.2.2 Profit and loss on fair value changes of available-for-sale
financial assets
5.2.3 Profit and loss on reclassifying held-to-maturity
investments into available-for-sale financial assets
5.2.4 Effective hedging profit and loss on cash flow
5.2.5 Foreign-currency financial statement translation
difference
5.2.6 Other
6. Total composite income 130,864,020.33 111,423,166.71
7. Earnings per share
7.1 Basic earnings per share 0.14 0.12
7.2 Diluted earnings per share 0.14 0.12
5. Consolidated cash flow statement
Unit: RMB
21
Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
Item January-March 2016 January-March 2015
1. Operating cash flow:
Cash received from sale of commodities and rendering of service 1,278,929,580.62 1,409,322,323.45
Tax refunds received 52,257,190.85 36,086,459.45
Other operating cash received 21,967,477.09 12,607,023.84
Subtotal of operating cash inflow 1,353,154,248.56 1,458,015,806.74
Cash paid for goods and services 555,862,207.46 925,879,104.51
Cash paid to and for employees 460,266,802.62 434,927,450.28
Taxes and fares paid 93,712,854.89 119,315,613.30
Other operating cash payments 60,054,100.99 75,222,766.17
Subtotal of operating cash outflow 1,169,895,965.96 1,555,344,934.26
Net operating cash flow 183,258,282.60 -97,329,127.52
2. Investment cash flow:
Cash received from retraction of investments
Cash received from return on investments
Net cash received from disposal of fixed assets, intangible assets and
61,480.59 1,209,136.18
other long-term assets
Net cash received from disposal of subsidiaries or other business units
Other cash received relating to investment activities 3,114,875.02 14,349,088.60
Subtotal of investment cash inflow 3,176,355.61 15,558,224.78
Cash paid to acquire fixed assets, intangible assets and other long-term
151,893,510.28 77,688,786.57
assets
Cash paid for investment
Net increase amount of the pledge loan
Net cash paid to acquire subsidiaries and other business units
Other investment cash payments 19,737,711.64
Subtotal of investment cash outflow 171,631,221.92 77,688,786.57
Net investment cash flow -168,454,866.31 -62,130,561.79
3. Financing cash flow:
Cash received from capital contributions
Of which: cash from capital contributions of investment of minority
shareholder of the subsidiary
Cash received as borrowings 548,488,279.74 499,500,745.26
Cash received from issuance of bonds
Other financing cash received 29,807,847.03 16,000,000.00
22
Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
Subtotal of financing cash inflow 578,296,126.77 515,500,745.26
Repayment of borrowings 474,258,464.63 420,419,094.09
Cash paid for interest expenses and distribution of dividends or profit 4,231,003.95 6,336,269.66
Of which: cash paid for distribution of dividends or profit to the minority
shareholders by the subsidiary
Other cash payments relating to financing activities 123,932,529.74 61,299,156.00
Sub-total of financing cash outflow 602,421,998.32 488,054,519.75
Net financing cash flow -24,125,871.55 27,446,225.51
4. Effect of foreign exchange rate changes on cash and cash equivalents 752,272.67 2,953,649.57
5. Net increase in cash and cash equivalents -8,570,182.59 -129,059,814.23
Add: Opening balance of cash and cash equivalents 765,695,473.65 649,393,798.30
6. Closing balance of cash and cash equivalents 757,125,291.06 520,333,984.07
6. Cash flow statement of the Company
Unit: RMB
Item January-March 2016 January-March 2015
1. Operating cash flow:
Cash received from sale of commodities and rendering of service 1,030,554,055.06 1,157,272,756.12
Tax refunds received 40,236,082.65 32,062,208.83
Other operating cash received 6,893,946.59 3,218,883.40
Subtotal of operating cash inflow 1,077,684,084.30 1,192,553,848.35
Cash paid for goods and services 474,970,450.47 779,155,896.02
Cash paid to and for employees 341,902,663.96 327,538,401.62
Taxes and fares paid 38,303,825.59 45,531,121.17
Other operating cash payments 32,549,009.04 100,393,923.38
Subtotal of operating cash outflow 887,725,949.06 1,252,619,342.19
Net operating cash flow 189,958,135.24 -60,065,493.84
2. Investment cash flow:
Cash received from retraction of investments
Cash received from return on investments
Net cash received from disposal of fixed assets, intangible assets
53,980.59 1,209,136.18
and other long-term assets
Net cash received from disposal of subsidiaries or other business
units
Other cash received relating to investment activities 172,839.48 12,999,351.78
Subtotal of investment cash inflow 226,820.07 14,208,487.96
23
Report for the First Quarter of 2016 of Lu Thai Textile Co., Ltd.
Cash paid to acquire fixed assets, intangible assets and other
74,409,219.69 44,996,274.50
long-term assets
Cash paid for investment 106,044,460.00 36,160,983.67
Net cash paid to acquire subsidiaries and other business units
Other investment cash payments 14,394,100.00
Subtotal of investment cash outflow 194,847,779.69 81,157,258.17
Net investment cash flow -194,620,959.62 -66,948,770.21
3. Financing cash flow:
Cash received from capital contributions
Cash received as borrowings 357,544,665.12 256,245,018.34
Cash received from issuance of bonds
Other financing cash received
Subtotal of financing cash inflow 357,544,665.12 256,245,018.34
Repayment of borrowings 230,361,852.75 98,059,135.07
Cash paid for interest expenses and distribution of dividends or
1,968,099.25 1,369,866.44
profit
Other cash payments relating to financing activities 123,932,529.74 61,299,156.00
Sub-total of financing cash outflow 356,262,481.74 160,728,157.51
Net financing cash flow 1,282,183.38 95,516,860.83
4. Effect of foreign exchange rate changes on cash and cash
267,090.85 957,466.97
equivalents
5. Net increase in cash and cash equivalents -3,113,550.15 -30,539,936.25
Add: Opening balance of cash and cash equivalents 361,326,403.14 249,509,717.93
6. Closing balance of cash and cash equivalents 358,212,852.99 218,969,781.68
II Auditor’s report
Is this Report audited?
□ Yes √ No
This Report is not audited.
Chairman of the Board: Liu Zibin
Lu Thai Textile Co., Ltd.
27 April 2016
24
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