Hainan Dadonghai Tourism Centre
(Holdings) Co., Ltd.
Financial Report & State ment
Semi-Annual 2019
1
Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd.
Financial Report & Financial Statement
(1 January 2019 to 30 June 2019)
Content Page
I Financial statement
Balance Sheet 3-6
Profit Statement 7-8
Statement of Cash Flow 9-10
Statement of Changes in Owners’ Equity 11-14
II Notes to Financial State ment 15-47
2
Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd.
Consolidated Balance Sheet
(Expressed in Renminbi unless otherwise stated)
Item 2019-6-30 2018-12-31
Current assets:
M onetary funds 16,110,895.95 15,364,355.30
Transactional financial assets
Notes receivable
Accounts receivable 155,986.88 426,434.87
Receivables Financing
Advance payment 396,882.60
Insurance receivable
Other receivables 1,242,181.64 458,242.73
Including: Interests receivable
Dividends receivable
Inventories 191,693.57 221,390.19
Non-current assets maturing within one year
Other current assets 2,125,619.16 1,846,219.79
Total current assets 20,223,259.80 18,316,642.88
Non-current assets:
Finance asset available for sales
Held-to-maturity investment
Long-term account receivable
Long-term equity investments
Investment property 8,147,218.65 8,384,480.43
Fixed assets 34,997,520.16 36,497,869.65
Construction in progress
Intangible assets 21,799,055.46 22,205,249.04
Goodwill
Long-term deferred expenses 2,240,879.25 2,792,876.07
Other non-current assets
Total non-current assets 67,184,673.52 69,880,475.19
Total assets 87,407,933.32 88,197,118.07
Legal Representative: Yuan Xiaoping Accounting Principal: Fu Zongren
The Accounting Firm’s Principal: Fu Zongren
3
Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd.
Consolidated Balance Sheet (Cont’)
(Expressed in Renminbi unless otherwise stated)
Current liabilities: 2019-6-30 2018-12-31
Short-term borrowings
Transactional financial liability
Notes payable
Accounts payable 1,077,017.43 1,607,835.81
Account received in advance 779,681.12 1,291,293.05
Employee compensation payable 1,827,967.06 2,841,262.35
Taxes and surcharges payable 745,943.66 450,861.87
Other account payable 2,942,968.71 2,727,483.66
Including: Interest payable
Other current liabilities
Total current liabilities 7,373,577.98 8,918,736.74
Non-current liabilities:
Long-term borrowings
Bonds payable
Long-term payables
Long-term employee compensation payable
Estimated liabilities 1,489,685.04 1,489,685.04
Deferred income
Total non-current liabilities 1,489,685.04 1,489,685.04
Total liabilities 8,863,263.02 10,408,421.78
Owners 'equity:
Share capital 364,100,000.00 364,100,000.00
Other equity instrument
Capital reserves 54,142,850.01 54,142,850.01
Surplus reserves
Undistributed profit -339,698,179.71 -340,454,153.72
Total equity attributable to owners of parent company 78,544,670.30 77,788,696.29
M inority’s equity
Total owners 'equity 78,544,670.30 77,788,696.29
Total liabilities and owners 'equity 87,407,933.32 88,197,118.07
Legal Representative: Yuan Xiaoping Accounting Principal: Fu Zongren
4
The Accounting Firm’s Principal: Fu Zongren
Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd.
Balance sheet of parent company
(Expressed in Renminbi unless otherwise stated)
Item 2019-6-30 2018-12-31
Current assets:
M onetary funds 15,610,097.59 14,864,055.73
Transactional financial assets
Notes receivable
Accounts receivable 155,986.88 426,434.87
Receivables Financing
Advance payment 396,882.60
Insurance receivable
Other receivables 1,242,181.64 458,242.73
Including: Interests receivable
Dividends receivable
Inventories 191,693.57 221,390.19
Non-current assets maturing within one year
Other current assets 2,125,619.16 1,846,219.79
Total current assets 19,722,461.44 17,816,343.31
Non-current assets:
Finance asset available for sales
Held-to-maturity investment
Long-term account receivable
Long-term equity investments 1,000,000.00 1,000,000.00
Investment property 8,147,218.65 8,384,480.43
Fixed assets 34,997,520.16 36,497,869.65
Construction in progress
Intangible assets 21,799,055.46 22,205,249.04
Goodwill
Long-term deferred expenses 2,240,879.25 2,792,876.07
Other non-current assets
Total non-current assets 68,184,673.52 70,880,475.19
Total assets 87,907,134.96 88,696,818.50
Legal Representative: Yuan Xiaoping Accounting Principal: Fu Zongren
5
The Accounting Firm’s Principal: Fu Zongren
Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd.
Balance sheet of parent company (Cont’)
(Expressed in Renminbi unless otherwise stated)
Current liabilities: 2019-6-30 2018-12-31
Short-term borrowings
Transactional financial liability
Notes payable
Accounts payable 1,077,017.43 1,607,835.81
Account received in advance 779,681.12 1,291,293.05
Employee compensation payable 1,827,967.06 2,841,262.35
Taxes and surcharges payable 745,943.66 450,861.87
Other account payable 3,442,669.14 3,226,952.36
Including: Interest payable
Other current liabilities
Total current liabilities 7,873,278.41 9,418,205.44
Non-current liabilities:
Long-term borrowings
Bonds payable
Long-term payables
Long-term employee compensation payable
Estimated liabilities 1,489,685.04 1,489,685.04
Deferred income
Total non-current liabilities 1,489,685.04 1,489,685.04
Total liabilities 9,362,963.45 10,907,890.48
Owners 'equity:
Share capital 364,100,000.00 364,100,000.00
Other equity instrument
Capital reserves 54,142,850.01 54,142,850.01
Less: Inventory shares
Other comprehensive income
Surplus reserve
Retained profit -339,698,678.50 -340,453,921.99
Total owner’s equity 78,544,171.51 77,788,928.02
Total liabilities and owner’s equity 87,907,134.96 88,696,818.50
6
Legal Representative: Yuan Xiaoping Accounting Principal: Fu Zongren
The Accounting Firm’s Principal: Fu Zongren
Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd.
Consolidated Profit State ment
(Expressed in Renminbi unless otherwise stated)
Item Semi-annual of 2019 Semi-annual of 2018
I. Total operating income 14,241,961.04 16,173,929.32
Including: Operating income 14,241,961.04 16,173,929.32
Interest income
II. Total operating const 13,646,017.49 14,891,558.76
Including: Operating cost 5,514,477.93 6,000,063.36
Taxes and surcharges 383,479.50 716,520.90
Sales expenses 2,809,991.94 2,800,956.10
Administrative expenses 5,071,800.21 5,356,455.21
Financial expenses -133,732.09 17,563.19
Including: Interest expenses
Interest income 152,697.12 22,729.87
Add: Investment income (Loss is listed with “-”)
Losses of devaluation of asset (Loss is listed with “-”)
III. Operating profits ("-" for losses) 595,943.55 1,282,370.56
Plus: non-operating income 160,030.46 273.00
Less: non-operating expenses 477.98
IV Total profits ("-" for total losses) 755,974.01 1,282,165.58
Less: income tax expenses
V Net profit (Net loss is listed with “-”) 755,974.01 1,282,165.58
(i) Classify by business continuity
1.continuous operating net profit (net loss listed with ‘-”) 755,974.01 1,282,165.58
(ii) Classify by ownership
1.Net profit attributable to owner’s of parent company 755,974.01 1,282,165.58
VI. Net amount of other comprehensive income after-tax
VII. Total comprehensive income 755,974.01 1,282,165.58
Total comprehensive income attributable to owners of parent
755,974.01 1,282,165.58
company
Total comprehensive income attributable to minority
VIII. Earnings per share:
(i) Basic earnings per share 0.0021 0.0035
7
(ii) Diluted earnings per share 0.0021 0.0035
Legal Representative: Yuan Xiaoping Accounting Principal: Fu Zongren
The Accounting Firm’s Principal: Fu Zongren
Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd.
Profit statement of parent Company
(Expressed in Renminbi unless otherwise stated)
Item Semi-annual of 2019 Semi-annual of 2018
I. Operating income 14,241,961.04 16,173,929.32
Less: Operating cost 13,645,516.28 14,891,558.76
Taxes and surcharges 383,479.50 716,520.90
Sales expenses 2,809,991.94 2,800,956.10
Administrative expenses 5,071,800.21 5,356,455.21
Financial expenses -133,233.30 17,563.19
Including: interest expenses
Interest income 151,938.33 22,729.87
Add: other income
Investment income (Loss is listed with “-”)
Losses of devaluation of asset (Loss is listed with “-”)
II. Operating profits ("-" for losses) 595,444.76 1,282,370.56
Plus: non-operating income 160,030.46 273.00
Less: non-operating expenses 477.98
III. Total profits ("-" for total losses) 755,475.22 1,282,165.58
Less: income tax expenses
IV Net profit ("-" for net loss) 755,475.22 1,282,165.58
(i) continuous operating net profit (net loss listed with ‘-”) 755,475.22 1,282,165.58
V Net amount of other comprehensive income after-tax
(i) Other comprehensive income items which will not be reclassified
subsequently to profit of loss
1.Changes of the defined benefit p lans that re-measured
2.Other comprehensive income under equity method that
cannot be transfer to gain/loss
(ii) Other comprehensive income items which will be reclassified
subsequently to profit or loss
1.Other comprehensive income under equity method that can
transfer to gain/loss
2.Change of fair value of other debt investment
8
3.gain/loss of fair value changes for available-for-sale
financial assets
VII. Total comprehensive income 755,475.22 1,282,165.58
VII. Earnings per share:
(i) Basic earnings per share 0.0021 0.0035
(ii) Diluted earnings per share 0.0021 0.0035
Legal Representative: Yuan Xiaoping Accounting Principal: Fu Zongren
The Accounting Firm’s Principal: Fu Zongren
Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd.
Consolidated Cas h Flow Statement
(Expressed in Renminbi unless otherwise stated)
Item Semi-annual of 2019 Semi-annual of 2018
I. Cash flows from operating activities
Cash received from sale of goods and rendering of services 14,988,120.25 17,460,137.72
Cash received from other operating activities 1,105,441.88 684,152.64
Sub-total of cash inflows from operating activities 16,093,562.13 18,144,290.36
Cash paid for goods purchased and services received 4,468,726.47 5,026,699.13
Cash paid to and on behalf of employees 6,921,639.62 6,741,602.32
Cash paid for taxes and surcharges 1,139,283.59 1,590,739.15
Cash paid for other operating activities 2,294,495.80 1,674,572.16
Sub-total of cash outflows from operating activities 14,824,145.48 15,033,612.76
Net cash flows from operating activities 1,269,416.65 3,110,677.60
II. Cash flows from investing activities
Cash received from disposal of investments
Net cash received from disposal of fixed, intangible and other
68,670.00
long-term assets
Other cash received concerning investing activities
Sub-total of cash inflows from investing activities 68,670.00
Cash paid to acquire and construct fixed assets, intangible assets and
591,546.00 1,040,626.12
other long-term assets
Cash paid for other investing activities
Sub-total of cash outflows from investing activities 591,546.00 1,040,626.12
Net cash flows from investing activities -522,876.00 -1,040,626.12
III. Cash flows from financing activities
Cash received from loans
Sub-total of cash inflows from financing activities
9
Cash paid for settling debts
Cash paid for other financing activities
Sub-total of cash outflows from financing activities
Net cash flows from financing activities
IV Effect of fluctuation on exchange rate on cash and cash equivalents
V Net increase in cash and cash equivalents 746,540.65 2,070,051.48
Plus: balance of cash and cash equivalents at the beginning of the
15,364,355.30 9,681,607.16
period
VI. Balance of cash and cash equivalents at the end of the period 16,110,895.95 11,751,658.64
Legal Representative: Yuan Xiaoping Accounting Principal: Fu Zongren
The Accounting Firm’s Principal: Fu Zongren
Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd.
Cash flow statement of parent Company
(Expressed in Renminbi unless otherwise stated)
Item Semi-annual of 2019 Semi-annual of 2018
I. Cash flows from operating activities
Cash received from sale of goods and rendering of services 14,988,120.25 17,460,137.72
Cash received from other operating activities 1,104,683.09 684,152.64
Sub-total of cash inflows from operating activities 16,092,803.34 18,144,290.36
Cash paid for goods purchased and services received 4,468,726.47 5,026,699.13
Cash paid to and on behalf of employees 6,921,639.62 6,741,602.32
Cash paid for taxes and surcharges 1,139,261.99 1,590,739.15
Cash paid for other operating activities 2,294,257.40 1,674,572.16
Sub-total of cash outflows from operating activities 14,823,885.48 15,033,612.76
Net cash flows from operating activities 1,268,917.86 3,110,677.60
II. Cash flows from investing activities
Cash received from disposal of investments
Net cash received from disposal of fixed, intangible and other
68,670.00
long-term assets
Other cash received concerning investing activities
Sub-total of cash inflows from investing activities 68,670.00
Cash paid to acquire and construct fixed assets, intangible assets and
591,546.00 1,040,626.12
other long-term assets
Cash paid for other investing activities 1,000,000.00
Sub-total of cash outflows from investing activities 591,546.00 2,040,626.12
Net cash flows from investing activities -522,876.00 -2,040,626.12
10
III. Cash flows from financing activities
Cash received from loans
Sub-total of cash inflows from financing activities
Cash paid for settling debts
Cash paid for other financing activities
Sub-total of cash outflows from financing activities
Net cash flows from financing activities
IV Effect of fluctuation on exchange rate on cash and cash equivalents
V Net increase in cash and cash equivalents 746,041.86 1,070,051.48
Plus: balance of cash and cash equivalents at the beginning of the
14,864,055.73 9,681,607.16
period
VI. Balance of cash and cash equivalents at the end of the period 15,610,097.59 10,751,658.64
Legal Representative: Yuan Xiaoping Accounting Principal: Fu Zongren
The Accounting Firm’s Principal: Fu Zongren
Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd.
Consolidated State ment of Changes in Owne rs’ Equity
(Expressed in Renminbi unless otherwise stated)
Semi-annual of 2019
Equity attributable to owners of parent company
Othe O G
r t
e
h
equit n M
e
y r e i
instr Lc
r n
eo
ume o
sm Sa
S
nt sp u l r
p
: r r i
P e r
te p
e c t
P rh l i
r i O
r ee us y
Item a Total owner's
p t
e Capital
an s k
Undistributed ’
l
Share capital f e ss r h Subtotal equity
reserve r profit s
t ui e
e e e
u rv s p e
r O s r
a ye e r q
r t e
l i r r o u
e h
c sn v
d e v i
a tc ev
e
r oo s i t
p
s cm
i s y
t ke
t i
o
a
c o
l
k n
s
e
11
c
u
r
i
t
i
e
s
364,100,000.0 -340,454,153.
54,142,850.01 77,788,696.29 77,788,696.29
I. Balance as at the end of last year 0 72
Plus: Changes in
accounting policies
Error correction of the
last period
II. Balance as at the beginning of 364,100,000.0 -340,454,153.
54,142,850.01 77,788,696.29 77,788,696.29
year 0 72
III. Increases/decreases in the
755,974.01 755,974.01 755,974.01
period
(i) Total comprehensive income 755,974.01 755,974.01 755,974.01
(ii) Capital contributed or reduced
by owners
1.Common shares invested by
shareholders
2. Capital invested by holders of
other equity instruments
3. Amount reckoned into owners
equity with share-based payment
4. Other
(III) Profit distribution
1. Withdrawal of surplus reserves
2. Withdrawal of general risk
provisions
3. Distribution for owners (or
shareholders)
(IV) Internal carry-forward of
owners' equity
1. Conversion of capital reserves
into paid-in capital (or share
capital)
2. Surplus reserves conversed to
capital (share capital)
3. Remedying loss with surplus
reserve
(V) Special reserves
1. Withdrawal in the period
12
2. Use in the period
(VI) Others
IV Balance as at the end of the 364,100,000.0 -339,698,179.
54,142,850.01 78,544,670.30 78,544,670.30
period 0 71
Legal Representative: Yuan Xiaoping Accounting Principal: Fu Zongren
The Accounting Firm’s Principal: Fu Zongren
Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd.
Consolidated State ment of Changes in Owne rs’ Equity (Cont’)
(Expressed in Renminbi unless otherwise stated)
Semi-annual of 2018
Equity attributable to owners of parent company
Othe O
r t
h
equit
e
y r
G
instr c
o e
ume
m n M
nt p i
e
P Lr
r n
e ee
o
r sh Sa
S
p se u l r
p
:n r i
e e r
ts p
t c t
P r i l i
u i O
Item r ev us y
a a t Total owner's
e Capital a e s k Undistributed ’
l
Share capital f l s i r h Subtotal equity
reserve r profit s
c un e
e e e
a r c s p e
r O s r
p yo e r q
r t me r
i u
e h r o
t se v
d e v v i
a t e
r e
o s i t
l
s c
s s y
t k
e i
o
c
c o
u
k n
r
i
t
i
e
s
364,100,000.0 -341,107,435.
54,142,850.01 77,135,414.10 77,135,414.10
I. Balance as at the end of last year 0 91
Plus: Changes in
13
accounting policies
Error correction of the
last period
II. Balance as at the beginning of 364,100,000.0 -341,107,435.
54,142,850.01 77,135,414.10 77,135,414.10
year 0 91
III. Increases/decreases in the
1,282,165.58 1,282,165.58 1,282,165.58
period
(i) Total comprehensive income 1,282,165.58 1,282,165.58 1,282,165.58
(ii) Capital contributed or reduced
by owners
1.Common shares invested by
shareholders
2. Capital invested by holders of
other equity instruments
3. Amount reckoned into owners
equity with share-based payment
4. Other
(III) Profit distribution
1. Withdrawal of surplus reserves
2. Withdrawal of general risk
provisions
3. Distribution for owners (or
shareholders)
(IV) Internal carry-forward of
owners' equity
1. Conversion of capital reserves
into paid-in capital (or share
capital)
2. Surplus reserves conversed to
capital (share capital)
3. Remedying loss with surplus
reserve
(V) Special reserves
1. Withdrawal in the period
2. Use in the period
(VI) Others
IV Balance as at the end of the 364,100,000.0 -339,825,270.
54,142,850.01 78,417,579.68 78,417,579.68
period 0 33
Legal Representative: Yuan Xiaoping Accounting Principal: Fu Zongren
The Accounting Firm’s Principal: Fu Zongren
Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd.
Change of owners’ equity of parent company
(Expressed in Renminbi unless otherwise stated)
Item Semi-annual of 2019
14
Other Ot
he
equity
r
instrument co
Pe Le m
Su
ss: pr Sp
rp rpl
tre eh eci
etu
Capital us Undistributed Ot Total owner's
Pr as en al
Share capital al res he
efe reserve ur siv res profit equity
ca Ot er r
rre y e er
pit he ve
d sto inc ve
al r s
sto ck o
se me
ck
cu
riti
es
364,100,000.0 -340,454,153.
I. Balance at the end of the last year 54,142,850.01 77,788,696.29
0 72
Add: Changes of accounting
policy
Error correction of the last
period
Other
II. Balance at the beginning of this 364,100,000.0 -340,454,153.
54,142,850.01 77,788,696.29
year 0 72
III. Increase/ Decrease in this year
755,475.22 755,475.22
(Decrease is listed with “-”)
(i) Total comprehensive income 755,475.22 755,475.22
(ii) Owners’ devoted and decreased
capital
1.Common shares invested by
shareholders
2. Capital invested by holders of other
equity instruments
3. Amount reckoned into owners
equity with share-based payment
4. Other
(III) Profit distribution
1. Withdrawal of surplus reserves
2. Distribution for owners (or
shareholders)
3. Other
(IV) Carrying forward internal
owners’ equity
1. Capital reserves conversed to
capital (share capital)
2. Surplus reserves conversed to
capital (share capital)
3. Remedying loss with surplus
15
reserve
(V) Reasonable reserve
1. Withdrawal in the report period
2. Usage in the report period
(VI)Others
IV Balance at the end of the report 364,100,000.0 -339,698,678.
54,142,850.01 78,544,171.51
period 0 50
Legal Representative: Yuan Xiaoping Accounting Principal: Fu Zongren
The Accounting Firm’s Principal: Fu Zongren
Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd.
Change of owners’ equity of parent company (Cont’)
(Expressed in Renminbi unless otherwise stated)
Semi-annual of 2018
Other Ot
he
equity
r
instrument co
Pe Le m
Su
ss: pr Sp
rp rpl
tre eh eci
Item etu us Undistributed Ot Total owner's
Pr Capital as en al
Share capital al res he
efe reserve ur siv res profit equity
ca Ot er r
rre y e er
pit he ve
d sto inc ve
al r s
sto ck o
se me
ck
cu
riti
es
364,100,000.0 -341,107,435. 77,135,414.1
I. Balance at the end of the last year 54,142,850.01
0 91 0
Add: Changes of accounting
policy
Error correction of the last
period
Other
II. Balance at the beginning of this 364,100,000.0 -341,107,435. 77,135,414.1
54,142,850.01
year 0 91 0
III. Increase/ Decrease in this year
1,282,165.58 1,282,165.58
(Decrease is listed with “-”)
(i) Total comprehensive income 1,282,165.58 1,282,165.58
(ii) Owners’ devoted and decreased
capital
1.Common shares invested by
shareholders
16
2. Capital invested by holders of other
equity instruments
3. Amount reckoned into owners
equity with share-based payment
4. Other
(III) Profit distribution
1. Withdrawal of surplus reserves
2. Distribution for owners (or
shareholders)
3. Other
(IV) Carrying forward internal
owners’ equity
1. Capital reserves conversed to
capital (share capital)
2. Surplus reserves conversed to
capital (share capital)
3. Remedying loss with surplus
reserve
(V) Reasonable reserve
1. Withdrawal in the report period
2. Usage in the report period
(VI)Others
IV Balance at the end of the report 364,100,000.0 -339,825,270. 78,417,579.6
54,142,850.01
period 0 33 8
Legal Representative: Yuan Xiaoping Accounting Principal: Fu Zongren
The Accounting Firm’s Principal: Fu Zongren
Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd.
NOTES TO FINANCIAL STATEMENT
SEMI-ANNUAL 2019
1. Company basic information
1.1 Company Profile
Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd. (hereinafter referred to as “the Company”),
was founded as a standardized LLC on April 26, 1993, reorganized and incorporated on the basis of
the former Hainan Sanya Dadonghai Tourism Centre Development Ltd. and approved by the Hainan
Provincial Stock System Experimentation Leading Team Office with a document of Qiong Gu Ban Zi
[1993] No. 11. On May 6, 1996, the Company underwent a restructuring and a corresponding division
under the approval of the Hainan Provincial Securities Administration Office with a document of
Qiong Zheng Ban [1996] No. 58. On October 8, 1996 and January 28, 1997, the Company, with duly
approval, went public by issuing 80 million shares of B stock and 14 million shares of A stock
respectively on Shenzhen Security Exchange. On June 20, 2007, the Company experienced a reform
17
of non-tradable shares, through which non-tradable share holders of the Company got circulating right
of their shares by paying shares to tradable share holders, and tradable share holders got paid three
shares for every ten of their shares. The Company operates business in the industry of tourism and
catering services.
As at 30 June 2019, the Company's accumulative total issued capital was 364.1 million shares and the
Company's registered capital was RMB 364.1 million. Legal representative: Yuan Xiaoping. Unified
social credit code: 91460000201357188U. Domicile: Dadongha i, Hedong District, Sanya. Business
scope: Accommodation and catering industry (limited to branches); photography; flower bonsai,
knitwear, general merchandise, hardware, chemical products (except franchised operations), daily
necessities, industrial means of production (except franchised operations), metal materials, machinery
equipment; sales of train, bus, vehicle tickets on an agent basis etc. The Company's largest
shareholder is Luoniushan Co., Ltd.
1.2 Scope to the consolidated financial statements
Scope of the consolidated financial statement for the period has no changes, the subsidiary
included into the Company's scope of consolidated financial statements is as follows:
Name Relationship with the Company
Hainan Wengao Tourist Resources Development Co., Ltd. A wholly-owned subsidiary
The financial statements were approved by the board of directors of the Company on 8 August
2019 for disclosure.
2. Basis of preparation of the financial statements
2.1. Preparation basis
Based on going concern and according to actually occurred transactions and events, the Company prepared
financial statements in accordance with the Accounting Standards for Business Enterprises — Basic
Standards and the specific accounting standards, Application Guidance to the Accounting Standards for
Bus iness Enterprises, the interpretation of the Accounting Standards for Business Enterprises and other
relevant provisions (hereinafter referred to collectively as the "Accounting Standards for Business
Enterprises"), as well as the disclosure provisions of the Rules for the Compilation and Submission of
Information Disclosure by Companies Offering Securities to the Public No.15 - General Requirements for
Financial Reports (Revised in 2014).
2.2. Going concern
The Company currently has sufficient working capital and normal operating conditions. It is estimated that
the operating activities of the Company will continue in the next 12 months.
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3. Significant accounting policies and accounting estimates
Main accounting policies and accounting estimates have no changes in the period
3.1. Statement on compliance with the Accounting Standards for Business Enterprises
The financial statements prepared by the Company comply with the requirements of the Accounting
Standards for Business Enterprises, and truly and completely present the financial position, operating
results, cash flows of the Company and other related information.
3.2. Accounting period
The accounting year is from January 1 to December 31 in calendar year.
3.3. Operating cycle
The Company's operating cycle is 12 months.
3.4. Reporting currency
The Company adopts RMB as its reporting currency.
3.5. Scope of consolidation (aggregation) of financial statements
As of 30 June 2018, the scope of consolidation (aggregation) of financia l statement including the
independent accounting of the non-legal person - South China Grand Hotel of Hainan Dadonghai Tourism
Centre (Holdings) Co., Ltd
3.6. Recognition criteria of cash and cash equivalents
For the purpose of preparing the statement of cash flows, the term “cash” refers to the cash on hand and
the unrestricted deposit. The term “cash equivalents” refers to short-term (maturing within three months
from acquisition) and highly liquid investments that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of change in value.
3.7. Foreign currency transactions and conversion for statement in foreign languages
Foreign currency transactions are converted into RMB for recording purpose at the spot exchange rate on
the date when the transaction occurs.
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Balances of foreign currency monetary items are measured at the spot exchange rate on the balance sheet
date. The exchange difference arising wherefrom shall be included in the current profit and loss, except
that those exchange differences arising from the special borrowings of foreign currency related to the
acquired and constructed assets qualified for capitalization shall be dealt with according to the principle of
borrowing cost capitalization. Foreign currency non-monetary items measured at historical costs shall still
be converted at the spot exchange rates on the date when the transactions occur, and the amount in
functional currency shall remain unchanged. Foreign currency non-monetary items measured at fair value
shall be translated at the spot exchange rates on the date when the fair value is determined. The exchange
difference arising wherefrom shall be included in the current profit and loss or capital reserves.
3.8. Financial instruments
Financial instruments include financial assets, financial liabilities and equity instruments.
1) Classification of financial instruments
Financial assets and liabilities are classified into the following categories according to the purpose of
acquisition: financial assets or financial liabilities measured at fair value and whose variation is included in
the current profit and loss, including financial assets or financial liabilities held for trading and financial
assets or financial liabilities directly designated to be measured at fair value through current profit and loss,
held-to-maturity investments, accounts receivables, available-for-sale financial assets and other financial
liabilities, etc.
2) Recognition basis and measurement method of financial instruments
1) Financial assets (financial liabilities) measured at fair value and whose variation is included in the
current profit and loss
Financial assets (financial liabilities) are initially recorded at fair values when acquired (deducting cash
dividends that have been declared but not distributed and bond interests that have matured but not been
drawn). Relevant transaction expenses are included in the current profit and loss.
The interests or cash dividends to be received during the holding period are recognized as investment
income. Change in fair values is included in the current profit and loss at the end of the period.
Difference between the fair value and initial book-entry value is recognized as investment income upon
disposal; meanwhile, adjustment is made to gains or losses from changes in fair values.
2) Held-to-maturity investments
Held-to-maturity investments are initially recorded at fair values plus the related trade expenses when
acquired (deducting bond interests that have matured but not been drawn).
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The interest revenue calculated at amortization cost and effective interest rate (nominal interest rate is
adopted when the difference between the actual interest rate and the nominal interest rate is minor) during
the holding period is recognized as investment income. Effective interest is recognized when obtained, and
remains unchanged in the predictable holding period or applicable shorter period.
The difference between the amount received and the book value of the investment is included in the
investment profit and loss upon disposal.
3) Accounts receivable
For creditor’s rights receivable arising from external sales of goods or rendering of service by the
Company and other creditor's rights of other enterprises (excluding liability instruments quoted in an
active market) held by the Company, including accounts receivable, other receivables, notes receivable
and prepayments, etc., the initial recognition amount shall be the contract price or agreement price
receivable from purchasing party. Accounts receivable with financing nature are initially recognized at
their present values.
The difference between the amount received and the book value of the accounts receivable is included in
the current profit and loss upon recovery or disposal.
4) Available-for-sale financial assets
Available-for-sale financial assets are initially recorded at fair values plus the related trade expenses when
acquired (deducting cash dividends that have been declared but not been paid or bond interests that have
matured but not been drawn).
The interests or cash dividends to be received during the holding period are recognized as investment
income. It is measured in fair value at the end of the period and change in fair values is included in other
comprehensive income at the end of the period. However, the equity instrument investments unquoted in
an active market and whose fair value cannot be measured reliably, and the derivative financial assets
which are connected with the said equity instrument and must be settled by delivering the said equity
instrument shall be measured on the costs basis.
The difference between the amount received and the book value of the financial asset is included in the
investment profit and loss upon disposal. Meanwhile, the corresponding part of fair value accumulated
change accounted as other comprehensive income is transferred into investment profit or loss.
5) Other financial liabilities
Other financial liabilities are initially recognized at the sum of fair value and transaction expenses and
subsequently measured at amortized costs.
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3) Recognition basis and measurement method of transfer of financial assets
When transfer of financial assets occurs, if nearly all of the risks and rewards of ownership of the financial
assets have been transferred to the transferee, the Company derecognizes the financial assets; if nearly all
of the risks and rewards of ownership of the financial assets are retained, the Company shall not
derecognize the financial assets.
The principle of substance over form is adopted to determine whether the transfer of a financial asset
satisfies the criteria as described above for derecognition of a financial asset. The Company shall classify
the transfer of a financial asset into the entire transfer and the partial transfer of financial asset. If the entire
transfer of financial asset satisfies the criteria for derecognition, the difference between the amounts of the
following two items shall be included in the current profit and loss:
1) The book value of the transferred financial asset;
2) The sum of the consideration received from the transfer and the accumulated amount of the changes in
fair value originally and directly included in owners’ equity (the situation where the financial asset
transferred is an available-for-sale financial asset is involved in)
If the partial transfer of financial asset satisfies the criteria for derecognition, the entire book value of the
transferred financial asset shall be split into the derecognized and recognized part according to their
respective fair value and the difference between the amounts of the following two items shall be included
in the current profit and loss:
1) The book value of derecognized part;
2) The sum of the consideration for the derecognized part and the portion of derecognition corresponding
to the accumulated amount of the changes in fair value originally and directly included in owners’ equity
(the situation where the financial asset transferred is an available-for-sale financial asset is involved in).
If the transfer of financial assets does not meet the derecognition criteria, the financial assets shall continue
to be recognized, and the consideration received will be recognized as a financial liability.
4) Derecognition criteria of financial liabilities
A financial liability shall be totally or partly derecognized if its present obligations are totally or partly
dissolved. Where the Company enters into an agreement with a creditor so as to substitute the existing
financial liabilities with any new financial liability, and the new financial liability is substantially different
from the contractual stipulations regarding the existing financial liability, it shall derecognize the existing
financial liability, and shall at the same time recognize a new financial liability.
Where substantial revisions are made to some or all of the contractual stipulations of the existing financial
22
liability, the Company shall derecognize the existing financial liability totally or partly, and at the same
time recognize the financial liability with revised contractual stipulations as a new financial liability.
Upon total or partial derecognition of financial liabilities, the difference between the book value of the
financial liabilities derecognized and the consideration paid (including non-cash assets surrendered or new
financial liabilities assumed) shall be included in the current profit and loss.
Where the Company redeems part of its financial liabilities, it shall, on the redemption date, allocate the
entire book value of whole financial liabilities according to the comparative fair value of the part that
continues to be recognized and the de-recognized part. The difference between the book value allocated to
the derecognized part and the considerations paid (including non-cash assets surrendered and the new
financial liabilities assumed) shall be included in the current profit and loss.
5) Method of determining the fair value of financial assets and financial liabilities
For financial instruments with active market, their fair values are determined with quoted market price.
For financial instruments without active market, their fair values are determined by using valuation
technique. During the valuation, the Company use valuation techniques that are appropriate in the
circumstances and for which sufficient data and other information are available to measure fair value,
select inputs that are consistent with the characteristics of the asset or liability that market participants
would take into account in a transaction for the asset or liability, and give priority to the use of relevant
observable inputs. Unobservable inputs are only adopted when relevant observable inputs cannot be
obtained or are impracticable to obtain.
6) Providing of impairment provision on financial assets (exclude receivable accounts)
The Company performs inspection on the book value of financial assets apart from those financial assets
measured at fair value through current profit and loss on the balance sheet date. Impairment provision is
required if objective evidences of impairment occurs to the financial assets.
1) Impairment provision of available-for-sale financial assets:
If there is a serious decline in fair value of the available-for-sale financial assets at the end of the period, or
such decline is not temporary after considering various factors, the impairment shall be confirmed, the
accumulated losses due to decreases in fair value previously included in owner’s equity shall be reversed,
and the impairment loss shall be recognized.
If, in a subsequent period, the carrying amount of available-for-sale debt instruments investments increases
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and the increase can be related objectively to an event occurring after the impairment was recognized, the
previously recognized impairment losses are reversed, included in current profit or loss.
The impairment losses of available-for-sale equity instruments cannot be reversed through profit or loss.
2) Impairment provision of held-to-maturity investment:
Measurement of held-to-maturity investment impairment loss is governed by measurement of account
receivables impairment loss.
3.9. Account receivable
1) Account receivable with individually significant amount and with bad debt provision accrual
independently
Basis and standard for "individually Top 5 accounts receivable and other receivables by individual
significant" amount at the end of the year
The Company will separately conduct an impairment test on an
individual basis and the allowance for bad debts will be made at the
lower of the present value of the expected future cash flow and the
M ethods for provision for bad debts book value thereof and included in current profit and loss. Those do
of receivables with individually not impair after the separate test shall be included into
significant amount: corresponding portfolio for provision for bad debts. If separate test
indicates that there is impairment of receivables, they shall not be
included the receivables portfolio with similar risk credit
characteristics for an impairment test.
2) Receivables with bad debt provision accrual by credit portfolio:
Portfolio M ethods for provision for bad debts
Receivables provided for bad
Aging analysis
debts on a portfolio basis
Aging Provision ratio for receivables Proportion ratio for other receivables
Within 1 year (inclusive) 0.00% 0.00%
1-2 years 5.00% 5.00%
2-3 years 15.00% 15.00%
3-4 years 25.00% 25.00%
4-5 years 50.00% 50.00%
Over 5 years 100.00% 100.00%
3) Accounts receivable with individually insignificant amounts and individual
allowance for bad debt
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At the end of the year, there are objective evidences showing
that the individual balances below top five are impaired; for
Reasons for separate provision of allowance
example, the debtor is dissolved, bankrupts or dies, and
for bad debts
therefore the receivables cannot be recovered after the
bankruptcy property or the estate is repaid.
if there is an objective evidence that the impairment on
receivables has occurred, such receivables shall be separated
from relevant portfolio to conduct impairment test separately,
Provision method of allowance for bad
based on which the impairment losses are recognized.
debts
Receivables other than accounts receivable and other
receivables are subject to impairment provision by using the
specific identification methods.
3.10. Inventories
1) Classification
Inventories are classified into: raw materials, stock commodities, low -cost consumables, good materials,
fuel, etc.
2) Valuation method of inventories dispatched
Stock commodity is accounted for at the selling price and the difference between the purchase and sale
prices are adjusted on a monthly basis by using the integrated price difference rate. The purchase and
storage of all materials of inventories is measured at actual cost, and by using the first-in first-out method
when applied for use. Low-cost consumables are amortized at lump-sum method when applied for use.
3) Determining basis of the net realizable value of inventories and method for inventory impairment
provision
After the comprehensive inventory count at the end of the period, provisions for inventory depreciation reserve
are made or adjusted at the lower of their costs or net realizable values.
For merchandise inventories for direct sale, including stock commodities, goods in progress and materials
for sale, during normal operations, their net realizable values are recognized at the estimated selling prices
minus the estimated selling expenses and the relevant taxes and surcharges; for material inventories held
for production, their net realizable values are recognized at the estimated selling prices of finished goods
minus estimated costs until completion, estimated selling expenses and relevant taxes and surcharges.
The provisions for inventory depreciation reserve are made on an individual basis at the end of the period;
for inventories with large quantities and relatively low unit prices, the provisions for inventory
depreciation reserve are made on a category basis. For inventories related to the product portfolios
manufactured and sold in the same area, and of which the final usage or purpose is identical or similar
thereto, and which is difficult to separate from other items for measurement purposes, the provisions for
inventory depreciation reserve are made on a portfolio basis.
Where the previous factors affecting the written-down of the value of inventory have disappeared, the
amount of write-down shall be resumed and be reversed from the original provis ion for inventory
devaluation with the reversal being included in current profit and loss.
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4) Inventory system
The perpetual inventory system is adopted for accounting.
5) Amortization methods for low-cost consumables and packaging materials
1) Low-cost consumables are amortized at lump-sum method;
2) Packaging materials: lump-sum write-off method.
3.11. Long-term equity investments
1) Judgment criteria for common control and significant influence
Joint control refers to the control shared over an arrangement in accordance with the relevant stipulations,
and the decision-making of related activities of the arrangement should not be made before the party
sharing the control right agrees the same. Where the Company exercises joint control over the investee
together with other parties to the joint venture and enjoys the right on the investee's net assets, the investee
is a joint venture of the Company.
Significant influence refers to the power to participate in making decisions on the financial and operating
policies of an enterprise, such as appointing representative to the board of directors or similar organs of
authority of the investee, but not the power to control the investee, or jointly control, the formulation of
such policies with other parties. Where an investor is able to have significant influences on an investee, the
investee shall be the Company's associate.
2) Determining of initial investment cost
1) Long-term equity investment acquired from business combination
Bus iness combination under the common control: if the Company pays a consideration to the combinee in
cash, by transferring non-cash assets or by assuming debts, the share of book value of its owners' equity in
the combinee in the consolidated financial statements of the ultimate controlling party shall be regarded,
on the merger date, as the initial investment cost of the long-term equity investment. If there is a difference
between the initial investment cost of the long-term equity investment and the total of book values of the
paid cash, transferred non-cash assets and of assumed debts as well as the face value of issued share, the
difference shall be used to adjust the share premium in the capital reserve; and if the share premium in the
capital reserve is insufficient to be offset, retained earnings shall be adjusted.
In case the Company can exercise control over the investee under common control for additional
investment or other reasons, the initial investment cost of long-term equity investments is recognized at
the share of book value of net asset of the acquiree after the combination in the consolidated financial
statements of the ultimate controller on the combination date. The stock premium should be adjusted at the
difference between the initial investment cost of long-term equity investments on the combination date and
the book value of long-term equity investments before the combination plus the book value of
consideration paid for additional shares; if there is no sufficient stock premium for write-downs, the
retained earnings are adjusted.
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Bus iness combination not under the common control: the Company recognizes the combination cost
determined on the combination date as the initial cost of long-term equity investments. Where the
Company can control the investee not under common control from additional investments, the initial
investment cost should be changed to be accounted for under the cost method and recognized at the sum of
the book value of equity investments originally held and newly increased investment cost. Under business
combination not under the common control, the auditing, legal services, consulting and other intermediary
fees and other related administrative expenses for business combination will be included into current profit
and loss upon occurrence; the transaction costs for the issuance of equity securities or debt securities shall
be included into the initial recognition amount of equity securities or debt securities.
2) Long-term equity investments obtained by other means
For long-term equity investments acquired from making payments in cash, the initial cost is the actually
paid purchase cost.
For long-term equity investments acquired from issuance of equity securities, the initial investment cost is
the fair value of the issued equity securities.
If the exchange of non-monetary assets has commercial substance and the fair values of assets traded out
and traded in can be measured reliably, the initial cost of long-term equity investment traded in with
non-monetary assets are determined based on the fair values of the assets traded out and the relevant taxes
and surcharges payable unless there is any conclusive evidence that the fair values of the assets traded in
are more reliable; if the exchange of non-monetary assets does not meet the above criteria, the book value
of the assets traded out and the relevant taxes and surcharges payable are recognized as the initial cost of
long-term equity investment traded in.
For long-term equity investment acquired from debt restructuring, the initial cost is determined based on
the fair value.
3. Subsequent measurements and recognition of gain or loss
1) Long-term equity investment under cost method
Long-term equity investments in subsidiaries are accounted for under the cost method. Except for the
actual price paid for acquisition of investment or the cash dividends or profits contained in the
consideration which have been declared but not yet distributed, the Company recognizes the investment
income in the current year at the cash dividends or profits declared by the investee.
2) Long-term equity investment accounted for in the equity method
The Company's long-term equity investments in associates and joint ventures are accounted for by using
the equity method. If the initial cost is more than the share of the fair value of the investee' identifiable net
asset to which the Company shall be entitled when investing, the initial cost of the long-term equity
investment will not be adjusted. If the initial cost of a long-term equity investment is less than the share of
the fair value of the investee's identifiable net asset to which the Company shall be entitled when investing,
the difference shall be included in the current profit or loss.
27
The Company respectively recognizes the investment income and other comprehensive income according
to the shares of net profit or loss and other comprehensive income realized by the investee that should
enjoyed or assumed by the Company, and adjusts the book value of long-term equity investment;
according to the profit declared to be distributed by the investee or the part shall be enjoyed cash dividends
calculation, to reduce the book value of long-term equity investment correspondingly; for other changesin
owners' equity excepting for ex all profit or loss of the investee, other comprehensive income and profit
distribution, the book value of long-term equity investment shall be adjusted and included in the owners'
equity.
When recognizing the share of net profit or loss of the investee that the Company shall enjoy, based on fair
value of various identifiable assets and others of the investee on acquisition and according to accounting
policies and accounting periods of the Company, the Company shall recognize such share after making
adjustments to net profit of the investee. When holding the investment, the investee should prepare the
consolidated financial statements, it shall account for the investment income based on the net profit, other
comprehensive income and the changes in other owner's equity attributable to the investee.
The Company shall write off the part of incomes from internal unrealized transactions between the
Company and associates and joint ventures which are attributable to the Company according to the
corresponding ratio and recognize the profit and loss on investments on such basis. Where the losses from
internal transactions between the Company and the investee fall into the scope of assets impairment loss,
the full amount of such losses should be recognized. For transactions on investments or sales of assets
between the Company and associates and joint ventures, where such assets constitute business, they should
be accounted for according to the relevant policies.
When the Company recognizes its share of loss incurred to the investee, treatment shall be done in the
following sequence: firstly, the book value of the long-term equity investment shall be reduced; secondly,
where the book value thereof is insufficient to cover the share of losses, investment losses are recognized
to the extent of book value of other long-term equities which form net investment in the investee in
substance and the book value of long term receivables shall be reduced. Finally, after all the above
treatments, if the Company is still responsible for any additional liability in accordance with the provisions
stipulated in the investment contracts or agreements, provisions are recognized and included into current
investment loss according to the obligations estimated to undertake. An investing party shall recognize the
net loss incurred by the invested entity until the book value of the long-term equity investment and other
long-term interests which substantially form the net investment in the invested entity are reduced to zero,
unless the investing party is obliged to undertake extra losses. If the invested entity realizes any net profit
later, the investing party shall, after the amount of its attributable share of profits offsets its attributable
share of the unrecognized losses, resume recognizing its attributable share of profits.
3) Disposal of long-term equity investments
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For disposal of long-term equity investments, the difference between the book value and the actual price
shall be included into the current profit or loss.
Where a long-term equity investment is accounted for under the equity method, accounting treatment
should be made on the part which is originally included in other comprehensive income according to
corresponding ratio by using the same basis for the investee to directly dispose of the relevant assets or
liabilities when the investments are disposed of. Owner's equity recognized from the investee's changes in
other owner's equity other than net profit or loss, other comprehensive income and profit distribution
should all transferred to the current profit and loss in proportion.
In case the joint control or significant influence over the investee is lost for disposing part of equity
investments or other reasons, the remaining equity will be changed to be accounted for according to the
recognition and measurement principles of financial instruments. The difference between the fair value
and the book value on the date of the loss of joint control or significant influence should be included in the
current profit and loss. As to other comprehensive income recognized based on measurement of the
original equity investment under the equity method, accounting treatment shall be made on the same basis
as would be required if the investee had directly disposed of the assets or liabilities related thereto when
measurement under the equity method is terminated. Owner's equity recognized from the investee's
changes in other owner's equity other than net profit or loss, other comprehensive income and profit
distribution should all transferred to the current profit and loss when the equity method confirmed is no
longer adopted.
Where the Company loses the control over the investee due to disposal of partial equity investments or
other reasons, when it prepares separate financial statements, the remaining equity after disposal that can
jointly control or have significant influence on the investee will be measured at the equity method, and the
remaining equity should be deemed to have been adjusted at equity method on acquisition;
If the remaining equity after disposal cannot exercise joint control or significant influence on the investee,
such investments should be accounted for according to the provisions on the recognition and measurement
of financial instruments and the difference between fair value and book value on the date of loss of the
control should be included in the current profit and loss.
Where the disposed equities are acquired by the enterprise combination due to the reasons such as
additional investment, the remaining equities after the disposal are calculated based on the cost method or
equity method in preparing the individual financial statements, and other comprehensive income and other
owners' equity recognized because of the equity method adopted for the calculation of the equity
investment held prior to the purchase date are carried forward in proportion; the remaining equities after
the disposal are changed to be made in accordance with the relevant provisions in the recognition and
measurement criteria of financial instruments while other comprehensive income and other owners' equity
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are carried forward in full.
3.12. Investment property
M easurement mode
M easured by cost method
Depreciation or amortization method
Investment properties are properties to earn rentals or for capital appreciation or both. Examples include
land leased out under operating leases, land held for long-term capital appreciation, buildings leased out
under operating leases, (including buildings that have been constructed or developed for future lease out
under operating leases, and buildings that are being constructed or developed for future lease out under
operating leases).
The Company measures the existing investment properties by using the cost model. For investment
property measured by using the cost model, the buildings for lease shall be depreciated by using policies
the same as used for fixed assets of the Company, and the land use rights for lease shall be amortized by
using the same policies as applicable to intangible assets.
3.13. Fixed assets
1) Recognition criteria of fixed assets
Fixed assets refer to the tangible assets held for the purpose of producing commodities, rendering services,
renting or business management with useful lives exceeding one year. Fixed assets are recognized when
they simultaneously meet the following conditions:
(1) It is probable that the economic benefits relating to the fixed assets will flow into the Company; and
(2) The costs of the fixed asset can be measured reliably.
2) Depreciation method of fixed assets
Year for Residual Yearly depreciation
Asset type Depreciation method
depreciation value rate rate
Houses and buildings Straight-line method 20-40 5 4.75-2.37
M echanical equipment Straight-line method 8-20 5 11.87-4.75
Entertainment equipment Straight-line method 5-16 5 19-5.93
Transportation
Straight-line method 7-12 5 13.57-7.91
equipment
3.14. Construction in progress
The book-entry values of the fixed assets are stated at total expenditures incurred before reaching working
condition for their intended use. For construction in progress that has reached working conditions for its
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intended use but for which the completion of settlement has not been handled, it shall be transferred into
fixed assets at the estimated value according to the project budget, construction price or actual cost, etc.
from the date when it reaches the working conditions for its intended use. The fixed assets shall be
depreciated in accordance with the Company’s policy on fixed asset depreciation. Adjustment shall be
made to the originally and provis ionally estimated value based on the actual cost after the completion of
settlement is handled, but depreciation already provided will not be adjusted.
3.15 Borrowing costs
1) Recognition principles of capitalization of borrowing costs
Borrowing costs include the interest of borrowings, the amortization of discount or premium, auxiliary
expenses, exchange differences incurred by foreign currency borrowings, etc.
The borrowing costs incurred to the Company and directly attributable to the acquisition and construction
or production of assets eligible for capitalization should be capitalized and recorded into relevant asset
costs; other borrowing costs should be recognized as costs according to the amount incurred and be
included into the current profit and loss.
Assets eligible for capitalization refer to fixed assets, investment property, inventories and other assets
which may reach their intended use or sale status only after long-time acquisition and construction or
production activities.
Borrowing costs may be capitalized only when all the following conditions are met at the same time:
1) Asset disbursements, which include those incurred by cash payment, the transfer of non-cash assets or
the undertaking of interest-bearing debts for acquiring and constructing or producing assets eligible for
capitalization, have already been incurred;
2) Borrowing costs have already been incurred;
3) Purchase, construction or manufacturing activities that are necessary to prepare the assets for their
intended use are in progress.
2) Capitalization period of borrowing costs
Capitalization period refers to the period from commencement of capitalization of borrowing costs to its
cessation; period of suspension for capitalization is excluded.
Capitalization of borrowing costs should cease when the acquired and constructed or produced assets
eligible for capitalization have reached the working condition for their intended use or sale.
When some projects among the acquired and constructed or produced assets eligible for capitalization are
completed and can be used separately, the capitalization of borrowing costs of such projects should be
ceased.
If all parts of the acquired and constructed or produced assets are completed but the assets cannot be used
or sold externally until overall completion, the capitalization of borrowing costs should be ceased at the
time of overall completion of the said assets.
3) Period of suspension for capitalization
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If the acquisition and construction or production activities of assets eligible for capitalization are
abnormally interrupted and such condition lasts for more than three months, the capitalization of
borrowing costs should be suspended; if the interruption is necessary procedures for the acquired,
constructed or produced assets eligible for capitalization to reach the working conditions for its intended
use or sale, the borrowing costs continue to be capitalized. Borrowing costs incurred during the
interruption are recognized as the current profit and loss and continue to be capitalized until the acquisition,
construction or production of the asset restarts.
4) Calculation of capitalization amount of borrowing costs
As for special borrowings borrowed for acquiring and constructing or producing assets eligible for
capitalization, borrowing costs of special borrowing actually incurred in the current period less the interest
income of the borrowings unused and deposited in bank or return on temporary investment should be
recognized as the capitalization amount of borrowing costs.
As for general borrowings used for acquiring and constructing or producing assets eligible for
capitalization, the interest of general borrowings to be capitalized should be calculated by multiplying the
weighted average of asset disbursements of the part of accumulated asset disbursements exceeding special
borrowings at end of each month by the capitalization rate of used general borrowings. The capitalization
rate is calculated by weighted average interest rate of general borrowings.
As for borrowings with discount or premium, the to-be-amortized discount or premium in each accounting
period should be recognized by effective interest rate method, and the interest for each period should be
adjusted.
3.16. Intangible assets
1) Valuation method of intangible assets
1) The Company initially measures intangible assets at cost on acquisition;
The costs of externally purchased intangible assets include purchase prices, relevant taxes and surcharges
and other directly attributable expenditures incurred to prepare the assets for their intended use. If the
payment for an intangible asset is delayed beyond the normal credit conditions and it is of the financing
nature, the cost of the intangible asset shall be determined on the basis of the current value of the purchase
price.
For an intangible asset obtained in debt restructuring by a debtor for the settlement of relevant liability, the
book-entry value shall be initially recognized based on the fair value of the intangible asset. Difference
between the book value of restructured debts and the fair value of the intangible asset used for debt off -set
shall be included in the current profit or loss;
On the premise that non-monetary assets trade is of commercial nature and the fair value of the assets
traded in or out can be measured reliably, the intangible assets traded in with non-monetary assets should
be recognized at the fair value of the assets traded out, unless any unambiguous evidence indicates that the
fair value of the assets traded in is more reliable; as to the non-monetary assets trade not meeting the
aforesaid premise, the book value of the assets traded out and related taxes and surcharges payable should
be recognized as the cost of the intangible assets, with gains or losses not recognized.
32
For intangible assets acquired from business combination under common control, the initial book value are
initially recognized at the book value of the combinee; for intangible assets acquired from business
combination not under common control, the initial book value are initially recognized at the fair value.
Costs of intangible assets developed internally and independently include: the costs of materials and labor
services used to develop the intangible assets, the registration fee, the amortization of other patents and
franchise used in the process of development, the interest expenses meeting the condition for capitalization,
and other direct expenses for preparing the intangible assets for their intended use.
2) Subsequent measurement
The useful lives of the intangible assets are analyzed and determined on their acquisition.
For intangible assets with definite useful lives, the Company shall adopt the straight-line method for
amortization within the period during which they can bring economic benefits to the Company; where the
period during which they can bring economic benefits to the Company cannot be forecast, those intangible
assets shall be deemed as assets with indefinite lives and no amortization will be made.
2) Estimates of useful lives of intangible assets with definite useful lives
Item Estimated useful lives Basis
Land use rights 50 years Use term for the land use
right title
3) Judgment basis for intangible assets with indefinite useful lives
As at the balance sheet date, the Company has no intangible assets with indefinite useful lives.
3.17. Impairment of long-term assets
For the long-term equity investments, investment properties, fixed assets, construction in progress,
intangible assets, and other long-term assets measured at cost model, if there are signs of impairment, an
impairment test will be conducted on the balance sheet date. If impairment test results indicate that the
recoverable amounts of the assets are lower than their book value, the provision for impairment is made
based on the differences, which are recognized as impairment losses. The recoverable amounts of
intangible assets are the higher of their fair values less costs to sell and the present values of the future
cash flows expected to be derived from the assets. The assets impairment provision is calculated and made
on an individual basis. If it is difficult for the Company to estimate the recoverable amount of the
individual asset, the recoverable amount of an asset group to which the said asset belongs to will be
determined. Asset group is the minimum combination of assets that can independently generate cash
inflows.
After the losses from asset impairment are recognized, they are not reversed in subsequent periods.
3.18. Long-term deferred expenses
Long-term deferred expenses refer to various expenses which have been already incurred but will be born
in the reporting period and in the future with an amortization period of over one year.
33
1) Amortization method
Long-term deferred expenses are evenly amortized over the beneficial period
2) Amortization period
Item Amortization period
Hotel exterior decoration 4-year
Fire stairs renovation 4-year
C FLOOR ROOM RENOVATION 5-year
Villa renovation 5-year
Swimming pool renovation 5-year
3.19. Employee compensation
1) Accounting method for short-term compensation
During the accounting period when employees serve the Company, the actual short-term compensation is
recognized as liabilities and included in current profit and loss or costs associated with assets.
The appropriate amount of employee compensation payable will be determined during the accounting
period when the employees provide services for the Company based on the medical insurance, work injury
insurance and maternity insurance and other social insurance and housing fund paid by the Company for
employees, as well as trade union funds and employee education funds withdrawn according to provisions
at the accrual basis and accrual ratio.
The employee benefits in the non-monetary form shall be measured at fair value.
2) Accounting method for post-employment benefits
The Company will pay basic old-age insurance and unemployment insurance in accordance with relevant
provisions of the local government for employees. During the accounting period when they provide
services for the Company, the amount payable will be calculated at the basis and proportion specified by
local authorities, recognized as a liability and charged into current profit and loss or costs associated with
assets.
3) Accounting method for dismiss welfare
Where the Company cannot unilaterally withdraw the dismissal welfare offered in view of the cancellation
of the labor relation plan or the layoff proposal, or recognizes the cost or expenses as to the restructuring
involving the payment of dismissal welfare (whichever is earlier), the employee compensation arising
from the dismissal welfare should be recognized as the liabilities and charged to the current profit or loss.
3.20. Estimated liabilities
When the Company is involved in litigation, debt guarantees, loss-making contract, reorganization matters,
if such matters are likely to be satisfied by delivery of assets or provision of services in the future and the
amount can be measured reliably, they shall be recognized as estimated liabilities.
1) Recognition criteria for estimated liabilities
When an obligation relating to a contingency meets all the following conditions at the same time, it is
34
recognized as an estimated liability:
1) Such obligation is a present obligation of the Company;
2) The performance of such obligation may well cause outflows of economic benefits from the Company;
and
3) The amount of such obligation can be measured reliably.
2) Measurement method of estimated liabilities
The estimated liabilities of the Company are initially measured as the best estimate of expenses required
for the performance of relevant present obligations.
When the Company determines the best estimate, it should have a comprehensive consideration of risks
with respect to contingencies, uncertainties and the time value of money. If the time value of money is
significant, the best estimates will be determined after discount of relevant future cash outflows.
The best estimates shall be treated as follows in different circumstances:
If there is continuous range (or interval) for the necessary expenses, and probabilities of occurrence of all
the outcomes within this range are equal, the best estimates will be determined at the average amount of
upper and lower limits within the range.
If there is no continuous range (or interval) for the necessary expenses, or probabilities of occurrence of all
the outcomes within this range are unequal despite such a range exists, in case that the contingency
involves a single item, the best estimate shall be determined at the most likely outcome; if the contingency
involves two or more items, the best estimate should be determined according to all the possible outcomes
with their relevant probabilities.
When all or part of the expenses necessary for the settlement of estimated liabilities of the Company are
expected to be compensated by a third party, the compensation shall be separately recognized as an asset
only when it is virtually certain to be received. The compensation recognized shall not exceed the book
value of the estimated liabilities.
3.21. Revenue
1) Recognition and measurement principles for revenues from sale of goods
1) General recognition and measurement principles for revenue from sales of goods
Income from sales of goods is recognized when the Company has transferred to the buyer the significant
risks and rewards of ownership of the goods; the Company retains neither continuous management rights
associated with ownership of the goods sold nor effective control over the goods sold; the relevant amount
of income can be measured reliably; it is highly likely that the economic benefits associated with the
transaction will flow into the Company; and the relevant amount of cost incurred or to be incurred can be
measured reliably.
2) Recognition criteria and time of revenue from sale of goods of the Company
In the provision of hotel housing services at the same time, the Company provides goods to customers and
will prepare daily sales list after confirming with the Rooms Department and the hotel front desk. Based
on the sales list, the finance department confirms that the major risks and rewards of ownership of the
goods have been transferred to the customer and then the sales revenue is recognized.
35
2) Recognition and measurement principles of revenue from rendering of service
1) For the hotel rooms, catering (breakfast) and other services to be provided by the Company, after they
are provided, and the Company checks with the sales department and the front check, the Company will
prepare the daily sales reports and accounts receivable list to the finance department, which will review the
same, after which, the revenue will be recognized.
2) For the revenue from restaurants and venues contracted out, they will be recognized in accordance with
the period stipulated in the contract or agreement and the collection timing.
3) Recognition basis for revenue from transfer of right to use assets
When the economic benefit related to the transaction is probably to flow into the Company and the
relevant revenue can be reliably measured, the revenue from transfer of the asset use right is determined as
follows: the revenue from transferring use right of assets shall be recognized based on the following
circumstances:
1) The amount of interest income is determined based on the time and effective interest rate for others to
use the monetary funds of the Company.
2) The amount of revenue from usage is determined based on the charging time and method as agreed in
relevant contract or agreement.
3.22. Government subsidies
1) Judgment criteria and accounting method for government subsidies related to assets
Set off the book value of related assets or be recognized as deferred income. Government subsidies related
to assets are recognized as deferred income to be evenly distributed over the useful lives of the relevant
assets and shall be recorded in current profit or loss by stages in a reasonable and systematic manner.
Government subsidies measured in nominal amounts, are directly included in current profits and losses.
Where relevant assets are sold, transferred, scraped or damaged before the end of their lives, balance of the
unallocated deferred income is transferred to the current profit and loss on asset disposal.
2) Judgment criteria and accounting method for government subsidies related to income
1) To be used as compensation for future costs, expenses or losses are recognized as deferred income and
are recorded in current profits and losses or used to write off the related costs where the relevant costs,
expenses or losses are recognized.
2) To be used to compensate the related costs, expenses or losses incurred by the Company are directly
included in current profit and loss or used to write off the related costs.
3) Accounting treatment will be conducted for government subsidies that at the same time include those
associated with assets and income by different parts: if it is difficult to distinguish, they will be deemed as
government subsidies associated with income.
36
3.23. Major accounting policies and estimates changes
The Company’s major accounting policies and estimates have no changes in the period
4. Taxation
Major tax types and tax rates applicable to the Company
Taxation type Basis of tax assessment Tax rate
Output VAT is calculated based on taxable sales revenue
and service revenue calculated in accordance with tax
Value added tax
laws and VAT payable or taxable sales revenue shall be 5%、6%、9%、13%
(VAT)
the difference after deducting the input VAT deductible
in the same period
Urban
maintenance and Levied based on VAT payable 7%
construction tax
Education surtax Levied based on VAT payable 3%
Local educational
Levied based on VAT payable 2%
surcharge
Remaining value after deducting 30% from the original
Housing property
value of the house (including the occupied land price) 1.2%、12%
tax
and rental income
Land use tax Land area
Enterprise income
Levied based on taxable income 25%
tax
5. Notes to the items of financial state ments
(The monetary unit refers to RMB/CNY unless specified)
5.1 Monetary fund
Item Ending balance Beginning balance
Stock cash 476,191.77 347,782.65
Bank Deposit 15,634,704.18 15,016,572.65
Other monetary fund
Total 16,110,895.95 15,364,355.30
5.2 Accounts receivable
1) Accounts receivable by type
Ending balance Beginning balance
Type Provision for Provision for Book
Book balance Book value Book balance
bad debts bad debts value
37
Pro Pro
Accru Accru
port port
Amount Amount al Amount Amount al
ion ion
ratio ratio
% %
Accounts
receivable with
significant single
amount subject to
provision for bad
debts on a single
basis
Accounts
receivable with
100 74,075.6 32.20 100. 74,075.6 14.80 426,434.8
provision for bad 230,062.48 155,986.88 500,510.47
.% 0 % % 0 % 7
debts based on
portfolios
Accounts
receivable with
insignificant single
amount but
accrued for
provision of bad
debt on a single
basis
100 74,075.6 32.20 100. 74,075.6 14.80 426,434.8
Total 230,062.48 155,986.88 500,510.47
.% 0 % % 0 % 7
Accounts receivable accrued for provision of bad debt by aging analysis method in portfolio:
Ending balance
Aging Accounts Provision for
Accrual ratio
receivable bad debts
Within 1 year 139,108.68
1-2 years 566.00 28.30 5.00%
2-3 years 785.00 117.75 15.00%
3-4 years 18,633.00 4,658.25 25.00%
4-5 years 3,397.00 1,698.50 50.00%
More than five years 67,572.80 67,572.80 100.00%
Total 230,062.48 74,075.60 20.47%
2) Top five accounts receivable in terms of ending balance collected by the debtor
Name Relationship Book balance Aging Proportion in
38
with the total accounts
Co mpany receivable (%)
Shanghai Hecheng International Travel Non related 35,788.40 Within 1 year 15.56%
Service Co., Ltd. party
Yangpu Huayu Road and Bridge Non related 18,633.00 More than five 8.10%
Technology Co., Ltd. party years
Guangzhou Institute of Design Non related 38,980.00 More than five 16.94%
party years
Shenzhen Tenpay Technology Co., Ltd. Non related 46,621.46 Within 1 year 20.26%
party
Tianjin Watermelon Touris m Limited Non related 24,414.82 Within 1 year 10.61%
Liability Co mpany party
Total 164,437.68 71.47%
5.3 Advance payment、
1)Disclosure of advance payment by account age
Ending balance Beginning balance
Aging
Amount Proportion Amount Proportion
Within 1 year 396,882.60 100.00% 39,960.01 100.00%
Total 396,882.60 100.00% 39,960.01 100.00%
2) Top five advances payment in terms of the ending balance collected by the prepaid object
Proportion in total
Unit Ending balance
ending balance
Shenzhen J&J Space Design Co., Ltd. 213,592.23 53.82%
Sanya Shengxiang Mechatronics Engineering Co., Ltd. 110,415.00 27.82%
Hainan Hao long Fire Engineering Co., Ltd. 58,925.37 14.85%
Sanya Xingcai Electrical Co., Ltd. 13,230.00 3.33%
Business Daily of International Touris m Island 720.00 0.18%
Total 396,882.60
5.4 Other receivable
Item Ending balance Beginning balance
Interest receivable
Div idend receivable
Other account receivable 1,242,181.64 458,242.73
Total 1,242,181.64 458,242.73
1) Other account receivable disclosed by nature
39
Opening book
Nature Ending book balance
balance
Utility b ills 206,254.34 185,368.69
Petty cash 838,955.14 133,411.23
Attorney fee 77,534.25 77,534.25
Court cost 62,970.00
Social insurance and housing provident funds 57,803.91 63,264.56
Deposit 600.00 600.00
Total 1,244,117.64 460,178.73
2) Other receivables with provision for bad debts made by aging analysis method
Ending balance
Aging Accounts Provision for
Accrual ratio
receivable bad debts
Within 1 year 1,241,881.64
1-2 years
2-3 years
3-4 years
4-5 years 600.00 300.00 50.00%
More than five years 1,636.00 1,636.00 100.00%
Total 1,244,117.64 1,936.00
3) Top five other accounts receivable in terms of ending balance collected by the debtor
Proportion in Ending balance
Ending
Name Nature Aging total other of provision
balance
receivables for bad debts
Wen Ping Petty cash 710,000.00 Within 1 year 57.07%
Hainan New Concept Law
Attorney fee 77,534.25 Within 1 year 6.23%
Firm
Peng Guo xing Utility b ills 70,422.98 Within 1 year 5.66%
Sanya Suburbs People’s
Court cost 62,970.00 Within 1 year 5.06%
Court
Guo Yubo Petty cash 60,369.61 Within 1 year 4.85%
Total 981,296.84 78.88%
40
5.5 Inventories
1) category of inventories
Ending balance Beginning balance
Provision Provision
Item Book Book
for price Book value for price Book value
balance balance
decline decline
Raw materials 836,342.72 683,941.58 152,401.14 870,043.52 725,731.58 144,311.94
Fin ished goods 22,771.38 11,102.41 11,668.97 22,771.38 11,102.41 11,668.97
Food and beverage 12,526.82 12,526.82 43,935.10 43,935.10
Fuel 15,096.64 15,096.64 21,474.18 21,474.18
Total 886,737.56 695,043.99 191,693.57 958,224.18 736,833.99 221,390.19
2) Provision for inventory depreciation
Increase in the period Decrease in the period
Beginning Ending
Item Reversal or
balance Accrual Others Others balance
write-off
Raw materials 725,731.58 41,790.00 683,941.58
Fin ished goods 11,102.41 11,102.41
Total 736,833.99 41,790.00 695,043.99
5.6 Other current assets
Item Ending balance Beginning balance
Enterprise income tax paid in advance 1,702,702.80 1,702,702.80
Input tax to be deducted 385,035.78 103,556.98
Prepaid pending expenses 37,880.58 39,960.01
Total 2,125,619.16 1,846,219.79
5.7 Investment property
Houses and
Item Land use rights Total
buildings
I. Original book value
1.Beginning balance 18,856,504.44 5,662,740.59 24,519,245.03
2.Increase in the period
3.Decrease in the period
4.Ending balance 18,856,504.44 5,662,740.59 24,519,245.03
II. Accumu lated depreciation and accumulated
amort ization
41
1.Beginning balance 10,607,583.54 2,219,726.45 12,827,309.99
2.Increase in the period 209,091.78 28,170.00 237,261.78
（1) Accrual or amort izat ion 209,091.78 28,170.00 237,261.78
4.Ending balance 10,816,675.32 2,247,896.45 13,064,571.77
III. Provision for impairment
1.Beginning balance 1,404,400.47 1,903,054.14 3,307,454.61
2.Increase in the period
3、Decrease in the period
4.Ending balance 1,404,400.47 1,903,054.14 3,307,454.61
IV. Book value
1.Ending book value 6,635,428.65 1,511,790.00 8,147,218.65
2.Opening book value 6,844,520.43 1,539,960.00 8,384,480.43
5.8 Fixed assets
Houses and M echanical Transportatio Electronic Other
Item Total
buildings equipment n equipment equipment equipment
I. Original book value
136,789,501. 11,033,550.5 154,759,107.5
1.Beginning balance 2,345,074.91 2,664,528.39 1,926,451.84
82 4 0
2.Increase in the period 20,635.87 20,101.94 40,737.81
1) Purchase 20,635.87 20,101.94 40,737.81
3.Decrease in the
1,420,474.00 619,394.00 193,633.45 2,233,501.45
period
1) Disposal or scrap 1,420,474.00 619,394.00 193,633.45 2,233,501.45
136,789,501. 152,566,343.8
4.Ending balance 9,613,076.54 2,345,074.91 2,065,770.26 1,752,920.33
82 6
II. Accumulated
depreciation
72,499,344.5
1.Beginning balance 7,970,060.88 1,587,022.54 1,938,853.10 1,224,791.47 85,220,072.49
0
2.Increase in the period 1,087,717.44 143,758.48 82,783.92 87,864.93 87,053.97 1,489,178.74
1)Accrual 1,087,717.44 143,758.48 82,783.92 87,864.93 87,053.97 1,489,178.74
3.Decrease in the
1,008,698.30 595,910.37 173,760.82 1,778,369.49
period
1) Disposal or scrap 1,008,698.30 595,910.37 173,760.82 1,778,369.49
42
73,587,061.9
4.Ending balance 7,105,121.06 1,669,806.46 1,430,807.66 1,138,084.62 84,930,881.74
4
III. Provision for
impairment
31,072,788.1
1.Beginning balance 1,968,377.19 33,041,165.36
7
2.Increase in the period
3.Decrease in the
403,223.40 403,223.40
period
1) Disposal or
403,223.40 403,223.40
scrap
31,072,788.1
4.Ending balance 1,565,153.79 32,637,941.96
7
IV Book value
32,129,651.7
1.Ending book value 942,801.69 675,268.45 634,962.60 614,835.71 34,997,520.16
1
33,217,369.1
2.Opening book value 1,095,112.47 758,052.37 725,675.29 701,660.37 36,497,869.65
5
5.9 Intangible assets
Item Land use rights Patent right Total
I. Original book value
1.Beginning balance 81,653,137.15 81,653,137.15
2.Increase in the period
（1) Purchase
（2) Internal research and development
（3) Increase from business combinations
3.Decrease in the period
(1)Disposal
4.Ending balance 81,653,137.15 81,653,137.15
II. Accumulated amortization
1.Beginning balance 32,007,051.27 32,007,051.27
2.Increase in the period 406,193.58 406,193.58
（1)Accrual 406,193.58 406,193.58
3.Decrease in the period
(1)Disposal
43
4.Ending balance 32,413,244.85 32,413,244.85
III. Provision for impairment
1.Beginning balance 27,440,836.84 27,440,836.84
2.Increase in the period
（1)Accrual
3.Decrease in the period
(1)Disposal
4.Ending balance 27,440,836.84 27,440,836.84
IV Book value
1.Ending book value 21,799,055.46 21,799,055.46
2.Opening book value 22,205,249.04 22,205,249.04
5.10 Long-term deferred expenses
Beginning Increase in Amortization Other Ending
Item
balance the period in the period decreased balance
M aintenance fee for main engine
50,116.50 50,116.50
system of the central AC
Renovation of guest rooms in
486,974.57 292,184.70 194,789.87
Building-B
Fire stairs renovation in Building-A 45,695.20 8,567.82 37,127.38
Renovation of guest rooms in
2,260,206.30 301,360.80 1,958,845.50
Building-C, villa and swimming pool
Total 2,792,876.07 50,116.50 602,113.32 2,240,879.25
5.11 Accounts payable
Item Ending balance Beginning balance
Payment fo r purchase 170,266.19 687,690.30
Accounts payable provisionally estimated 660,218.61 534,359.35
Service charges 155,368.88
Payment for projects 14,274.10 134,274.10
Elevator maintenance fee 31,670.00 31,670.00
Advertisement fees 30,500.30 31,195.28
Consignment sales 22,335.90
Other 1,093.00 10,942.00
Water rate 52,428.54
44
Natural gas fee 23,398.40
Washing charge 93,168.29
Total 1,077,017.43 1,607,835.81
5.12 Account received in advance
1) Presentation of account received in advance
Item Ending balance Beginning balance
Roo m and meal charge 779,681.12 1,291,293.05
Total 779,681.12 1,291,293.05
2) Significant account received in advance with aging more than one year
Reasons for failu re of
Item Ending balance repayment or
carry-forward
Guangzhou Nanbu Ho liday International Travel
101,244.00 Unsettled
Service Co., Ltd. Sanya Branch
Hainan Xiangyuan Tourism Development Co., Ltd. 39,851.00 Unsettled
PEGAS Zheng Qingbo 32,243.02 Unsettled
Hainan Qiongzhong Ecological Investment Guarantee Co.,
22,926.00 Unsettled
Ltd.
Sanya City Public Security Fire Brigade 19,420.88 Unsettled
Total 215,684.90
5.13 Employee compensation payable
1) Presentation of employee compensation payable
Beginning Increase in the Decrease in the
Item Ending balance
balance period period
1. Short-term employee benefits 2,841,262.35 6,031,396.03 7,044,691.32 1,827,967.06
2. Post-employment benefits - defined
547,368.99 547,368.99
contribution plans
3. Termination benefits
4. Other benefits due within one year
Total 2,841,262.35 6,578,765.02 7,592,060.31 1,827,967.06
45
2) Short-term employee benefits
Beginning Increase in the Decrease in the
Item Ending balance
balance period period
1.Salary, bonus, allowance and subsidy 1,762,269.70 4,759,360.01 5,722,074.66 799,555.05
2.Employee welfare 759,981.75 759,981.75
3.Social insurance premium 255,539.72 255,539.72
Of which: including: medical
236,205.39 236,205.39
insurance expenses
Work injury insurance expenses 4,568.36 4,568.36
M aternity insurance 14,765.97 14,765.97
4.Housing provident funds 90,050.00 90,050.00
5.Labor union expenditures and
1,078,992.65 166,464.55 217,045.19 1,028,412.01
employee education expenses
6.Short-term paid absences
7. Short-term profit sharing plan
Total 2,841,262.35 6,031,396.03 7,044,691.32 1,827,967.06
3) Details of defined contribution plans
Beginning Increase in the Decrease in
Item Ending balance
balance period the period
1.Basic endowment insurance expenses 532,614.48 532,614.48
2.Unemployment insurance expenses 14,754.51 14,754.51
Total 547,368.99 547,368.99
5.14 Tax payable
Item Ending balance Beginning balance
Value added tax (VAT) 565,131.47 146,863.56
Individual income tax 25,850.99 -0.02
Urban maintenance and construction tax 2,108.62 761.67
Housing property tax 97,050.95 194,101.69
Land use tax 54,295.47 108,590.92
Education surtax 903.68 326.42
Local education surtax 602.48 217.63
46
Total 745,943.66 450,861.87
5.15 Other account payable
Item Ending balance Beginning balance
Interest payable
Div idend payable
Other account payable 2,942,968.71 2,727,483.66
Total 2,942,968.71 2,727,483.66
1) Presentation of other account payable by nature
Item Ending balance Beginning balance
Employee dormitory rental fees, etc. 975,525.11 971,723.12
M argin 20,000.00 890,958.75
Audit fee 285,003.21 285,003.21
Quality guarantee deposit for projects 204,180.90 190,344.00
Employee deposit 86,520.00 165,700.90
Payment for projects 161,111.03 162,569.78
Funds collected and remitted 793,268.57 36,408.47
Individual current amounts 1,315.34 1,364.00
Electric charges withheld 24,494.55 23,411.43
Announcement fee 391,550.00
Total 2,942,968.71 2,727,483.66
2) Other significant account payable with aging of over one year
Reasons for failu re of
Item Ending balance repayment or
carry-forward
Yangpu Jinyu Industrial Co., Ltd. 627,000.00 Unsettled
Hong Kong Deloitte & Touche LLP 285,003.21 Unsettled
Sanya Shuxin Housing Waterproof Engineering Co., Ltd. 170,000.00 Unsettled
China Building Decoration Company Hainan Branch 161,111.03 Unsettled
Total 1,243,114.24 --
47
5.16 Estimated liabilities
Item Ending balance Beginning balance Reasons
Offering guarantee external
Pending action
Provisions for arrears of
Other 1,489,685.04 1,489,685.04
electricity tariffs
Total 1,489,685.04 1,489,685.04
Other note:
On M ay 26,2016，the Company received lawyer’s letter of Hainan Yunfan law firm which is entrusted by
Hainan Power Grid Co., LTD Sanya Power Supply Bureau (hereinafter referred to as the "Sanya Power Supply
Bureau"), the letter claims that Sanya Power Supply Bureau found that the Company’s subsidiary South China
Grand Hotel of Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd’s the amount of CT is d ifferent with its
marketing management system record. The inconformity time is July, 2006, and the hotel’s CT is changing on
April, 2016. Therefore, undercounted electricity consumption amount is 10,313,373.00 kilowatt-hours, and
estimated cost is 7,200,165.75 Yuan as various electricity prices and charges.
According to the file “Law Advisory Opinion about Retroactive Power (Charge) Dispute between South China
Grand Hotel and Sanya Power Supply Bureau” issued by Beijing Junhe (Haikou) Law Firm on December 20,
2016, which claims that Sanya Power Supply Bureau has responsibility for CT to purchase, install, enseal,
unseal and change, therefore, the responsibility of the guilty party for undercounted electricity consumption of
South China Grand Hotel is Sanya Power Supply Bureau. According to the one hundred and thirty -five item of
“General Rule of Civil Law”, this item claims that limitation of action is two years if accuser request people's
court’s protection, except situations provided by law. The Company has withheld the undercounted electricity
consumption cost in 2016 which is about 1,489,685.04 Yuan during the period from April, 2014 to April, 2016.
5.17 Share capital
Increase or decrease (＋, －)
Public
Item Beginning balance Share
Issuance of reserve Other Sub-tot Ending balance
donati
new shares transferred to s al
on
shares
Total shares 364,100,000.00 364,100,000.00
5.18 Capital reserves
Beginning Increase in the Decrease in the
Item Ending balance
balance period period
Capital premium (share premium) 33,336,215.58 33,336,215.58
48
Other capital reserves 20,806,634.43 20,806,634.43
Total 54,142,850.01 54,142,850.01
5.19 Undistributed profits
Item Current period Last period
Undistributed profits at the end of last year before
-340,454,153.72 -341,107,435.91
adjustment
Total undistributed profit at beginning of the adjustment
period (+ for increased, - for decreased)
Undistributed profits at the beginning of the year after
-340,454,153.72 -341,107,435.91
adjustment
Plus: net profit attributable to owner of parent company in
755,974.01 1,282,165.58
Period
Less: appropriation of statutory surplus reserves
Appropriation of discretionary surplus reserve
Appropriation of general risk reserve
Ordinary share dividends payable
Ordinary share dividends transferred to share capital
Undistributed profit as at the end of the period -339,698,179.71 -339,825,270.33
5.20 Operating income and operating cost
Current period Last period
Item
Income Cost Income Cost
M ain business 14,241,961.04 5,514,477.93 16,173,929.32 6,000,063.36
Other business
Total 14,241,961.04 5,514,477.93 16,173,929.32 6,000,063.36
5.21 Taxes and surcharges
Item Current period Last period
Consumption tax
Urban maintenance and construction tax 31,410.84 37,515.65
Education surtax 22,436.31 26,796.89
Resource tax
49
Housing property tax 215,587.50 431,174.78
Land use tax 108,590.94 217,181.82
Vehicle and vessel use tax 5,220.00 3,669.06
Stamp tax 233.91 182.70
Total 383,479.50 716,520.90
5.22 Sales expenses
Item Current period Last period
Staff wages and benefits 1,834,677.00 1,841,236.40
Social workers insurance expenses 302,950.00 285,734.45
Depreciation 259,401.60 256,486.12
Utility b ills 99,980.13 84,101.36
Repair charges 95,930.17 58,716.18
Other expenses 217,053.04 274,681.59
Total 2,809,991.94 2,800,956.10
5.23 Administrative expenses
Item Current period Last period
Staff wages and benefits 2,789,891.55 2,809,454.64
Social workers insurance expenses 321,053.70 266,303.18
Entertainment expenses 219,787.57 496,075.07
Travelling expenses 149,081.98 68,678.82
Amortization for the depreciation and land use right 567,140.44 550,590.01
Announcement fee and agency charge 655,420.00 656,245.72
Other expenses 369,424.97 509,107.77
Total 5,071,800.21 5,356,455.21
5.24 Financial expenses
Item Current period Last period
Handling charges 18,965.03 40,293.06
Less: interest income -152,697.12 -22,729.87
Total -133,732.09 17,563.19
50
5.25 Non-operating income
Amount included in
Item Current period Last period non-recurring profit and
loss in the current period
Other 160,030.46 273.00 160,030.46
Total 160,030.46 273.00
5.26 Non-operating expenses
Amount included in
Item Current period Last period non-recurring profit and
loss in the current period
Loss from disposal of
477.98
non-current assets
Total 477.98
5.27 Notes to statement of cash flow
1) Other cash receipts related to operating activities
Item Current period Last period
Interest income 152,697.12 22,729.87
Other 952,744.76 661,422.77
Total 1,105,441.88 684,152.64
2) Cash paid for other operating activities
Item Current period Last period
Social intercourse fees 221,362.57 497,075.07
Intermediary audit fee 400,000.00 400,000.00
Announcement fee 238,420.00 220,000.00
Travelling expenses 151,940.09 72,159.01
Promotion fee 92,705.15 109,649.14
Repair charges 211,454.36 163,503.73
Other expenses 978,613.63 212,185.21
Total 2,294,495.80 1,674,572.16
5.28 Supplementary information to statement of cash flows
1) Supplementary information to statement of cash flows
Item Current period Last period
51
(1) Net profit adjusted to cash flows from operating activities -- --
Net profit 755,974.01 1,282,165.58
Plus: provision for asset impairment
Depreciation of fixed assets, gas and oil assets and
1,726,440.52 1,799,584.50
productive biological assets
Amortization of intangible assets 434,363.58 434,363.58
Amortization of long-term deferred expenses 602,113.32 609,770.58
Loss on disposals of fixed assets, intangible assets and other
long-term assets
Loss on write-off of fixed assets ("-" for gains) 477.98
Losses from the changes in fair value ("-" for gains)
Financial expenses ("-" for gains)
Investments loss ("-" for gains)
Decrease in deferred income tax assets ("-" for increases)
Increase in deferred income tax liabilities ("-" for decreases)
Decrease in inventories ("-" for increases) 29,696.62 -37,615.58
Decrease in operating receivables ("-" for increases) -513,490.92 -326,357.40
Increase in operating payables ("-" for decreases) -1,765,680.48 -651,711.64
Others
Net cash flows from operating activities 1,269,416.65 3,110,677.60
2. Significant investing and financing activities not involving
-- --
cash receipts and payments
Conversion of debt into capital
Convertible corporate bonds maturing within one year
Fixed assets under financial lease
3. Net changes in cash and cash equivalents -- --
Ending balance of cash 16,110,895.95 10,751,658.64
Less: Beginning balance of cash 15,364,355.30 9,681,607.16
Plus: Ending balance of cash equivalents
Less: Beginning balance of cash equivalents
52
Net increase in cash and cash equivalents 746,540.65 1,070,051.48
2) Breakdown of cash and cash equivalents
In RM B/CNY
Item Ending balance Beginning balance
1. Cash 16,110,895.95 15,364,355.30
Including: Stock cash 476,191.77 347,782.65
Bank deposit available for payment at any time 15,634,704.18 15,016,572.65
Other monetary funds available for payment at any time
Deposits in the central bank available for payment
Deposits with banks and other financial institutions
Loans to banks and other financial institutions
2. Cash equivalents
Including: Bond investment due within three months
3. Ending balance of cash and cash equivalents 16,110,895.95 15,364,355.30
6. Changes of consolidation range
Enterprise consolidation under the same control
6.1. Enterprise consolidation under the same control in current period
In RM B/CNY
Net Net
Income
profit of Incom profit
of the
the e of of the
combine
combine the comb
Standard d party
Equity d party combi ined
Basis of to from
ratio from ned party
combined Combinati determin period-b
Combined party obtained in period-b party durin
under the on date e the egin of
combinatio egin of during g the
same control combina combina
n combina the comp
tion date tion to
tion to compa ariso
the
the rison n
combina
combina period perio
tion date
tion date d
A 8 June Establish
Hainan Wengao Tourist Resources 100.00% 0.00 498.79 0.00 0.00
wholly-owne 2018 ment
53
Development Co., Ltd. d subsidiary date
6.2 Combined cost
Combined cost
--Cash 500,798.36
--Book value of the non-cash assets 499,700.43
6.3 Book value of the assets/liabilities from combined party at date of combination
Period-end of last
Item Combining date
period
Assets:
M onetary Fund 500,798.36 1,000,000.00
Account receivable 499,700.43
Net assets 1,000,498.79 1,000,000.00
Less: minority’s interest
Net assets obtained 1,000,498.79 1,000,000.00
7.Risks relating to financial instruments
The Company faces a variety of financial risks in business process: credit risk, market risk and liquidity
risk. The Company’s Board of Directors is overall responsible for risk management objectives and
determining policies, and bears the ultimate responsibility for risk management objectives and policies, but
the board has authorized the Company’s enterprise management department to design and executive the
procedure which could guarantee the effective implementation of risk management objectives and policies.
The Company’s internal auditors will audit the policies and procedures of risk management as well, and
will report the discovery to Audit Committee.
The overall objective of the Company’s risk management is to set the risk management policies to reduce
risks as possible without giving excessive influence to competitiveness and strain capacity of the
Company.
7.1 Credit risk
Credit risk is the risk of financial loss on one party of a financial instrument due to the failure of another
party to meet its obligations. The Company mainly faces credit risk generated from customers through
credit sales. The Company will understand and assess the credit risk of the new customer before signing
54
the new contract. The Company makes credit rating for existing customers and aging analysis of accounts
receivable to ensure the Company’s overall credit risk falls within a controllable range.
7.2 Market risk
Market risk is the risk of financial instruments’ fair value and future cash flow fluctuating due to change of
market price, including currency risk, interest risk and other pricing risk.
7.3 Liquidity risk
Liquidity risk is the risk that an enterprise may encounter deficiency of funds in fulfilling the obligations
when paying cash or settle in way of other financial assets. The policy of the Company is to ensure there
are enough cash to pay back mature debts. The liquidity risk is centralized controlled by the Company’s
accounting department. The accounting department ensures the Company to possess enough cash to pay
back the debts in all reasonable foreseeable circumstances through monitor the balance of cash, monitor
the securities that can be converted into cash at any time and rolling forecasts of future cash flows in
twelve months.
8. Related parties and related party transactions
8.1 Parent company
Voting ratio
Shareholding
Registered
Registered Nature of in the
Parent company ratio in the
place Business Capital
Company
(RM B 0’000) Company (%)
(%)
Plant and
Luoniushan Co., Ltd. Haikou City 115,115.00 17.55% 19.80%
culturing
Note: As of 30 June 2019, Luoniushan Co., Ltd. (hereinafter referred to as Luoniushan) and its wholly -owned
subsidairy Hainan Ya’anju Property Service Co., Ltd. holds 72,091,780 shares of the Company under A-stock,
totally takes 19.80% in total share capital of the Compamy, and it is the first largest shareholder of the
Company.
8.2. Related party transactions
8.2.1 Transaction with goods purchasing, labor service offering/receiving concerned
Contents of related
Related party The Period Last period
party transactions
Housing &
Luoniushan Co., Ltd. 125,150.00 176,779.00
catering costs
Total 125,150.00 176,779.00
55
2) Receivables and payables of related parties
Ending balance Beginning balance
Name Related party Bad debt Bad debt
Book balance Book balance
provision provision
Account receivable Luoniushan Co., Ltd. 6,387.00 13,153.00
9. Commitment and contingency
9.1 Important commitments
The Company has no commitments that need to disclosed up to balance sheet date
2. Contingencies
Major contingency on balance sheet date
On 26 May 2016, the Company received lawyer’s letter of Hainan Yunfan law firm which is
entrusted by Hainan Power Grid Co., LTD Sanya Power Supply Bureau (hereinafter referred
to as the "Sanya Power Supply Bureau"), the letter claims that Sanya Power Supply Bureau
found that the Company’s subsidiary South China Grand Hotel of Hainan Dadonghai
Tourism Centre (Holdings) Co., Ltd’s the amount of CT is different with its marketing
management system record. The inconformity time is July 2006, and the hotel’s CT is
changing on April 2016. Therefore, undercounted electricity consumption amount is
10,313,373.00 kilowatt-hours, and estimated cost is 7,200,165.75 Yuan as various electricity
prices and charges.
According to the file “Law Advisory Opinion about Retroactive Power (Charge) Dispute
between South China Grand Hotel and Sanya Power Supply Bureau” issued by Beijing
Junhe (Haikou) Law Firm on December 20, 2016, which claims that Sanya Power Supply
Bureau has responsibility for CT to purchase, install, enseal, unseal and change, therefore,
the responsibility of the guilty party for undercounted electricity consumption of South
China Grand Hotel is Sanya Power Supply Bureau. According to the one hundred and
thirty-five item of “General Rule of Civil Law”, this item claims that limitation of action is
two years if accuser request people's court’s protection, except situations provided by law.
The Company has withheld the undercounted electricity consumption cost in 2016 which is
about 1,489,685.04 Yuan during the period from April, 2014 to April, 2016. The event has no
further progress up to 30 June 2019.
10. Event after balance sheet date
The Company has no major events after balance sheet date up to balance sheet date
11. Notes to other significant events
1. Correction of accounting errors in previous period
1) Retrospective restatement method
56
There is no correction of accounting errors using retrospective restatement method in previous
period.
2) Prospective application method
There is no correction of accounting errors using prospective application method in previous period
2. Others
In accordance with the requirements of the Regulatory Guidelines of Listed Companies No. 4 - Actual
Controller, Shareholders, Related Parties, Purchaser and Commitments and Fulfillment of Listed
Companies (CSRC Announcement No. [2013] 55) of China Securities Regulatory Commission, on June 7,
2014, Luoniushan Co., Ltd. (hereinafter referred to as “Luoniushan”) sent out the Letter about Changing
the Commitments of Luoniushan Co., Ltd. to Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd. to
the Company, and made commitments that Luoniushan shall actively seek reorganization party to
reorganize the assets of Dadonghai within three years from the date the Company’s general meeting of
shareholders considered and approved this commitment. The above matters have been considered and
approved by the general meeting of shareholders of Dadonghai on June 27, 2014.
On February 22, 2017, the Co mpany received fro m Luoniushan a Letter on Progress in the Planning of
Co mmit ment Imp lementation, in wh ich Luoniushan intended to transfer 100% o f the equity it held in the
Industrial Co mpany, a wholly-o wned subsidiary (specifically, the Industrial Co mpany will first be transferred
with part of financial assets equity held by Luniushan and of 6.91% equity of Sanya Rural Co mmercial Bank
Co., Ltd.) to the Co mpany, the transaction was made in cash with transaction amount of about RMB300 million.
The proposal was not adopted at the 11th extraord inary meeting of the eighth board of directors of the Co mpan y
due to the Company's lack of sufficient debt repayment ability.
On June 23, 2017, Luoniushan issued to the Company a Letter on Change in Term of Commitment by
Luoyunshan Co., Ltd. to Hainan Dadonghai Tourism Centre (Holdings) Co., Ltd., extending Luoniushan's
performance period of the above restructuring commitment of the Company by 6 months, whichmeans the
deadline for the fulfillment of reorganization commitment was changed to December 27, 2017.As the
reorganization would take a certain amount of time, on November29, 2017, Luoniushan again applied to
extend the performance period of the reorganization commitment for two years, that is, the performance
deadline of the reorganization commitment was changed from December 27, 2017 to December 26, 2019,
which was not approved at the fourth extraordinary general meeting of shareholders of the Company in
2017.
57
12. Note on financial statement of pare nt company
1、Accounts receivable
1) 、Accounts receivable by type
Ending balance Beginning balance
Provision for Provision for
Book balance Book balance
bad debts bad debts
Type Book
Pro Pro
Accru Book value Accru
port port value
Amount Amount al Amount Amount al
ion ion
ratio ratio
% %
Accounts
receivable with
significant
single amount
subject to
provision for
bad debts on a
single basis
Accounts
receivable with
100 74,075.6 32.20 100 74,075.6 14.80 426,434.8
provision for 230,062.48 155,986.88 500,510.47
% 0 % % 0 % 7
bad debts based
on portfolios
Accounts
receivable with
insignificant
single amount
but accrued for
provision of bad
debt on a single
basis
100 74,075.6 32.20 100 74,075.6 14.80 426,434.8
Total 230,062.48 155,986.88 500,510.47
% 0 % % 0 % 7
Released by account age
Aging Ending balance
Within 1 year (inclusive) 139,108.68
1-2 years 566.00
2-3 years 785.00
58
3-4 years 18,633.00
4-5 years 3,397.00
More than five years 67,572.80
Total 230,062.48
2)Provision, reversal or recovery of provision for bad debts in the period
Amount changed in the period
Beginning Ending
Type Reversal or
balance Accrual Charge off balance
switch-back
Based on portfolios 74,075.60 74,075.60
Total 74,075.60 74,075.60
3) Top five accounts receivable in terms of ending balance collected by the debtor
Relationship Proportion in
with the total amount
Name Company Book balance Aging of accounts
receivable
(%)
Shanghai Hecheng International Non related 35,788.40 Within 1 15.56%
Travel Service Co., Ltd. party year
Yangpu Huayu Road and Bridge Non related 18,633.00 More than 8.10%
Technology Co., Ltd. party five years
Non related 38,980.00 More than 16.94%
Guangzhou Institute of Design
party five years
Shenzhen Tenpay Technology Co., Non related 46,621.46 Within 1 20.26%
Ltd. party year
Tianjin Watermelon Tourism Non related 24,414.82 Within 1 10.61%
Limited Liab ility Co mpany party year
Total 164,437.68 71.47%
2. Other account receivable
Item Ending balance Beginning balance
Interest receivable
Div idends Receivable
Other account receivable 1,242,181.64 458,242.73
Total 1,242,181.64 458,242.73
1) Other account receivable disclosed by nature
Nature Ending book balance Opening book
59
balance
Utility b ills 206,254.34 185,368.69
Petty cash 838,955.10 133,411.23
Attorney fee 77,534.25 77,534.25
Court cost 62,970.00
Social insurance and housing provident funds 57,803.91 63,264.56
Deposit 600.00 600.00
Total 1,244,117.64 460,178.73
2) Released by account age
Aging Ending balance
Within 1 year (inclusive) 1,241,881.64
1-2 years
2-3 years
3-4 years
4-5 years 600.00
More than five years 1,636.00
Total 1,244,117.64
3) Provision, reversal or recovery of provision for bad debts in the period
Amount changed in the period
Beginning Ending
Type Reversal or
balance Accrual Charge off balance
switch-back
Based on portfolios 1,936.00 1,936.00
Total 1,936.00 1,936.00
4) Released by account age
Proportion in Provision
total amount of for bad
Ending
Name Nature Aging other accounts debts
balance
receivable at Ending
period-end balance
Wen Ping Petty cash 710,000.00 Within 1 year 57.16%
Hainan New Concept Law Firm Attorney fee 77,534.25 Within 1 year 6.23%
Peng Guoxing Utility bills 70,422.98 Within 1 year 5.66%
60
Sanya Suburbs People’s Court Court cost 62,970.00 Within 1 year 5.06%
Guo Yubo Petty cash 60,369.61 Within 1 year 4.85%
Wen Ping Petty cash 710,000.00 Within 1 year 57.16%
Total
3. Long-term equity investment
Ending balance Beginning balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Investment for subsidiary 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00
Total 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00
Investment for subsidiary
Impairment Ending
Beginning Increase in Decrease in Ending provision balance of
Invested enterprise
balance the period the period balance in current impairment
period provision
Hainan Wengao Tourist
Resources Development 1,000,000.00 1,000,000.00
Co., Ltd.
Total 1,000,000.00 1,000,000.00
4. Operating income and cost
Current period Last period
Item
Income Cost Income Cost
M ain business 14,241,961.04 5,514,477.93 16,173,929.32 6,000,063.36
Other business
Total 14,241,961.04 5,514,477.93 16,173,929.32 6,000,063.36
13. Supple mentary information
1. Details of current non-recurring profits and losses
Item Amount Note
Clean up the long-term unpaid
Other income 160,030.46
payable
61
Total 160,030.46
2. Return on net assets and earnings per share
Weighted Earnings per share (RM B)
average return Diluted
Profit during the reporting period Basic earnings
on net assets earnings per
per share
(%) share
Net profits attributable to ordinary shareholders of the
0.97% 0.0021 0.0021
Company
Net profits attributable to ordinary shareholders of the
0.76% 0.0016 0.0016
Company after deduction of non-recurring profits or losses
3. Accounting difference between IFRS and CAS
There are no accounting differences between IFRS and CAS.
(No text)
HAINAN DADONGHAI Tourism Centre (HOLDINGS ) CO., LTD
8 August 2019
62
