Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2022
Stock Code: 000541, 200541 Stock Name: FSL, FSL-B Announcement No. 2022-037
FOSHAN ELECTRICAL AND LIGHTING CO., LTD.
FIRST QUARTERLY REPORT 2022
Foshan Electrical and Lighting Co., Ltd. (hereinafter referred to as the “Company”) and all
the members of the Company’s Board of Directors hereby guarantee that the contents of this
Report are true, accurate and complete and free of any misrepresentations, misleading
statements or material omissions.
Important Notes:
1. The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior
management of the Company hereby guarantee that the contents of this Report are true, accurate and complete and
free of any misrepresentations, misleading statements or material omissions, and collectively and individually
accept legal responsibility for such contents.
2. The Company’s legal representative, Chief Financial Officer (CFO), and person-in-charge of the Company’s
accounting organ (equivalent to accounting manager) hereby guarantee that the financial statements carried in this
Report are true, accurate and complete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes √ No
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate whether there is any retrospectively restated datum in the table below.
√ Yes □ No
Reason
Business Combination under the same control
Q1 2021 YoY change (%)
Q1 2022
Before Restated Restated
Operating revenue (RMB) 2,007,637,120.85 825,678,013.99 1,597,135,618.67 25.70%
Net profit attributable to the listed 61,365,477.84 42,203,399.57 49,686,820.13 23.50%
company’s shareholders (RMB)
Net profit attributable to the listed 55,625,535.40 39,266,019.69 38,897,030.57 43.01%
company’s shareholders before exceptional
gains and losses (RMB)
Net cash generated from/used in operating -66,973,529.90 48,558,082.07 177,346,228.84 -137.76%
activities (RMB)
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Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2022
Basic earnings per share (RMB/share) 0.0455 0.0313 0.0368 23.64%
Diluted earnings per share (RMB/share) 0.0451 0.0310 0.0365 23.56%
Weighted average return on equity (%) 0.96% 0.71% 0.70% 0.26%
31 December 2021 Change (%)
31 March 2022
Before Restated Restated
Total assets (RMB) 14,585,911,497.05 16,317,843,693.4 -10.61%
9,699,592,528.61
7
Equity attributable to the listed company’s
5,279,883,210.93 -24.43%
shareholders (RMB) 5,800,558,588.34 6,986,502,976.72
The Company has completed in February 2022 the major asset restructuring involving the acquisition of a 21.32%
stake held by Rising Group and its acting-in-concert parties in NationStar Optoelectronics. NationStar
Optoelectronics has been included in the Company’s consolidated financial statements since Q1 2022, with
retrospective adjustments to relevant financial statement data. For further information, see “Part III Other
Significant Events”.
(II) Exceptional Gains and Losses
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2022 Note
Gain or loss on disposal of non-current assets (inclusive of
-844,105.28
impairment allowance write-offs)
Government grants through profit or loss (exclusive of
government grants given in the Company’s ordinary course of
9,809,386.37
business at fixed quotas or amounts as per the government’s
uniform standards)
Capital occupation charges on non-financial enterprises that are
107,475.42
recognized in profit or loss
Current net profit or loss of subsidiaries acquired in business
combination under the same control from period-beginning to 9,568,639.83
combination date
Gain or loss on fair-value changes on held-for-trading financial
assets and liabilities & income from disposal of held-for-trading
financial assets and liabilities and available-for-sale financial -51,120.18
assets (exclusive of the effective portion of hedges that arise in
the Company’s ordinary course of business)
Non-operating income and expense other than the above 6,793,562.20
Less: Income tax effects 2,127,297.17
Non-controlling interests effects (net of tax) 17,516,598.75
Total 5,739,942.44 --
Other items that meet the definition of exceptional gain/loss:
□ Applicable √ Not applicable
No such cases in the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
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Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2022
Public—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases in the Reporting Period.
(III) Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
Unit: RMB
Q1 2021/31 December
Item Q1 2022/31 March 2022 Change (%) Explanation of why
2021
Redemption of wealth
Held-for-trading
38,002,484.97 348,248,125.61 -89.09% management products upon
financial assets
maturity in the current period
Sale of some shares held in
Investments in other
1,012,567,733.98 1,504,980,024.07 -32.72% Gotion High-tech and Xiamen
equity instruments
Bank in the current period
The combination of NationStar
Optoelectronics, which was
under common control with
Other non-current the Company, was completed
49,231,754.15 499,349,770.41 -90.14%
assets in the current period, and the
prepayment for equity transfer
made in the prior period was
carried forward.
Settlement of forward forex
Held-for-trading settlement contracts by
0.00 9,367.37 -100.00%
financial liabilities subsidiary NationStar
Optoelectronics upon maturity
Settlement of the current
Current portion of
17,987,013.12 27,600,186.15 -34.83% portion of long-term payables
non-current liabilities
in the current period
Long-term New long-term borrowings in
382,059,351.98 0.00 N/A
borrowings the current period
Increased liabilities of
Other non-current
42,947.02 22,653.46 89.58% subsidiary to be liquidated and
liabilities
de-registered
Combination of NationStar
-99.27% Optoelectronics under
Capital reserves 7,245,971.54 994,114,567.16
common control in the current
period
Retirement of inventory shares
Inventory shares 82,165,144.15 250,600,874.54 -67.21%
in the current period
Sale of some shares held in
Gotion High-tech and Xiamen
Other comprehensive -36.48% Bank and changes in the fair
624,427,095.07 982,972,358.89
income value of shares held in other
listed companies in the current
period
Combination of NationStar
Optoelectronics under
common control and
Surplus reserves 86,780,516.19 741,353,347.96 -88.29%
retirement of inventory shares
in the current period, resulting
in a charge to surplus reserves
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Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2022
The acquisition of subsidiary
Nanning Liaowang not under
Administrative common control in Q3 2021
88,756,726.29 67,059,565.47 32.36%
expense resulted in a year-on-year
increase in administrative
expense.
The acquisition of subsidiary
Nanning Liaowang not under
R&D expense 93,247,258.25 66,479,525.38 40.26% common control in Q3 2021
resulted in a year-on-year
increase in R&D expense.
The acquisition of subsidiary
Nanning Liaowang not under
Finance costs -3,599,320.28 -5,164,360.40 30.30% common control in Q3 2021
resulted in a year-on-year
increase in finance costs.
Decreased gains on wealth
Return on investment 2,358,344.69 10,099,728.12 -76.65% management and on forward
forex settlement contracts
Increase in net profits of
Share of profit of
associates attributable to
associates and joint 205,973.61 75,266.51 173.66%
owners of the Company as the
ventures
parent in the current period
Changes in the fair value of
Gain on changes in forward forex settlement
-117,369.16 -6,307,003.86 98.14%
fair value contracts as a result of
exchange rate fluctuations
Credit impairment Decrease in reversed portions
1,535,633.17 4,839,518.06 -68.27%
loss (“-” for loss) of expected credit losses
Asset impairment loss Decreased inventory valuation
359,227.61 -2,289,750.64 115.69%
(“-” for loss) allowances
Asset disposal loss of
Asset disposal income -922,171.71 149,664.05 -716.16% subsidiary Nanning Liaowang
in the current period
Carry forwards of payables of
subsidiary NationStar
Non-operating
8,407,881.53 1,729,440.89 386.16% Optoelectronics that it does not
income
need to pay in the current
period
Written-off irrecoverable
Non-operating receivables of subsidiary
1,483,292.62 709,988.48 108.92%
expense NationStar Optoelectronics in
the current period
Decreased amount of changes
Other comprehensive in the fair value of investments
-257,827,934.62 -468,669,992.98 44.99%
income, net of tax in other equity instruments in
the current period
Other comprehensive
Decreased amount of changes
income, net of tax
in the fair value of investments
attributable to owners -257,628,039.63 -468,669,992.98 45.03%
in other equity instruments in
of the Company as the
the current period
parent
Differences arising
from the translation of Fluctuations of the RMB
-149,253.20 -53,508.08 -178.94%
foreign against foreign currencies
currency-denominated
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Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2022
financial statements
Decreased amount of changes
Total comprehensive in the fair value of investments
-173,581,628.40 -388,640,665.68 55.34%
income in other equity instruments in
the current period
Affected by the market
environment, payment
Net cash generated collection did not keep pace
from/used in -66,973,529.90 177,346,228.84 -137.76% with revenue growth, and
operating activities subsidiary saw a temporary
increase in notes payable that
were due
Sale of some shares held in
Gotion High-tech and Xiamen
Net cash generated
Bank, redemption of certain
from/used in investing 346,591,821.27 182,019,427.90 90.41%
wealth management products,
activities
and increased investing cash
inflows in the current period
Payment for the acquisition of
equity interests in subsidiary
Net cash generated NationStar Optoelectronics
from/used in -643,608,461.61 -196,837,957.75 -226.97% under common control, and
financing activities increased cash used in other
financing activities in the
current period
Decreased net cash generated
Net increase in cash
-365,970,645.23 155,848,382.84 -334.82% from financing activities in the
and cash equivalents
current period
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of preference
Number of ordinary shareholders 68,934 shareholders with resumed 0
voting rights (if any)
Top 10 shareholders
Name of Nature of Shareholding Restricted shares Shares in pledge, marked or frozen
Total shares held
shareholder shareholder percentage held Status Shares
Hong Kong Wah
Shing Holding Foreign
13.84% 188,496,430 In pledge 92,363,251
Company corporation
Limited
Prosperity Lamps
Foreign
& Components 10.79% 146,934,857
corporation
Limited
Guangdong
Electronics
State-owned
Information 9.01% 122,694,246 In pledge 32,532,815
corporation
Industry Group
Ltd.
Guangdong
State-owned
Rising Holdings 6.10% 83,130,898
corporation
Group Co., Ltd.
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Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2022
Essence
International Foreign
2.65% 36,095,759
Securities (Hong corporation
Kong) Limited
Central Huijin
Asset State-owned
2.43% 33,161,800
Management Co., corporation
Ltd.
Rising
Investment Foreign
1.87% 25,482,252
Development corporation
Limited
China Merchants
State-owned
Securities (HK) 1.06% 14,448,307
corporation
Co., Limited
Foreign
Zhuang Jianyi 0.87% 11,903,509 8,927,632
individual
DBS VICKERS
(HONG KONG) Foreign
0.72% 9,744,456
LTD A/C corporation
CLIENTS
Top 10 unrestricted shareholders
Shares by class
Name of shareholder Unrestricted shares held
Class Shares
Hong Kong Wah Shing Holding RMB-denominate
188,496,430 188,496,430
Company Limited d ordinary share
Prosperity Lamps & Components RMB-denominate
146,934,857 146,934,857
Limited d ordinary share
Guangdong Electronics Information RMB-denominate
122,694,246 122,694,246
Industry Group Ltd. d ordinary share
Guangdong Rising Holdings Group RMB-denominate
83,130,898 83,130,898
Co., Ltd. d ordinary share
Domestically
Essence International Securities
36,095,759 listed foreign 36,095,759
(Hong Kong) Limited
share
Central Huijin Asset Management RMB-denominate
33,161,800 33,161,800
Co., Ltd. d ordinary share
Domestically
Rising Investment Development
25,482,252 listed foreign 25,482,252
Limited
share
Domestically
China Merchants Securities (HK)
14,448,307 listed foreign 14,448,307
Co., Limited
share
Domestically
DBS VICKERS (HONG KONG)
9,744,456 listed foreign 9,744,456
LTD A/C CLIENTS
share
RMB-denominate
Zhang Shaowu 9,600,050 9,600,050
d ordinary share
Among the top 10 shareholders, Hong Kong Wah Shing Holding Company Limited,
Guangdong Electronics Information Industry Group Ltd., Guangdong Rising Holdings Group
Co., Ltd. and Rising Investment Development Limited are acting-in-concert parties;
Related or acting-in-concert parties
Prosperity Lamps & Components Limited and Zhuang Jianyi are acting-in-concert parties.
among the shareholders above
Apart from that, it is unknown whether there is among the top 10 shareholders any other
related parties or acting-in-concert parties as defined in the Administrative Measures for the
Acquisition of Listed Companies.
Top 10 shareholders involved in
None
securities margin trading (if any)
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Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2022
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
III Other Significant Events
√ Applicable □ Not applicable
Major asset restructuring
The Company held the 19th meeting of the ninth Board of Directors and the Third Extraordinary General Meeting
of Shareholders for the year 2021 on 27 October 2021 and 31 December 2021, respectively, where the “Report
on Major Asset Purchase and Related Party Trading of Foshan Electrical and Lighting Co., Ltd. (Draft) and Its
Summary” and other proposals related to this trading was deliberated and adopted. It was agreed that the
Company will purchase, at the price of RMB1.517 billion in cash, a 21.32% interest held by Rising Group and its
acting-in-concert parties in NationStar Optoelectronics. As of February 2022, the ownership transfer had been
completed with respect to the aforesaid interest, and the Company had paid the consideration in full. Currently,
the Company and its subsidiaries combined hold 132,819,895 shares (or 21.48%) of NationStar Optoelectronics,
making the Company the controlling shareholder of NationStar Optoelectronics.
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by Foshan Electrical and Lighting Co., Ltd.
31 March 2022
Unit: RMB
Item 31 March 2022 31 December 2021
Current assets:
Monetary assets 1,996,959,167.54 2,381,911,655.35
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets 38,002,484.97 348,248,125.61
Derivative financial assets
Notes receivable 1,636,389,991.11 1,690,356,491.64
Accounts receivable 1,991,787,128.55 1,981,538,844.26
Receivables financing
Prepayments 36,321,627.40 33,474,104.32
Premiums receivable
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Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2022
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 35,853,259.72 37,523,072.02
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 1,916,877,565.13 1,969,998,988.39
Contract assets 8,405,027.40 8,561,303.10
Assets held for sale 17,147,339.84 23,831,992.10
Current portion of non-current assets
Other current assets 111,354,670.74 125,675,148.17
Total current assets 7,789,098,262.40 8,601,119,724.96
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 179,670,706.20 181,545,123.09
Investments in other equity
1,012,567,733.98 1,504,980,024.07
instruments
Other non-current financial assets
Investment property 42,756,539.86 43,347,824.34
Fixed assets 3,400,863,263.37 3,360,339,910.95
Construction in progress 1,058,873,682.22 1,087,261,052.63
Productive living assets
Oil and gas assets
Right-of-use assets 13,028,781.64 14,126,206.08
Intangible assets 366,390,400.40 368,954,162.34
Development costs
Goodwill 421,831,593.46 421,831,593.46
Long-term prepaid expense 172,577,767.99 152,726,512.56
Deferred income tax assets 79,021,011.38 82,261,788.58
Other non-current assets 49,231,754.15 499,349,770.41
Total non-current assets 6,796,813,234.65 7,716,723,968.51
Total assets 14,585,911,497.05 16,317,843,693.47
Current liabilities:
Short-term borrowings 218,644,268.04 226,779,997.01
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities 9,367.37
Derivative financial liabilities
Notes payable 2,161,498,264.93 2,067,111,789.71
Accounts payable 2,067,697,706.99 2,429,896,658.92
Advances from customers 6,581,268.72 8,106,923.79
Contract liabilities 139,803,498.18 140,228,127.84
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Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2022
Financial assets sold under
repurchase agreements
Customer deposits and deposits from
other banks and financial institutions
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable 121,687,191.74 167,784,089.64
Taxes and levies payable 88,296,191.55 90,981,474.60
Other payables 307,946,824.83 333,128,771.81
Including: Interest payable
Dividends payable 15,646.07 15,646.07
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
17,987,013.12 27,600,186.15
liabilities
Other current liabilities 9,450,819.76 10,577,082.29
Total current liabilities 5,139,593,047.86 5,502,204,469.13
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 382,059,351.98
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 7,884,172.07 8,065,560.58
Long-term payables
Long-term employee benefits
payable
Provisions 18,197,014.96 17,418,343.01
Deferred income 115,558,797.03 116,761,570.35
Deferred income tax liabilities 220,057,603.80 280,172,789.59
Other non-current liabilities 42,947.02 22,653.46
Total non-current liabilities 743,799,886.86 422,440,916.99
Total liabilities 5,883,392,934.72 5,924,645,386.12
Owners’ equity:
Share capital 1,361,994,647.00 1,399,346,154.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 7,245,971.54 994,114,567.16
Less: Treasury stock 82,165,144.15 250,600,874.54
Other comprehensive income 624,427,095.07 982,972,358.89
Specific reserve
Surplus reserves 86,780,516.19 741,353,347.96
General reserve
Retained earnings 3,281,600,125.28 3,119,317,423.25
Total equity attributable to owners of
5,279,883,210.93 6,986,502,976.72
the Company as the parent
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Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2022
Non-controlling interests 3,422,635,351.40 3,406,695,330.63
Total owners’ equity 8,702,518,562.33 10,393,198,307.35
Total liabilities and owners’ equity 14,585,911,497.05 16,317,843,693.47
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
2. Consolidated Income Statement
Unit: RMB
Item Q1 2022 Q1 2021
1. Revenues 2,007,637,120.85 1,597,135,618.67
Including: Operating revenue 2,007,637,120.85 1,597,135,618.67
Interest income
Insurance premium income
Fee and commission
income
2. Costs and expenses 1,933,034,742.64 1,521,417,501.80
Including: Cost of sales 1,689,051,565.35 1,338,712,171.87
Interest expense
Fee and commission
expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and levies 12,487,779.56 11,682,431.52
Selling expense 53,090,733.47 42,648,167.96
Administrative expense 88,756,726.29 67,059,565.47
R&D expense 93,247,258.25 66,479,525.38
Finance costs -3,599,320.28 -5,164,360.40
Including: Interest
1,683,660.53 1,539,303.45
expense
Interest
6,445,092.41 6,776,539.63
income
Add: Other income 16,827,946.09 16,362,324.86
Return on investment (“-” for loss) 2,358,344.69 10,099,728.12
Including: Share of profit or loss
205,973.61 75,266.51
of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
-117,369.16 -6,307,003.86
for loss)
Credit impairment loss (“-” for
1,535,633.17 4,839,518.06
loss)
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Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2022
Asset impairment loss (“-” for loss) 359,227.61 -2,289,750.64
Asset disposal income (“-” for
-922,171.71 149,664.05
loss)
3. Operating profit (“-” for loss) 94,643,988.90 98,572,597.46
Add: Non-operating income 8,407,881.53 1,729,440.89
Less: Non-operating expense 1,483,292.62 709,988.48
4. Profit before tax (“-” for loss) 101,568,577.81 99,592,049.87
Less: Income tax expense 17,322,271.59 19,562,722.57
5. Net profit (“-” for net loss) 84,246,306.22 80,029,327.30
5.1 By operating continuity
5.1.1 Net profit from continuing
84,246,306.22 80,029,327.30
operations (“-” for net loss)
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
61,365,477.84 49,686,820.13
owners of the Company as the parent
5.2.1 Net profit attributable to
22,880,828.38 30,342,507.17
non-controlling interests
6. Other comprehensive income, net of
-257,827,934.62 -468,669,992.98
tax
Attributable to owners of the Company
-257,628,039.63 -468,669,992.98
as the parent
6.1 Items that will not be
-257,478,786.43 -468,616,484.90
reclassified to profit or loss
6.1.1 Changes caused by
remeasurements on defined benefit
schemes
6.1.2 Other comprehensive
income that will not be reclassified to
profit or loss under the equity method
6.1.3 Changes in the fair value of
-257,478,786.43 -468,616,484.90
investments in other equity instruments
6.1.4 Changes in the fair value
arising from changes in own credit risk
6.1.5 Other
6.2 Items that will be reclassified to
-149,253.20 -53,508.08
profit or loss
6.2.1 Other comprehensive
income that will be reclassified to profit
or loss under the equity method
6.2.2 Changes in the fair value of
other debt investments
6.2.3 Other comprehensive
income arising from the reclassification
of financial assets
6.2.4 Credit impairment
allowance for other debt investments
6.2.5 Reserve for cash flow
hedges
6.2.6 Differences arising from the
translation of foreign
-149,253.20 -53,508.08
currency-denominated financial
statements
6.2.7 Other
Attributable to non-controlling
-199,894.99
interests
7. Total comprehensive income -173,581,628.40 -388,640,665.68
Attributable to owners of the Company
-196,262,561.79 -418,983,172.85
as the parent
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Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2022
Attributable to non-controlling
22,680,933.39 30,342,507.17
interests
8. Earnings per share
8.1 Basic earnings per share 0.0455 0.0368
8.2 Diluted earnings per share 0.0451 0.0365
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before
the combinations was RMB9,568,639.83, with the amount for the same period of last year being RMB36,112,235.51.
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
3. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2022 Q1 2021
1. Cash flows from operating activities:
Proceeds from sale of commodities
1,830,797,470.99 1,868,484,526.19
and rendering of services
Net increase in customer deposits and
deposits from other banks and financial
institutions
Net increase in borrowings from the
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest, fees and commissions
received
Net increase in loans from other
banks and financial institutions
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax and levy rebates 61,511,509.10 39,454,647.40
Cash generated from other operating
70,289,864.52 34,840,406.96
activities
Subtotal of cash generated from
1,962,598,844.61 1,942,779,580.55
operating activities
Payments for commodities and
1,487,044,793.37 1,267,954,848.11
services
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and other banks and financial
institutions
Payments for claims on original
insurance contracts
Net increase in loans to other banks
and financial institutions
Interest, fees and commissions paid
Policy dividends paid
Cash paid to and for employees 376,350,807.56 330,330,480.86
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Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2022
Taxes and levies paid 85,635,866.00 61,433,057.24
Cash used in other operating
80,540,907.58 105,714,965.50
activities
Subtotal of cash used in operating
2,029,572,374.51 1,765,433,351.71
activities
Net cash generated from/used in
-66,973,529.90 177,346,228.84
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 502,992,240.66 262,961,416.90
Return on investment 4,392,035.26 8,330,652.29
Net proceeds from the disposal of
fixed assets, intangible assets and other 42,419.45 41,885.78
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
507,426,695.37 271,333,954.97
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 119,139,110.79 69,314,527.07
long-lived assets
Payments for investments 41,695,763.31 20,000,000.00
Net increase in pledged loans granted
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
160,834,874.10 89,314,527.07
activities
Net cash generated from/used in
346,591,821.27 182,019,427.90
investing activities
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings received 432,336,000.00
Cash generated from other financing
51,224,394.37 12,412,698.08
activities
Subtotal of cash generated from
483,560,394.37 12,412,698.08
financing activities
Repayment of borrowings 64,505,000.00
Interest and dividends paid 662,643.49
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing
1,062,001,212.49 209,250,655.83
activities
Subtotal of cash used in financing
1,127,168,855.98 209,250,655.83
activities
Net cash generated from/used in
-643,608,461.61 -196,837,957.75
financing activities
4. Effect of foreign exchange rates
-1,980,474.99 -6,679,316.15
changes on cash and cash equivalents
5. Net increase in cash and cash
-365,970,645.23 155,848,382.84
equivalents
Add: Cash and cash equivalents,
1,886,894,463.37 1,325,464,361.36
beginning of the period
6. Cash and cash equivalents, end of the
1,520,923,818.14 1,481,312,744.20
period
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
13
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2022
Person-in-charge of the Company’s accounting organ: Liang Yuefei
(II) Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes √ No
These financial statements have not been audited by such an auditor.
The Board of Directors
Foshan Electrical and Lighting Co., Ltd.
29 April 2022
14