Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Luzhou Laojiao Co., Ltd.
Q1 2020 Report
April 2020
1
Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Section I Important Statements
The Board of Directors, Board of Supervisors, directors, supervisors and senior management guarantee
that the information presented in this report is free of any false records, misleading statements or
material omissions, and shall individually and together be legally liable for truthfulness, accuracy and
completeness of its contents.
Other directors attended the board meeting to deliberate this report by themselves except the following
directors.
Position of directors who
Name of directors who did not Reason for not attending
did not attend the meeting Name of deputies
attend the meeting in person the meeting in person
in person
Lin Feng Director Work Liu Miao
Mr. Liu Miao, responsible person for the Company, Ms. Xie Hong, responsible person for accounting
work and Ms. Yan Li, responsible person for the Company’s financial affairs (Accounting Supervisor)
have warranted that the financial statements in this report are true, accurate and complete.
This Report has been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the two versions, the Chinese version shall prevail.
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Section II Key Corporate Information
1. Key accounting data and financial indicators
Whether the Company performed a retroactive adjustment to or restatement of accounting data.
Yes √ No
Q1 2020 Q1 2019 Change
Operating revenues (CNY) 3,552,467,494.03 4,169,227,565.29 -14.79%
Net profits attributable to shareholders
1,707,145,859.72 1,514,560,516.51 12.72%
of the Company (CNY)
Net profits attributable to shareholders
of the Company before non-recurring 1,713,748,254.45 1,509,954,666.54 13.50%
gains and losses (CNY)
Net cash flows from operating activities
-316,284,597.30 561,024,531.75 -156.38%
(CNY)
Basic earnings per share (CNY/share) 1.17 1.03 13.59%
Diluted earnings per share (CNY/share) 1.17 1.03 13.59%
Weighted average ROE 8.43% 8.53% -0.10%
31 March 2020 31 December 2019 Change
Total assets (CNY) 29,755,363,958.77 28,919,969,078.32 2.89%
Net assets attributable to shareholders
21,079,845,567.04 19,406,845,725.61 8.62%
of the Company (CNY)
Non-recurring profits and losses
√ Applicable N/A
Unit: CNY
Item Q1 2020 Note
Government grants accounted for, in the profit or loss for the
current period (except for the government grants closely
related to the business of the Company and given at a fixed 8,578,919.67
amount or quantity in accordance with the national uniform
standards)
Other non-operating income and expenditure except
-17,365,664.29
above-mentioned items
Less: Corporate income tax -2,244,971.82
Minority interests (after tax) 60,621.93
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Total -6,602,394.73 --
Explain the reasons if the Company classifies an item as a non-recurring profit/loss according to the
definition in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering
Their Securities to the Public-Non-Recurring Profits and Losses, or classifies any non-recurring
profit/loss item mentioned in the said explanatory announcement as a recurring profit/loss item.
Applicable √ N/A
No such cases for the reporting period.
2. Total number of shareholders and shareholdings of top 10 shareholders at the end
of the reporting period
2.1 Total numbers of common shareholders and preference shareholders with resumed voting
rights as well as shareholdings of top 10 shareholders
Unit：Share
Total number of preference
Total number of common shareholders
99,589 shareholders with resumed voting rights 0
at the end of the reporting period
at the end of the reporting period (if any)
Shareholdings of the top 10 shareholders
Name of Nature of Shareholding Number of holding Pledged or frozen shares
Total shares held
shareholder shareholder percentage restricted shares Status of shares Number of shares
Luzhou Laojiao State-owned
26.02% 381,088,389 0
Group Co., Ltd. corporation
Luzhou XingLu
State-owned
Investment Group 24.99% 365,971,142 0 Pledged 165,980,000
corporation
Co., Ltd.
China Securities
State-owned
Finance 2.31% 33,842,059 0
corporation
Corporation limited
Hong Kong
Outbound
Securities Clearing 2.27% 33,305,386 0
corporation
Company Limited
Bank of China Co.,
Ltd. – Liquor index
classification
securities Other 1.56% 22,785,036 0
investment fund by
China Merchants
Fund
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Central Huijin Asset
Management Co., State-owned 1.43% 20,937,500 0
Ltd.
Agricultural Bank of
China Co., Ltd. -
Consumption
industry stock - Other 1.33% 19,521,463 0
based securities
investment fund by
E Fund
Bank of China Co.,
Ltd. – Middle and
small capital stocks
Other 1.30% 19,060,000 0
hybrid securities
investment fund by
E Fund
Industrial and
Commercial Bank
of China Co.,
Ltd.-Newly growth Other 0.89% 13,000,000 0
hybrid securities
investment fund by
Invesco Great Wall
Bank of China Co.,
Ltd.－Blue chip
selected hybrid
Other 0.83% 12,103,302 0
securities
investment fund by
E Fund
Shareholdings of the top 10 non-restricted shareholders
Type of shares
Name of shareholder Number of non-restricted shares held
Type Number
CNY common
Luzhou Laojiao Group Co., Ltd. 381,088,389 381,088,389
shares
Luzhou XingLu Investment Group Co., CNY common
365,971,142 365,971,142
Ltd. shares
China Securities Finance Corporation CNY common
33,842,059 33,842,059
limited shares
Hong Kong Securities Clearing CNY common
33,305,386 33,305,386
Company Limited shares
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Bank of China Co., Ltd. – Liquor index
CNY common
classification securities investment fund 22,785,036 22,785,036
shares
by China Merchants Fund
Central Huijin Asset Management Co., CNY common
20,937,500 20,937,500
Ltd. shares
Agricultural Bank of China Co., Ltd. -
CNY common
Consumption industry stock - based 19,521,463 19,521,463
shares
securities investment fund by E Fund
Bank of China Co., Ltd. – Middle and
CNY common
small capital stocks hybrid securities 19,060,000 19,060,000
shares
investment fund by E Fund
Industrial and Commercial Bank of
China Co., Ltd.-Newly growth hybrid CNY common
13,000,000 13,000,000
securities investment fund by Invesco shares
Great Wall
Bank of China Co., Ltd.－Blue chip
CNY common
selected hybrid securities investment 12,103,302 12,103,302
shares
fund by E Fund
1. Luzhou Laojiao Group Co., Ltd. and Luzhou XingLu Investment Group Co., Ltd. are both wholly
state-owned companies under the jurisdiction of SASAC of Luzhou. The two companies signed the
agreement of persons acting in concert on 31 December 2015. For details, please refer to the
announcement of the Company on 5 January 2016 - Announcement on the agreement of persons
Related parties or acting-in-concert
acting in concert signed by shareholders. The announcement number is 2016-1
(http://www.cninfo.com.cn/).
2. In addition, whether there is an association between the remaining shareholders or they belong to
persons acting in concert is unknown.
Explanation on the top 10 shareholders During the reporting period, Luzhou XingLu Investment Group Co., Ltd. took its 57,000,000 shares of
participating in the securities margin our company as collateral to participate in financing business through CITIC Securities Company
trading（if any） Limited.
Did any of the top 10 common shareholders or the top non-restricted common shareholders of the
Company conduct any promissory repurchase during the reporting period.
Yes √ No
The top 10 non-restricted common shareholders, the top10 common shareholders did not conduct any
promissory repurchase during the reporting period.
2.2 Total number of preference shareholders and shareholdings of the top 10 preference
shareholders
Applicable √ N/A
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Section III Significant Events
1. Changes in key financial data and indicators in the reporting period and reasons
for the changes
√ Applicable N/A
A. The closing balance of prepayment increased by CNY 70,438,937.29 compared to the opening
balance, indicating an increase of 46.40%. It was mainly due to the increased prepayment to suppliers.
B. The closing book value of fixed assets increased by CNY 679,624,656.02 compared to the opening
book value, indicating an increase of 44.75%. It was mainly due to the increase in construction in
progress that met the expected conditions for use and was transferred to fixed assets in the current
period.
C. The closing balance of other non-current assets decreased by CNY 174,381,516.18 compared to the
opening balance, indicating a decrease of 73.41%. It was mainly due to that the prepayments made in
the previous period by subsidiary Brewing Company for engineering and land were settled in the current
period.
D. The closing balance of contractual liabilities decreased by CNY 1,359,873,381.19 compared to the
opening balance, indicating a decrease of 68.46%; and the closing balance of other current liabilities
decreased by CNY 174,612,397.53 compared to the opening balance, indicating a decrease of 67.62%.
It was mainly due to that upon the adoption of the new accounting standard governing revenue on 1
January 2020, the Company presented the advance from customer (net of tax) in contractual liabilities
and the tax in other current liabilities; and that affected by the COVID-19 outbreak, contractual liabilities
and other current liabilities both decreased in the current period.
E. The closing balance of employee benefits payable decreased by CNY 58,378,539.68 compared to the
opening balance, indicating a decrease of 33.39%. It was mainly due to that the accrued bonuses in last
year were paid in the current period.
F. The closing balance of bonds payable increased by CNY 1,494,679,999.69 compared to the opening
balance, indicating an increase of 60.01%. It was mainly due to the issuance of the 2020 Phase I
corporate bonds in the current period.
G. Cost of sales in the current period decreased by CNY 402,170,356.16 compared to the same period
of last year, indicating a decrease of 46.27%. It was mainly due to that affected by the COVID-19
outbreak, sales revenue decreased in the current period.
H. Taxes and surcharges in the current period decreased by CNY 270,757,842.15 compared to the
same period of last year, indicating a decrease of 56.33%. It was mainly due to the decreased
consumption tax in the current period.
I. Selling and distribution expenses in the current period decreased by CNY 220,068,118.18 compared
to the same period of last year, indicating a decrease of 31.19%. It was mainly due to that affected by the
COVID-19 outbreak, advertising expenses and market expansion expenses decreased in the current
period.
J. Non-operating expenses in the current period increased by CNY 19,839,188.79 compared to the
same period of last year, indicating an increase of 2537.51%. It was mainly due to the increased
donations in the current period.
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
K. Net profit attributable to non-controlling interests in the current period decreased by CNY
20,703,577.32 compared to the same period of last year, indicating a decrease of 51.97%. It was mainly
due to the decreased operating profits of non-wholly-owned subsidiary in the current period.
L. Net cash flows from operating activities in the current period decreased by CNY 877,309,129.05
compared to the same period of last year, indicating a decrease of 156.38%. It was mainly due to the
decreased cash received from sale of goods in the current period.
M. Net cash flows from financing activities in the current period increased by CNY 1,495,941,368.05
compared to the same period of last year, indicating an increase of 42741.18%. It was mainly due to the
issuance of corporate bonds.
2. Progress, influence and solutions with regard to significant events
√ Applicable N/A
A. The Company’s three savings deposits of CNY 500 million, including ABC Changsha Yingxin Branch
and ICBC Nanyang Zhongzhou Branch are involved in contract disputes. The Company has reported to
the public security authorities for intervention with the assets preservation measure and filed civil claims
for two contract disputes among the three cases. Combined with the assets preservation situation of the
public security authorities and professional legal advice issued by lawyers, the Company has made a
provision of CNY 200 million for bad debts for the deposit of CNY 500 million. During the reporting period,
the Supreme People’s Court made a final judgment on the dispute arising out of the deposit contract
between the Company and ABC Changsha Yingxin Branch. In respect of the losses that couldn’t be
recovered through criminal procedures, ABC Changsha Yingxin Branch should bear 40% of the
compensation liability, ABC Changsha Hongxing Branch 20%, and the remaining losses should be
borne by the Company. As of 31 March 2020, the Company had recovered CNY 214,859,700 for three
of the disputes. The case between the Company and ICBC Nanyang Zhongzhou Branch is still under
trial. Adjustment may be made to the amount of bad debt provisions as the case proceeds.
See details in the Company’s announcements:
Date of announcement No. Catalogue Official website
15 October 2014 2014-35 Announcement of significant litigation http://www.cninfo.com.cn/
12 November 2014 2014-41 Announcement of significant
litigation progress
6 December 2014 2014-43 Announcement of significant
litigation progress part II
10 January 2015 2015-1 Announcement of significant events
4 February 2015 2015-4 Announcement of significant events
progress
25 March 2015 2015-11 Announcement of significant
litigation progress part III
18 April 2015 2015-20 Announcement of significant
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
litigation progress part IV
22 April 2015 2015-21 Announcement of significant events
progress part II
24 April 2015 2015-25 Announcement of significant
litigation progress part V
15 July 2015 2015-44 Announcement of significant
litigation progress part VI
22 July 2015 2015-45 Announcement of significant
litigation progress part VII
6 June 2018 2018-17 Announcement of significant
litigation progress part VIII
7 Ma y 2019 2019-11 Announcement of significant
litigation progress part IX
17 May 2019 2019-13 Announcement of significant
litigation progress part X
24 March 2020 2020-7 Announcement of significant
litigation progress part XI
B. The Company disclosed the technical renovation project of brewing invested by Luzhou Laojiao
Brewing Co., Ltd., a subsidiary of the Company. The total investment amount is CNY 7,414,280,000.
See details in the announcement About subsidiary technical renovation project of brewing , No：2016-12
（http://www.cninfo.com.cn/）dated 28 April 2016. At present, this project is under construction.
C. The Company held the 7th meeting of the ninth board of directors on 25 April 2019 and the first
special meeting of shareholders in 2019 on 14 May 2019, reviewed and approved the Proposal on the
Company’s Eligibility for Public Offering of Corporate Bond for Qualified Investors and Proposal on Plan
of Public Offering of Corporate Bond and agreed the Company’s application of public offering of
corporate bond for qualified investors. On 26 July 2019, the Company received the Reply on Approval of
Luzhou Laojiao Co., Ltd. Public Offering of Corporate Bond for Qualified Investors (ZJXK(2019)No. 1312
issued by China Securities Regulatory Commission. On 28 August 2019, the 2019 public offering of
corporate bond for qualified investors (Phase I) finished with the issue price of CNY 100 per piece. The
final issue scale is CNY 2.5 billion and the final coupon rate is 3.58%. The bonds were traded in
Shenzhen Stock Exchange on 4 September 2019. On 17 March 2020, the 2020 public offering of
corporate bond for qualified investors (Phase I) finished with the issue price of CNY 100 per piece. The
final issue scale is CNY 1.5 billion and the final coupon rate is 3.50%. The bonds were traded in
Shenzhen Stock Exchange on 25 March 2020.
D. The Company held the 16th meeting of the ninth board of directors on 10 January 2020, where the
Proposal on Change to Accounting Policy was reviewed and approved. As such, the Company decided
to prepare its financial statements according to the Accounting Standard No. 14 for Business
Enterprises—Revenue (CK [2017] No. 22) revised and issued by the Ministry of Finance, starting from 1
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
January 2020. The said change did not involve any retrospective restatement of the comparable data of
2019, and had no impact on the relevant financial indicators of 2019.
Implementation progress of shares repurchases
□ Applicable √ N/A
Implementation progress of share buyback reduction through centralized bidding
□ Applicable √ N/A
3. Undertakings of the Company's actual controller, shareholders, related parties
and acquirer, as well as the Company and other commitment makers ongoing in the
reporting period
√ Applicable □ N/A
Particulars
Undertaking Type of Details of Undertaking
Undertaking reasons Term on the
giver undertakings undertakings date
performance
Stock reform undertaking
Undertaking made in the report of
acquisition or change of interest
Undertaking made in the
reorganization of assets
For the
shares of
Luzhou
Laojiao by
non-public
offering
purchased,
Luzhou I/The unit
Liquor Restricted undertakes
Undertakings given in time of IPO
Industry shares that the 2017.09.14 36months In progress
or refinancing
Investment shares will
Co., Ltd. be not
transferred
within 36
months from
new shares
offering,
including but
not limited to
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
public
transfer and
negotiating
transfer. If
laws and
regulations
have other
rules on
restricted
period, it
follows the
rules.
Equity incentive commitment
Other undertakings to
non-controlling shareholders
Whether the undertaking is fulfilled
Yes
on time
4. Securities investment
√ Applicable □ N/A
Unit: CNY
Chang
Chang Profit
es in
es in and
Accoun Beginni the
Catego Abbrevi fair Amount loss Closing
Initial ting ng cumula Accoun
ry of Stock ation of value of Amount during book Capital
investm measur book tive fair ting
securiti code securiti recogni purcha of sale the balanc source
ent cost ement balanc value item
es es zed in se reportin e
model e recorde
profit or g
d into
loss period
equity
Invest
Domest Fair ments
217,75 179,01 191,72
ic and 12,719, value -26,027 in other Owned
601211 GTJA 6,674.5 0,354.3 9,511.1
foreign 156.76 measur ,163.37 equity fund
2 9 5
stock ement instrum
ents
Domest Fair Invest
ic and 1,030,0 value 11,757, -171,99 10,555, 11,585, ments Owned
002246 SNC
foreign 00.00 measur 933.60 1.05 942.55 942.55 in other fund
stock ement equity
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
instrum
ents
Invest
Domest Fair ments
ic and LZBAN 51,120, value 89,076, -15,728 22,227, 73,347, in other Owned
01983
foreign K 000.00 measur 363.20 ,912.96 450.24 450.24 equity fund
stock ement instrum
ents
318,59 211,79 276,66
64,869, -41,928
Total -- 0,971.3 3,747.1 0.00 0.00 0.00 2,903.9 -- --
156.76 ,067.38
2 8 4
5. Entrust assets management
Applicable √ N/A
No such cases in the reporting period.
6. Derivative investment
Applicable √ N/A
No such cases in the reporting period.
7. Visits paid to the Company for purposes of research, communication, interview,
etc.
Applicable √ N/A
No such cases in the reporting period.
8. Irregularities in the provision of guarantees
Applicable √ N/A
No such cases in the reporting period.
9. Occupation of the Company's fund by the controlling shareholder or its related
parties for non-operating purposes
Applicable √ N/A
No such cases in the reporting period.
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Section IV Financial Statements
1. Financial statements
1.1 Consolidated balance sheet
Prepared by: Luzhou Laojiao Co., Ltd.
31 March 2020
Unit: CNY
Item 31 March 2020 31 December 2019
Current assets:
Cash and cash equivalents 10,503,991,625.35 9,753,666,526.78
Settlement reserves
Lending funds
Held-for-trading financial assets
Derivative financial assets
Notes receivables
Accounts receivables 15,369,344.25 18,293,914.23
Accounts receivables financing 2,065,914,390.59 2,393,797,259.80
Prepayment 222,257,385.77 151,818,448.48
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserve
Other receivables 198,959,567.49 159,753,421.64
Including: Interests receivable 52,364,255.63 45,636,744.44
Dividends receivable
Buying back the sale of financial
assets
Inventories 3,774,928,731.43 3,641,235,092.33
Contractual assets
Assets held for sale
Non-current assets due within one
year
Other current assets 215,837,981.35 195,174,048.57
Total current assets 16,997,259,026.23 16,313,738,711.83
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Non-current assets:
Disbursement of loans and
advances
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 2,272,515,292.21 2,230,721,725.72
Investments in other equity
310,467,188.40 352,395,255.78
instruments
Other non-current financial assets
Investment property
Fixed assets 2,198,490,053.93 1,518,865,397.91
Construction in progress 7,091,702,099.41 7,257,393,087.56
Productive biological assets
Oil and gas assets
Use right assets
Intangible assets 328,582,924.22 332,234,032.47
Development expenses
Goodwill
Long-term deferred expenses 888,999.29 928,805.23
Deferred tax assets 492,300,443.51 676,152,614.07
Other non-current assets 63,157,931.57 237,539,447.75
Total non-current assets 12,758,104,932.54 12,606,230,366.49
Total assets 29,755,363,958.77 28,919,969,078.32
Current liabilities:
Short-term loans
Borrowings from the central bank
Loans from other banks
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 1,716,815,910.21 1,868,623,958.02
Ad vance from customer 2,244,442,643.64
Contractual liabilities 626,359,046.81
Financial assets sold for repurchase
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Deposits from customers and
inter-bank
Customer brokerage deposits
Securities underwriting brokerage
deposits
Employee benefits payable 283,647,147.81 342,025,687.49
Taxes payable 1,087,731,237.55 1,633,044,231.67
Other payable 652,918,428.89 698,942,399.37
Including: Interests payable 54,732,876.71 30,650,684.93
Dividends payable
Handling charges and commissions
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities 83,597,818.11
Total current liabilities 4,451,069,589.38 6,787,078,920.19
Non-current liabilities:
Insurance contract reserves
Long-term loans
Bonds payable 3,985,563,676.08 2,490,883,676.39
Including: Preference shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term payroll payables
Accrued liabilities
Deferred income 23,845,000.00 23,845,000.00
Deferred tax liabilities 52,948,436.80 63,430,453.64
Other non-current liabilities
Total non-current liabilities 4,062,357,112.88 2,578,159,130.03
Total liabilities 8,513,426,702.26 9,365,238,050.22
Shareholders' equity:
Share capital 1,464,752,476.00 1,464,752,476.00
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 3,722,777,063.13 3,722,777,063.13
Less: treasury stock
Other comprehensive income 160,671,112.28 194,817,130.57
Special reserves
Surplus reserves 1,464,752,476.00 1,464,752,476.00
General risk reserve
Undistributed profits 14,266,892,439.63 12,559,746,579.91
Total equity attributable to owners of
21,079,845,567.04 19,406,845,725.61
the parent company
Non-controlling interests 162,091,689.47 147,885,302.49
Total owners' equity 21,241,937,256.51 19,554,731,028.10
Total liabilities and owners' equity 29,755,363,958.77 28,919,969,078.32
Legal repres entative：Liu Miao
Person in charge of accounting affairs：Xie Hong
Person in charge of accounting department：Yan Li
1.2 Balance sheet of parent company
Unit: CNY
Item 31 March 2020 31 December 2019
Current assets:
Cash and cash equivalents 9,385,691,801.39 8,872,692,385.79
Held-for-trading financial assets
Derivative financial assets
Notes receivables
Accounts receivables 21,562.85
Accounts receivables financing
Prepayment 26,500,248.20 11,682,593.27
Other receivables 7,086,021,140.80 5,850,481,480.50
Including: Interests receivable 81,866,788.02 40,570,144.44
Dividends receivable
Inventories 6,506,978.73 1,049,384.24
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Contractual assets
Assets held for sale
Non-current assets due within one
year
Other current assets 7,474,806.70 5,562,360.72
Total current assets 16,512,194,975.82 14,741,489,767.37
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 5,678,475,420.32 5,636,681,853.83
Investments in other equity
310,138,266.77 352,066,334.15
instruments
Other non-current financial assets
Investment property
Fixed assets 579,756,211.54 601,481,983.81
Construction in progress 941,166,378.70 967,953,263.55
Productive biological assets
Oil and gas assets
Use right assets
Intangible assets 294,815,453.97 297,830,285.02
Development expenses
Goodwill
Long-term deferred expenses 744,498.40 777,834.15
Deferred tax assets 77,831,935.75 75,249,717.72
Other non-current assets
Total non-current assets 7,882,928,165.45 7,932,041,272.23
Total assets 24,395,123,141.27 22,673,531,039.60
Current liabilities:
Short-term loans
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 50,666,761.37 87,652,671.29
Ad vance from customer 9,712,630.35
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Contractual liabilities 11,533,629.51
Employee benefits payable 100,587,719.17 116,124,722.19
Taxes payable 13,585,789.03 82,399,599.18
Other payables 1,428,273,972.03 1,099,598,588.83
Including: Interests payable 54,732,876.71 30,650,684.93
Dividends payable
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities 1,499,371.84
Total current liabilities 1,606,147,242.95 1,395,488,211.84
Non-current liabilities:
Long-term loans
Bonds payable 3,985,563,676.08 2,490,883,676.39
Including: Preference shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term payroll payables
Accrued liabilities
Deferred income 2,380,000.00 2,380,000.00
Deferred tax liabilities 52,948,436.80 63,430,453.64
Other non-current liabilities
Total non-current liabilities 4,040,892,112.88 2,556,694,130.03
Total liabilities 5,647,039,355.83 3,952,182,341.87
Shareholders' equity
Share capital 1,464,752,476.00 1,464,752,476.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 3,706,816,950.12 3,706,816,950.12
Less: treasury stock
Other comprehensive income 164,210,448.51 192,332,738.05
Special reserves
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Surplus reserves 1,464,752,476.00 1,464,752,476.00
Undistributed profits 11,947,551,434.81 11,892,694,057.56
Total owners' equity 18,748,083,785.44 18,721,348,697.73
Total liabilities and owners' equity 24,395,123,141.27 22,673,531,039.60
1.3 Consolidated income statement
Unit: CNY
Item Q1 2020 Q1 2019
1. Total operating revenue 3,552,467,494.03 4,169,227,565.29
Including: Operating revenue 3,552,467,494.03 4,169,227,565.29
Interest income
Earned premium
Fee and commission income
2. Total operating costs 1,285,561,805.00 2,167,484,534.81
Including: Cost of sales 466,988,102.04 869,158,458.20
Interest expense
Handling charges and commission expenses
Refunded premiums
Net payments for insurance claims
Net provision for insurance contracts
Bond insurance expense
Reinsurance Expenses
Taxes and surcharges 209,877,647.60 480,635,489.75
Selling and distribution expenses 485,613,538.80 705,681,656.98
General and administrative expenses 162,202,429.84 152,353,125.64
Research and Development expenses 10,759,004.98 10,274,378.88
Financial expenses -49,878,918.26 -50,618,574.64
Including: Interest expenses 25,735,318.66 30,884,105.67
Interest income 74,031,795.61 81,926,620.06
Plus: Other income 8,578,919.67 1,826,127.92
Investment income ("-" for losses) 38,469,805.49 49,120,358.03
Including: income from investment in associates and joint
38,469,805.49 49,120,358.03
ventures
Income from the derecognition of financial
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
assets measured at amortized cost
Foreign exchange gains ("-" for losses)
Net gain on exposure hedges (“-” for losses)
Gains from the changes in fair values (“-“ for losses)
Credit impairment losses (“-” for losses) -5,177,762.20 -4,834,599.28
Asset impairment losses (“-“ for losses)
Gains from disposal of assets ("-" for losses) 11,750.04
3. Operating profits ("-" for losses) 2,308,776,651.99 2,047,866,667.19
Plus: non-operating income 3,255,361.87 5,084,313.47
Less: non-operating expenses 20,621,026.16 781,837.37
4. Total profits before tax ("-" for total losses) 2,291,410,987.70 2,052,169,143.29
Less: income tax expenses 565,129,663.84 497,769,585.32
5. Net profit ("-" for net loss) 1,726,281,323.86 1,554,399,557.97
5.1 By operating continuity
1) Net profit from continuing operation ("-" for losses) 1,726,281,323.86 1,554,399,557.97
2) Net profit from discontinued operation ("-" for losses)
5.2 By ownership
1) Attributable to owners of the parent company 1,707,145,859.72 1,514,560,516.51
2) Attributable to non-controlling interests 19,135,464.14 39,839,041.46
6. Net of tax from other comprehensive income -39,075,095.45 77,530,718.89
Net of tax from other comprehensive income to the owner of the
-34,146,018.29 78,121,338.95
parent company
6.1 Other comprehensive income that cannot be reclassified into
-31,446,050.54 75,547,997.62
the profit and loss:
1) Remeasure the variation of net indebtedness or net asset of
defined benefit plans
2) Share in other comprehensive income that cannot be classified
into profit and loss under equity method
3) Changes in fair value of investments in other equity
-31,446,050.54 75,547,997.62
instruments
4) Changes in fair value of the company’s credit risks
5) Other
6.2 Other comprehensive income that will be reclassified into the
-2,699,967.75 2,573,341.33
profit and loss
1) Share in other comprehensive income that will be classified
3,323,761.00 3,312,965.78
into profit and loss under equity method
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
2) Changes in fair value of investments in other debt obligations
3) Other comprehensive income arising from the reclassification
of financial assets
4) Allowance for credit impairments in investments in other debt
obligations
5) Reserve for cash-flow hedge
6) Balance arising from the translation of foreign currency
-6,023,728.75 -739,624.45
financial statements
7) Others
Net of tax from other comprehensive income to non-controlling
-4,929,077.16 -590,620.06
interests
7. Total comprehensive income 1,687,206,228.41 1,631,930,276.86
Total comprehensive income attributable to owners of the parent
1,672,999,841.43 1,592,681,855.46
company
Total comprehensive income attributable to non-controlling
14,206,386.98 39,248,421.40
interests
8. Earnings per share
(1) Basic earnings per share 1.17 1.03
(2) Diluted earnings per share 1.17 1.03
Legal repres entative：Liu Miao
Person in charge of accounting affairs：Xie Hong
Person in charge of accounting department：Yan Li
1.4 Income statement of parent company
Unit: CNY
Item Q1 2020 Q1 2019
1. Operating revenue 315,730,603.07 1,097,027,255.13
Less: Cost of sales 215,663,482.49 739,133,227.85
Taxes and surcharges 1,476,450.02 6,398,516.40
Selling and distribution expenses
General and administrative expenses 127,521,163.51 129,220,062.46
Research and Development expenses 3,445,121.56 2,975,601.25
Financial expenses -63,259,190.75 -52,424,632.29
Including: Interest expenses 4,694,458.33
Interest income 69,209,056.74 57,241,574.57
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Plus: Other income 6,199,400.00 478,533.72
Investment income ("-" for losses) 38,469,805.49 49,120,358.03
Including: income from investment in associates and joint
38,469,805.49 49,120,358.03
ventures
Income from the derecognition of financial
assets at amortized cost (“-” for losses)
Net gain on exposure hedges (“-” for losses)
Gains from the changes in fair values (“-“ for losses)
Credit impairment losses (“-” for losses) -752,426.69 -1,851,385.70
Asset impairment losses (“-” for losses)
Gains from disposal of assets ("-" for losses)
2. Operating profits ("-" for losses) 74,800,355.04 319,471,985.51
Plus: non-operating income 2,568,253.42 3,459,757.95
Less: non-operating expenses 20,491,664.66 540,821.95
3. Total profits before tax ("-" for total losses) 56,876,943.80 322,390,921.51
Less: income tax expenses 2,019,566.55 70,911,112.20
4. Net profit ("-" for net loss) 54,857,377.25 251,479,809.31
4.1 Net profit from continuing operation ("-" for losses) 54,857,377.25 251,479,809.31
4.2 Net profit from discontinued operation ("-" for losses)
5. Net of tax from other comprehensive income -28,122,289.54 78,860,963.40
5.1 Other comprehensive income that cannot be reclassified into
-31,446,050.54 75,547,997.62
the profit and loss:
1) Remeasure the variation of net indebtedness or net asset of
defined benefit plans
2) Share in other comprehensive income that cannot be classified
into profit and loss under equity method
3) Changes in fair value of investments in other equity
-31,446,050.54 75,547,997.62
instruments
4) Changes in fair value of the company’s credit risks
5) Other
5.2 Other comprehensive income that will be reclassified into the
3,323,761.00 3,312,965.78
profit and loss
1) Share in other comprehensive income that will be classified
3,323,761.00 3,312,965.78
into profit and loss under equity method
2) Changes in fair value of investments in other debt obligations
3) Other comprehensive income arising from the reclassification
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
of financial assets
4) Allowance for credit impairments in investments in other debt
obligations
5) Reserve for cash-flow hedge
6) Balance arising from the translation of foreign currency
financial statements
7) Others
6. Total comprehensive income 26,735,087.71 330,340,772.71
7. Earnings per share
(1) Basic earnings per share 0.04 0.17
(2) Diluted earnings per share 0.04 0.17
1.5 Consolidated statement of cash flows
Unit: CNY
Item Q1 2020 Q1 2019
1. Cash flows from operating activities
Cash received from sale of goods and rendering of services 2,709,764,363.56 4,158,279,598.61
Net increase in customer bank deposits and placement from
banks and other financial institutions
Net increase in loans from central bank
Net increase in loans from other financial institutions
Premiums received from original insurance contracts
Net cash received from reinsurance business
Net increase in deposits and investments from policyholders
Cash received from interest, handling charges and commissions
Net increase in placements from other financial institutions
Net capital increase in repurchase business
Net cash received from customer brokerage deposits
Refunds of taxes and surcharges 2,984,693.31 202,489.92
Cash received from other operating activities 145,217,970.22 64,604,699.81
Subtotal of cash inflows from operating activities 2,857,967,027.09 4,223,086,788.34
Cash paid for goods purchased and services received 794,862,329.49 977,212,309.86
Net increase in loans and advances to customers
Net increase in deposits in central bank and other banks and
23
Q1 2020 Report of Luzhou Laojiao Co., Ltd.
financial institutions
Cash paid for original insurance contract claims
Net increase in lending funds
Cash paid for interests, handling charges and commissions
Cash paid for policy dividends
Cash paid to and on behalf of employees 290,931,958.65 258,061,943.37
Cash paid for taxes and surcharges 1,490,541,545.95 1,533,638,411.64
Cash paid for other operating activities 597,915,790.30 893,149,591.72
Subtotal of cash outflows from operating activities 3,174,251,624.39 3,662,062,256.59
Net cash flows from operating activities -316,284,597.30 561,024,531.75
2. Cash flows from investing activities
Cash received from disposal of investments
Cash received from returns on investments
Net cash received from disposal of fixed assets, intangible assets
363,665.57
and other long-term assets
Net cash received from disposal of subsidiaries and other
business units
Cash received from other investing activities
Subtotal of cash inflows from investing activities 363,665.57
Cash paid to acquire and construct fixed assets, intangible assets
435,218,874.05 550,713,079.44
and other long-term assets
Cash paid for investments
Net increase in pledge loans
Net cash paid to acquire subsidiaries and other business units
Cash paid for other investing activities
Subtotal of cash outflows from investing activities 435,218,874.05 550,713,079.44
Net cash flows from investing activities -434,855,208.48 -550,713,079.44
3. Cash flows from financing activities
Cash received from investors 5,621,368.05 3,500,000.00
Including: cash received by subsidiaries from investments by
5,621,368.05 3,500,000.00
minority shareholders
Cash received from borrowings 1,494,000,000.00
Cash received from other financing activities
Subtotal of cash inflows from financing activities 1,499,621,368.05 3,500,000.00
Cash paid for debt repayments
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Cash paid for distribution of dividends and profits or payment of
interest
Including: dividends and profits paid to minority shareholders by
subsidiaries
Cash paid for other financing activities 180,000.00
Subtotal of cash outflows from financing activities 180,000.00
Net cash flows from financing activities 1,499,441,368.05 3,500,000.00
4. Effect of fluctuation in exchange rate on cash and cash
2,023,536.30 -644,706.07
equivalents
5. Net increase in cash and cash equivalents 750,325,098.57 13,166,746.24
Plus: balance of cash and cash equivalents at the beginning of
9,752,266,526.78 9,365,986,627.68
the period
6. Balance of cash and cash equivalents at the end of the
10,502,591,625.35 9,379,153,373.92
period
1.6 Cash flow statement of parent company
Unit: CNY
Item Q1 2020 Q1 2019
1. Cash flows from operating activities
Cash received from sale of goods and rendering of services 653,025,597.30 1,516,599,931.00
Refunds of taxes and surcharges
Cash received from other operating activities 84,003,498.08 42,548,569.19
Subtotal of cash inflows from operating activities 737,029,095.38 1,559,148,500.19
Cash paid for goods purchased and services received 300,960,894.55 769,366,335.38
Cash paid to and on behalf of employees 285,439,755.10 248,495,225.22
Cash paid for taxes and surcharges 88,834,694.01 114,204,593.90
Cash paid for other operating activities 977,736,127.34 29,850,390.08
Subtotal of cash outflows from operating activities 1,652,971,471.00 1,161,916,544.58
Net cash flows from operating activities -915,942,375.62 397,231,955.61
2. Cash flows from investing activities
Cash received from disposal of investments
Cash received from returns on investments
Net cash received from disposal of fixed assets, intangible assets
and other long-term assets
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Net cash received from disposal of subsidiaries and other
business units
Cash received from other investing activities
Subtotal of cash inflows from investing activities
Cash paid to acquire and construct fixed assets, intangible assets
64,878,208.78 43,343,509.89
and other long-term assets
Cash paid for investments
Net cash paid to acquire subsidiaries and other business units
Cash paid for other investing activities
Subtotal of cash outflows from investing activities 64,878,208.78 43,343,509.89
Net cash flows from investing activities -64,878,208.78 -43,343,509.89
3. Cash flows from financing activities
Cash received from investors
Cash received from loans 1,494,000,000.00
Cash received from other financing activities
Subtotal of cash inflows from financing activities 1,494,000,000.00
Cash paid for debt repayments
Cash paid for distribution of dividends and profits or payment of
interest
Cash paid for other financing activities 180,000.00
Subtotal of cash outflows from financing activities 180,000.00
Net cash flows from financing activities 1,493,820,000.00
4. Effect of fluctuation in exchange rate on cash and cash
equivalents
5. Net increase in cash and cash equivalents 512,999,415.60 353,888,445.72
Plus: balance of cash and cash equivalents at the beginning of
8,872,692,385.79 6,189,473,157.83
the period
6. Balance of cash and cash equivalents at the end of the
9,385,691,801.39 6,543,361,603.55
period
2. Adjustments to the financial statements
2.1 Adjustments to the financial statements at the beginning of 2020 when the new accounting
standards governing revenue and leases were first adopted
√ Applicable □ N/A
Consolidated balance sheet
Unit: CNY
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Item 31 December 2019 1 January 2020 Adjustment
Current assets:
Cash and cash equivalents 9,753,666,526.78 9,753,666,526.78
Accounts receivables 18,293,914.23 18,293,914.23
Accounts receivables
2,393,797,259.80 2,393,797,259.80
financing
Prepayment 151,818,448.48 151,818,448.48
Other receivables 159,753,421.64 159,753,421.64
Including: Interests
45,636,744.44 45,636,744.44
receivable
Inventories 3,641,235,092.33 3,641,235,092.33
Other current assets 195,174,048.57 195,174,048.57
Total current assets 16,313,738,711.83 16,313,738,711.83
Non-current assets:
Long-term equity
2,230,721,725.72 2,230,721,725.72
investments
Investments in other equity
352,395,255.78 352,395,255.78
instruments
Fixed assets 1,518,865,397.91 1,518,865,397.91
Construction in progress 7,257,393,087.56 7,257,393,087.56
Intangible assets 332,234,032.47 332,234,032.47
Long-term deferred
928,805.23 928,805.23
expenses
Deferred tax assets 676,152,614.07 676,152,614.07
Other non-current assets 237,539,447.75 237,539,447.75
Total non-current assets 12,606,230,366.49 12,606,230,366.49
Total assets 28,919,969,078.32 28,919,969,078.32
Current liabilities:
Accounts payable 1,868,623,958.02 1,868,623,958.02
Ad vance from customer 2,244,442,643.64 -2,244,442,643.64
Contractual liabilities 1,986,232,428.00 1,986,232,428.00
Employee benefits payable 342,025,687.49 342,025,687.49
Taxes payable 1,633,044,231.67 1,633,044,231.67
Other payable 698,942,399.37 698,942,399.37
Including: Interests
30,650,684.93 30,650,684.93
payable
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Other current liabilities 258,210,215.64 258,210,215.64
Total current liabilities 6,787,078,920.19 6,787,078,920.19
Non-current liabilities:
Bonds payable 2,490,883,676.39 2,490,883,676.39
Deferred income 23,845,000.00 23,845,000.00
Deferred tax liabilities 63,430,453.64 63,430,453.64
Total non-current
2,578,159,130.03 2,578,159,130.03
liabilities
Total liabilities 9,365,238,050.22 9,365,238,050.22
Shareholders' equity:
Share capital 1,464,752,476.00 1,464,752,476.00
Capital reserves 3,722,777,063.13 3,722,777,063.13
Other comprehensive
194,817,130.57 194,817,130.57
income
Surplus reserves 1,464,752,476.00 1,464,752,476.00
Undistributed profits 12,559,746,579.91 12,559,746,579.91
Total equity attributable to
owners of the parent 19,406,845,725.61 19,406,845,725.61
company
Non-controlling interests 147,885,302.49 147,885,302.49
Total owners' equity 19,554,731,028.10 19,554,731,028.10
Total liabilities and
28,919,969,078.32 28,919,969,078.32
owners' equity
Note to the adjustments:
Upon the adoption of the new accounting standard governing revenue on 1 January 2020, the Company
presented the advance from customer (net of tax) in contractual liabilities and the tax in oth er current
liabilities.
Balance sheet of parent company
Unit: CNY
Item 31 December 2019 1 January 2020 Adjustment
Current assets:
Cash and cash equivalents 8,872,692,385.79 8,872,692,385.79
Accounts receivables 21,562.85 21,562.85
Prepayment 11,682,593.27 11,682,593.27
Other receivables 5,850,481,480.50 5,850,481,480.50
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Including: Interests
40,570,144.44 40,570,144.44
receivable
Inventories 1,049,384.24 1,049,384.24
Other current assets 5,562,360.72 5,562,360.72
Total current assets 14,741,489,767.37 14,741,489,767.37
Non-current assets:
Long-term equity
5,636,681,853.83 5,636,681,853.83
investments
Investments in other equity
352,066,334.15 352,066,334.15
instruments
Fixed assets 601,481,983.81 601,481,983.81
Construction in progress 967,953,263.55 967,953,263.55
Intangible assets 297,830,285.02 297,830,285.02
Long-term deferred
777,834.15 777,834.15
expenses
Deferred tax assets 75,249,717.72 75,249,717.72
Total non-current assets 7,932,041,272.23 7,932,041,272.23
Total assets 22,673,531,039.60 22,673,531,039.60
Current liabilities:
Accounts payable 87,652,671.29 87,652,671.29
Ad vance from customer 9,712,630.35 -9,712,630.35
Contractual liabilities 8,595,248.10 8,595,248.10
Employee benefits payable 116,124,722.19 116,124,722.19
Taxes payable 82,399,599.18 82,399,599.18
Other payables 1,099,598,588.83 1,099,598,588.83
Including: Interests
30,650,684.93 30,650,684.93
payable
Other current liabilities 1,117,382.25 1,117,382.25
Total current liabilities 1,395,488,211.84 1,395,488,211.84
Non-current liabilities:
Bonds payable 2,490,883,676.39 2,490,883,676.39
Deferred income 2,380,000.00 2,380,000.00
Deferred tax liabilities 63,430,453.64 63,430,453.64
Total non-current
2,556,694,130.03 2,556,694,130.03
liabilities
Total liabilities 3,952,182,341.87 3,952,182,341.87
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Q1 2020 Report of Luzhou Laojiao Co., Ltd.
Shareholders' equity
Share capital 1,464,752,476.00 1,464,752,476.00
Capital reserves 3,706,816,950.12 3,706,816,950.12
Other comprehensive
192,332,738.05 192,332,738.05
income
Surplus reserves 1,464,752,476.00 1,464,752,476.00
Undistributed profits 11,892,694,057.56 11,892,694,057.56
Total owners' equity 18,721,348,697.73 18,721,348,697.73
Total liabilities and
22,673,531,039.60 22,673,531,039.60
owners' equity
Note to the adjustments:
Upon the adoption of the new accounting standard governing revenue on 1 January 2020, the Company
presented the advance from customer (net of tax) in contractual liabilities and the tax in other current
liabilities.
2.2 Retrospective restatement of comparative data due to the first adoption of the new
accounting standards governing revenue and leases in 2020
Applicable √ N/A
3. Auditor’s report
Whether the financial statements of this report have been audited by an auditor
□ Yes √ No
The said financial statements are unaudited by an auditor.
30
