Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Luzhou Laojiao Co., Ltd.
Q3 2020 Report
October 2020
1
Q3 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.
All directors attended the board meeting to deliberate this report by themselves.
Liu Miao, responsible person for the Company, Xie Hong, responsible person for accounting work and
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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Q3 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
30 September 2020 31 December 2019 Change
Total assets (CNY) 31,366,555,750.89 28,919,969,078.32 8.46%
Net assets attributable to
shareholders of the Company 21,891,477,928.05 19,406,845,725.61 12.80%
(CNY)
Q3 2020 YoY change Q1-Q3 2020 YoY change
Operating revenues (CNY) 3,964,495,377.15 14.45% 11,598,978,279.02 1.06%
Net profits attributable to
shareholders of the Company 1,594,926,776.29 52.55% 4,815,378,966.56 26.88%
(CNY)
Net profits attributable to
shareholders of the Company
1,580,862,798.75 48.53% 4,814,814,647.80 26.97%
before non-recurring gains and
losses (CNY)
Net cash flows from operating
2,068,649,468.56 26.25% 2,797,464,890.80 -16.38%
activities (CNY)
Basic earnings per share
1.09 53.52% 3.29 27.03%
(CNY/share)
Diluted earnings per share
1.09 53.52% 3.29 27.03%
(CNY/share)
Weighted average ROE 7.85% 2.17% 23.17% 2.51%
Non-recurring profits and losses
√ Applicable N/A
Unit: CNY
Item Q1-Q3 2020 Note
Profit or loss from disposal of non-current assets (including
-597,765.00
the write-off portion of the impairment provision)
Government grants accounted for, in the profit or loss for the
current period (except for the government grants closely 13,125,961.61
related to the business of the Company and given at a fixed
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
amount or quantity in accordance with the national uniform
standards)
Other non-operating income and expenditure except
-12,111,385.30
above-mentioned items
Less: Corporate income tax 52,488.53
Minority interests (after tax) -199,995.98
Total 564,318.76 --
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 shareholders with resumed
113,945 0
at the end of the reporting period voting rights 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 101,980,000
corporation
Co., Ltd.
China Securities
Finance Other 2.31% 33,842,059 0
Corporation limited
Hong Kong
Outbound
Securities Clearing 2.23% 32,674,928 0
corporation
Company Limited
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Bank of China Co.,
Ltd. – Liquor index
classification
securities Other 1.97% 28,782,524 0
investment fund by
China Merchants
Fund
Bank of China Co.,
Ltd.－Blue chip
selected hybrid
Other 1.58% 23,078,509 0
securities
investment fund by
E Fund
Central Huijin Asset
State-owned
Management Co., 1.43% 20,937,500 0
corporation
Ltd.
Bank of China Co.,
Ltd. – Middle and
small capital stocks
Other 1.31% 19,168,410 0
hybrid securities
investment fund by
E Fund
Agricultural Bank of
China Co., Ltd. -
Consumption
industry stock - Other 1.03% 15,133,020 0
based securities
investment fund by
E Fund
Industrial and
Commercial Bank
of China Co.,
Ltd.-Newly growth Other 1.03% 15,077,911 0
hybrid securities
investment fund by
Invesco Great Wall
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
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
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
32,674,928 32,674,928
Company Limited shares
Bank of China Co., Ltd. – Liquor index
CNY common
classification securities investment fund 28,782,524 28,782,524
shares
by China Merchants Fund
Bank of China Co., Ltd.－Blue chip
CNY common
selected hybrid securities investment 23,078,509 23,078,509
shares
fund by E Fund
Central Huijin Asset Management Co., CNY common
20,937,500 20,937,500
Ltd. shares
Bank of China Co., Ltd. – Middle and
CNY common
small capital stocks hybrid securities 19,168,410 19,168,410
shares
investment fund by E Fund
Agricultural Bank of China Co., Ltd. -
CNY common
Consumption industry stock - based 15,133,020 15,133,020
shares
securities investment fund by E Fund
Industrial and Commercial Bank of
China Co., Ltd.-Newly growth hybrid CNY common
15,077,911 15,077,911
securities investment fund by Invesco shares
Great Wall
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.
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.
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
2.2 Total number of preference shareholders and shareholdings of the top 10 preference
shareholders
Applicable √ N/A
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Q3 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 accounts receivables decreased by CNY 16,658,598.21 compared to the
opening balance at the beginning of the year, indicating a decrease of 91.06%. It was mainly due to the
recovery of amounts due from overseas customers by the Hong Kong subsidiary.
B. The closing balance of fixed assets increased by CNY 2,524,819,939.19 compared to the opening
balance at the beginning of the year, indicating an increase of 166.23%. 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 intangible assets increased by CNY 100,815,127.35 compared to the opening
balance at the beginning of the year, indicating an increase of 30.34%. It was mainly due to the increase
in land acquisition in the current period.
D. The closing balance of other non-current assets decreased by CNY 200,908,108.95 compared to the
opening balance at the beginning of the year, indicating a decrease of 84.58%. 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.
E. The closing balance of contract liabilities decreased by CNY 755,013,406.91 compared to the
opening balance at the beginning of the year, indicating a decrease of 38.01%; and the closing balance
of other current liabilities decreased by CNY 99,307,301.91 compared to the opening balance at the
beginning of the year, indicating a decrease of 38.46%. It was mainly due to that affected by the
COVID-19 outbreak, advance from customer decreased in the current period.
F. The closing balance of taxes payable decreased by CNY 595,832,508.99 compared to the opening
balance at the beginning of the year, indicating a decrease of 36.49%. It was mainly due to the payment
in the current period of taxes payable as at the end of last year.
G. The closing balance of bonds payable increased by CNY 1,496,206,606.21 compared to the opening
balance at the beginning of the year, indicating an increase of 60.07%. It was mainly due to the public
offering of corporate bonds to qualified investors in the current period.
H. Selling and distribution expenses in the current Q1-Q3 period decreased by CNY 818,430,435.99
compared to the same period of last year, indicating a decrease of 31.42%. It was mainly due to that
affected by the COVID-19 outbreak, advertising expenses and market expansion expenses decreased
in the current period.
I. Other income in the current Q1-Q3 period decreased by CNY 11,177,946.13 compared to the same
period of last year, indicating a decrease of 45.99%. It was mainly due to the decrease in the amortized
deferred income.
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
J. Investment income in the current Q1-Q3 period increased by CNY 41,423,745.85 compared to the
same period of last year, indicating an increase of 33.23%. It was mainly due to the increased operating
profits of associates in the current period.
K. Net profit attributable to non-controlling interests in the current Q1-Q3 period decreased by CNY
46,825,077.32 compared to the same period of last year. It was mainly due to the decreased operating
profits of non-wholly-owned subsidiary in the current period.
L. Net cash flows from investing activities in the current Q1-Q3 period increased by CNY
1,005,716,793.57 compared to the same period of last year. It was mainly due to the decrease in cash
paid to acquire and construct fixed assets, intangible assets and other long-term assets in the current
period.
M. Net cash flows from financing activities in the current Q1-Q3 period decreased by CNY
1,127,039,743.67 compared to the same period of last year. It was mainly due to that the amount of
financing through corporate bonds in the current period was smaller than in the same period of last year.
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. Henan High People’s Court made a first-instance judgment on the dispute
arising out of the deposit contract between the Company and ICBC Nanyang Zhongzhou Branch. In
respect of the losses that couldn’t be recovered through criminal procedures, ICBC Nanyang Zhongzhou
Branch should bear 50% of the compensation liability; and in respect of the losses that couldn’t be
recovered through criminal procedures in relation to the Company’s principal of CNY 122.1 million,
Sanya Rural Commercial Bank Hongsha Branch should bear 10% of the compensation liability; and the
remaining losses should be borne by the Company. As of 30 September 2020, the Company has
recovered a total amount of CNY 214.9551 million in relation to the cases of the three savings deposits.
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/
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
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
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 May 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 2020-6 Announcement of significant
litigation progress part XI
6 May 2020 2020-14 Announcement of significant
litigation progress part XII
B. 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
January 2020.
C. The Company invested in the technical upgrade program of brewing and implemented the program
with the wholly-owned subsidiary, Brewing Company, as the entity. On 30 June 2020, the Proposal on
Increasing Investment in the Technical Upgrade Program of Brewing was approved by the 2019 Annual
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
General Meeting upon deliberation. According to the proposal, extra CNY 1,462,996,500 of funds would
be invested in the technical upgrade program of brewing. Upon this increase of funds, the total
investment in the technical upgrade program of brewing would reach CNY 8,877,276,500. For more
information, please refer to the following announcements: Announcement on Investing in the Technical
Upgrade Program of Brewing by the Subsidiary disclosed on 28 April 2016 with an Announcement No. of
2016-12; Announcement on Increasing Investment in the Technical Upgrade Program of Brewing
disclosed on 2 June 2020 with an Announcement No. of 2020-17 (http://www.cninfo.com.cn/). As of 30
September 2020, 96% of the project has been completed.
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
No such cases in the reporting period.
4. Financial assets investment
4.1 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
Domest Fair Invest
217,75 202,09 214,81
ic and 12,719, value -2,944, ments Owned
601211 GTJA 6,674.5 3,268.5 0.00 0.00 2,425.2
foreign 156.76 measur 249.26 in other fund
2 0 6
stock ement equity
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
instrum
ents
Invest
Domest Fair ments
ic and 1,030,0 value 11,757, 234,53 10,962, 85,995. 11,992, in other Owned
002246 SNC 0.00 0.00
foreign 00.00 measur 933.60 3.25 466.85 53 466.85 equity fund
stock ement instrum
ents
Invest
Domest Fair ments
ic and LZBAN 51,120, value 89,076, -743,21 37,213, 4,700,8 88,333, in other Owned
1983 0.00 0.00
foreign K 000.00 measur 363.20 0.94 152.26 00.00 152.26 equity fund
stock ement instrum
ents
318,59 250,26 315,13
64,869, -3,452, 4,786,7
Total -- 0,971.3 8,887.6 0.00 0.00 8,044.3 -- --
156.76 926.95 95.53
2 1 7
4.2 Derivative investment
Applicable √ N/A
No such cases in the reporting period.
5. Progress of projects financed with fund-raising
√ Applicable □ N/A
The Company raised a fund of CNY 3.0 billion through non-public offering of A-shares in 2017. After
deduction of the issue fees, all balance was set to use in the technical renovation project of brewing
(Phase I); The Company raised a fund of CNY 4.0 billion through the issue of corporate bonds
respectively on 27 August 2019 and 17 March 2020. After deduction of the issue fees, the balance
amount was set to use in the technical renovation project of brewing (Phase II), Project of Intelligent
Upgrading and Building of the Information Management System, Project of Acquiring Sealing Equipment
for the Cellar of Huangyi Brewing Base and Project of Acquiring Accessory Equipment for Leaven
Making for Huangyi Brewing Base. As of 30 September 2020, the Project of Acquiring Sealing
Equipment for the Cellar of Huangyi Brewing Base has been completed; 96% of the technical renovation
project of brewing has been completed; 55% of the Project of Acquiring Accessory Equipment for
Leaven Making for Huangyi Brewing Base has been completed; and the Project of Intelligent Upgrading
and Building of the Information Management System is going through the approval procedure, with
construction not yet started.
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
6. Operating performance forecast for 2020
Warning of a forecast negative net profit for the current full year or a considerable YoY change therein,
as well as the reasons:
Applicable √ N/A
7. Significant contracts arising from routine operation
Applicable √ N/A
8. Entrust assets management
Applicable √ N/A
No such cases in the reporting period.
9. Irregularities in the provision of guarantees
Applicable √ N/A
No such cases in the reporting period.
10. 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.
11. Visits paid to the Company for purposes of research, communication, interview,
etc.
√ Applicable □ N/A
Main inquiry
information and Index to main inquiry
Date of visit Place of visit Way of visit Type of visitor Visitor
materials information
provided
Conference 4 persons
29 August Room 1-4 in including Company http://www.cninfo.co
Field survey Institution
2020 the east Hongde Fund Performance m.cn/
building of the and Caitong
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Company Fund
Conference 25 persons
Room 401 in including CITIC Company
17 September http://www.cninfo.co
the west Field survey Institution Securities and Performance
2020 m.cn/
building of the Ping An Asset and Plan
Company Management
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Q3 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.
Unit: CNY
Item 30 September 2020 31 December 2019
Current assets:
Cash and cash equivalents 10,058,879,793.25 9,753,666,526.78
Settlement reserves
Lending funds
Held-for-trading financial assets
Derivative financial assets
Notes receivables
Accounts receivables 1,635,316.02 18,293,914.23
Accounts receivables financing 3,059,298,729.13 2,393,797,259.80
Prepayment 184,588,396.33 151,818,448.48
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserve
Other receivables 168,568,030.68 159,753,421.64
Including：Interests receivable 45,938,344.45 45,636,744.44
Dividends receivable 25,328,195.77
Buying back the sale of financial
assets
Inventories 3,656,080,823.84 3,641,235,092.33
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 154,837,553.38 195,174,048.57
Total current assets 17,283,888,642.63 16,313,738,711.83
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Q3 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 2,454,585,491.48 2,230,721,725.72
Investments in other equity
348,942,328.83 352,395,255.78
instruments
Other non-current financial assets
Investment property
Fixed assets 4,043,685,337.10 1,518,865,397.91
Construction in progress 6,227,330,593.20 7,257,393,087.56
Productive biological assets
Oil and gas assets
Use right assets
Intangible assets 433,049,159.82 332,234,032.47
Development expenses
Goodwill
Long-term deferred expenses 2,516,410.46 928,805.23
Deferred tax assets 535,926,448.57 676,152,614.07
Other non-current assets 36,631,338.80 237,539,447.75
Total non-current assets 14,082,667,108.26 12,606,230,366.49
Total assets 31,366,555,750.89 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 76,060,905.98
Accounts payable 1,823,542,071.26 1,868,623,958.02
Advance from customer 2,244,442,643.64
Contract liabilities 1,231,219,021.09
Financial assets sold for repurchase
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Deposits from customers and
inter-bank
Customer brokerage deposits
Securities underwriting brokerage
deposits
Employee benefits payable 404,839,493.80 342,025,687.49
Taxes payable 1,037,211,722.68 1,633,044,231.67
Other payable 549,992,806.59 698,942,399.37
Including：Interests payable 36,427,397.26 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 158,902,913.73
Total current liabilities 5,281,768,935.13 6,787,078,920.19
Non-current liabilities:
Insurance contract reserves
Long-term loans
Bonds payable 3,987,090,282.60 2,490,883,676.39
Including：Preference shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term payroll payables
Accrued liabilities
Deferred income 27,215,000.00 23,845,000.00
Deferred tax liabilities 62,567,221.92 63,430,453.64
Other non-current liabilities
Total non-current liabilities 4,076,872,504.52 2,578,159,130.03
Total liabilities 9,358,641,439.65 9,365,238,050.22
Owners' equity
Share capital 1,464,752,476.00 1,464,752,476.00
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Q3 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 193,026,803.29 194,817,130.57
Special reserves
Surplus reserves 1,464,752,476.00 1,464,752,476.00
General risk reserve
Undistributed profits 15,046,169,109.63 12,559,746,579.91
Total equity attributable to owners of
21,891,477,928.05 19,406,845,725.61
the parent company
Non-controlling interests 116,436,383.19 147,885,302.49
Total owners' equity 22,007,914,311.24 19,554,731,028.10
Total liabilities and owners' equity 31,366,555,750.89 28,919,969,078.32
Legal representative：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 30 September 2020 31 December 2019
Current assets:
Cash and cash equivalents 9,626,852,207.36 8,872,692,385.79
Held-for-trading financial assets
Derivative financial assets
Notes receivables
Accounts receivables 2,265,184.78 21,562.85
Accounts receivables financing
Prepayment 34,314,930.18 11,682,593.27
Other receivables 7,308,139,053.12 5,850,481,480.50
Including：Interests receivable 106,700,834.19 40,570,144.44
Dividends receivable 25,328,195.77
Inventories 293,134,577.65 1,049,384.24
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 2,264,848.40 5,562,360.72
Total current assets 17,266,970,801.49 14,741,489,767.37
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 5,860,545,619.59 5,636,681,853.83
Investments in other equity
348,613,407.20 352,066,334.15
instruments
Other non-current financial assets
Investment property
Fixed assets 516,874,073.31 601,481,983.81
Construction in progress 1,057,607,352.00 967,953,263.55
Productive biological assets
Oil and gas assets
Use right assets
Intangible assets 290,269,983.66 297,830,285.02
Development expenses
Goodwill
Long-term deferred expenses 2,384,849.95 777,834.15
Deferred tax assets 90,578,154.20 75,249,717.72
Other non-current assets
Total non-current assets 8,166,873,439.91 7,932,041,272.23
Total assets 25,433,844,241.40 22,673,531,039.60
Current liabilities:
Short-term loans
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 391,781,640.46 87,652,671.29
Advance from customer 9,712,630.35
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Contract liabilities 3,565,026.55
Employee benefits payable 153,289,269.77 116,124,722.19
Taxes payable 60,175,645.37 82,399,599.18
Other payables 3,864,484,910.34 1,099,598,588.83
Including：Interests payable 36,427,397.26 30,650,684.93
Dividends payable
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities 463,453.45
Total current liabilities 4,473,759,945.94 1,395,488,211.84
Non-current liabilities:
Long-term loans
Bonds payable 3,987,090,282.60 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 62,567,221.92 63,430,453.64
Other non-current liabilities
Total non-current liabilities 4,052,037,504.52 2,556,694,130.03
Total liabilities 8,525,797,450.46 3,952,182,341.87
Owners' 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 197,648,014.57 192,332,738.05
Special reserves
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Surplus reserves 1,464,752,476.00 1,464,752,476.00
Undistributed profits 10,074,076,874.25 11,892,694,057.56
Total owners' equity 16,908,046,790.94 18,721,348,697.73
Total liabilities and owners' equity 25,433,844,241.40 22,673,531,039.60
1.3 Consolidated income statement for Q3
Unit: CNY
Item Q3 2020 Q3 2019
1. Total operating revenue 3,964,495,377.15 3,463,860,724.49
Including: Operating revenue 3,964,495,377.15 3,463,860,724.49
Interest income
Earned premium
Fee and commission
income
2. Total operating costs 1,959,882,176.10 2,113,789,848.58
Including: Cost of sales 519,235,634.27 546,211,849.65
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 555,948,412.37 343,456,085.01
Selling and distribution
674,334,017.41 1,066,220,941.17
expenses
General and administrative
199,336,866.95 197,201,012.14
expenses
Research and
16,988,784.08 16,590,329.10
Development expenses
Financial expenses -5,961,538.98 -55,890,368.49
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Including：Interest
68,109,732.42 36,376,972.66
expenses
Interest income 79,242,537.00 90,878,299.30
Plus: Other income 2,684,286.34 7,010,364.48
Investment income ("-" for
61,735,028.91 27,625,408.30
losses)
Including: income from
investment in associates and joint 61,735,028.91 27,625,408.30
ventures
Income from the
derecognition of financial assets
measured at amortized cost (“-” for
losses)
Foreign exchange gains ("-" for
losses)
Net gain on exposure hedges
(“-” for losses)
Gains from the changes in fair
values(“-“ for losses)
Credit impairment losses (“-”
415,947.84 1,357,167.08
for losses)
Impairment losses(“-“ for
losses)
Gains from disposal of
-702,428.83
assets("-" for losses)
3. Operating profits ("-" for losses) 2,068,746,035.31 1,386,063,815.77
Plus: non-operating income 20,965,356.95 12,817,822.04
Less: non-operating expenses 4,803,797.88 43,263,366.45
4. Total profits before tax ("-" for
2,084,907,594.38 1,355,618,271.36
total losses)
Less: income tax expenses 519,704,589.40 318,752,478.09
5. Net profit ("-" for net loss) 1,565,203,004.98 1,036,865,793.27
5.1 By operating continuity
5.1.1 Net profit from continuing
1,565,203,004.98 1,036,865,793.27
operation ("-" for losses)
5.1.2 Net profit from discontinued
operation ("-" for losses)
5.2 By ownership
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1) Attributable to owners of the parent
1,594,926,776.29 1,045,505,627.15
company
2) Attributable to non-controlling
-29,723,771.31 -8,639,833.88
interests
6. Net of tax from other
-4,597,312.16 -3,753,845.39
comprehensive income
Net of tax from other comprehensive
income to the owner of the parent -3,642,925.47 -4,147,006.32
company
6.1 Other comprehensive income
cannot reclassified into the profit and -4,143,213.39 -6,390,187.64
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 -4,143,213.39 -6,390,187.64
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 profit and 500,287.92 2,243,181.32
loss
1) Share in other comprehensive
income that will be classified into 1,662,036.07 1,840,522.43
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 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 -1,161,748.15 402,658.89
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
of foreign currency financial
statements
7) Others
Net of tax from other comprehensive
-954,386.69 393,160.93
income to non-controlling interests
7. Total comprehensive income 1,560,605,692.82 1,033,111,947.88
Total comprehensive income
attributable to owners of the parent 1,591,283,850.82 1,041,358,620.83
company
Total comprehensive income
attributable to non-controlling -30,678,158.00 -8,246,672.95
interests
8. Earnings per share
(1) Basic earnings per share 1.09 0.71
(2) Diluted earnings per share 1.09 0.71
Legal representative：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 for Q3
Unit: CNY
Item Q3 2020 Q3 2019
1. Operating revenue 1,469,985,451.57 750,765,638.48
Less: Cost of sales 1,180,227,210.17 533,780,263.26
Taxes and surcharges 5,444,362.48 641,195.04
Selling and distribution
expenses
General and administrative
148,585,303.87 162,958,203.64
expenses
Research and Development
4,866,427.47 7,908,705.11
expenses
Financial expenses -27,066,059.48 -63,580,053.40
Including：Interest expenses 46,404,317.98 12,264,832.43
Interest income 74,567,009.51 77,056,304.34
Plus: Other income 2,729,763.85 10,239.44
Investment income ("-" for 61,735,028.91 27,625,408.30
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
losses)
Including: income from
investment in associates and joint 61,735,028.91 27,625,408.30
ventures
Income from the
derecognition of financial assets at
amortized cost
Net gain on exposure hedges
(“-” for losses)
Gains from the changes in
fair values(“-“ for losses)
Credit impairment losses (“-”
1,008,382.61 -165,680.58
for losses)
Asset impairment losses (“-”
for losses)
Gains from disposal of
-697,633.41
assets("-" for losses)
2. Operating profits ("-" for
222,703,749.02 136,527,291.99
losses)
Plus: non-operating income 6,404,587.65 10,799,799.73
Less: non-operating expenses 3,657,268.57 43,170,000.00
3. Total profits before tax ("-" for
225,451,068.10 104,157,091.72
total losses)
Less: income tax expenses 35,173,923.25 13,051,013.97
4. Net profit ("-" for net loss) 190,277,144.85 91,106,077.75
4.1 Net profit from continuing
190,277,144.85 91,106,077.75
operation ("-" for losses)
4.2 Net profit from discontinued
operation ("-" for losses)
5. Net of tax from other
-2,481,177.32 -4,549,665.21
comprehensive income
5.1 Other comprehensive income
cannot reclassified into the profit and -4,143,213.39 -6,390,187.64
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
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
profit and loss under equity method
3) Changes in fair value of
investments in other equity -4,143,213.39 -6,390,187.64
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 profit 1,662,036.07 1,840,522.43
and loss
1) Share in other comprehensive
income that will be classified into 1,662,036.07 1,840,522.43
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 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 187,795,967.53 86,556,412.54
7. Earnings per share
(1) Basic earnings per share 0.13 0.06
(2) Diluted earnings per share 0.13 0.06
1.5 Consolidated income statement for Q1~Q3
Unit: CNY
Item Q1~Q3 2020 Q1~Q3 2019
1. Total operating revenue 11,598,978,279.02 11,476,895,744.21
Including: Operating revenue 11,598,978,279.02 11,476,895,744.21
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Interest income
Earned premium
Fee and commission
income
2. Total operating costs 5,421,758,365.10 6,572,402,883.75
Including: Cost of sales 1,905,872,063.12 2,172,654,981.84
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 1,235,462,243.19 1,370,467,012.89
Selling and distribution
1,786,292,226.39 2,604,722,662.38
expenses
General and administrative
559,350,842.71 537,770,434.28
expenses
Research and
49,017,365.36 38,887,814.75
Development expenses
Financial expenses -114,236,375.67 -152,100,022.39
Including：Interest
134,641,907.41 101,183,620.61
expenses
Interest income 252,631,979.03 251,267,108.73
Plus: Other income 13,125,961.61 24,303,907.74
Investment income ("-" for
166,073,785.31 124,650,039.46
losses)
Including: income from
investment in associates and joint 156,693,960.95 115,901,369.75
ventures
Income from the
derecognition of financial assets
measured at amortized cost
Foreign exchange gains ("-" for
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
losses)
Net gain on exposure hedges
(“-” for losses)
Gains from the changes in fair
values(“-“ for losses)
Credit impairment losses (“-”
14,881.14 -2,478,117.16
for losses)
Impairment losses(“-“ for
losses)
Gains from disposal of
-597,765.00 248,064.82
assets("-" for losses)
3. Operating profits ("-" for losses) 6,355,836,776.98 5,051,216,755.32
Plus: non-operating income 31,909,798.66 30,578,389.93
Less: non-operating expenses 44,021,183.96 48,333,179.36
4. Total profits before tax ("-" for
6,343,725,391.68 5,033,461,965.89
total losses)
Less: income tax expenses 1,553,980,952.51 1,216,984,747.39
5. Net profit ("-" for net loss) 4,789,744,439.17 3,816,477,218.50
5.1 By operating continuity
5.1.1 Net profit from continuing
4,789,744,439.17 3,816,477,218.50
operation ("-" for losses)
5.1.2 Net profit from discontinued
operation ("-" for losses)
5.2 By ownership
1) Attributable to owners of the parent
4,815,378,966.56 3,795,286,668.57
company
2) Attributable to non-controlling
-25,634,527.39 21,190,549.93
interests
6. Net of tax from other
-7,604,719.19 30,674,250.36
comprehensive income
Net of tax from other comprehensive
income to the owner of the parent -1,790,327.28 30,269,535.29
company
6.1 Other comprehensive income
cannot reclassified into the profit and -2,589,695.23 21,258,063.37
loss:
1) Remeasure the variation of net
indebtedness or net asset of defined
28
Q3 2020 Report of Luzhou Laojiao Co., Ltd.
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 -2,589,695.23 21,258,063.37
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 profit and 799,367.95 9,011,471.92
loss
1) Share in other comprehensive
income that will be classified into 7,904,971.75 8,519,627.22
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 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 -7,105,603.80 491,844.70
statements
7) Others
Net of tax from other comprehensive
-5,814,391.91 404,715.07
income to non-controlling interests
7. Total comprehensive income 4,782,139,719.98 3,847,151,468.86
Total comprehensive income
attributable to owners of the parent 4,813,588,639.28 3,825,556,203.86
company
Total comprehensive income
attributable to non-controlling -31,448,919.30 21,595,265.00
interests
8. Earnings per share
(1) Basic earnings per share 3.29 2.59
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
(2) Diluted earnings per share 3.29 2.59
Legal representative：Liu Miao
Person in charge of accounting affairs：Xie Hong
Person in charge of accounting department：Yan Li
1.6 Income statement of parent company for Q1~Q3
Unit: CNY
Item Q1~Q3 2020 Q1~Q3 2019
1. Operating revenue 2,972,907,144.96 3,197,984,938.60
Less: Cost of sales 2,221,013,458.47 2,154,942,678.71
Taxes and surcharges 20,994,127.40 25,792,351.08
Selling and distribution
expenses
General and administrative
423,205,464.06 449,359,503.17
expenses
Research and Development
13,877,713.71 14,177,692.62
expenses
Financial expenses -158,511,925.86 -167,340,890.51
Including：Interest expenses 79,727,736.67 21,535,776.85
Interest income 239,428,703.64 190,134,987.34
Plus: Other income 9,541,799.87 10,196,731.70
Investment income ("-" for
166,073,785.31 124,650,039.46
losses)
Including: income from
investment in associates and joint 156,693,960.95 115,901,369.75
ventures
Income from the
derecognition of financial assets at
amortized cost
Net gain on exposure hedges
(“-” for losses)
Gains from the changes in
fair values(“-“ for losses)
Credit impairment losses (“-”
964,250.14 -342,877.71
for losses)
Asset impairment losses (“-”
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
for losses)
Gains from disposal of
-592,969.58 108,159.28
assets("-" for losses)
2. Operating profits ("-" for
628,315,172.92 855,665,656.26
losses)
Plus: non-operating income 15,288,152.80 15,446,419.23
Less: non-operating expenses 28,034,402.35 47,911,335.98
3. Total profits before tax ("-" for
615,568,923.37 823,200,739.51
total losses)
Less: income tax expenses 105,229,669.84 171,506,524.76
4. Net profit ("-" for net loss) 510,339,253.53 651,694,214.75
4.1 Net profit from continuing
510,339,253.53 651,694,214.75
operation ("-" for losses)
4.2 Net profit from discontinued
operation ("-" for losses)
5. Net of tax from other
5,315,276.52 29,777,690.59
comprehensive income
5.1 Other comprehensive income
cannot reclassified into the profit and -2,589,695.23 21,258,063.37
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 -2,589,695.23 21,258,063.37
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 profit 7,904,971.75 8,519,627.22
and loss
1) Share in other comprehensive
income that will be classified into 7,904,971.75 8,519,627.22
profit and loss under equity method
2) Changes in fair value of
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
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
financial statements
7) Others
6. Total comprehensive income 515,654,530.05 681,471,905.34
7. Earnings per share
(1) Basic earnings per share 0.35 0.44
(2) Diluted earnings per share 0.35 0.44
1.7 Consolidated statement of cash flows for Q1~Q3
Unit: CNY
Item Q1~Q3 2020 Q1~Q3 2019
1. Cash flows from operating
activities
Cash received from sale of goods
11,444,778,961.62 12,252,950,015.54
and rendering of services
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
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
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 4,282,301.19 3,799,803.96
Cash received from other operating
343,830,118.82 310,987,560.32
activities
Subtotal of cash inflows from
11,792,891,381.63 12,567,737,379.82
operating activities
Cash paid for goods purchased and
2,695,233,461.36 2,759,299,910.61
services received
Net increase in loans and advances
to customers
Net increase in deposits in central
bank and other banks and 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
590,627,848.79 589,812,250.35
employees
Cash paid for taxes and surcharges 4,305,861,309.71 3,885,185,716.40
Cash paid for other operating
1,403,703,870.97 1,988,160,178.69
activities
Subtotal of cash outflows from
8,995,426,490.83 9,222,458,056.05
operating activities
Net cash flows from operating
2,797,464,890.80 3,345,279,323.77
activities
2. Cash flows from investing
activities
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Cash received from disposal of
investments
Cash received from returns on
4,786,894.23 26,159,166.94
investments
Net cash received from disposal of
fixed assets, intangible assets and 913,030.83 551,251.89
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
5,699,925.06 26,710,418.83
investing activities
Cash paid to acquire and construct
fixed assets, intangible assets and 1,509,459,951.58 2,616,187,238.92
other long-term assets
Cash paid for investments 80,000,000.00
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
1,589,459,951.58 2,616,187,238.92
investing activities
Net cash flows from investing
-1,583,760,026.52 -2,589,476,820.09
activities
3. Cash flows from financing
activities
Cash received from investors 10,322,014.67 3,500,000.00
Including: cash received by
subsidiaries from investments by 10,322,014.67 3,500,000.00
minority shareholders
Cash received from borrowings 1,494,000,000.00 2,490,000,000.00
Cash received from other financing
activities
Subtotal of cash inflows from
1,504,322,014.67 2,493,500,000.00
financing activities
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Cash paid for debt repayments
Cash paid for distribution of
dividends and profits or payment of 2,410,673,696.08 2,262,492,837.74
interest
Including: dividends and profits paid
to minority shareholders by
subsidiaries
Cash paid for other financing
180,000.00 10,499,100.00
activities
Subtotal of cash outflows from
2,410,853,696.08 2,272,991,937.74
financing activities
Net cash flows from financing
-906,531,681.41 220,508,062.26
activities
4. Effect of fluctuation in
exchange rate on cash and cash -1,959,916.40 4,044,326.94
equivalents
5. Net increase in cash and cash
305,213,266.47 980,354,892.88
equivalents
Plus: balance of cash and cash
equivalents at the beginning of the 9,752,266,526.78 9,365,986,627.68
period
6. Balance of cash and cash
equivalents at the end of the 10,057,479,793.25 10,346,341,520.56
period
1.8 Cash flow statement of parent company for Q1~Q3
Unit: CNY
Item Q1~Q3 2020 Q1~Q3 2019
1. Cash flows from operating
activities
Cash received from sale of goods
3,350,993,848.07 3,800,982,351.28
and rendering of services
Refunds of taxes and surcharges
Cash received from other operating
307,981,249.59 2,956,023,722.38
activities
Subtotal of cash inflows from
3,658,975,097.66 6,757,006,073.66
operating activities
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Cash paid for goods purchased and
771,058,329.11 2,433,250,662.70
services received
Cash paid to and on behalf of
553,602,541.44 553,331,416.11
employees
Cash paid for taxes and surcharges 276,607,943.90 443,928,121.51
Cash paid for other operating
144,961,672.42 167,195,165.85
activities
Subtotal of cash outflows from
1,746,230,486.87 3,597,705,366.17
operating activities
Net cash flows from operating
1,912,744,610.79 3,159,300,707.49
activities
2. Cash flows from investing
activities
Cash received from disposal of
investments
Cash received from returns on
4,786,894.23 26,159,166.94
investments
Net cash received from disposal of
fixed assets, intangible assets and 913,030.83 487,222.28
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
5,699,925.06 26,646,389.22
investing activities
Cash paid to acquire and construct
fixed assets, intangible assets and 167,431,018.20 175,015,081.79
other long-term assets
Cash paid for investments 80,000,000.00 10,149,100.00
Net cash paid to acquire
subsidiaries and other business
units
Cash paid for other investing
activities
Subtotal of cash outflows from
247,431,018.20 185,164,181.79
investing activities
Net cash flows from investing -241,731,093.14 -158,517,792.57
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Q3 2020 Report of Luzhou Laojiao Co., Ltd.
activities
3. Cash flows from financing
activities
Cash received from investors
Cash received from loans 1,494,000,000.00 2,490,000,000.00
Cash received from other financing
activities
Subtotal of cash inflows from
1,494,000,000.00 2,490,000,000.00
financing activities
Cash paid for debt repayments
Cash paid for distribution of
dividends and profits or payment of 2,410,673,696.08 2,262,492,837.74
interest
Cash paid for other financing
180,000.00 350,000.00
activities
Subtotal of cash outflows from
2,410,853,696.08 2,262,842,837.74
financing activities
Net cash flows from financing
-916,853,696.08 227,157,162.26
activities
4. Effect of fluctuation in
exchange rate on cash and cash
equivalents
5. Net increase in cash and cash
754,159,821.57 3,227,940,077.18
equivalents
Plus: balance of cash and cash
equivalents at the beginning of the 8,872,692,385.79 6,189,473,157.83
period
6. Balance of cash and cash
equivalents at the end of the 9,626,852,207.36 9,417,413,235.01
period
2. Adjustments to the financial statements
2.1 Adjustments to the financial statements at the beginning of the execution year of any new
standard governing revenue or leases from 2020
√Applicable N/A
37
Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Whether items of balance sheets at the beginning of the year need to be adjusted
√ Yes □ No
Consolidated balance sheet
Unit: CNY
Item 31 December 2019 1 January 2020 Adjustment
Current assets:
Cash and cash
9,753,666,526.78 9,753,666,526.78
equivalents
Settlement reserves
Lending funds
Trading financial assets
Derivative financial assets
Notes receivables
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
Premiums receivable
Reinsurance accounts
receivable
Reinsurance contract
reserve
Other receivables 159,753,421.64 159,753,421.64
Including：Interests
45,636,744.44 45,636,744.44
receivable
Dividends
receivable
Buying back the sale of
financial assets
Inventories 3,641,235,092.33 3,641,235,092.33
Contract assets
Assets held for sale
Non-current assets due
within one year
Other current assets 195,174,048.57 195,174,048.57
Total current assets 16,313,738,711.83 16,313,738,711.83
38
Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Non-current assets:
Disbursement of loans
and advances
Investment in debt
obligations
Investment in other debt
obligations
Long-term receivables
Long-term equity
2,230,721,725.72 2,230,721,725.72
investments
Other equity instrument
352,395,255.78 352,395,255.78
investment
Other non-current
financial assets
Investment property
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
Productive biological
assets
Oil and gas assets
Right-to-use assets
Intangible assets 332,234,032.47 332,234,032.47
Development expenses
Goodwill
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:
Short-term loans
Borrowings from the
central bank
Loans from other banks
Trading financial liabilities
Derivative financial
39
Q3 2020 Report of Luzhou Laojiao Co., Ltd.
liabilities
Notes payable
Accounts payable 1,868,623,958.02 1,868,623,958.02
Advance from customer 2,244,442,643.64 -2,244,442,643.64
Contract liabilities 1,986,232,428.00 1,986,232,428.00
Financial assets sold for
repurchase
Customers deposits and
deposits from banks and
other financial institutions
Customer brokerage
deposits
Securities underwriting
brokerage deposits
Employee benefits
342,025,687.49 342,025,687.49
payable
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
Dividends
payable
Handling charges and
commissions payable
Reinsurance accounts
payable
Liabilities held for sale
Non-current liabilities due
within one year
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:
Insurance contract
reserves
Long-term loans
Bonds payable 2,490,883,676.39 2,490,883,676.39
Including: Preference
shares
40
Q3 2020 Report of Luzhou Laojiao Co., Ltd.
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 63,430,453.64 63,430,453.64
Other non-current
liabilities
Total non-current
liabilities 2,578,159,130.03 2,578,159,130.03
Total liabilities 9,365,238,050.22 9,365,238,050.22
Owners' equity:
Share capital 1,464,752,476.00 1,464,752,476.00
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
194,817,130.57 194,817,130.57
income
Special reserves
Surplus reserves 1,464,752,476.00 1,464,752,476.00
General risk reserve
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 contract liabilities and the value added tax in other
current liabilities.
41
Q3 2020 Report of Luzhou Laojiao Co., Ltd.
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
Trading financial assets
Derivative financial assets
Notes receivables
Accounts receivables 21,562.85 21,562.85
Accounts receivables
financing
Prepayment 11,682,593.27 11,682,593.27
Other receivables 5,850,481,480.50 5,850,481,480.50
Including: Interests
40,570,144.44 40,570,144.44
receivable
Dividends
receivable
Inventories 1,049,384.24 1,049,384.24
Contract assets
Assets held for sale
Non-current assets due
within one year
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:
Investment in debt
obligations
Investment in other debt
obligations
Long-term receivables
Long-term equity
5,636,681,853.83 5,636,681,853.83
investments
Other equity instrument
352,066,334.15 352,066,334.15
investment
Other non-current financial
assets
42
Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Investment property
Fixed assets 601,481,983.81 601,481,983.81
Construction in progress 967,953,263.55 967,953,263.55
Productive biological
assets
Oil and gas assets
Right-to-use assets
Intangible assets 297,830,285.02 297,830,285.02
Development expenses
Goodwill
Long-term deferred
777,834.15 777,834.15
expenses
Deferred tax assets 75,249,717.72 75,249,717.72
Other non-current assets
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:
Short-term loans
Trading financial liabilities
Derivative financial
liabilities
Notes payables
Accounts payable 87,652,671.29 87,652,671.29
Advance from customer 9,712,630.35 -9,712,630.35
Contract 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
Dividends
payable
Liabilities held for sale
Non-current liabilities due
within one year
Other current liabilities 1,117,382.25 1,117,382.25
43
Q3 2020 Report of Luzhou Laojiao Co., Ltd.
Total current liabilities 1,395,488,211.84 1,395,488,211.84
Non-current liabilities:
Long-term loans
Bonds payable 2,490,883,676.39 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 63,430,453.64 63,430,453.64
Other non-current liabilities
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
Owners' 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
192,332,738.05 192,332,738.05
income
Special reserves
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:
44
Q3 2020 Report of Luzhou Laojiao Co., Ltd.
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 contract liabilities and the value added tax in other
current liabilities.
2.2 Retrospective restatement of previous comparative data due to the execution of any new
standard governing revenue or lease from 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.
45
