Abstract of the Report for the First Quarter of 2014 of Lu Thai Textile Co., Ltd.
Stock code: 000726, 200726 Stock abbreviation: LTA, LTB Announcement No.: 2014-012
Lu Thai Textile Co., Ltd.
Abstract of the Report for the First Quarter of 2014
1
Abstract of the Report for the First Quarter of 2014 of Lu Thai Textile Co., Ltd.
Section I. Important Reminders
The Board of Directors, the Supervisory Committee, directors, supervisors and senior
management staff of Lu Thai Textile Co., Ltd. (hereinafter referred to as “the Company”)
warrant that the information carried in this report is factual, accurate and complete, without
any false record, misleading statement or material omission. And they shall be jointly and
severally liable for that.
In addition to the directors of the following, other directors had attended the board session for
reviewing this report.
Name of director not
Position Reason Name of the proxy
attending
The independent director resigned in
Sun Ruizhe Independent director
Jan.2014
Liu Shizhen, company principal, Zhang Hongmei, chief of the accounting work, and Zhang
Keming, chief of the accounting organ (chief of accounting), hereby confirm that the financial
statements enclosed in this report are factual, accurate and complete.
This report is prepared in both Chinese and English. Should there be any discrepancy
between the two versions, the Chinese version shall prevail.
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Abstract of the Report for the First Quarter of 2014 of Lu Thai Textile Co., Ltd.
Section II. Financial Highlights & Change of Shareholders
I. Main accounting data and financial indicators
Does the Company adjust retrospectively or restate accounting data of previous years due to change of the
accounting policy or correction of any accounting error?
□ Yes √ No
Jan.-Mar. 2014 Jan.-Mar. 2013 +/- (%)
Operating revenues (RMB Yuan) 1,524,854,012.98 1,501,664,061.00 1.54%
Net profit attributable to shareholders of the Company (RMB Yuan) 213,792,166.20 192,567,560.95 11.02%
Net profit attributable to shareholders of the Company after extraordinary
227,859,696.84 188,001,855.13 21.2%
gains and losses (RMB Yuan)
Net cash flows from operating activities (RMB Yuan) 55,775,238.83 105,086,762.40 -46.92%
Basic EPS (RMB Yuan/share) 0.22 0.2 10%
Diluted EPS (RMB Yuan/share) 0.22 0.2 10%
Weighted average ROE (%) 3.51% 3.59% -0.08%
31 Mar. 2014 31 Dec. 2013 +/- (%)
Total assets (RMB Yuan) 8,169,527,426.87 8,411,948,561.49 -2.88%
Net assets attributable to shareholders of the Company (RMB Yuan) 6,206,194,893.07 5,988,054,133.73 3.64%
Items and amounts of extraordinary gains and losses
√ Applicable □ Inapplicable
Unit: RMB Yuan
1 Jan. 2014-31 Explanati
Item
Mar. 2014 on
Gains/losses on the disposal of non-current assets (including the offset part of the asset impairment
-625,595.82
provisions)
Government grants recognized in the current period, except for those acquired in the ordinary course of
1,678,562.96
business or granted at certain quotas or amounts according to the government’s unified standards
Gains and losses on change in fair value from tradable financial assets and tradable financial liabilities,
as well as investment income from disposal of tradable financial assets and tradable financial liabilities
-13,734,369.69
and financial assets available for sales except for effective hedging related with normal businesses of
the Company
Non-operating income and expense other than the above 740,587.08
Income tax effects 2,571,975.37
Minority interests effects (after tax) -445,260.20
Total -14,067,530.64 --
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Abstract of the Report for the First Quarter of 2014 of Lu Thai Textile Co., Ltd.
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in
the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said
explanatory announcement as a recurrent gain/loss item
□ Applicable √ Inapplicable
II. Total number of shareholders at the period-end and shareholdings of top 10 shareholders
Unit: share
Total number of shareholders at the
86,927
period-end
Shareholdings of top 10 shareholders
Sharehol Pledged or frozen
Number of
Nature of ding Number of shares
Name of shareholder restricted
shareholder percenta shares held Status of Number of
shares held
ge (%) shares shares
Domestic
Zibo Lucheng Textile Investment Co., Ltd. non-state-owned 14.08% 134,613,925 Pledged 22,727,200
corporation
Tailun (Thailand) Textile Co., Ltd. Foreign corporation 12.37% 118,232,400 118,232,400
DBS VICKERS (HONG KONG) LTD A/C
Foreign corporation 4.2% 40,128,642
CLIENTS
LYNAS ASIA FUND Foreign corporation 1.68% 16,014,521
VALUE PARTNERS HIGH-DIVIDEND
Foreign corporation 1.5% 14,366,702
STOCKS FUNDS
Domestic
Everbright Pramerica Quantified Core Fund non-state-owned 1.2% 11,503,549
corporation
VALUE PARTNERS CLASSIC FUND Foreign corporation 0.8% 7,652,300
HTHK-MANULIFE CHINA VALUE FUND Foreign corporation 0.72% 6,858,138
First State Investment Management UK Limited
Foreign corporation 0.67% 6,391,310
－First State China A Share Fund
Domestic
Bosera Selection Stock Fund non-state-owned 0.63% 5,999,787
corporation
APS Asset Management Pte Ltd－APS China A
Foreign corporation 0.58% 5,586,151
Share Investment Fund
Shareholdings of top 10 non-restricted shareholders
Name of shareholder Number of Variety of shares
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Abstract of the Report for the First Quarter of 2014 of Lu Thai Textile Co., Ltd.
non-restricted
Variety Number
shares held
Zibo Lucheng Textile Investment Co., Ltd. 134,613,925 RMB common shares 134,613,925
DBS VICKERS (HONG KONG) LTD A/C CLIENTS 40,128,642 Domestically listed foreign shares 40,128,642
LYNAS ASIA FUND 16,014,521 Domestically listed foreign shares 16,014,521
VALUE PARTNERS HIGH-DIVIDEND STOCKS FUNDS 14,366,702 Domestically listed foreign shares 14,366,702
Everbright Pramerica Quantified Core Fund 11,503,549 RMB common shares 11,503,549
VALUE PARTNERS CLASSIC FUND 7,652,300 Domestically listed foreign shares 7,652,300
HTHK-MANULIFE CHINA VALUE FUND 6,858,138 Domestically listed foreign shares 6,858,138
First State Investment Management UK Limited－First State
6,391,310 RMB common shares 6,391,310
China A Share Fund
Bosera Selection Stock Fund 5,999,787 RMB common shares 5,999,787
APS Asset Management Pte Ltd－APS China A Share
5,586,151 RMB common shares 5,586,151
Investment Fund
MANULIFE GLOBAL FUND 5,076,540 Domestically listed foreign shares 5,076,540
Zibo Lucheng Textile Investment Co., Ltd. is the largest
shareholder of the Company and the actual controller. Tailun
(Thailand) Textile Co., Ltd. is the second largest shareholder as
Explanation on associated relationship or persons acting in well as sponsor of foreign capital of the Company. All of other
concert among the above-mentioned shareholders shareholders are people holding circulating A share or circulating
B share and the Company is not able to confirm whether there is
associated relationship or concerted action among other
shareholders.
Top 10 shareholders taking part in margin financing and
Naught
securities lending (if any)
Did any shareholder of the Company carry out an agreed buy-back in the reporting period?
□ Yes √ No
Section III. Significant Events
I. Significant changes of the major accounting statement items and financial indicators for the
reporting period, as well as the reasons for these changes
1. Transactional financial assets as at 31 Mar. 2014 stood at RMB 1,336,900.00, down 95.54% from
the opening amount, mainly because due transactional financial assets were delivered and the fair
value decreased.
2. Notes receivable as at 31 Mar. 2014 stood at RMB 70,415,267.17, down 44.16% from the
opening amount, mainly because some receivables were collected.
3. Accounts receivable as at 31 Mar. 2014 stood at RMB 193,456,631.31, down 31.02% from the
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Abstract of the Report for the First Quarter of 2014 of Lu Thai Textile Co., Ltd.
opening amount, mainly because some receivables were collected.
4. Engineering materials as at 31 Mar. 2014 stood at RMB 63,248,700.75, up 231.24% from the
opening amount, mainly because the equipment that had been bought in but not yet installed was
not yet transferred into fixed assets.
5. Payroll payable as at 31 Mar. 2014 stood at RMB 235,616,559.16, down 36.67% from the
opening amount, mainly because the annual bonuses for 2013 were paid in the reporting period.
6. Taxes and fares payable as at 31 Mar. 2014 stood at RMB 69,622,722.01, down 39.59% from the
opening amount, mainly because the city construction & maintenance tax and the educational
surcharges were paid in the reporting period.
7. Deferred income tax liabilities as at 31 Mar. 2014 stood at RMB 2,276,240.29, down 65.25%
from the opening amount, mainly because the taxable temporary difference arising from the fair
value changes of transactional financial assets decreased.
8. Business tax and surtaxes for the reporting period stood at RMB 8,112,449.96, up 45.61% from
the same period of last year, mainly because the city construction & maintenance tax, the
educational surcharges, etc. increased.
9. Financial expenses for the reporting period stood at RMB 8,115,706.19, down 39.57% from the
same period of last year, mainly because the loans decreased and the relevant interest expenses
decreased accordingly.
10. Asset impairment loss for the reporting period stood at RMB 4,972,099.09, down 49.52% from
the same period of last year, mainly because accounts receivable and other receivables decreased
and the relevant bad-debt provisions decreased accordingly.
11. Gain on fair value changes for the reporting period stood at RMB -28,794,020.00, down
322.29% from the same period of last year, mainly because due transactional financial assets were
delivered, resulting in the carryover of the previously recognized gain/loss on fair value changes,
and the fair value of transactional financial assets changed.
12. Investment gain for the reporting period stood at RMB 15,059,650.31, down 166.60% from the
same period of last year, mainly because of the gain/loss on the delivered transactional financial
assets.
13. Non-operating income for the reporting period stood at RMB 2,813,117.81, down 74.98% from
the same period of last year, mainly because the governmental subsidies received decreased.
14. Non-operating expense for the reporting period stood at RMB 1,019,563.59, up 86.77% from
the same period of last year, mainly because the loss on disposal of fixed assets increased.
II. Progress of significant events and analysis & explanations on their influence and solutions
From 12 Dec. 2013 to 31 Dec. 2013, Zibo Lucheng Textile Investment Co., Ltd. additionally
acquired 6,913,189 floating A-shares (000726) of the Company by way of centralized competitive
bidding via the securities trading system of Shenzhen Stock Exchange. Up to 17 Jan. 2014, the
additional acquisition rose to a total of 11,299,225 floating A-shares (000726) of the Company,
representing a stake of 1.18% in the Company, with the average price of the additional acquisition
being RMB 9.99/share. After the aforesaid additional acquisitions, Zibo Lucheng Textile
Investment Co., Ltd. held a total of 134,613,925 shares of the Company, representing a stake of
14.08% out of the total 955,800,496 shares of the Company. For details, see the relevant
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Abstract of the Report for the First Quarter of 2014 of Lu Thai Textile Co., Ltd.
announcements disclosed on Securities Times, Shanghai Securities News, Ta Kung Pao (HK) and
www.cninfo.com.cn dated 18 Jan. 2014.
Website index to the disclosed relevant
Overview of the significant event Date of disclosure
interim report
III. Commitments made by the Company or any shareholder with a shareholding over 5% in
the reporting period or such commitments made in previous period and carried down into the
reporting period
Commitment Contents of Date of Period of
Commitment Execution
maker commitment commitment commitment
Share reform commitment None None None None
Commitment made in an
acquisition report or a report None None None None
on equity changes
Commitment made in asset
None None None None
reorganization
Investment projects of raised funds
including project on 150 thousand ingots
of high-end combed yarn, project on
production line of 50 thousand ingots of
two-for-one twisting, project on
complementing circulating funds of the
company, project on production line of
10 million meters of high-end jacquard
for female garments have already been
Lu Thai Investment
Commitment made in IPO fulfilled. On 18 Oct. 2011, the 3rd
Textile Co., project of 19 Dec. 2008
or re-financing temporary shareholders’ general meeting
Ltd. raised funds
approved that RMB 140 million raised
funds of this project were transferred into
project on increasing 40 million meters
of high-end yarn-dyed fabric production
line. Till the end of the reporting period,
this project has already been finished.
And project on network construction of
brand and marketing is under the
implementation.
Commitment made to
minority shareholders of the None None None None
Company
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Abstract of the Report for the First Quarter of 2014 of Lu Thai Textile Co., Ltd.
Executed in time or not Yes
Specific reason for failing to
fulfill the commitment and None
the plan for the next step
IV. Predict the operating results of Jan.-Jun. 2014
Warning of possible loss or considerable YoY change of the accumulated net profit made during the period-begin
to the end of the next reporting period according to prediction, as well as explanations on the reasons:
□ Applicable √ Inapplicable
V. Investments in derivatives
Unit: RMB ten thousand yuan
Proportion
of the
Relate closing
Actual
d-part Impairme Closing investmen
Type of Initial Opening gain/loss
Relatio y Beginning Ending nt investme t amount
Operator derivative investment investmen in
n transac date date provision nt in the
investment amount t amount reporting
tion or (if any) amount Company’
period
not s closing
net assets
(%)
The
forward
commerci non-ass foreign 18 Sept.
No 152,962.18 28 Mar. 2013 98,449.79 39,921.1 6.01% 1,493.33
al bank ociate exchange 2014
settlement
Forward
commerci non-ass foreign 28 Feb.
No 19,143.86 1 Jan. 2014 0 0 12.64
al bank ociate exchange 2014
trading
Total 172,106.04 -- -- 98,449.79 39,921.1 6.01% 1,505.97
Capital source for derivative
Self-owned funds
investment
Cases involving lawsuit (if
No
applicable)
Disclosure date of the board
16 May 2013
announcement approving the wealth
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Abstract of the Report for the First Quarter of 2014 of Lu Thai Textile Co., Ltd.
management entrustment (if any)
Disclosure date of the general meeting
announcement approving the wealth
management entrustment (if any)
The Company conducted derivatives products transaction in order for hedging. And the
forward settlement hedging was operated by installments, with the relevant amount not
more than the planned derivatives products transactions. And all derivatives products
transaction was zero-deposit. Meanwhile, the Company had a complete risk control system
for sufficient analysis and prevention of possible risks such as risk of laws and regulations,
credit risk, operation risk and market risk.
1. Risk of laws and regulations:
The Company conducted derivatives products transaction in strict accordance with relevant
laws and rules as well as regulatory policies from government securities regulatory
authorities, if there were no standard operation procedures and strict approval procedures, it
was easy to cause compliant and regulatory risks existing in the validity and feasibility of
contract, commitments and other legal documents signed.
Precautionary measures: The Company carefully studied and mastered laws, regulations and
policies relevant to derivative products transaction, formulated internal control rules for the
forward settlement hedging business, standardized the operation procedures. And
strengthened the compliant examination on derivative products investment business, and
strictly abided by relevant laws, regulations and the Company’s internal management rules.
Analysis on risks and control
2. Credit risk and liquidity risk:
measures of derivative products held
When the contract matures, the Company couldn’t deliver as scheduled due to insufficient
in the reporting period (including but
liquidity, and the counterparty or the Company couldn’t fulfill the contract due to other
not limited to market risk, liquidity
aspects except the liquidity, which would cause credit risk and further economic losses for
risk, credit risk, operation risk, law
the Company.
risk, etc.)
Precaution measure: the Company chose the powerful financial institutions with good
reputation as the counterparty, and signed standard derivative products transaction contract,
as well as strictly controlled the credit risk of counterparty. The Company conducted
derivative investment transactions according to the relevant approval procedure, which was
in line with relevant laws, regulations, the Company’s Articles of Association, the
Management Rules for Derivative Investment of Lu Thai Textile Co., Ltd. and the Proposal
on the Plan of Lu Thai Textile Co., Ltd. for Derivative Transactions in 2013 approved at the
28th Session of the 6th Board of Directors on 15 May 2013, and performed relevant
information disclosure responsibilities. The Company decided the up limit for the amount of
derivative products transaction according to the production and operation scale and the
progress of foreign exchange income for the Company, and delivered by phases. It was also
possible to use extension of term and other ways to ensure the fulfillment of contract as
schedules upon the mature of contract, and wouldn’t cause any loss of credit risk for the
Company due to insufficient liquidity or other reasons.
3. Operation risk:
The derivative financial transactions had high specialty and complexity, so imperfect
internal operation procedures, staffs and external events would make the Company to
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Abstract of the Report for the First Quarter of 2014 of Lu Thai Textile Co., Ltd.
undertake risks during the transaction.
Precaution measure: The Company promulgated strict authorization and approval system
and perfect regulatory mechanism, fixed the departments, operation procedures and
approval procedures system to conduct derivative products transaction, established special
risk control positions, implemented strict authorization and post checks and balances
system, meanwhile, it improved the overall quality of relevant personnel through
strengthening the business training and professional ethics education for them. Besides, it
established the System of Reporting the Abnormal Situation Timely, formed an efficient risk
management procedures, so as to ensure to lower the operation risks to the maximum.
4. Market risk:
The forward settlement of exchange is an important derivative products transaction, which
was significantly affected by the exchange rate fluctuation due to its large amount. The
Central Bank decided to expand the inter-bank spot RMB-dollar trading band from 1% to
2% since 17 Mar. 2014, which would increase the difficulty in the operation of forward
settlement of exchange. Besides, if the RMB is devalued by a large margin on the basis of
the current situation before the contract is due, so then, the larger losses shall incur in the
contract on forward settlement of exchange signed by the Company.
Risk analysis and precaution measure: Renminbi appreciated significantly compared with
that before the exchange rate reform, but Renminbi internationalization would be a
long-term goal, which decided that Renminbi would not depreciated significantly. Although
the increased fluctuation range added the operation difficulty, it provided a certain
opportunity, which required relevant personnel of the Company actively master the market
trend, carefully operate and hold positive opportunity, so as to try the best to reduce the
market risks under the condition of increased market difficulty.
1. Up to 31 Mar. 2014, the Company held 8 undue financial derivative product contracts,
totaling US$ 64 million, all forward settlement contracts (the latest expiration before Sept.
Changes of market prices or fair
2014). The above financial derivative products accounted for 6.01% of the closing net
values in the reporting period of the
assets.
invested derivatives. And the analysis
2. From Jan. 2014 to Mar. 2014, the due financial derivative products of the Company
on the fair value of the derivatives
totally equaled to US$ 166.4967 million, which were all delivered on time and generated a
should include the specific use
gain of RMB 15.0597 million. The due forward settlement was US$ 146.60 million, which
methods and the relevant assumptions
were all delivered on time and generated a gain of RMB 14.9333 million. The due forward
and parameters.
foreign exchange trading amount equaled to US$19.8967 million, which was all delivered as
scheduled and generated a gain of RMB 126,400.
Whether significant changes occurred
to the Company’s accounting policy
and specific accounting principles of
Unchanged
derivatives in the reporting period
compared to the previous reporting
period
Specific opinion from independent The Company’s independent directors Zhou Zhiji, Wang Lei Su Xin and Xu Jianjun,
directors on the Company’s concerning conducting derivatives business, have issued the following professional advice:
derivatives investment and risk we were of the opinion that it would strengthen the Company’s competitiveness to use
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Abstract of the Report for the First Quarter of 2014 of Lu Thai Textile Co., Ltd.
control derivative transactions with focus on forward settlement and purchase as an effective tool to
avoid foreign exchange risks, to strengthen the relevant internal control and to carry out the
loss and risk prevention measures so as to improve the operation and management. It was
considered feasible for the Company to conduct derivative transactions with focus on
forward settlement and purchase, and no harm was done to interests of the Company’s
shareholders.
VI. Researches, visits and interviews received in the reporting period
Place of Main discussion and
Time of Visitor
receptio Way of reception Visitor materials provided by
reception type
n the Company
Telephone Galaxy Securities Co., Ltd. Ma Li Yang Lan
27 Mar. 2014 Institution 2013 Annual Report
Communication Hua Xiaowei
Telephone
27 Mar. 2014 Institution Ivy Asset Management Co., Ltd Sun Yuanjia 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution TAIKANG AMC Jinge 2013 Annual Report
Communication
Telephone Shanghai Milestone Asset Management Co.Ltd.
27 Mar. 2014 Institution 2013 Annual Report
Communication Wengdi
Telephone
27 Mar. 2014 Institution CHANGSHENG FUND Liu Yuxiu 2013 Annual Report
Communication
Telephone SHANGHAI STRENGTHEN ASSET Ding
27 Mar. 2014 Institution 2013 Annual Report
Communication Wenya
Telephone SHENYIN &WANGUO SECURITIES Wang
27 Mar. 2014 Institution 2013 Annual Report
Communication Liping Wu Yuanyi
Telephone
27 Mar. 2014 Institution ANBANG ASSET Chen Xiaoyan 2013 Annual Report
Communication
Telephone BAOYING FUND MANAGEMENT CO.,LTD.
27 Mar. 2014 Institution 2013 Annual Report
Communication Wang Qiong
Telephone CHANG XIN ASSET MANAGEMENT Liu
27 Mar. 2014 Institution 2013 Annual Report
Communication Liang
Telephone
27 Mar. 2014 Institution ORIENT SECURITIES Wang Hui 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution SOOCHOW FUND Shao Meiling 2013 Annual Report
Communication
Telephone EVERBRIGHT PRAMERICA FUND Zhu
27 Mar. 2014 Institution 2013 Annual Report
Communication Yufeng
Telephone
27 Mar. 2014 Institution EVERBRIGHT SECURITIES Liu Bing 2013 Annual Report
Communication
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Abstract of the Report for the First Quarter of 2014 of Lu Thai Textile Co., Ltd.
Telephone
27 Mar. 2014 Institution NATIONAL TRUST Shi Meiling 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution GUOTAI AMC Lu Jing 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution HUA AN FUND Yang Xingxing 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution HARFOR FUND Zhang Xuewei 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution SUNSHINE FUND Xu Da 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution HSBC JINTRUST FUND Qiu Dongrong 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution HSBC JINTRUST FUND Mang Chun 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution CHINA UNIVERSAL FUND Zheng Huilian 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution INVESCO GREAT WALL FUND Li Ran 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution MORGAN HUAXING FUND Zhan Jiao 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution BNY FUND Li Hui 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution PENGHUA FUND Li Huijie 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution CHINA INTERNATIONAL FUND Li Jiajia 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution CIB FUND Qiao Qian 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution INDUSTRIAL SECURITIES Shu Lihua 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution YINHUA FUND Wang Xiang 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution YINHUA FUND Chen Fan 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution YUANCHEN INVESTMENT Liu Ming 2013 Annual Report
Communication
Telephone CHINA LIFE PENSION COMPANY LIMITED
27 Mar. 2014 Institution 2013 Annual Report
Communication Gao Yuanyuan
12
Abstract of the Report for the First Quarter of 2014 of Lu Thai Textile Co., Ltd.
Telephone
27 Mar. 2014 Institution CHINA SECURITIES Huang Yangxia 2013 Annual Report
Communication
Telephone
27 Mar. 2014 Institution CITIC SECURITIES Luo Xiang 2013 Annual Report
Communication
Lu Thai Textile Co., Ltd.
Chairman of the Board: Liu Shizhen
25 Apr. 2014
13
