Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
SHANDONG CHENMING PAPER HOLDINGS LIMITED
2020 First Quarterly Report
April 2020
Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
I. Important Notice
The board of directors (the “Board”), the supervisory committee (the “Supervisory
Committee”), and the directors (the “Directors”), supervisors (the “Supervisors”) and
senior management (the “Senior Management”) of the Company hereby warrant that the
truthfulness, accuracy and completeness of this quarterly report which does not contain
false representations, misleading statements or material omissions, and are jointly and
severally responsible for the liabilities of the Company.
All Directors were present at the Board meeting to consider and approve this quarterly
report.
Chen Hongguo, the head of the Company, Dong Lianming, the head in charge of
accounting, and Zhang Bo, the head of the accounting department (Accounting Officer),
declare that they warrant the truthfulness, accuracy and completeness of the financial
statements in this quarterly report.
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
II. General Information of the Company
I. Major accounting data and financial indicators
Retrospective adjustment to or restatement of the accounting data for prior years by the
Company
□ Yes √ No
Increase/decrease
The reporting The corresponding compared to the
period period of the corresponding
prior year period of the prior
year
Revenue (RMB) 6,085,376,805.28 6,159,836,579.24 -1.21%
Net profit attributable to shareholders of the
Company (RMB) 202,790,856.25 38,223,111.21 430.55%
Net profit after extraordinary gains or losses
attributable to shareholders of the Company 143,993,251.71 -23,652,252.85 708.79%
(RMB)
Net cash flows from operating activities
(RMB) 655,581,522.20 1,424,685,047.04 -53.98%
Basic earnings per share (RMB per share) 0.019 -0.037 151.35%
Diluted earnings per share (RMB per share) 0.019 -0.037 151.35%
Increase of 0.93
Rate of return on weighted average net assets 0.32% -0.61%
percentage point
Increase/decrease
as at the end of the
As at the end of As at the end of the reporting
the reporting prior year period compared to
period the end of
the prior year
Total assets (RMB) 96,849,000,201.11 97,958,909,935.15 -1.13%
Net assets attributable to shareholders of the
25,164,443,617.31 25,169,743,863.75 -0.02%
Company (RMB)
Explanation:
Net profit attributable to shareholders of the Company does not exclude the effect of the interest
of perpetual bonds and the dividends of preference shares paid and declared to be paid. When
calculating financial indicators such as earnings per share and the rate of return on weighted
average net assets, the interest for perpetual bonds from 1 January 2020 to 31 March 2020 of
RMB48,367,123.29 and the dividend on preference shares paid in 2020 of RMB98,100,000 are
deducted.
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
Items and amounts of extraordinary gains or losses
√ Applicable □ Not applicable
Unit: RMB
Amounts for the
period from the
beginning of the year Note
Item
to the end of the
reporting period
Profit or loss from disposal of non-current assets
-4,496,557.63
(including write-off of asset impairment provision)
Government grants(except for the government grants closely
related to thenormal operation of the company and granted
constantly at a fixed amount or quantity in accordance with 86,170,502.36
acertain standard based on state policies) accounted for in
profit or loss for the current period
Non-operating income and expenses other than the above
961,050.14
items
Less: Effect of income tax 23,489,605.82
Effect of minority interest (after tax) 347,784.51
Total 58,797,604.54 –
Notes for the Company’s extraordinary gain or loss items as defined in the Explanatory
Announcement on Information Disclosure for Companies Offering Their Securities to the Public
No. 1 – Extraordinary Gains or Losses and the extraordinary gain or loss items as illustrated in the
Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to
the Public No. 1 – Extraordinary Gains or Losses defined as its recurring gain or loss items
□ Applicable √ Not applicable
No extraordinary gain or loss items as defined or illustrated in the Explanatory Announcement
on Information Disclosure for Companies Offering Their Securities to the Public No. 1 –
Extraordinary Gains or Losses were defined by the Company as its recurring gain or loss items
during the reporting period.
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
II. Total number of shareholders and shareholdings of the top ten shareholders as at the
end of the reporting period
1. Total number of shareholders of ordinary shares and shareholders of preference shares
with restored voting rights and shareholdings of the top ten shareholders
Unit: share
117,887, of which 97,790 were
Total number of shareholders of Total number of shareholders of preference
holders of A shares, 19,731 were
ordinary shares as at the end of the
holders of B shares and 366 were
shares with restored voting right as at the 0
reporting period end of the reporting period (if any)
holders of H shares
Shareholding of top ten shareholders
Share pledged or
Number of locked-up
Name of shareholders
Nature of Percentage of Number of restricted
shareholders shareholding shares held shares
Status of
held Number
shares
State-owned legal
CHENMING HOLDINGS COMPANY LIMITED 15.33% 445,396,128 0 Pledged 298,970,000
person
Overseas legal
HKSCC NOMINEES LIMITED 12.85% 373,355,875 0
person
CHENMING HOLDINGS (HONG KONG) Overseas legal
12.54% 364,131,563 0
LIMITED person
CENTRAL HUIJIN ASSET MANAGEMENT State-owned legal
2.07% 60,206,850 0
LTD. person
HONG KONG SECURITIES CLEARING Overseas legal
0.63% 18,232,012 0
COMPANY LIMITED person
VANGUARD EMERGING MARKETS STOCK Overseas legal
0.45% 13,176,446 0
INDEX FUND person
VANGUARD TOTAL INTERNATIONAL Overseas legal
0.45% 13,139,970 0
STOCK INDEX FUND person
AGRICULTURAL BANK OF CHINA LIMITED –
Others 0.42% 12,304,250 0
CHINA CSI 500 ETF
Domestic nature
Chen Suiqiang 0.42% 12,270,300 0
person
Domestic nature
Chen Hongguo 0.38% 11,080,044 8,310,033
person
Shareholdings of the top ten shareholders of non-restricted shares
Number of non- Class of shares
restricted shares held
Name of shareholders
Class of shares Number
CHENMING HOLDINGS COMPANY LIMITED 445,396,128 RMB ordinary shares 445,396,128
Overseas listed foreign
HKSCC NOMINEES LIMITED 373,355,875 373,355,875
shares
Domestic listed foreign
210,717,563
shares
CHENMING HOLDINGS (HONG KONG) LIMITED 364,131,563
Domestic listed foreign
153,414,000
shares
CENTRAL HUIJIN ASSET MANAGEMENT LTD. 60,206,850 RMB ordinary shares 60,206,850
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
HONG KONG SECURITIES CLEARING COMPANY LIMITED 18,232,012 RMB ordinary shares 18,232,012
Domestic listed foreign
VANGUARD EMERGING MARKETS STOCK INDEX FUND 13,176,446 13,176,446
shares
Domestic listed foreign
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 13,139,970 13,139,970
shares
AGRICULTURAL BANK OF CHINA LIMITED – CHINA CSI
12,304,250 RMB ordinary shares 12,304,250
500 ETF
Chen Suiqiang 12,270,300 RMB ordinary shares 12,270,300
Domestic listed foreign
Jin Xing 10,210,000 10,210,000
shares
A shareholder, Chenming Holdings (Hong Kong) Limited, which is an overseas legal
person, is a wholly-owned subsidiary of a shareholder, Chenming Holdings Company
Limited, which is a state-owned legal person. A shareholder, Chen Hongguo, is the legal
Related party relationship or acting in
representative, chairman and general manager of Chenming Holdings Company Limited.
concert among the above shareholders
Save for the above, it is not aware that any other shareholders of tradable shares are
persons acting in concert. It is also not aware that any other shareholders of tradable
shares are related to each other.
Chenming Holdings Company Limited held 445,396,128 RMB ordinary shares, of which
402,196,128 shares were held through ordinary account and 43,200,000 shares were held
Securities margin trading of top 10 through credit guarantee securities account;
ordinary shareholders, if any Chen Suiqiang held 12,270,300 RMB ordinary shares, of which 0 shares were held
through ordinary account and 12,270,300 shares were held through credit guarantee
securities account.
Whether an agreed repurchase transaction was entered into during the reporting period by the top
10 ordinary shareholders and top 10 shareholders of non-restricted shares of the Company
□ Yes √ No
The top 10 ordinary shareholders and top 10 shareholders of non-restricted ordinary shares of the
Company did not enter into any agreed repurchase transaction during the reporting period.
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
2. Total number of shareholders of preference shares and shareholding of the top ten
shareholders of preference shares
√ Applicable □ Not applicable
Unit: share
Total number of shareholders of preference shares as at the end of the reporting period 8
Shareholdings of the top ten shareholders of preference shares
Percentage Number of Share pledged or
Nature of of Number of restricted locked-up
Name of shareholders
shareholders shareholdin shares held shares tatus of
g held Number
shares
BEIJING YIBEN ZHONGXING INVESTMENT Domestic non-state-
27.78% 12,500,000 0 Pledged 12,500,000
MANAGEMENT CO., LTD. owned legal person
BANK OF COMMUNICATIONS
INTERNATIONAL TRUST CO., LTD. – HUILI Others 22.44% 10,100,000 0
NO. 167 SINGLE CAPITAL TRUST
BANK OF COMMUNICATIONS
INTERNATIONAL TRUST CO., LTD. – HUILI Others 14.22% 6,400,000 0
NO. 136 SINGLE CAPITAL TRUST
QILU BANK CO., LTD. – QILU BANK
QUANXIN WEALTH MANAGEMENT Others 13.33% 6,000,000 0
PRODUCT SERIES
Domestic non-state-
HENGFENG BANK CO., LTD. 11.11% 5,000,000 0
owned legal person
SHANGHAI STATE-OWNED ASSETS State-owned legal
4.44% 2,000,000 0
OPERATION CO., LTD. person
NCF – MINSHENG BANK – CHINA FORTUNE
INTERNATIONAL TRUST – CHINA FORTUNE
Others 4.44% 2,000,000 0
TRUST MIN XIN NO. 11 SINGLE CAPITAL
TRUST
SHANGHAI SHIJIE BUSINESS CONSULTING Domestic non-state-
2.22% 1,000,000 0
CO., LTD. owned legal person
The shareholders of preference shares, namely “BANK OF COMMUNICATIONS
INTERNATIONAL TRUST CO., LTD. – HUILI NO. 167 SINGLE CAPITAL TRUST”
and “BANK OF COMMUNICATIONS INTERNATIONAL TRUST CO., LTD. – HUILI
Related party relationship or acting in NO.136 SINGLE CAPITAL TRUST”, are persons acting in concert. Save for the above, it
concert among the above shareholders is not aware that any other shareholders of preference shares are persons acting in
concert, and it is also not aware whether there is any related party relationship between
the above shareholders of preference shares and the top ten shareholders of ordinary
shares.
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
III Material matters
I. Details and reasons for changes of major financial data and financial indicators during
the reporting period
√ Applicable □ Not applicable
(1) Accounts receivable financing increased by 68.72% as compared to the beginning of the year
mainly due to the increase in the payment for goods made by bills at the end of the reporting
period.
(2) Construction in progress decreased by 91.03% as compared to the beginning of the year
mainly due to the reclassification of the Huanggang Chenming Chemical pulp project during
the reporting period.
(3) Investment income increased by 1,124 times as compared to the corresponding period of the
prior year mainly due to the recognised investment income from Guangdong Nanyue Bank by
the Company during the reporting period.
(4) Loss on impairment of assets increased by 100.2% as compared to the corresponding period
of the prior year mainly due to receipt of confirmation letter in respect of assumption of
expenses of the Guangdong Huirui BT project from the government during the corresponding
period of the prior year.
(5) Credit impairment loss increased by 397.65% as compared to the corresponding period of the
prior year mainly due to an increase in the provision for impairment based on the receivables
ageing made by the Company during the reporting period.
(6) Gain on disposal of assets decreased by 367.96% as compared to the corresponding period of
the prior year mainly due to a year-on-year increase in the loss on disposal of assets by the
Company during the reporting period.
(7) Net cash flows from operating activities decreased by 53.98% as compared to the
corresponding period of the prior year mainly due to a year-on-year decrease in the expiry
of the financial leasing business of the Company during the reporting period from the
government.
(8) Net cash flows from investment activities increased by 138.16% as compared to the
corresponding period of the prior year mainly due to receipt of the equity and debt transfer
payments for Haiming Mining by the Company during the reporting period.
(9) Net cash flows from financing activities decreased by 2,106.14% as compared to the
corresponding period of the prior year mainly due to greaten debt repayments during the
reporting period resulting from the active debt reduction by the Company during the reporting
period.
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
II. Progress in respect of material matters and analysis of the related effects and solutions
□ Applicable √ Not applicable
Progress of share repurchase
□ Applicable √ Not applicable
Progress of decrease in the holding of repurchased shares by way of bidding
□ Applicable √ Not applicable
III. Undertakings made by parties involved in undertakings including the Company’s
beneficial controllers, shareholders, related parties, bidders and the Company subsisting
during the reporting period
□ Applicable √ Not applicable
During the reporting period, there were no undertakings made by parties involved in
undertakings including the Company’s beneficial controllers, shareholders, related parties,
bidders and the Company subsisting during the reporting period.
Estimate of the operating results for January – June 2020
Warning of projection on cumulative net profit for the period from the beginning of the year
to the end of the next reporting period to be at a loss or expected to have material changes as
compared to the corresponding period of prior year and its explanation
□ Applicable √ Not applicable
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
V. Security investments
□ Applicable √ Not applicable
The Company did not have any security investments during the reporting period.
VI. Derivatives investments
□ Applicable √ Not applicable
The Company did not have any derivative investments during the reporting period.
VII. Registration report on reception of research investigations, communications and
interviews during the reporting period
□ Applicable √ Not applicable
No research investigations, communications and interviews of the Company occurred during
the reporting period.
VIII. External guarantees against the rules and regulations
□ Applicable √ Not applicable
There was no external guarantee provided by the Company which was against rules and
regulations during the reporting period.
IX. Appropriation of funds of the Company by the controlling shareholder and its related
parties for non-operating purposes
□ Applicable √ Not applicable
There was no appropriation of funds of the Company by the controlling shareholder and its
related parties for non-operating purposes during the reporting period.
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
IV Financial Statements
I. Financial Statements
1. Consolidated balance sheet
Prepared by: Shandong Chenming Paper Holdings Limited
31 March 2020
Unit: RMB
Item 31 March 2020 31 December 2019
CURRENT ASSETS:
Monetary funds 17,945,064,973.73 19,306,529,473.33
Accounts receivable 2,585,913,010.42 2,525,083,311.03
Accounts receivable financing 747,303,546.42 442,915,861.70
Prepayments 683,531,207.43 603,573,549.08
Other receivables 2,256,642,821.36 2,216,654,598.66
Including: Dividends receivable 13,000,000.00 13,000,000.00
Inventories 5,324,637,789.32 4,774,430,110.81
Non-current assets due within one year 6,761,429,946.67 6,974,539,613.30
Other current assets 8,359,300,190.82 8,108,707,394.70
Total current assets 44,663,823,486.17 44,952,433,912.61
NON-CURRENT ASSETS:
Long-term receivables 895,274,094.34 1,200,575,810.95
Long-term equity investments 3,690,225,211.59 3,606,339,023.74
Other non-current financial assets 147,445,653.55 147,445,653.55
Investment properties 5,052,099,663.96 5,082,362,293.11
Fixed assets 38,906,325,693.85 34,439,935,032.69
Construction in progress 490,984,338.97 5,476,122,928.95
Right-of-use assets 151,075,369.06 152,141,882.05
Intangible assets 1,670,534,278.92 1,781,061,904.51
Goodwill 5,969,626.57 5,969,626.57
Long-term prepaid expenses 53,752,451.32 48,203,408.71
Deferred income tax assets 954,862,303.05 892,442,631.04
Other non-current assets 166,628,029.76 173,875,826.67
Total non-current assets 52,185,176,714.94 53,006,476,022.54
Total assets 96,849,000,201.11 97,958,909,935.15
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
Item 31 March 2020 31 December 2019
CURRENT LIABILITIES:
Short-term borrowings 37,162,255,680.29 36,883,156,014.19
Bills payable 1,605,128,806.38 1,515,048,206.00
Accounts payable 4,172,061,533.86 4,351,087,581.98
Contract liabilities 1,146,463,617.24 968,082,063.13
Staff remuneration payables 232,917,423.69 190,229,883.52
Taxes payable 398,048,496.05 311,554,116.73
Other payables 1,957,321,349.68 2,594,249,626.54
Including: Interest payable 127,487,697.54 208,189,699.15
Non-current liabilities
due within one year 5,207,469,837.04 5,662,958,920.03
Other current liabilities 166,483,533.24 222,402,500.00
Total current liabilities 52,048,150,277.47 52,698,768,912.12
NON-CURRENT LIABILITIES:
Long-term borrowings 9,850,422,478.38 9,140,339,693.56
Bonds payable 1,275,802,390.11 1,258,270,909.49
Lease liabilities 59,697,128.65 59,697,128.65
Long-term payables 2,864,252,501.15 3,321,535,538.94
Provisions 325,259,082.28 325,259,082.28
Deferred income 1,698,711,138.49 1,771,013,335.11
Deferred income tax liabilities 1,411,125.59 1,411,125.59
Other non-current liabilities 2,382,732,408.47 3,042,841,328.86
Total non-current liabilities 18,458,288,253.12 18,920,368,142.48
TOTAL LIABILITIES 70,506,438,530.59 71,619,137,054.60
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
Item 31 March 2020 31 December 2019
OWNERS’ EQUITY:
Share Capital 2,904,608,200.00 2,904,608,200.00
Other equity instruments 7,465,500,000.00 7,465,500,000.00
Including: Preference shares 4,477,500,000.00 4,477,500,000.00
Perpetual bonds 2,988,000,000.00 2,988,000,000.00
Capital reserves 5,086,686,427.30 5,086,686,427.30
Other comprehensive income -989,443,237.79 -879,452,135.10
Surplus reserves 1,212,009,109.97 1,212,009,109.97
General risk provisions 74,122,644.20 74,122,644.20
Retained profit 9,410,960,473.63 9,306,269,617.38
TOTAL EQUITY ATTRIBUTABLE TO
OWNERS OF THE COMPANY 25,164,443,617.31 25,169,743,863.75
Minority interest 1,178,118,053.21 1,170,029,016.80
Total owners’ equity 26,342,561,670.52 26,339,772,880.55
TOTAL LIABILITIES AND OWNERS’
EQUITY 96,849,000,201.11 97,958,909,935.15
Head of the
Legal Representative: Head in charge of accounting: accounting department:
Chen Hongguo Dong Lianming Zhang Bo
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
2. Balance sheet of the Company
Unit: RMB
Item 31 December 2020 31 December 2019
CURRENT ASSETS:
Monetary funds 8,480,014,351.40 9,001,257,324.52
Bills receivable 2,253,460,000.00 3,254,460,000.00
Accounts receivable 1,259,347,483.21 39,204,670.00
Accounts receivable financing 275,058,915.16 189,873,567.14
Prepayments 378,971,965.98 722,472,479.01
Other receivables 12,187,585,712.86 13,975,590,537.58
Inventories 1,040,723,685.75 696,487,727.53
Non-current assets due within one year 119,546,826.00 129,546,826.00
Other current assets 87,479,947.99 80,815,659.84
Total current assets 26,082,188,888.35 28,089,708,791.62
NON-CURRENT ASSETS:
Long-term receivables 418,750,862.51 418,750,862.51
Long-term equity investments 23,645,643,907.57 23,629,780,317.87
Investment in other equity instruments 3,000,000.00
Other non-current financial assets 147,445,653.55 147,445,653.55
Fixed assets 3,866,844,374.90 3,901,007,932.88
Construction in progress 343,878,791.95 350,623,821.42
Intangible assets 443,446,229.37 446,430,156.00
Deferred income tax assets 421,577,745.82 426,711,909.98
Other non-current assets 110,930,000.00 110,930,000.00
Total non-current assets 29,398,517,565.67 29,434,680,654.21
Total assets 55,480,706,454.02 57,524,389,445.83
CURRENT ASSETS:
Short-term borrowings 11,656,207,709.50 11,601,509,632.09
Bills payable 8,876,900,869.81 9,890,041,170.20
Accounts payable 2,453,278,350.44 833,526,295.40
Contract liabilities 2,234,960,927.54 2,096,436,345.90
Staff remuneration payables 84,915,868.36 71,040,017.13
Taxes payable 57,631,625.70 76,872,851.56
Other payables 4,880,617,762.52 6,426,648,847.95
Including: Interest payable 44,143,333.31 127,278,083.35
Non-current liabilities due within one year 3,002,733,964.90 3,695,934,663.30
Other current liabilities 312,810,000.00 932,402,500.00
Total current liabilities 33,560,057,078.77 35,624,412,323.53
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
Item 31 December 2020 31 December 2019
NON-CURRENT LIABILITIES:
Long-term borrowings 850,692,035.94 150,692,035.94
Bonds payable 88,350,000.00 89,070,000.00
Long-term payables 1,012,327,385.48 1,167,426,124.98
Provisions 325,259,082.28 325,259,082.28
Deferred income 40,985,546.59 42,070,840.27
Other non-current liabilities 1,790,683,341.67 2,789,283,340.67
Total non-current liabilities 4,108,297,391.96 4,563,801,424.14
Total liabilities 37,668,354,470.73 40,188,213,747.67
OWNERS’ EQUITY:
Share capital 2,904,608,200.00 2,904,608,200.00
Other equity instruments 7,465,500,000.00 7,465,500,000.00
Including: Preference shares 4,477,500,000.00 4,477,500,000.00
Perpetual bonds 2,988,000,000.00 2,988,000,000.00
Capital reserves 4,953,557,435.19 4,953,557,435.19
Surplus reserves 1,199,819,528.06 1,199,819,528.06
Retained profit 1,288,866,820.04 812,690,534.91
Total owners’ equity 17,812,351,983.29 17,336,175,698.16
TOTAL LIABILITIES AND OWNERS’
EQUITY 55,480,706,454.02 57,524,389,445.83
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
3. Consolidated Income Statement
Unit: RMB
Amounts for the Amounts for the
Item
period prior period
I. Total revenue 6,085,376,805.28 6,159,836,579.24
Including: Revenue 6,085,376,805.28 6,159,836,579.24
II. Total operating costs 5,834,610,012.18 6,294,268,043.62
Including: Operating costs 4,367,126,791.55 4,741,194,631.64
Taxes and surcharges 47,639,420.31 65,722,322.73
Sales and distribution expenses 267,671,791.96 287,382,511.79
General and administrative expenses 246,726,191.21 272,195,901.33
Research and development expenses 253,652,714.07 192,763,955.03
Finance expenses 651,793,103.08 735,008,721.10
Including: Interest expenses 673,866,359.05 785,193,442.24
Interest income 81,512,048.23 85,022,879.60
Plus: Other income 60,795,590.78 18,406,874.30
Investment income (“-” denotes loss) 89,156,680.14 79,234.37
Including: Investment income from
associates and joint ventures 76,715,510.22 79,234.37
Credit impairment loss (“-” denotes loss) -179,716,703.05 60,378,880.05
Loss on impairment of assets
(“-” denotes loss) -164,217.76 82,790,921.68
Gain on disposal of assets
(“-” denotes loss) -16,937,727.55 -3,619,496.92
III. Operating profit (“-” denotes loss) 203,900,415.66 23,604,949.10
Plus: Non-operating income 29,326,528.55 85,638,465.22
Less: Non-operating expenses 2,456,719.00 4,104,746.56
IV. Total profit (“-” denotes total loss) 230,770,225.21 105,138,667.76
Less: Income tax expenses 19,890,332.52 66,242,708.11
V. Net profit (“-” denotes net loss) 210,879,892.69 38,895,959.65
(I) Classification according to the
continuity of operation
Net profit from continuing operations
(“-” denotes net loss) 210,879,892.69 38,895,959.65
(II) Classification according to ownership
1. Net profit attributable to shareholders
of the Company 202,790,856.25 38,223,111.21
2. Profit or loss of minority interest 8,089,036.44 672,848.44
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
Amounts for the Amounts for the
Item
period prior period
VI. Net other comprehensive income after tax -109,991,102.69 153,048,157.14
Net other comprehensive income after tax
attributable to shareholders of the Company -109,991,102.69 153,048,157.14
Other comprehensive income that will be
reclassified to profit and loss in subsequent
periods -109,991,102.69 153,048,157.14
Including Exchange differences on translation -109,991,102.69 153,048,157.14
VII. Total comprehensive income 100,888,790.00 191,944,116.79
Total comprehensive income attributable to
shareholders of the Company 92,799,753.56 191,271,268.35
Total comprehensive income attributable to
minority interest 8,089,036.44 672,848.44
VIII. Earnings per share:
(I) Basic earnings per share 0.019 -0.037
(II) Diluted earnings per share 0.019 -0.037
Head of the
Legal Representative: Head in charge of accounting: accounting department:
Chen Hongguo Dong Lianming Zhang Bo
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
4. Income statement of the Company
Unit: RMB
Amounts for the Amounts for the
Item period prior period
I. Revenue 1,916,635,173.20 1,180,608,914.97
Less: Operating costs 1,442,158,792.79 996,667,766.88
Taxes and surcharges 9,314,020.08 11,315,088.59
Sales and distribution expenses 53,050,071.32 41,028,655.63
General and administrative expenses 72,148,076.69 79,878,521.50
Research and development expenses 61,093,032.27 53,425,038.77
Finance expenses 227,917,229.09 359,385,884.76
Including: Interest expenses 422,979,137.81 604,583,755.19
Interest income 231,893,683.70 257,495,978.51
Plus: Other income 1,085,293.68 1,085,293.68
Investment income (“-” denotes loss) 501,463,589.70 312,370.63
Including: Investment income from
associates and joint ventures -1,636,410.30 312,370.63
Credit impairment loss (“-” denotes loss) 17,806,046.25 -1,063,774.22
Gain on disposal of assets (“-” denotes loss) 5,198,189.62 -3,632,875.13
II. Operating profit (“-” denotes loss) 576,507,070.21 -364,391,026.20
Plus: Non-operating income 3,006,242.05 2,648,246.00
Less: Non-operating expenses 102,862.97 3,482,007.43
III. Total profit (“-” denotes total loss) 579,410,449.29 -365,224,787.63
Less: Income tax expenses 5,134,164.16 -61,173,011.98
IV. Net profit (“-” denotes net loss) 574,276,285.13 -304,051,775.65
Net profit from continuing operations
(“-” denotes net loss) 574,276,285.13 -304,051,775.65
V. Total comprehensive income 574,276,285.13 -304,051,775.65
VI. Earnings per share:
(I) Basic earnings per share
(II) Diluted earnings per share
18
Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
5. Consolidated cash flow statement
Unit: RMB
Amounts for the Amounts for the
Item
period prior period
I. Cash flows from operating activities:
Cash received from sales of goods and
rendering of services 6,083,538,589.42 6,865,397,396.38
Tax rebates received 152,548.94 345,075.02
Cash received relating to other operating
activities 654,984,761.52 1,574,349,856.47
Subtotal of cash inflows from operating activities 6,738,675,899.88 8,440,092,327.87
Cash paid for goods and services 5,294,624,400.87 5,663,841,703.91
Cash paid to and for employees 262,530,875.99 346,721,083.55
Payments of taxes and surcharges 193,288,988.68 552,838,124.31
Cash paid relating to other operating activities 332,650,112.15 452,006,369.06
Subtotal of cash outflows from operating activities 6,083,094,377.68 7,015,407,280.83
Net cash flows from operating activities 655,581,522.20 1,424,685,047.04
II. Cash flows from investing activities:
Net cash received from disposal of fixed assets,
intangible assets and other long-term assets 73,153,160.00 76,631.50
Net cash received from disposal of subsidiaries
and other business units 217,810,000.00
Cash received relating to other investing
activities 129,197,968.06
Subtotal of cash inflows from investing activities 420,161,128.06 76,631.50
Cash paid for purchase of fixed assets,
intangible assets and other long-term assets 57,107,045.84 176,754,169.25
Cash paid on investments 32,253,000.00
Cash paid relating to other investing activities 690,140,000.00
Subtotal of cash outflows from investing activities 89,360,045.84 866,894,169.25
Net cash flows from investing activities 330,801,082.22 -866,817,537.75
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
Amounts for the Amounts for the
Item
period prior period
III. Cash flows from financing activities:
Cash received from borrowings 8,767,475,858.20 9,537,282,829.45
Cash received relating to other financing
activities 320,000,000.00 2,432,706,925.14
Subtotal of cash inflows from financing activities 9,087,475,858.20 11,969,989,754.59
Cash repayments of amounts borrowed 9,045,058,473.31 8,052,875,959.00
Cash paid for dividend and profit distribution or
interest payment 718,587,541.06 712,139,280.54
Cash paid relating to other financing activities 1,410,982,326.58 3,100,936,139.44
Subtotal of cash outflows from financing activities 11,174,628,340.95 11,865,951,378.98
Net cash flows from financing activities -2,087,152,482.74 104,038,375.61
IV. Effect of foreign exchange rate changes on cash
and cash equivalents -8,973,806.00 -202,918,477.21
V. Net increase in cash and cash equivalents -1,109,743,084.32 458,987,407.69
Plus: Balance of cash and cash equivalents as at
the beginning of the period 2,890,328,027.41 2,381,558,242.52
VI. Balance of cash and cash equivalents as at the end
of the period 1,780,584,343.09 2,840,545,650.21
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
6. Cash flow statement of the Company
Unit: RMB
Amounts for the Amounts for the
Item
period prior period
I. Cash flows from operating activities:
Cash received from sales of goods and rendering
of services 2,016,322,718.53 1,344,720,749.36
Cash received relating to other operating
activities 80,132,375.79 618,744,996.01
Subtotal of cash inflows from operating activities 2,096,455,094.32 1,963,465,745.37
Cash paid for goods and services 1,053,052,884.20 610,419,459.85
Cash paid to and for employees 77,807,706.74 113,868,782.40
Payments of taxes and surcharges 30,799,543.79 30,119,219.00
Cash paid relating to other operating activities 98,434,983.32 395,606,491.12
Subtotal of cash outflows from operating activities 1,260,095,118.05 1,150,013,952.37
Net cash flows from operating activities 836,359,976.26 813,451,793.00
II. Cash flows from investing activities:
Cash received from investment income 500,000,000.00
Net cash received from disposal of fixed assets,
intangible assets and other long-term assets 1,153,160.00 25,022.00
Net cash received from disposal of subsidiaries
and other business units 217,810,000.00
Cash received relating to other investing
activities 129,197,968.06
Subtotal of cash inflows from investing activities 848,161,128.06 25,022.00
Cash paid for purchase of fixed assets,
intangible assets and other long-term assets 2,025,213.00 2,752,000.00
Cash paid on investments 27,500,000.00 1,047,500,000.00
Subtotal of cash outflows from investing activities 29,525,213.00 1,050,252,000.00
Net cash flows from investing activities 818,635,915.06 -1,050,226,978.00
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Report for the First Quarter of 2020 of Shandong Chenming Paper Holdings Limited
Amounts for the Amounts for the
Item
period prior period
III. Cash flows from financing activities:
Cash received from borrowings 5,527,955,369.41 3,608,046,421.28
Cash received relating to other
financing activities 695,738,215.55 1,399,028,643.17
Subtotal of cash inflows from financing activities 6,223,693,584.96 5,007,075,064.45
Cash repayments of amounts borrowed 6,174,301,531.59 2,213,232,691.23
Cash paid for dividend and profit distribution
or interest payment 422,979,137.81 364,442,666.62
Cash paid relating to other financing activities 1,389,481,422.69 2,224,412,965.16
Subtotal of cash outflows from financing activities 7,986,762,092.09 4,802,088,323.01
Net cash flows from financing activities -1,763,068,507.13 204,986,741.44
IV. Effect of foreign exchange rate changes on cash
and cash equivalents 226,208.85 -296,116.69
V. Net increase in cash and cash equivalents -107,846,406.96 -32,084,560.25
Plus: Balance of cash and cash equivalents
as at the beginning of the period 136,328,721.71 607,805,063.02
VI. Balance of cash and cash equivalents as at the end
of the period 28,482,314.75 575,720,502.77
II. Reason for Adjustment in the Financial Statement
1. Adjustment to the relevant items in the financial statements at the beginning of the
year due to the first adoption of the New Standards for Financial Instruments, the New
Standards for Revenue and the New Standards for Lease
□ Applicable √ Not applicable
2. Reason for the retrospective adjustment to the comparative data in the prior period
due to the first adoption of the New Standards for Financial Instruments and the New
Standards for Lease
□ Applicable √ Not applicable
III. Auditors’ Report
Has the first quarterly report already been audited yet?
□ Yes √ No
The first quarterly report of the Company is unaudited.
By order of the Board
Shandong Chenming Paper Holdings Limited
20April 2020
22
