Wafangdian Bearing Company Limited the Q3 Report for 2021
Stock code: 000706 Stock ID: Wazhou B No.2021-29
Wafangdian Bearing Company Limited
The Third Quarterly Report for 2021
The Company and whole members of the BOD guarantee that the information disclosed is true,
accurate and complete, and there are no any fictitious records, misleading statements or
important omissions.
Important content reminder:
1. Board of Directors, Supervisory Committee, all directors, supervisors and senior executives of Wafangdian
Bearing Company Limited (hereinafter referred to as the Company) hereby confirm that there are no any fictitious
statements, misleading statements, or important omissions carried in this report, and shall take all responsibilities,
individual and/or joint, for the reality, accuracy and completion of the whole contents.
2. Principal of the Company, Person in Charge of Accounting Works and Person in Charge of Accounting Organ
(Accounting Officer) hereby confirm that the Financial Report of the Third Quarterly Report is authentic, accurate
and complete.
3. Whether the Third Quarterly Report has been audited or not
□Yes √No
I. Main financial data
(i) Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data or not
√ Yes □ No
Retrospective adjustment or restatement reason
Changes in accounting policies
Increase/de
Increase/
crease from
decrease
year-begin
in the
to
period
period-end
compared
Same period of the Same period of the compared
with the Year-beg
previous year previous year with the
same in to
Current period same
period of period-e
period of
the nd
the
previous
previous
year
year
After After Before After
Before After
adjustmen adjustme adjustme adjustme
adjustment adjustment
t nt nt nt
Operating income 440,207,250 414,418,1 1,722,63 1,439,85 1,311,15
641,570,596.17 54.81% 31.38%
(Yuan) .31 80.35 5,449.83 2,352.22 0,415.21
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Wafangdian Bearing Company Limited the Q3 Report for 2021
Net profit
attributable to
-13,769,643. -13,769,6 -4,236,1 -10,122, -10,122,
shareholders of the -8,428,274.25 -38.79% -58.15%
48 43.48 31.01 561.29 561.29
listed company
(Yuan)
Net profit
attributable to
shareholders of the
-16,011,963. -16,011,9 -11,112, -20,538, -20,538,
listed company -12,361,343.82 -22.80% -45.89%
22 63.22 874.15 476.10 476.10
after deducting
non-recurring gains
and losses (Yuan)
Net cash flow
arising from -5,519,6 136,258,
—— —— —— —— -104.05%
operating activities 04.75 773.63
(Yuan)
Basic earnings per
share (Yuan -0.02 -0.03 -0.03 -33.33% -0.01 -0.03 -0.03 -66.67%
/Share)
Diluted earnings
per share (Yuan -0.02 -0.03 -0.03 -33.33% -0.01 -0.03 -0.03 -66.67%
/Share)
Weighted average
-1.04% -1.16% -1.16% -10.34% -0.52% -0.84% -0.84% -38.10%
ROE
Increase/decrease at the
period-end compared
End of previous year
End of current period with the end of the
previous year
Before adjustment After adjustment After adjustment
Total assets (Yuan) 3,356,755,442.52 3,133,942,842.94 3,133,942,842.94 7.11%
Net assets
attributable to
shareholder of 809,768,836.88 814,004,967.89 814,004,967.89 -0.52%
listed company
(Yuan)
(ii) Items and amounts of non-recurring profit (gains)/losses
√ Applicable □ Not applicable
Unit: Yuan
Amount from
Amount for the
Item year-begin to Note
period
period-end
Gains/losses from the disposal of non-current asset
(including the write-off that accrued for 2,427,294.87 1,606,924.53
impairment of assets)
Government subsidy recorded in current
gains/losses (except those closely related to the
Company’s normal operation, and those
2,016,917.94 5,080,579.21
continuously enjoyed on a fixed or quantitative
basis with certain standards in accordance with
national policy regulations)
Gains/losses of debt restructuring -138,709.18 173,558.47
Losses/gains from changes of fair values occurred
in holding trading financial assets and trading
financial liabilities, and investment income
obtaining from the disposal of trading financial -21,571.92 161,789.39
assets and trading financial liability, excluded
effective hedging business relevant with normal
operations of the Company
Other non-operating income and expenses other
348,162.83 1,049,265.28
than the above
Less: impact on income tax 699,024.97 1,195,373.74
Total 3,933,069.57 6,876,743.14 --
Other gain/loss items that qualified the definition of non-recurring profit (gains)/losses:
□ Applicable √ Not applicable
The Company does not have other gain/loss items that qualified the definition of non-recurring profit (gains)/losses
Explanation on those non-recurring gain/loss listed in the “Q&A Announcement No.1 on Information Disclosure for Companies
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Wafangdian Bearing Company Limited the Q3 Report for 2021
Offering Their Securities to the Public --- Extraordinary Profit/loss” defined as recurring gain/loss
□ Applicable √ Not applicable
The Company does not have the non-recurring gain/loss listed in the “Q&A Announcement No.1 on Information Disclosure for
Companies Offering Their Securities to the Public --- Extraordinary Profit/loss” defined as recurring gain/loss
(iii) Particulars about changes in items of main accounting data and financial index and explanations of
reasons
√ Applicable □Not applicable
Item First three quarters of First three quarters of (+,-) Increase Reason for change
2021 2020 or decrease
ratio
Trading financial assets 389,835.39 228,046.00 70.9% Stock price of CISC up from the beginning
of the year.
Prepayments 20,288,215.51 53,772,465.49 -62.3% Arrival of the materials purchased in
advance
Other current assets 5,900,487.42 24,610,448.93 -76.0% The input tax to be deducted decreased
from the beginning of the period
Long-term prepaid 261,792.23 511,188.11 -48.8% Due to the amortization.
expenses
Employee compensation 22,161,302.10 52,677,141.09 -57.9% The accrued performance pay and
payable compensation payout
Operating income 1,722,635,449.83 1,311,150,415.21 31.4% Rise in main business revenue
Operating costs 1,336,105,856.80 1,000,116,393.92 33.6% Rise in main business costs
Management costs 73,784,856.78 50,614,963.66 45.8% The payroll costs increased
Other income 5,080,579.21 7,372,435.46 -31.1% The high-quality development of
manufacturing funds larger in last period
Gains from changes in fair 161,789.39 -57,011.50 -383.8% Gains from the movements of stock price
value of CISC
Asset disposal income 2,442,295.42 1,059,231.16 130.6% Income from disposal of fixed assets
Non-operating income 1,176,749.45 2,229,133.90 -47.2% Revenue from fines declined in the period
Non-operating expense 962,855.06 238,114.87 304.4% The damage & scrap losses of non-current
assets increased
Other cash received related 65,957,997.31 10,919,258.95 504.1% The deposits received from customers are
to operating activities reported in the item while reported as net
income & expenditures in prior period
Cash paid for purchasing 527,343,266.72 387,220,558.40 36.2% Increase in the monetary expenses from
goods and receiving labor buying goods
services
Other cash payments 96,922,442.60 65,740,381.57 47.4% The deposits paid to customers are
related to operating reported in the item and no such item
activities presented in the prior period
Net cash received from the 2,108,032.16 1,204,175.16 75.1% The sale of equipment payments received
disposal of fixed assets, in the period increased
intangible assets and other
long-term assets
Cash paid for the purchase 1,181,706.32 857,517.63 37.8% Increase in the monetary expenses from
and construction of fixed purchase & construction of fixed assets
assets, intangible assets
and other long-term assets
Other cash received in 82,895,652.78 41,567,823.29 99.4% The discounted funds received in the
connection with financing period increased compared to the previous
activities period
Cash paid for distribution 22,230,442.85 56,481,232.67 -60.6% There was no dividend paid in the period,
of dividends, profits or and 32.21 million yuan are paid last year
repayment of interest
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Wafangdian Bearing Company Limited the Q3 Report for 2021
II. Shareholders Information
(i) Total number of common shareholders and preference shareholders with voting rights recovered and
top ten common shareholders
Unit: Share
Total preference
shareholders with voting
Total common shareholders at the
5,771 rights recovered at end of 0
end of report period
reporting period (if
applicable)
Top ten shareholders
Proportion Number of Information of shares pledged, tagged or
Shareholder’s Nature of Amount of
of shares non-tradable frozen
name shareholder shares held
held shares held State of share Amount
Wafangdian
State-owned 244,000,00
Bearing Group 60.61% 244,000,000
legal person 0
Corporation
AKTIEBOLAG Foreign legal
19.70% 79,300,000
ET SKF person
China Merchants
Securities Hong State-owned
1.99% 8,000,391
Kong Co., legal person
Limited
Domestic
Huang Junyue 1.74% 7,025,268
natural person
Domestic
Hu Xiaofeng 0.47% 1,879,277
natural person
BOCI
Foreign legal
SECURITIES 0.33% 1,310,000
person
LIMITED
GUOTAI
JUNAN
Foreign legal
SECURITIES(H 0.22% 884,811
person
ONGKONG)
LIMITED
Domestic
Jin Yunhua 0.19% 750,000
natural person
Domestic
Meng Qingliang 0.18% 734,548
natural person
MAN,KWAI Foreign
0.18% 713,101
WING 文贵荣 natural person
Shareholding of the top 10 shareholders of tradable shares
Type of shares
Shareholders’ name Number of listed shares held
Type Amount
AKTIEBOLAGET SKF 79,300,000 Foreign-listed foreign shares 79,300,000
China Merchants
Securities Hong Kong Co., 8,000,391 Foreign-listed foreign shares 8,000,391
Limited
Huang Junyue 7,025,268 Foreign-listed foreign shares 7,025,268
Domestically listed foreign
Hu Xiaofeng 1,879,277 1,879,277
shares
BOCI SECURITIES LIMITED 1,310,000 Foreign-listed foreign shares 1,310,000
GUOTAI JUNAN
SECURITIES(HONGKONG) 884,811 Foreign-listed foreign shares 884,811
LIMITED
Jin Yunhua 750,000 Foreign-listed foreign shares 750,000
Meng Qingliang 734,548 Foreign-listed foreign shares 734,548
MAN,KWAI WING 文贵荣 713,101 Foreign-listed foreign shares 713,101
Zhou Junlin 575,301 Foreign-listed foreign shares 575,301
Among the top 10 shareholders of the company, there is no association or consistent action
Explanation on associated between the largest shareholder and other shareholders or top 10 shareholders of tradable
relationship among the aforesaid shares, and it is unknown whether there is any association or consistent action between
shareholders other shareholders, top 10 shareholders of tradable shares or top 10 shareholders of tradable
shares and other shareholders.
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Wafangdian Bearing Company Limited the Q3 Report for 2021
(ii) Total shareholders with preferred stock held and shares held by top ten shareholders with preferred
stock held
□ Applicable √ Not applicable
III. Other significant events
□ Applicable √ Not applicable
IV. Quarterly financial statements
(i) Financial statement
1. Consolidate balance sheet
Prepared by Wafangdian Bearing Company Limited
September 30, 2021
Unit: Yuan
Item September 30, 2021 December 31, 2020
Current assets:
Monetary fund 211,602,377.85 194,152,280.08
Settlement provisions
Capital lent
Trading financial assets 389,835.39 228,046.00
Derivative financial assets
Note receivable 482,589,484.19 416,044,578.48
Account receivable 1,059,648,250.52 975,628,091.12
Receivable financing 143,333,321.67 130,600,545.59
Accounts paid in advance 20,288,215.51 53,772,465.49
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance receivable
Other account receivable 12,180,333.54 14,204,144.25
Including: Interest receivable
Dividend receivable
Buying back the sale of financial assets
Inventories 787,468,082.55 615,656,946.30
Contractual assets
Assets held for sale
Non-current asset due within one year
Other current assets 5,900,487.42 24,610,448.93
Total current assets 2,723,400,388.64 2,424,897,546.24
Non-current assets:
Loans and payments on behalf
Debt investment
Other debt investment
Long-term account receivable
Long-term equity investment
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Wafangdian Bearing Company Limited the Q3 Report for 2021
Investment in other equity instrument 11,926,856.64 11,926,856.64
Other non-current financial assets
Investment real estate 72,757,799.66 117,516,482.39
Fixed assets 443,860,197.54 474,109,923.22
Construction in progress 24,348,423.50 24,254,985.16
Productive biological asset
Oil and gas asset
Right-of-use assets 690,676.81
Intangible assets 79,509,307.50 80,725,861.18
Expense on Research and Development
Goodwill
Long-term expenses to be apportioned 261,792.23 511,188.11
Deferred income tax asset
Other non-current asset
Total non-current asset 633,355,053.88 709,045,296.70
Total assets 3,356,755,442.52 3,133,942,842.94
Current liabilities:
Short-term loans 677,000,000.00 670,000,000.00
Loan from central bank
Capital borrowed
Trading financial liability
Derivative financial liability
Note payable 258,474,249.64 274,654,535.65
Account payable 1,289,991,635.83 1,044,801,896.85
Accounts received in advance
Contractual liability 38,432,107.58 39,456,304.55
Selling financial asset of repurchase
Absorbing deposit and interbank deposit
Security trading of agency
Security sales of agency
Wage payable 22,161,302.10 52,677,141.09
Taxes payable 4,176,084.68 3,688,168.68
Other account payable 153,691,133.96 129,476,061.47
Including: Interest payable
Dividend payable
Commission charge and commission payable
Reinsurance payable
Liability held for sale
Non-current liabilities due within one year
Other current liabilities 4,944,757.56 5,129,319.58
Total current liabilities 2,448,871,271.35 2,219,883,427.87
Non-current liabilities:
Insurance contract reserve
Long-term loans
Bonds payable
Including: Preferred stock
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Wafangdian Bearing Company Limited the Q3 Report for 2021
Perpetual capital securities
Lease liability 966,728.92
Long-term account payable 344,974.84 344,974.84
Long-term wages payable
Accrual liability 39,695,201.65 39,032,270.91
Deferred income 56,373,980.53 59,942,753.08
Deferred income tax liabilities 734,448.35 734,448.35
Other non-current liabilities
Total non-current liabilities 98,115,334.29 100,054,447.18
Total liabilities 2,546,986,605.64 2,319,937,875.05
Owner’s equity:
Share capital 402,600,000.00 402,600,000.00
Other equity instrument
Including: Preferred stock
Perpetual capital securities
Capital public reserve 485,691,050.47 485,691,050.47
Less: Inventory shares
Other comprehensive income
Reasonable reserve
Surplus public reserve 136,770,391.01 136,770,391.01
Provision of general risk
Retained profit -215,292,604.60 -211,056,473.59
Total owner’ s equity attributable to parent company 809,768,836.88 814,004,967.89
Minority interests
Total owner’ s equity 809,768,836.88 814,004,967.89
Total liabilities and owner’ s equity 3,356,755,442.52 3,133,942,842.94
Legal Representative: Liu Jun Person in charge of accounting works: Sun Najuan
Person in charge of accounting institute: Zhang Yajing
2. Consolidated Profit Statement (from the year-begin to the period-end)
Unit: Yuan
Item Current period Last period
I. Total operating income 1,722,635,449.83 1,311,150,415.21
Including: Operating income 1,722,635,449.83 1,311,150,415.21
Interest income
Insurance gained
Commission charge and commission income
II. Total operating cost 1,735,766,473.63 1,332,645,283.78
Including: Operating cost 1,336,105,856.80 1,000,116,393.92
Interest expense
Commission charge and commission expense
Cash surrender value
Net amount of expense of compensation
Net amount of withdrawal of insurance contract reserve
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Wafangdian Bearing Company Limited the Q3 Report for 2021
Bonus expense of guarantee slip
Reinsurance expense
Tax and extras 11,278,021.34 11,566,445.91
Sales expense 128,174,664.17 110,640,932.16
Administrative expense 73,784,856.78 50,614,963.66
R&D expense 157,697,555.28 128,764,259.54
Financial expense 28,725,519.26 30,942,288.59
Including: Interest expenses 21,414,324.63 23,656,010.79
Interest income 294,592.53 829,345.93
Add: other income 5,080,579.21 7,372,435.46
Investment income (Loss is listed with “-”) 965,004.59 999,321.75
Including: Investment income on affiliated company and
joint venture
The termination of income recognition for financial
assets measured by amortized cost (Loss is listed with “-”)
Exchange income (Loss is listed with “-”)
Net exposure hedging income (Loss is listed with “-”)
Income from change of fair value (Loss is listed with “-”) 161,789.39 -57,011.50
Loss of credit impairment (Loss is listed with “-”) 30,000.00 7,311.38
Losses of devaluation of asset (Loss is listed with “-”) 1,329.79
Income from assets disposal (Loss is listed with “-”) 2,442,295.42 1,059,231.16
III. Operating profit (Loss is listed with “-”) -4,450,025.40 -12,113,580.32
Add: Non-operating income 1,176,749.45 2,229,133.90
Less: Non-operating expense 962,855.06 238,114.87
IV. Total profit (Loss is listed with “-”) -4,236,131.01 -10,122,561.29
Less: Income tax expense
V. Net profit (Net loss is listed with “-”) -4,236,131.01 -10,122,561.29
(i) Classify by business continuity
1.continuous operating net profit (net loss listed with ‘-”) -4,236,131.01 -10,122,561.29
2.termination of net profit (net loss listed with ‘-”)
(ii) Classify by ownership
1.Net profit attributable to owner’s of parent company -4,236,131.01 -10,122,561.29
2.Minority shareholders’ gains and losses
VI. Net after-tax of other comprehensive income
Net after-tax of other comprehensive income attributable to
owners of parent company
(i) Other comprehensive income items which will not be
reclassified subsequently to profit of loss
1.Changes of the defined benefit plans that
re-measured
2.Other comprehensive income under equity method
that cannot be transfer to gain/loss
3.Change of fair value of investment in other equity
instrument
4.Fair value change of enterprise's credit risk
5. Other
(ii) Other comprehensive income items which will be
reclassified subsequently to profit or loss
1.Other comprehensive income under equity method
8
Wafangdian Bearing Company Limited the Q3 Report for 2021
that can transfer to gain/loss
2.Change of fair value of other debt investment
3.Amount of financial assets re-classify to other
comprehensive income
4.Credit impairment provision for other debt
investment
5.Cash flow hedging reserve
6.Translation differences arising on translation of
foreign currency financial statements
7.Other
Net after-tax of other comprehensive income attributable to
minority shareholders
VII. Total comprehensive income -4,236,131.01 -10,122,561.29
Total comprehensive income attributable to owners of parent
-4,236,131.01 -10,122,561.29
Company
Total comprehensive income attributable to minority
shareholders
VIII. Earnings per share:
(i) Basic earnings per share -0.01 -0.03
(ii) Diluted earnings per share -0.01 -0.03
Legal Representative: Liu Jun
Person in charge of accounting works: Sun Najuan
Person in charge of accounting institute: Zhang Yajing
3. Consolidated Cash Flow Statement (from the year-begin to the period-end)
Unit: Yuan
Item Current period Last period
I. Cash flows arising from operating activities:
Cash received from selling commodities and
856,242,985.96 841,605,275.72
providing labor services
Net increase of customer deposit and interbank
deposit
Net increase of loan from central bank
Net increase of capital borrowed from other
financial institution
Cash received from original insurance contract fee
Net cash received from reinsurance business
Net increase of insured savings and investment
Cash received from interest, commission charge and
commission
Net increase of capital borrowed
Net increase of returned business capital
Net cash received by agents in sale and purchase of
securities
Write-back of tax received 17,508,213.30
Other cash received concerning operating activities 65,957,997.31 10,919,258.95
Subtotal of cash inflow arising from operating activities 939,709,196.57 852,524,534.67
Cash paid for purchasing commodities and
527,343,266.72 387,220,558.40
receiving labor service
Net increase of customer loans and advances
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Wafangdian Bearing Company Limited the Q3 Report for 2021
Net increase of deposits in central bank and
interbank
Cash paid for original insurance contract
compensation
Net increase of capital lent
Cash paid for interest, commission charge and
commission
Cash paid for bonus of guarantee slip
Cash paid to/for staff and workers 277,417,352.15 214,649,071.08
Taxes paid 43,545,739.85 48,655,749.99
Other cash paid concerning operating activities 96,922,442.60 65,740,381.57
Subtotal of cash outflow arising from operating activities 945,228,801.32 716,265,761.04
Net cash flows arising from operating activities -5,519,604.75 136,258,773.63
II. Cash flows arising from investing activities:
Cash received from recovering investment
Cash received from investment income 18,821.12
Net cash received from disposal of fixed, intangible
2,108,032.16 1,204,175.16
and other long-term assets
Net cash received from disposal of subsidiaries and
other units
Other cash received concerning investing activities
Subtotal of cash inflow from investing activities 2,126,853.28 1,204,175.16
Cash paid for purchasing fixed, intangible and other
1,181,706.32 857,517.63
long-term assets
Cash paid for investment
Net increase of mortgaged loans
Net cash received from subsidiaries and other units
obtained
Other cash paid concerning investing activities
Subtotal of cash outflow from investing activities 1,181,706.32 857,517.63
Net cash flows arising from investing activities 945,146.96 346,657.53
III. Cash flows arising from financing activities
Cash received from absorbing investment
Including: Cash received from absorbing minority
shareholders’ investment by subsidiaries
Cash received from loans 617,000,000.00 769,000,000.00
Other cash received concerning financing activities 82,895,652.78 41,567,823.29
Subtotal of cash inflow from financing activities 699,895,652.78 810,567,823.29
Cash paid for settling debts 610,093,645.83 754,000,000.00
Cash paid for dividend and profit distributing or
22,230,442.85 56,481,232.67
interest paying
Including: Dividend and profit of minority
shareholder paid by subsidiaries
Other cash paid concerning financing activities 75,500,000.00 145,935,000.00
Subtotal of cash outflow from financing activities 707,824,088.68 956,416,232.67
Net cash flows arising from financing activities -7,928,435.90 -145,848,409.38
IV. Influence on cash and cash equivalents due to
-757,984.06 -934,229.54
fluctuation in exchange rate
V. Net increase of cash and cash equivalents -13,260,877.75 -10,177,207.76
Add: Balance of cash and cash equivalents at the 127,620,944.91 137,324,488.53
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Wafangdian Bearing Company Limited the Q3 Report for 2021
period-begin
VI. Balance of cash and cash equivalents at the
114,360,067.16 127,147,280.77
period-end
(ii) Explanation on financial statement adjustment
1. Financial statement adjustment at the beginning of the first year when implementation of new leasing
standards from 2021
√ Applicable □Not applicable
Whether to adjust the balance sheet account at the beginning of the year
√ Yes □ No
Consolidate balance sheet
Unit: Yuan
Item December 31, 2020 January 1, 2021 Adjustment amount
Current assets:
Monetary fund 194,152,280.08 194,152,280.08
Settlement provisions
Capital lent
Trading financial assets 228,046.00 228,046.00
Derivative financial assets
Note receivable 416,044,578.48 416,044,578.48
Account receivable 975,628,091.12 975,628,091.12
Receivable financing 130,600,545.59 130,600,545.59
Accounts paid in advance 53,772,465.49 53,772,465.49
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance
receivable
Other account receivable 14,204,144.25 14,204,144.25
Including: Interest
receivable
Dividend receivable
Buying back the sale of
financial assets
Inventories 615,656,946.30 615,656,946.30
Contractual assets
Assets held for sale
Non-current asset due within
one year
Other current assets 24,610,448.93 24,610,448.93
Total current assets 2,424,897,546.24 2,424,897,546.24
Non-current assets:
Loans and payments on behalf
Debt investment
Other debt investment
Long-term account receivable
Long-term equity investment
Investment in other equity 11,926,856.64 11,926,856.64
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Wafangdian Bearing Company Limited the Q3 Report for 2021
instrument
Other non-current financial
assets
Investment real estate 117,516,482.39 117,516,482.39
Fixed assets 474,109,923.22 474,109,923.22
Construction in progress 24,254,985.16 24,254,985.16
Productive biological asset
Oil and gas asset
Right-of-use assets 1,256,680.47 1,256,680.47
Intangible assets 80,725,861.18 80,725,861.18
Expense on Research and
Development
Goodwill
Long-term expenses to be
511,188.11 511,188.11
apportioned
Deferred income tax asset
Other non-current asset
Total non-current asset 709,045,296.70 710,301,977.17
Total assets 3,133,942,842.94 3,135,199,523.41
Current liabilities:
Short-term loans 670,000,000.00 670,000,000.00
Loan from central bank
Capital borrowed
Trading financial liability
Derivative financial liability
Note payable 274,654,535.65 274,654,535.65
Account payable 1,044,801,896.85 1,044,801,896.85
Accounts received in advance
Contractual liability 39,456,304.55 39,456,304.55
Selling financial asset of
repurchase
Absorbing deposit and
interbank deposit
Security trading of agency
Security sales of agency
Wage payable 52,677,141.09 52,677,141.09
Taxes payable 3,688,168.68 3,688,168.68
Other account payable 129,476,061.47 129,476,061.47
Including: Interest payable
Dividend payable
Commission charge and
commission payable
Reinsurance payable
Liability held for sale
Non-current liabilities due
within one year
Other current liabilities 5,129,319.58 5,129,319.58
Total current liabilities 2,219,883,427.87 2,219,883,427.87
Non-current liabilities:
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Wafangdian Bearing Company Limited the Q3 Report for 2021
Insurance contract reserve
Long-term loans
Bonds payable
Including: Preferred stock
Perpetual capital securities
Lease liability 1,256,680.47 1,256,680.47
Long-term account payable 344,974.84 344,974.84
Long-term wages payable
Accrual liability 39,032,270.91 39,032,270.91
Deferred income 59,942,753.08 59,942,753.08
Deferred income tax liabilities 734,448.35 734,448.35
Other non-current liabilities
Total non-current liabilities 100,054,447.18 101,311,127.65
Total liabilities 2,319,937,875.05 2,321,194,555.52
Owner’s equity:
Share capital 402,600,000.00 402,600,000.00
Other equity instrument
Including: Preferred stock
Perpetual capital securities
Capital public reserve 485,691,050.47 485,691,050.47
Less: Inventory shares
Other comprehensive income
Reasonable reserve
Surplus public reserve 136,770,391.01 136,770,391.01
Provision of general risk
Retained profit -211,056,473.59 -211,056,473.59
Total owner’ s equity attributable to
814,004,967.89 814,004,967.89
parent company
Minority interests
Total owner’ s equity 814,004,967.89 814,004,967.89
Total liabilities and owner’ s equity 3,133,942,842.94 3,135,199,523.41
Statement of adjustment
Particular about the implementation of new leasing standards- For the policy adopted during the transition period, the new leasing
standards allows for two approaches: Method 1 - to allow the enterprise to use retroactive adjustments; Method 2 - according to the
cumulative effect from the implementation of the new standards for the first time, the amounts of retained earnings and other related
items in the financial statements at the beginning of the year of first-time implementation of the new standards are adjusted, and the
information of comparable period shall not be adjusted. Meanwhile, Method 2 provides several simplified processing arrangements.
Combined with the provisions of the new leasing standards, BOD agrees to implement the new leasing standards from 1 January
2021, adopt Method 2 above mentioned during the transition period and adopting simplified processing, that is: the leasing liability is
equal to the present value of remaining lease payments, the right-of-use asset equals the amount of the leasing liability with the
necessary adjustment. The adoption of this method will not affect the retained earnings at the beginning of the year of 2021.
Impact of implementation of the new leasing standards- according to the above mentioned regulations, on 1 January 2021, the
Company recognized right-of-use assets and leasing liabilities for all leases (except for the short-term lease and leases of low-value
assets for which simplified treatment is chosen) and recognizes their depreciation and interest expenses respectively.
According to the policy during transition, for those companies chosen to simplify the treatment when implementing the new lea sing
standard, there is no need to adjusting the retained earnings at beginning of the 2021 and no need to adjusting the information in
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Wafangdian Bearing Company Limited the Q3 Report for 2021
comparable period.
2. Retrospective adjustment of the comparative data for initial implementation of new leasing standards
from 2021
□ Applicable √ Not applicable
(iii) Audit report
Whether the 3rd quarterly report has been audited or not
□Yes √ No
The 3rd quarterly report of the Company has not been audited.
Board of Directors of
Wafangdian Bearing Company Limited
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