Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Bengang Steel Plates Co., Ltd.
First Quarter Report 2020
April 2020
1
Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Ⅰ. Important Notice
The Board of Directors, the Supervisory Committee and the Directors, members of the
Supervisory Committee and senior management of the Company guarantee that there
are no misrepresentations or misleading statements, or material omission in this report,
and individually and collectively accept full responsibility for the authenticity,
accuracy and integrity of the information contained in this report.
All the members of the Board of Directors attended the board meeting on which this
report was examined.
Gao Lie, Chairman of the Company, Shen Qiang, the principal in charge of the
accounting, and Zhao Zhonghua, Chief of Accounting Affairs, make the pledge for the
authenticity, accuracy and integrity of the attached financial statements.
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
II. Company Profile
I. Main Accounting data and Financial index
Whether the Company makes retroactive adjustment or restatement of the accounting data of the previous year
□ Yes √ No
Jan.-Mar. 2020 Jan.-Mar. 2019 Changes (+/-)
Operating income（RMB） 11,728,574,704.88 11,761,190,575.63 -0.28%
Net profit attributable to the
shareholders of the listed company 177,998,575.36 271,606,318.07 -34.46%
（RMB）
Net profit after deducting of non-
recurring gain/loss attributable to the
168,656,828.67 259,096,025.14 -34.91%
shareholders of listed company
（RMB）
Net Cash flows generated by business
684,846,620.22 2,752,557,195.47 -75.12%
operation（RMB）
Basic earnings per share (RMB/Share) 0.05 0.07 -28.57%
Diluted earnings per share
0.05 0.07 -28.57%
(RMB/Share)
Weighted average net assets yield (%) 0.91% 1.41% -0.50%
31 Mar. 2020 31 Dec 2019 Changes (+/-)
Total assets（RMB） 62,419,899,870.81 60,731,425,193.90 2.78%
Net assets attributable to shareholders
19,673,088,666.96 19,487,665,261.17 0.95%
of the listed company（RMB）
Items and amount of non-recurring profit and loss
√ Applicable □ Not applicable
Unit: RMB
Items Jan.-Mar. 2020 Notes
Profit or loss from disposal of non-current assets
(including the write-off part for which assets impairment -6,082,450.70
provision is made)
Details of government subsidies recorded into current
profits and loss（except such government subsidy closely 18,439,817.04
related to the company’s normal business operation,
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
meeting the regulation of national policy and enjoyed
constantly in certain quota or quantity according to a
certain standard）
Other non-operating revenue and expenditure other than
108,520.85
above items
Less: Impact of income tax 3,116,471.80
Impact of minority interests (after tax) 7,668.70
Total 9,341,746.69 --
For the Company’s non-recurring profit and loss items as defined in “the Explanatory Announcement No.1 on information
disclosure for Companies Offering their Securities to the Public-Non-recurring Profits and Losses” and its non-recurring
profit and loss items as illustrated in “the Explanatory Announcement No.1 on information disclosure for Companies
Offering their Securities to the Public-Non-recurring Profits and Losses” which have been defined as recurring profits
and losses, it is necessary to explain the reason.
□ Applicable √ Not applicable
None of Non-recurring profit and loss items recognized as recurring profit and loss items as defined by “the Explanatory
Announcement No.1 on information disclosure for Companies Offering their Securities to the Public-Non-recurring
Profits and Losses” in the report period.
II Total Number of Shareholders and Shareholding of Top 10 Shareholders
1. Total number of common shareholders, preferred shareholders whose voting rights restored, and
shareholding of top 10 shareholders
Unit: share
The total number of
Total number of common preferred shareholders
shareholders at the end of the 52,784 voting rights restored at the 0
reporting period end of the reporting period
(if any)
Shareholding by Top 10 shareholders
Proportion Amount of Number of share pledged/frozen
Name of the Nature of Quantity of
of shares restricted shares
shareholder shareholder shares State of share Quantity
held held
Benxi Steel & Pledged 712,545,000
State-owned legal
Iron (Group) 61.93% 2,399,831,394
person Frozen 102,100,000
Co., Ltd.
Liaoning
State-owned legal
Provincial 4.77% 184,842,883
person
Transportation
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Investment
Group Co., Ltd.
CCB Principal
Asset
Management –
ICBC – CR
Trust – CR Others 4.77% 184,842,883
Trust Xing
Sheng No. 5
Collective Fund
Trust Plan
Bei Xin Rui
Feng Fund –
China
Merchants
Bank – Bei Xin
Others 4.77% 184,842,883
Rui Feng Fund
Feng Qing No.
229 Asset
Management
Plan
China Life
AMP Fund–
ICBC – China
Life AMP –
Hua Xin Trust
Targeted Others 4.77% 184,842,883
Additional
Shares Issuance
No. 10 Asset
Management
Plan
Domestic natural
Fang Lei 0.36% 14,126,600
person
Agricultural
bank of China -
China
Securities 500
Others 0.30% 11,565,511
Trading Open
Index Securities
Investment
Fund
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Domestic natural
Fang Huaiyue 0.24% 9,205,501
person
Domestic natural
Zhang Peng 0.21% 8,287,900
person
VANGUARD
EMERGING
Overseas legal
MARKETS 0.21% 8,157,311
person
STOCK
INDEX FUND
Shareholding of top 10 shareholders of unrestricted shares
Category of shares
Number of non-restricted common shares held
Name of the shareholder Category of
at the period-end Quantity
shares
Benxi Steel & Iron (Group) Co., Common shares
2,399,831,394 2,399,831,394
Ltd. in RMB
Liaoning Provincial Transportation Common shares
184,842,883 184,842,883
Investment Group Co., Ltd. in RMB
CCB Principal Asset Management –
ICBC – CR Trust – CR Trust Xing Common shares
184,842,883 184,842,883
Sheng No. 5 Collective Fund Trust in RMB
Plan
Bei Xin Rui Feng Fund – China
Merchants Bank – Bei Xin Rui Common shares
184,842,883 184,842,883
Feng Fund Feng Qing No. 229 in RMB
Asset Management Plan
China Life AMP Fund– ICBC –
China Life AMP – Hua Xin Trust Common shares
184,842,883 184,842,883
Targeted Additional Shares Issuance in RMB
No. 10 Asset Management Plan
Common shares
Fang Lei 14,126,600 14,126,600
in RMB
Agricultural bank of China - China
Common shares
Securities 500 Trading Open Index 11,565,511 11,565,511
in RMB
Securities Investment Fund
Common shares
Fang Huaiyue 9,205,501 9,205,501
in RMB
Common shares
Zhang Peng 8,287,900 8,287,900
in RMB
VANGUARD EMERGING Foreign shares
8,157,311 8,157,311
MARKETS STOCK INDEX placed in
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
FUND domestic
exchange
Related-parties or acting-in-concert
It is unknown to the Company whether there is any related connection or action-
parties among the above-mentioned
in-concert parties among the top 10 un-restricted shareholders.
shareholders
Benxi Steel & Iron (Group) Co., Ltd. holds 2,160,831,394 shares of the company
through an ordinary securities account, and holds 239,000,000 shares through the
investor's credit securities account, therefore, it holds a total of 2,399,831,394
Shareholders among the top 10 shares.
participating in securities margin
Fang Lei holds 14,126,600 shares through the investor's credit securities account.
trading (if any)
Fang Huaiyue holds 9,205,501 shares through the investor's credit securities
account.
Zhang Peng holds 8,287,900 shares through the investor's credit securities account.
Whether top ten common shareholders or top ten common shareholders with unrestricted shares carried out any buy-back
agreement dealing in the reporting period.
□ Yes √ No
Top ten common shareholders or top ten common shareholders with unrestricted shares did not carry out buy-back
agreement dealing in the reporting period.
2. Number of total preferred shareholders and preferred shares hold by Top 10 preferred shareholders
□ Applicable √ Not applicable
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
III Important Events
Ⅰ. Major Changes in Financial Data and Financial Index and Reasons
√ Applicable □ Not applicable
Significant changes and reasons in major accounting data, financial indicators which changed over 30%
compared to the consolidated financial statement at the end of 2018
Increase /
1. Statement of Financial Position Reasons
Decrease
51% Due to the increase in unpaid bonuses in the current
Employee benefits payables
period.
-91% Due to the decrease of VAT payable at the end of this
Tax payable
period
Non-current liabilities due within 467% Due to the long-term borrowings reclassified into
one year borrowings due within one year.
3491% Due to the increase in the unused amount of the safety
Special reserves
production cost in this period.
Significant changes and reasons in major accounting data, financial indicators which changed over 30%
compared to the consolidated financial statement of the first quarter of 2019
2. Statement of comprehensive Increase /
Reasons
income Decrease
201% Due to the increase of Research and development
Research and development expenses
expenses
Financial expenses 215% Due to the increase of net exchange losses
-91% Due to the decrease of gains from scrapping of non-
Non-operating income
current assets
Income tax expenses -92% Due to the decrease of deferred income tax expenses
Increase /
3. Statement of cash flows Reasons
Decrease
Tax rebate received -90% Due to the decrease of tax refund in the period.
65% Due to the increase of cash paid for goods and services
Cash paid for goods and services
during the period
Cash received from borrowings -42% Due to the decrease of cash received from the loan
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
II. Progress and influence of significant events, as well as the analysis and explanation on
solutions
□ Applicable √ Not applicable
Progress in the implementation of share repurchase
□ Applicable √ Not applicable
Progress in the implementation of the reduction of shareholding shares by means of centralized bidding
□ Applicable √ Not applicable
III. The Under-Fulfillment Commitments by the End of the Period Made by Actual Controller,
Acquirer, Director, Supervisor, Senior Management Personnel and other Related Parties.
□ Applicable √ Not applicable
There is no under-fulfillment commitment by the end of the period made by actual controller, acquirer, director, supervisor,
senior management personnel and other related parties.
IV. Investment in Securities
□ Applicable √ Not applicable
There is no securities investments in the reporting period.
V. Entrusted Financing
□ Applicable √ Not applicable
There is no entrusted financing in the reporting period.
VI. Investment in Derivatives
□ Applicable √ Not applicable
There is no investment in derivatives in the reporting period.
VII. Registration form of Activities such as Research, Communication, Interview in this
Reporting Period
□ Applicable √ Not applicable
There is no researches, visits and interviews received in the reporting period.
VIII. Violation of Regulations in Provision of External Guaranty
□ Applicable √ Not applicable
There is no violation of regulations in provision of external guaranty during the reporting period.
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
IX. Illustrations of Non-Operating Occupation of Funds by the Controlling Shareholder and
Related Parties
□ Applicable √ Not applicable
There is no non-operating occupation of funds by the controlling shareholder and related parties.
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Ⅳ Financial Statement
Ⅰ. Financial Statement
1. CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Prepared by: Bengang Steel Plates Co., Ltd.
31 March 2020
Unit: RMB
Item 20200331 20191231
Current asset
Cash at bank and on hand 18,611,052,503.58 18,415,844,397.77
Settlement provisions
Capital lent
Financial assets held for trading
Derivative financial assets
Notes receivable
Accounts receivable 232,614,258.60 235,696,265.66
Accounts receivable financing 2,473,220,274.48 2,429,542,461.88
Prepayments 1,392,687,864.84 1,291,047,458.11
Premium receivable
Reinsurance accounts receivable
Receivable deposit for reinsurance
contract
Other receivables 155,248,729.02 172,807,036.77
Including：Interest receivable 28,512,792.47 20,504,422.47
Dividend receivable
Redemptory financial assets for sale
Inventories 9,439,699,017.97 7,700,397,685.61
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 400,600,544.18 312,904,824.09
Total current assets 32,705,123,192.67 30,558,240,129.89
Non-current assets
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Loan and advances issued
Other debt investments
Long-term receivables
Long-term equity investments 2,642,998.70 2,642,998.70
Other equity investments 1,041,824,829.00 1,041,824,829.00
Other non-current financial assets
Investment property
Fixed assets 25,542,660,272.96 26,123,375,492.40
Construction in progress 2,025,822,529.81 1,833,853,572.58
Productive biological assets
Oil and gas assets
Right-of-use assets
Intangible assets 269,858,180.64 271,500,023.34
Development expenditure
Goodwill
Long-term deferred expenses
Deferred tax assets 196,287,482.97 191,485,595.49
Other non-current assets 635,680,384.06 708,502,552.50
Total non-current assets 29,714,776,678.14 30,173,185,064.01
Total assets 62,419,899,870.81 60,731,425,193.90
Current Liabilities
Short-term loans 12,488,319,016.67 13,151,478,000.00
Loan from central bank
Loan from other financial institutions
Financial liability held for trading
Derivative financial liabilities
Notes payable 13,201,833,849.84 11,828,514,676.95
Accounts payable 5,720,913,243.49 4,527,513,030.27
Advance from customers 4,429,821,526.79
Contract liabilities 4,260,272,248.28
Financial assets sold for repurchase
Absorbed deposit and interbank deposit
Receiving from vicariously traded
securities
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Receiving from vicariously sold securities
Employee benefits payable 35,811,406.53 23,698,174.56
Current tax liabilities 26,385,011.76 284,825,814.80
Other payables 609,103,222.84 662,701,744.97
Including：Interest payable 3,697,500.00 10,818,986.30
Dividend payable
Handling charges and commission
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one year 1,328,998,543.11 234,474,657.99
Other current liabilities
Total current liabilities 37,671,636,542.52 35,143,027,626.33
Non-current liabilities
Standard insurance contract provision
Long-term loans 3,723,490,441.11 4,849,675,910.73
Bonds payable
Including: Preferred stock
Perpetual bond
Lease liabilities
Long-term payables 634,349,715.78 516,939,408.14
Long-term employee benefits payable
Estimated liabilities
Deferred income 191,042,271.50 208,955,407.30
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 4,548,882,428.39 5,575,570,726.17
Total liabilities 42,220,518,970.91 40,718,598,352.50
Shareholders’ equity
Share capital 3,875,371,532.00 3,875,371,532.00
Other equity instruments
Including: Preferred stock
Perpetual bond
Capital reserve 12,343,209,847.29 12,343,209,847.29
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Less: treasury shares
Other comprehensive income
Special reserves 7,637,517.84 212,687.41
Surplus reserves 961,105,529.85 961,105,529.85
General risk reserve
Undistributed profits 2,485,764,239.98 2,307,765,664.62
Total equity attributable to equity holders
19,673,088,666.96 19,487,665,261.17
of the parent company
Non-controlling interests 526,292,232.94 525,161,580.23
Total shareholder's equity 20,199,380,899.90 20,012,826,841.40
Total of liabilities and owners’ equity 62,419,899,870.81 60,731,425,193.90
Legal Representative: Gao Lie Chief Financial Officer: Shen Qiang Chief Accountant: Zhao Zhonghua
2. STATEMENT OF FINANCIAL POSITION
Unit: RMB
Items 20200331 20191231
Current asset
Cash at bank and on hand 17,249,452,518.01 16,982,227,928.89
Financial assets held for trading
Derivative financial assets
Notes receivable
Account receivable 373,512,311.34 388,997,108.46
Accounts receivable financing 2,412,082,647.33 2,193,319,842.60
Prepayments 1,292,687,864.84 1,184,632,345.13
Other receivables 224,486,192.61 266,663,235.81
Including: Interest receivables 27,736,734.91 19,658,230.77
Dividend receivables
Inventories 7,289,530,576.82 6,114,582,832.33
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 326,793,046.13 191,249,460.42
Total current assets 29,168,545,157.08 27,321,672,753.64
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Non-current assets
Debt investment
Other debt investments
Long-term receivables
Long-term equity investments 2,016,281,902.16 2,016,281,902.16
Other equity investments 1,041,624,829.00 1,041,624,829.00
Other non-current financial assets
Investment properties
Fixed assets 23,915,103,997.64 24,447,763,305.12
Construction in progress 2,012,088,328.09 1,813,889,136.42
Productive biological assets
Oil and gas assets
Right-of-use assets
Intangible assets 144,643,506.36 145,470,040.68
Development expenditure
Goodwill
Long-term deferred expense
Deferred tax assets 98,357,164.02 93,555,276.54
Other non-current assets 627,075,877.48 696,351,867.38
Total non-current assets 29,855,175,604.75 30,254,936,357.30
Total assets 59,023,720,761.83 57,576,609,110.94
Current liabilities
Short-term loans 11,188,319,016.67 11,851,478,000.00
Financial liability held for trading
Derivative financial liabilities
Notes payable 11,538,620,936.62 10,225,969,445.22
Account payable 6,045,084,178.94 4,909,389,629.86
Advance from customers 5,597,707,687.22
Contract liability 5,263,303,246.87
Employee benefits payable 34,670,302.86 21,872,906.71
Current tax liabilities 13,096,514.24 274,181,048.14
Other payables 395,023,906.30 384,125,032.59
Including：Interest payables 3,697,500.00 10,818,986.30
Dividend payables
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Liabilities held for sale
Non-current liabilities due within one
1,328,998,543.11 234,474,657.99
year
Other current liabilities
Total current liability 35,807,116,645.61 33,499,198,407.73
Non-current liability
Long term loans 3,723,490,441.11 4,849,675,910.73
Bonds payable
Including: Preferred stock
Perpetual bond
Lease liabilities
Long-term payables 634,349,715.78 516,939,408.14
Long-term employee benefits payables
Estimated liabilities
Deferred income 191,042,271.50 208,955,407.30
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 4,548,882,428.39 5,575,570,726.17
Total liabilities 40,355,999,074.00 39,074,769,133.90
Shareholder’s equity:
Share capital 3,875,371,532.00 3,875,371,532.00
Other equity instruments
Including: Preferred stock
Perpetual bond
Capital reserves 11,923,058,165.17 11,923,058,165.17
Less: Treasury shares
Other comprehensive income
Special reserves 6,224,392.44 53,330.99
Surplus reserves 961,105,529.85 961,105,529.85
Undistributed Profits 1,901,962,068.37 1,742,251,419.03
Total shareholder's equity 18,667,721,687.83 18,501,839,977.04
Total liabilities and shareholder’s
59,023,720,761.83 57,576,609,110.94
equity
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
3. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unit: RMB
Item Jan.-Mar. 2020 Jan.-Mar. 2019
1. Total operating income 11,728,574,704.88 11,761,190,575.63
Including: Operating income 11,728,574,704.88 11,761,190,575.63
Interest income
Premium earned
Income from handling charges
and commission
2. Total operating cost 11,541,446,733.82 11,490,405,098.16
Including: Operating cost 10,759,718,222.36 11,082,217,546.55
Interest expense
Expenditure for handling charges
and commission
Surrender value
Net expenditure for compensation
Net provision for insurance
contract appropriated
Bonus payment for policy
Reinsurance premium
Tax and surcharges 51,561,831.30 54,057,558.75
Selling and distribution expenses 315,712,277.98 312,825,124.15
General and administrative
185,915,642.34 229,520,730.11
expenses
Research and development
8,416,671.23 2,797,993.86
expenses
Financial expenses 220,122,088.61 -191,013,855.26
Including: Interest expense 246,021,732.55 293,019,846.37
Interest income 72,914,133.66 67,726,988.83
Add: Other income 18,439,817.04 20,821,500.00
Income on investment（“-” for loss）
Including: Income from associates and
joint ventures
Income from derecognition of
financial assets measured at amortized cost
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Exchange gains
Net exposure hedging
income （“-” for loss）
Gains from the change of
fair value （“-” for loss）
Credit impairment losses
1,189,945.37
（“-” for loss
Asset impairment losses
-20,397,495.27
(losses are listed with "-")
Assets disposal gains（“-”
2,097,867.55
for loss）
3. Operational profit（“-” for loss） 186,360,238.20 293,704,845.02
Add: Non-operating income 282,400.25 3,075,607.08
Less: Non-operating expenses 6,256,330.10 7,215,029.01
4. Total profit (“-” for loss) 180,386,308.35 289,565,423.09
Less: Income tax expenses 1,460,096.83 18,343,089.25
5. Net profit（“-” for loss） 178,926,211.52 271,222,333.84
1.Classification by continuing operating
(1) Net profit from continuing
178,926,211.52 271,222,333.84
operation
(2) Net profit from discontinued
operation
2.Classification by ownership
(1) Net profit attributable to the
177,998,575.36 271,606,318.07
owners of parent company
(2) Net profit attributable to non-
927,636.16 -383,984.23
controlling shareholders
6. Other comprehensive income
Other comprehensive income
attributable to owners of the parent company
after tax
1.Other comprehensive income items
that will not be reclassified into gains/losses
(1) Re-measurement of defined
benefit plans of changes in net debt or net
assets
(2) Other comprehensive income
under the equity method investee cannot be
18
Bengang Steel Plates Co., Ltd. First Quarter Report 2020
reclassified into profit or loss
(3) Changes in the fair value of other
equity investments
(4) Changes in the fair value of
Corporate credit risk
(5) Others
2.Other comprehensive income that will be
reclassified into profit or loss
(1) Share of other comprehensive
income of investee to be classified into profit
or loss afterwards under equity method
(2) Changes in the fair value of other
debt investments
(3) Changes in the fair value of financial
assets at fair value through other
comprehensive income
(4) Provision for credit loss of other debt
investments
(5) Cash flow hedge reserve
(6) Translation differences in foreign
currency financial statements
(7) Others
Other comprehensive income attributable to
non-controlling shareholders after tax
7. Total comprehensive income 178,926,211.52 271,222,333.84
Total comprehensive income
attributable to the owner of the parent 177,998,575.36 271,606,318.07
company
Total comprehensive income
927,636.16 -383,984.23
attributable to non-controlling shareholders
8. Earnings per share
1) Basic earnings per share 0.05 0.07
2) Diluted earnings per share 0.05 0.07
The current business combination under common control, the net profits of the combined party before achieved: 0.00Yuan,
net profit of previous period of the combined party realized: 0.00Yuan.
Legal Representative: Gao Lie Chief Financial Officer: Shen Qiang Chief Accountant: Zhao Zhonghua
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
4. STATEMENT OF COMPREHENSIVE INCOME
Unit: RMB
Item Jan.-Mar. 2020 Jan.-Mar. 2019
1. Total operating income 12,263,353,879.66 11,318,044,807.71
Less: Operating cost 11,478,300,497.98 10,828,824,566.71
Tax and surcharges 44,905,595.40 40,172,247.54
Selling and distribution expenses 186,148,487.15 178,902,194.54
General and administrative expenses 171,553,819.80 215,696,958.84
Research and development expenses 8,416,671.23 2,797,993.86
Financial expenses 212,078,788.48 -204,007,003.82
Including: Interest expense 231,068,313.59 278,494,138.86
Interest income 65,935,368.22 66,189,925.11
Add: Other income 18,009,908.60 20,821,500.00
Income on investment（“-” for loss）
Including: Income from associates and
joint ventures
Income from derecognition of financial
assets measured at amortized cost
Net exposure hedging income
（“-” for loss）
Gains from change of
fair value （“-” for loss）
Credit impairment loss
1,189,945.37
（“-” for loss）
Asset impairment loss
-20,397,495.27
（“-” for loss）
Assets disposal gains（“-”
2,144,869.80
for loss）
2. Operational profit（“-” for loss） 160,752,378.32 278,624,219.84
Add: Non-operating income 225,882.20 3,021,409.27
Less: Non-operating expenses 6,069,498.66 7,215,029.01
3. Total profit (“-” for loss) 154,908,761.86 274,430,600.10
Less: Income tax expenses -4,801,887.48 14,240,768.41
4. Net profit（“-” for loss） 159,710,649.34 260,189,831.69
1.Net profit from continuing operation 159,710,649.34 260,189,831.69
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Bengang Steel Plates Co., Ltd. First Quarter Report 2020
2.Net profit from discontinued operation
5.Other comprehensive income
1.Other comprehensive income items that
will not be reclassified into gains/losses
(1) Re-measurement of defined benefit
plans of changes in net debt or net assets
(2) Other comprehensive income under
the equity method investee cannot be reclassified
into profit or loss
(3) Changes in the fair value of other
equity investments
(4) Changes in the fair value of Corporate
credit risk
(5) Others
2.Other comprehensive income that will be
reclassified into profit or loss.
(1) Share of other comprehensive income
of investee to be classified into profit or loss
afterwards under equity method
(2) Changes in the fair value of other debt
investments
(3) Changes in the fair value of financial
assets at fair value through other comprehensive
income
(4) Provision for credit loss of other debt
investments
(5) Cash flow hedge reserve
(6) Translation differences in foreign
currency financial statements
(7) Others
6. Total comprehensive income 159,710,649.34 260,189,831.69
7. Earnings per share
1）Basic earnings per share
2）Diluted earnings per share
5. CONSOLIDATED STATEMENT OF CASH FLOWS
Unit: RMB
21
Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Item Jan.-Mar. 2020 Jan.-Mar. 2019
1.Cash flow from operating activities
Cash received from sale of goods or
7,864,260,416.76 7,419,619,557.25
rendering of services
Net increase of customers' deposit and
interbank deposit
Net increase of loan from central bank
Net increase of loans from other financial
institutions
Cash received for premium of original
insurance contract
Net cash received for reinsurance business
Net increase of deposit and investment of
the insured
Cash from receiving interest, handling
charge and commission
Net increase of loans from Borrowing funds
Net increase of fund for buy-back business
Net increase of receivings from vicariously
traded securities
Tax rebate received 12,824,913.18 129,603,306.84
Other cash received relating to operating
50,831,445.98 52,630,739.69
activities
Subtotal of cash inflows from operating
7,927,916,775.92 7,601,853,603.78
activities
Cash paid for goods and services 6,282,057,238.94 3,796,837,688.74
Net increase of customer's loan and
advances
Net increase of deposit in central bank and
interbank deposit
Cash payment for original insurance
contract compensation
Net increase of capital lent
Cash for payment of interest, handling
charge and commission
Cash for payment of policy bonus
Cash paid to and on behalf of employees 481,908,334.86 466,895,154.36
22
Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Cash paid for all types of taxes 458,533,701.03 564,138,089.50
Other cash paid relating to operating
20,570,880.87 21,425,475.71
activities
Subtotal of cash outflows from operating
7,243,070,155.70 4,849,296,408.31
activities
Net cash flows from operating activities 684,846,620.22 2,752,557,195.47
2. Cash flows from investing activities
Cash received from return on investments
Cash received from distribution of
dividends or profit
Net cash received from disposal of fixed
assets, intangible assets and other long-term
assets
Net cash received from disposal of
subsidiary and other operating units
Other cash paid relating to investing
activities
Subtotal of cash inflows from investing
activities
Cash paid for acquisition of fixed assets,
224,332,091.19 213,446,363.20
intangible assets and other long-term assets
Cash paid for acquisition of investments
Net increase of mortgage loan
Net cash received from subsidiary and other
operating unit
Other cash paid relating to investing
activities
Subtotal of cash outflows from investing
224,332,091.19 213,446,363.20
activities
Net cash flows from investing activities -224,332,091.19 -213,446,363.20
3. Cash flows from financing activities
Proceeds from investment
Including: Proceeds from investment of
non-controlling shareholders of subsidiary
Proceeds from borrowings 2,197,194,000.00 3,762,429,000.00
Other proceeds relating to financing
activities
23
Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Subtotal of cash inflows from financing
2,197,194,000.00 3,762,429,000.00
activities
Cash repayments of borrowings 2,916,611,584.62 3,853,593,875.68
Cash payments for distribution of
263,567,150.15 293,019,846.37
dividends, profit or interest expenses
Including: Cash paid to non-controlling
shareholders as dividend and profit by
subsidiaries
Other cash payments relating to financing
activities
Subtotal of cash outflows from financing
3,180,178,734.77 4,146,613,722.05
activities
Net cash flows from financing activities -982,984,734.77 -384,184,722.05
4. Effect of foreign exchange rate changes
37,441,237.39 -25,741,813.31
on cash and cash equivalents
5. Net increase in cash and cash
-485,028,968.35 2,129,184,296.91
equivalents
Add: Cash and cash equivalents at the
13,441,414,988.58 11,752,548,621.97
beginning of the period
6. Cash and cash equivalents at the
12,956,386,020.23 13,881,732,918.88
ending of the period
6. STATEMENT OF CASH FLOWS
Unit: RMB
Item Jan.-Mar. 2020 Jan.-Mar. 2019
1. Cash flow from operating activities
Cash received from sale of goods or
7,801,529,586.28 7,083,398,928.22
rendering of services
Tax rebate received 102,717,420.63
Other cash received relating to operating
39,105,003.15 40,251,068.14
activities
Subtotal of cash inflows from operating
7,840,634,589.43 7,226,367,416.99
activities
Cash paid for goods and services 6,197,815,675.01 3,505,322,597.12
Cash paid to and on behalf of employees 459,560,419.78 441,580,806.88
Cash paid for all types of taxes 434,526,418.13 540,256,412.01
Other cash paid relating to operating 16,129,733.15 18,206,333.60
24
Bengang Steel Plates Co., Ltd. First Quarter Report 2020
activities
Subtotal of cash outflows from operating
7,108,032,246.07 4,505,366,149.61
activities
Net cash flows from operating activities 732,602,343.36 2,721,001,267.38
2. Cash flows from investing activities
Cash received from return on investments
Cash received from distribution of
dividends or profit
Net cash received from disposal of fixed
assets, intangible assets and other long-term
assets
Net cash received from disposal of
subsidiary and other operating units
Other cash received relating to investing
activities
Subtotal of cash inflows from investing
activities
Cash paid for acquisition of fixed assets,
218,474,831.02 211,879,503.05
intangible assets and other long-term assets
Cash paid for acquisition of investments
Net cash paid for acquisition of subsidiary
and other operating unit
Other cash paid relating to investing
activities
Subtotal of cash outflows paid for
218,474,831.02 211,879,503.05
investing activities
Net cash flows from investing activities -218,474,831.02 -211,879,503.05
3. Cash flows from financing activities
Proceeds from investment
Cash received from borrowings 1,957,194,000.00 3,522,429,000.00
Other cash received relating to financing
activities
Subtotal of cash inflows from financing
1,957,194,000.00 3,522,429,000.00
activities
Cash repayments of borrowings 2,676,611,584.62 3,599,373,875.68
Cash payments for distribution of
249,495,900.16 278,494,138.86
dividends, profit or interest
25
Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Other cash payments relating to financing
activities
Subtotal of cash outflows from financing
2,926,107,484.78 3,877,868,014.54
activities
Net cash flows from financing activities -968,913,484.78 -355,439,014.54
4. Effect of foreign exchange rate changes
33,421,536.16 -25,737,308.54
on cash and cash equivalents
5. Net increase in cash and cash
-421,364,436.28 2,127,945,441.25
equivalents
Add: Cash and cash equivalents at the
13,029,616,298.47 10,807,824,843.20
beginning of the period
6. Ending balance of cash and cash
12,608,251,862.19 12,935,770,284.45
equivalents
Ⅱ. Adjustment of Financial Statement
1. Adjustment to the financial statement towards beginning balance due to the first-time implementation of new
revenue standards and new leasing standards from 2020.
√ Applicable □ Not applicable
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unit: RMB
Item 31 December 2019 1 January 2020 Adjustment amount
Current assets
Cash at bank and on hand 18,415,844,397.77 18,415,844,397.77
Account receivable 235,696,265.66 235,696,265.66
Accounts receivable financing 2,429,542,461.88 2,429,542,461.88
Prepayments 1,291,047,458.11 1,291,047,458.11
Other receivable 172,807,036.77 172,807,036.77
Including: interest receivable 20,504,422.47 20,504,422.47
Inventories 7,700,397,685.61 7,700,397,685.61
Other current assets 312,904,824.09 312,904,824.09
Total current assets 30,558,240,129.89 30,558,240,129.89
Non-current assets
Long-term equity investments 2,642,998.70 2,642,998.70
Other equity investments 1,041,824,829.00 1,041,824,829.00
26
Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Fixed assets 26,123,375,492.40 26,123,375,492.40
Construction in progress 1,833,853,572.58 1,833,853,572.58
Intangible assets 271,500,023.34 271,500,023.34
Deferred tax assets 191,485,595.49 191,485,595.49
Other non-current assets 708,502,552.50 708,502,552.50
Total non-current assets 30,173,185,064.01 30,173,185,064.01
Total assets 60,731,425,193.90 60,731,425,193.90
Current Liabilities
Short-term loans 13,151,478,000.00 13,151,478,000.00
Notes payable 11,828,514,676.95 11,828,514,676.95
Accounts payable 4,527,513,030.27 4,527,513,030.27
Advance from customers 4,429,821,526.79 -4,429,821,526.79
Contract liabilities 4,429,821,526.79 4,429,821,526.79
Employee benefits payable 23,698,174.56 23,698,174.56
Current tax liabilities 284,825,814.80 284,825,814.80
Other payables 662,701,744.97 662,701,744.97
Including: interest payable 10,818,986.30 10,818,986.30
Non-current liabilities due within
234,474,657.99 234,474,657.99
one year
Total current liabilities 35,143,027,626.33 35,143,027,626.33
Non-current liabilities
Long-term loans 4,849,675,910.73 4,849,675,910.73
Long-term payables 516,939,408.14 516,939,408.14
Deferred income 208,955,407.30 208,955,407.30
Total non-current liabilities 5,575,570,726.17 5,575,570,726.17
Total liabilities 40,718,598,352.50 40,718,598,352.50
Shareholders' equity:
Share capital 3,875,371,532.00 3,875,371,532.00
Capital reserve 12,343,209,847.29 12,343,209,847.29
Special reserves 212,687.41 212,687.41
Surplus reserves 961,105,529.85 961,105,529.85
Undistributed profits 2,307,765,664.62 2,307,765,664.62
Total equity attributable to equity
19,487,665,261.17 19,487,665,261.17
holders of the parent company
Non-controlling interests 525,161,580.23 525,161,580.23
27
Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Total shareholder's equity 20,012,826,841.40 20,012,826,841.40
Total of liabilities and owners’
60,731,425,193.90 60,731,425,193.90
equity
Illustration of adjustment
STATEMENT OF FINANCIAL POSITION
Unit: RMB
Item 31 December 2019 1 January 2020 Adjustment amount
Current assets
Cash at bank and on hand 16,982,227,928.89 16,982,227,928.89
Account receivable 388,997,108.46 388,997,108.46
Accounts receivable financing 2,193,319,842.60 2,193,319,842.60
Prepayments 1,184,632,345.13 1,184,632,345.13
Other receivable 266,663,235.81 266,663,235.81
Including: interest receivable 19,658,230.77 19,658,230.77
Inventories 6,114,582,832.33 6,114,582,832.33
Other current assets 191,249,460.42 191,249,460.42
Total current assets 27,321,672,753.64 27,321,672,753.64
Non-current assets
Long-term equity investments 2,016,281,902.16 2,016,281,902.16
Other equity investments 1,041,824,829.00 1,041,824,829.00
Fixed assets 24,447,763,305.12 24,447,763,305.12
Construction in progress 1,813,889,136.42 1,813,889,136.42
Intangible assets 145,470,040.68 145,470,040.68
Deferred tax assets 93,555,276.54 93,555,276.54
Other non-current assets 696,351,867.38 696,351,867.38
Total non-current assets 30,254,936,357.30 30,254,936,357.30
Total assets 57,576,609,110.94 57,576,609,110.94
Current liabilities
Short-term loans 11,851,478,000.00 11,851,478,000.00
Notes payable 10,225,969,445.22 10,225,969,445.22
Accounts payable 4,909,389,629.86 4,909,389,629.86
Advance from customers 5,597,707,687.22 -5,597,707,687.22
Contract Liabilities 5,597,707,687.22 5,597,707,687.22
Employee benefits payable 21,872,906.71 21,872,906.71
28
Bengang Steel Plates Co., Ltd. First Quarter Report 2020
Current tax liabilities 274,181,048.14 274,181,048.14
Other payables 384,125,032.59 384,125,032.59
Including: interest payable 10,818,986.30 10,818,986.30
Non-current liabilities due within
234,474,657.99 234,474,657.99
one year
Total current liabilities 33,499,198,407.73 33,499,198,407.73
Non-current liabilities
Long term loans 4,849,675,910.73 4,849,675,910.73
Long-term payables 516,939,408.14 516,939,408.14
Deferred income 208,955,407.30 208,955,407.30
Total non-current liabilities 5,575,570,726.17 5,575,570,726.17
Total liabilities 39,074,769,133.90 39,074,769,133.90
Shareholder’s equity:
Share capital 3,875,371,532.00 3,875,371,532.00
Capital reserves 11,923,058,165.17 11,923,058,165.17
Special reserves 53,330.99 53,330.99
Surplus reserves 961,105,529.85 961,105,529.85
Undistributed Profits 1,742,251,419.03 1,742,251,419.03
Total shareholder's equity 18,501,839,977.04 18,501,839,977.04
Total liabilities and
57,576,609,110.94 57,576,609,110.94
shareholder’s equity
Illustration of adjustment
2. Illustration of the first implementation of the new financial instrument standards, the new lease criteria,
retrospective adjustment towards the previous data from 2020.
□ Applicable √ Not applicable
Ⅲ. Audit report
Whether the first quarter report is audited
□ Yes √ No
The first quarter report is not audited.
29
