山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
山东省中鲁远洋渔业股份有限公司
2020 年半年度财务报告
二○二〇年八月二十六日
1
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Financial Report
I. Audit reports
Whether the semi-annual report was audited or not
□ Yes √ No
The financial report of this semi-annual report was unaudited
II. Financial statements
Units in Notes of Financial Statements is RMB
1. Consolidate balance sheet
Prepared by: Shandong Zhonglu Oceanic Fisheries Co., Ltd.
2020-06-30
In RMB
Item 2020-6-30 2019-12-31
Current assets:
Monetary funds 177,396,987.64 186,011,644.29
Settlement provisions
Capital lent
Tradable financial assets 10,000,000.00
Derivative financial assets
Note receivable
Account receivable 83,980,551.58 70,003,394.30
Receivable financing
Accounts paid in advance 21,701,284.51 17,350,069.13
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance
receivable
Other account receivable 2,633,719.57 4,343,207.56
Including: Interest receivable
Dividend receivable
Buying back the sale of financial
assets
Inventories 394,334,010.87 375,744,116.36
Contractual assets
Assets held for sale
Non-current asset due within one
2
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
year
Other current assets 14,911,213.92 32,027,587.58
Total current assets 704,957,768.09 685,480,019.22
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
instrument
Other non-current financial
assets
Investment real estate 32,098,047.77 32,761,086.11
Fixed assets 531,275,969.26 551,167,599.49
Construction in progress
Productive biological asset
Oil and gas asset
Right-of-use assets
Intangible assets 13,139,705.70 13,196,284.54
Expense on Research and
Development
Goodwill
Long-term expenses to be
237,229.61 435,134.13
apportioned
Deferred income tax asset 1,845,872.82 1,845,872.82
Other non-current asset 2,394,857.06 3,640,847.49
Total non-current asset 580,991,682.22 603,046,824.58
Total assets 1,285,949,450.31 1,288,526,843.80
Current liabilities:
Short-term loans 45,739,352.83 51,662,365.00
Loan from central bank
Capital borrowed
Trading financial liability
Derivative financial liability
3
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Note payable
Account payable 89,424,677.12 94,725,231.68
Accounts received in advance 18,477,646.54
Contractual liability 21,552,546.54
Selling financial asset of
repurchase
Absorbing deposit and interbank
deposit
Security trading of agency
Security sales of agency
Wage payable 34,116,025.64 49,149,654.32
Taxes payable 3,784,227.59 3,597,925.54
Other account payable 10,681,034.80 8,634,438.40
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
Total current liabilities 205,297,864.52 226,247,261.48
Non-current liabilities:
Insurance contract reserve
Long-term loans
Bonds payable
Including: Preferred stock
Perpetual capital
securities
Lease liability
Long-term account payable
Long-term wages payable 1,286,394.42 1,378,471.70
Accrual liability
Deferred income 15,126,638.86 15,764,480.48
4
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 16,413,033.28 17,142,952.18
Total liabilities 221,710,897.80 243,390,213.66
Owner’s equity:
Share capital 266,071,320.00 266,071,320.00
Other equity instrument
Including: Preferred stock
Perpetual capital
securities
Capital public reserve 284,054,997.75 284,054,997.75
Less: Inventory shares
Other comprehensive income 2,010,664.87 707,156.17
Reasonable reserve
Surplus public reserve 21,908,064.19 21,908,064.19
Provision of general risk
Retained profit 330,596,151.51 314,460,431.58
Total owner’ s equity attributable to
904,641,198.32 887,201,969.69
parent company
Minority interests 159,597,354.19 157,934,660.45
Total owner’ s equity 1,064,238,552.51 1,045,136,630.14
Total liabilities and owner’ s equity 1,285,949,450.31 1,288,526,843.80
Legal Representative: Lu Lianxing
Person in Charge of Accounting: Fu Chuanhai
Person in Charge of Accounting Department: Lei Lixin
2. Balance Sheet of Parent Company
In RMB
Item 2020-6-30 2019-12-31
Current assets:
Monetary funds 22,710,239.22 56,205,332.78
Trading financial assets 10,000,000.00
Derivative financial assets
Note receivable
5
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Account receivable 15,424,953.61 29,071,151.64
Receivable financing
Accounts paid in advance 4,449,452.87 4,729,985.40
Other account receivable 191,745,933.66 181,768,872.70
Including: Interest receivable
Dividend
94,566,287.92 94,566,287.92
receivable
Inventories 56,905,427.51 34,787,467.34
Contractual assets
Assets held for sale
Non-current assets maturing
within one year
Other current assets 2,202,025.15 2,079,593.94
Total current assets 303,438,032.02 308,642,403.80
Non-current assets:
Debt investment
Other debt investment
Long-term receivables 5,630,080.88 5,196,204.31
Long-term equity investments 232,189,455.23 232,189,455.23
Investment in other equity
instrument
Other non-current financial
assets
Investment real estate 32,098,047.77 32,761,086.11
Fixed assets 58,558,777.31 58,708,493.74
Construction in progress
Productive biological assets
Oil and natural gas assets
Right-of-use assets
Intangible assets 940,669.14 846,324.29
Research and development costs
Goodwill
Long-term deferred expenses 88,996.85
Deferred income tax assets
Other non-current assets 394,857.06 1,279,247.49
6
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Total non-current assets 329,811,887.39 331,069,808.02
Total assets 633,249,919.41 639,712,211.82
Current liabilities
Short-term borrowings
Trading financial liability
Derivative financial liability
Notes payable
Account payable 5,937,041.52 6,504,914.36
Accounts received in advance 2,161,006.77
Contractual liability 3,649,086.27
Wage payable 12,905,578.65 16,431,213.09
Taxes payable 256,786.40 452,563.73
Other accounts payable 85,870,394.98 88,931,206.55
Including: Interest payable
Dividend payable
Liability held for sale
Non-current liabilities due
within one year
Other current liabilities
Total current liabilities 108,618,887.82 114,480,904.50
Non-current liabilities:
Long-term loans
Bonds payable
Including: preferred stock
Perpetual capital
securities
Lease liability
Long-term account payable
Long term employee
892,489.40 984,566.68
compensation payable
Accrued liabilities
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 892,489.40 984,566.68
7
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Total liabilities 109,511,377.22 115,465,471.18
Owners’ equity:
Share capital 266,071,320.00 266,071,320.00
Other equity instrument
Including: preferred stock
Perpetual capital
securities
Capital public reserve 279,115,900.17 279,115,900.17
Less: Inventory shares
Other comprehensive income
Special reserve
Surplus reserve 19,184,672.34 19,184,672.34
Retained profit -40,633,350.32 -40,125,151.87
Total owner’s equity 523,738,542.19 524,246,740.64
Total liabilities and owner’s equity 633,249,919.41 639,712,211.82
3. Consolidated Profit Statement
In RMB
Item Semi-annual of 2020 Semi-annual of 2019
I. Total operating income 375,590,835.67 515,468,659.14
Including: Operating income 375,590,835.67 515,468,659.14
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 384,483,261.23 483,700,588.70
Including: Operating cost 353,368,335.26 437,867,047.13
Interest expense
Commission charge and
commission expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal of
insurance contract reserve
Bonus expense of guarantee slip
Reinsurance expense
8
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Tax and extras 1,261,394.12 1,485,273.60
Sales expense 8,387,357.40 11,996,385.92
Administrative expense 21,578,117.77 29,199,215.47
R&D expense 49,775.28
Financial expense -161,718.60 3,152,666.58
Including: Interest
1,290,415.47 2,382,040.26
expenses
Interest
375,178.04 541,927.78
income
Add: other income 19,034,020.39 433,292.74
Investment income (Loss is
54,131.01
listed with “-”)
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 “-”)
Loss of credit impairment
-1,169,489.97
(Loss is listed with “-”)
Losses of devaluation of
-1,151,903.20 -3,302.88
asset (Loss is listed with “-”)
Income from assets disposal
55,893.20 -1,399.00
(Loss is listed with “-”)
III. Operating profit (Loss is listed with
7,930,225.87 32,196,661.30
“-”)
Add: Non-operating income 10,122,538.63
Less: Non-operating expense 693,969.08 24,200.00
IV. Total profit (Loss is listed with “-”) 17,358,795.42 32,172,461.30
Less: Income tax expense 597,651.69 662,058.68
V. Net profit (Net loss is listed with 16,761,143.73 31,510,402.62
9
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
“-”)
(i) Classify by business continuity
1.continuous operating net profit
16,761,143.73 31,510,402.62
(net loss listed with ‘-”)
2.termination of net profit (net
loss listed with ‘-”)
(ii) Classify by ownership
1.Net profit attributable to
16,135,719.93 28,420,094.20
owner’s of parent company
2.Minority shareholders’ gains
625,423.80 3,090,308.42
and losses
VI. Net after-tax of other
2,340,778.64 -44,875.62
comprehensive income
Net after-tax of other comprehensive
income attributable to owners of parent 1,303,508.70 -35,906.51
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 1,303,508.70 -35,906.51
subsequently to profit or loss
1.Other comprehensive
income under equity method that can
transfer to gain/loss
2.Change of fair value of
other debt investment
3.Amount of financial
assets re-classify to other
10
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
comprehensive income
4.Credit impairment
provision for other debt investment
5.Cash flow hedging
reserve
6.Translation differences
arising on translation of foreign 1,303,508.70 -35,906.51
currency financial statements
7.Other
Net after-tax of other comprehensive
income attributable to minority 1,037,269.94 -8,969.11
shareholders
VII. Total comprehensive income 19,101,922.37 31,465,527.00
Total comprehensive income
attributable to owners of parent 17,439,228.63 28,384,187.69
Company
Total comprehensive income
1,662,693.74 3,081,339.31
attributable to minority shareholders
VIII. Earnings per share:
(i) Basic earnings per share 0.06 0.11
(ii) Diluted earnings per share 0.06 0.11
Enterprise combine under the same control in the Period, the combined party realized net profit of 0 Yuan before
combination, and realized 0 Yuan at last period for combined party
Legal Representative: Lu Lianxing
Person in Charge of Accounting: Fu Chuanhai
Person in Charge of Accounting Department: Lei Lixin
4. Profit Statement of Parent Company
In RMB
Item Semi-annual of 2020 Semi-annual of 2019
I. Operating income 32,245,432.56 90,518,493.12
Less: Operating cost 29,487,279.57 63,255,773.62
Taxes and surcharge 373,646.54 355,604.14
Sales expenses 164,061.94 5,438,557.64
Administration expenses 11,215,607.85 14,109,200.60
R&D expenses
11
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Financial expenses -534,611.85 -571,940.04
Including: interest
expenses
Interest income 51,639.77 209,935.62
Add: other income 8,237,896.28
Investment income (Loss is
54,131.01
listed with “-”)
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 “-”)
Net exposure hedging
income (Loss is listed with “-”)
Changing income of fair
value (Loss is listed with “-”)
Loss of credit impairment
29,101.26
(Loss is listed with “-”)
Losses of devaluation of
-3,302.88
asset (Loss is listed with “-”)
Income on disposal of
55,893.20
assets (Loss is listed with “-”)
II. Operating profit (Loss is listed
-83,529.74 7,927,994.28
with “-”)
Add: Non-operating income 30.00
Less: Non-operating expense 290,132.05 24,200.00
III. Total Profit (Loss is listed with
-373,631.79 7,903,794.28
“-”)
Less: Income tax 134,566.66
IV. Net profit (Net loss is listed with
-508,198.45 7,903,794.28
“-”)
(i)continuous operating net
-508,198.45 7,903,794.28
profit (net loss listed with ‘-”)
(ii) termination of net profit (net
loss listed with ‘-”)
V. Net after-tax of other
comprehensive income
12
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
(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 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
VI. Total comprehensive income -508,198.45 7,903,794.28
VII. Earnings per share:
(i) Basic earnings per share
(ii) Diluted earnings per share
5. Consolidated Cash Flow Statement
In RMB
13
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Item Semi-annual of 2020 Semi-annual of 2019
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 345,543,772.43 516,354,870.14
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 27,911,364.58 18,156,060.52
Other cash received concerning
29,222,982.06 23,261,940.06
operating activities
Subtotal of cash inflow arising from
402,678,119.07 557,772,870.72
operating activities
Cash paid for purchasing
commodities and receiving labor 310,458,279.86 417,495,100.29
service
Net increase of customer loans
and advances
Net increase of deposits in
central bank and interbank
Cash paid for original insurance
14
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
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
65,604,976.15 63,172,046.67
workers
Taxes paid 6,133,273.62 8,042,420.72
Other cash paid concerning
32,653,377.25 73,304,150.34
operating activities
Subtotal of cash outflow arising from
414,849,906.88 562,013,718.02
operating activities
Net cash flows arising from operating
-12,171,787.81 -4,240,847.30
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
investment
Cash received from investment
54,131.01
income
Net cash received from disposal
of fixed, intangible and other 22,055,057.42
long-term assets
Net cash received from disposal
of subsidiaries and other units
Other cash received concerning
investing activities
Subtotal of cash inflow from
22,109,188.43
investing activities
Cash paid for purchasing fixed,
2,145,070.00 15,487,389.84
intangible and other long-term assets
Cash paid for investment 10,000,000.00
Net increase of mortgaged loans
Net cash received from
subsidiaries and other units obtained
Other cash paid concerning
investing activities
15
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Subtotal of cash outflow from
12,145,070.00 15,487,389.84
investing activities
Net cash flows arising from investing
9,964,118.43 -15,487,389.84
activities
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 16,971,420.99 65,683,927.18
Other cash received concerning
financing activities
Subtotal of cash inflow from
16,971,420.99 65,683,927.18
financing activities
Cash paid for settling debts 23,170,050.24 53,222,974.42
Cash paid for dividend and
1,304,694.91 2,068,206.58
profit distributing or interest paying
Including: Dividend and profit
of minority shareholder paid by
subsidiaries
Other cash paid concerning
financing activities
Subtotal of cash outflow from
24,474,745.15 55,291,181.00
financing activities
Net cash flows arising from financing
-7,503,324.16 10,392,746.18
activities
IV. Influence on cash and cash
equivalents due to fluctuation in 1,096,336.89 -1,611,685.44
exchange rate
V. Net increase of cash and cash
-8,614,656.65 -10,947,176.40
equivalents
Add: Balance of cash and cash
184,603,638.72 182,767,125.48
equivalents at the period -begin
VI. Balance of cash and cash
175,988,982.07 171,819,949.08
equivalents at the period -end
6. Cash Flow Statement of Parent Company
In RMB
16
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Item Semi-annual of 2020 Semi-annual of 2019
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 22,978,886.95 74,442,966.97
services
Write-back of tax received 2,000.54
Other cash received concerning
11,946,999.88 24,878,328.23
operating activities
Subtotal of cash inflow arising from
34,927,887.37 99,321,295.20
operating activities
Cash paid for purchasing
commodities and receiving labor 16,522,497.80 25,971,148.25
service
Cash paid to/for staff and
17,342,332.23 15,978,127.46
workers
Taxes paid 768,741.55 1,146,367.73
Other cash paid concerning
13,337,016.38 76,293,284.88
operating activities
Subtotal of cash outflow arising from
47,970,587.96 119,388,928.32
operating activities
Net cash flows arising from operating
-13,042,700.59 -20,067,633.12
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
investment
Cash received from investment
54,131.01
income
Net cash received from disposal
of fixed, intangible and other 57,000.00
long-term assets
Net cash received from disposal
of subsidiaries and other units
Other cash received concerning
investing activities
Subtotal of cash inflow from
111,131.01 0.00
investing activities
17
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Cash paid for purchasing fixed,
264,360.00 71,454.89
intangible and other long-term assets
Cash paid for investment 10,000,000.00
Net cash received from
subsidiaries and other units obtained
Other cash paid concerning
investing activities
Subtotal of cash outflow from
10,264,360.00 71,454.89
investing activities
Net cash flows arising from investing
-10,153,228.99 -71,454.89
activities
III. Cash flows arising from financing
activities
Cash received from absorbing
investment
Cash received from loans
Other cash received concerning
11,000,000.00
financing activities
Subtotal of cash inflow from
11,000,000.00
financing activities
Cash paid for settling debts
Cash paid for dividend and
profit distributing or interest paying
Other cash paid concerning
21,333,129.97
financing activities
Subtotal of cash outflow from
21,333,129.97
financing activities
Net cash flows arising from financing
-10,333,129.97
activities
IV. Influence on cash and cash
equivalents due to fluctuation in 33,965.99 121.41
exchange rate
V. Net increase of cash and cash
-33,495,093.56 -20,138,966.60
equivalents
Add: Balance of cash and cash
56,205,332.78 58,180,225.27
equivalents at the period -begin
VI. Balance of cash and cash
22,710,239.22 38,041,258.67
equivalents at the period -end
18
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
7. Statement of Changes in Owners’ Equity (Consolidated)
Current Period
In RMB
Semi-annual of 2020
Owners’ equity attributable to the parent Company
Other
equity
Othe Tota
instrument Less
r Prov Min l
Per : Reas
Item Sha Capi com Surp ision Reta ority own
pet Inve onab
re Pre tal preh lus of ined Othe Subt inter ers’
ual ntor le
cap fer reser ensi reser gene profi r otal ests equit
cap Ot y reser
ital red ve ve ve ral t y
ital her shar ve
sto inco risk
sec es
ck me
urit
ies
266
284, 21,9 314, 887, 157, 1,04
I. Balance at ,07 707,
054, 08,0 460, 201, 934, 5,13
the end of the 1,3 156.
997. 64.1 431. 969. 660. 6,63
last year 20. 17
75 9 58 69 45 0.14
00
Add:
Changes of
accounting
policy
Error
correction of
the last period
Enterprise
combine
under the
same control
Other
266
284, 21,9 314, 887, 157, 1,04
II. Balance at ,07 707,
054, 08,0 460, 201, 934, 5,13
the beginning 1,3 156.
997. 64.1 431. 969. 660. 6,63
of this year 20. 17
75 9 58 69 45 0.14
00
III. Increase/
Decrease in 16,1 17,4 19,1
1,30 1,66
this year 35,7 39,2 01,9
3,50 2,69
(Decrease is 19.9 28.6 22.3
listed with 8.70 3.74
3 3 7
“-”)
(i) Total
1,30 16,1 17,4 1,66 19,1
comprehensiv
19
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
e income 3,50 35,7 39,2 2,69 01,9
8.70 19.9 28.6 3.74 22.3
3 3 7
(ii) Owners’
devoted and
decreased
capital
1.Common
shares
invested by
shareholders
2. Capital
invested by
holders of
other equity
instruments
3. Amount
reckoned into
owners equity
with
share-based
payment
4. Other
(III) Profit
distribution
1. Withdrawal
of surplus
reserves
2. Withdrawal
of general
risk
provisions
3.
Distribution
for owners (or
shareholders)
4. Other
(IV) Carrying
forward
internal
owners’
equity
1. Capital
reserves
conversed to
capital (share
capital)
2. Surplus
reserves
conversed to
capital (share
20
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
capital)
3. Remedying
loss with
surplus
reserve
4．Carry-over
retained
earnings
from the
defined
benefit
plans
5．Carry-over
retained
earnings from
other
comprehensiv
e income
6. Other
(V)
Reasonable
reserve
1. Withdrawal
in the report
period
2. Usage in
the report
period
(VI)Others
266
284, 21,9 330, 904, 159, 1,06
IV. Balance at ,07 2,01
054, 08,0 596, 641, 597, 4,23
the end of the 1,3 0,66
997. 64.1 151. 198. 354. 8,55
report period 20. 4.87
75 9 51 32 19 2.51
00
Last Period
In RMB
Semi-annual of 2019
Owners’ equity attributable to the parent Company
Other
equity Othe
Less Total
instrument r Prov Mino
: Reas owne
Item Sha Pe Capi com Surp ision Reta rity
Pr Inve onab rs’
re rpe tal preh lus of ined Othe Subt intere
efe ntor le equit
cap tua reser ensi reser gene profi r otal sts
rre Oth y reser y
ital l ve ve ve ral t
d er shar ve
ca inco risk
sto es
pit me
ck
al
21
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
sec
uri
tie
s
266
284, 21,9 232, 803,
I. Balance at ,07 -675 140,3 943,8
054, 08,0 148, 507,
the end of the 1,3 ,743. 69,31 76,75
997. 64.1 801. 440.
last year 20. 05 2.43 2.67
75 9 35 24
00
Add:
Changes of
accounting
policy
Error
correction of
the last
period
Enterprise
combine
under the
same
control
Other
266
284, 21,9 232, 803,
II. Balance at ,07 -675 140,3 943,8
054, 08,0 148, 507,
the beginning 1,3 ,743. 69,31 76,75
997. 64.1 801. 440.
of this year 20. 05 2.43 2.67
75 9 35 24
00
III. Increase/
Decrease in 28,4 28,3
-35, 3,085 31,47
this year 20,0 84,1
906. ,831. 0,019
(Decrease is 94.2 87.6
listed with 51 75 .44
0 9
“-”)
28,4 28,3
(i) Total -35, 3,085 31,47
20,0 84,1
comprehensi 906. ,831. 0,019
94.2 87.6
ve income 51 75 .44
0 9
(ii) Owners’
devoted and
decreased
capital
1.Common
shares
invested by
shareholders
22
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
2. Capital
invested by
holders of
other equity
instruments
3. Amount
reckoned into
owners
equity with
share-based
payment
4. Other
(III) Profit
distribution
1.
Withdrawal
of surplus
reserves
2.
Withdrawal
of general
risk
provisions
3.
Distribution
for owners
(or
shareholders)
4. Other
(IV) Carrying
forward
internal
owners’
equity
1. Capital
reserves
conversed to
capital (share
capital)
2. Surplus
reserves
conversed to
capital (share
capital)
3.
Remedying
loss with
surplus
reserve
4．Carry-over
retained
earnings
23
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
from the
defined
benefit
plans
5．Carry-over
retained
earnings
from other
comprehensi
ve income
6. Other
(V)
Reasonable
reserve
1.
Withdrawal
in the report
period
2. Usage in
the report
period
(VI)Others
266
IV. Balance 284, 21,9 260, 831,
,07 -711 143,4 975,3
at the end of 054, 08,0 568, 891,
1,3 ,649. 55,14 46,77
the report 997. 64.1 895. 627.
period 20. 56 4.18 2.11
75 9 55 93
00
8. Statement of Changes in Owners’ Equity (Parent Company)
Current Period
In RMB
Semi-annual of 2020
Other equity
instrument Other
Capita
Perp Less: compr Reaso Surplu Retai
Item Share l Total
etual Invent ehensi nable s ned
capit Prefe public Other owners’
capit Othe ory ve reserv reserv profi
al rred reserv equity
al r shares incom e e t
stock e
secur e
ities
-40,1
I. Balance at 266,0 279,11 19,184
25,1 524,246,
the end of the 71,32 5,900. ,672.3
51.8 740.64
last year 0.00 17 4
7
Add:
Changes of
accounting
24
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
policy
Error
correction of
the last period
Other
-40,1
II. Balance at 266,0 279,11 19,184
25,1 524,246,
the beginning 71,32 5,900. ,672.3
51.8 740.64
of this year 0.00 17 4
7
III. Increase/
Decrease in -508,
-508,198
this year 198.
.45
(Decrease is 45
listed with “-”)
(i) Total -508,
-508,198
comprehensive 198.
.45
income 45
(ii) Owners’
devoted and
decreased
capital
1.Common
shares
invested by
shareholders
2. Capital
invested by
holders of
other equity
instruments
3. Amount
reckoned into
owners equity
with
share-based
payment
4. Other
(III) Profit
distribution
1. Withdrawal
of surplus
reserves
2. Distribution
for owners (or
shareholders)
3. Other
(IV) Carrying
forward
25
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
internal
owners’ equity
1. Capital
reserves
conversed to
capital (share
capital)
2. Surplus
reserves
conversed to
capital (share
capital)
3. Remedying
loss with
surplus reserve
4．Carry-over
retained
earnings from
the defined
benefit plans
5．Carry-over
retained
earnings from
other
comprehensive
income
6. Other
(V)
Reasonable
reserve
1. Withdrawal
in the report
period
2. Usage in the
report period
(VI)Others
-40,6
IV. Balance at 266,0 279,11 19,184
33,3 523,738,
the end of the 71,32 5,900. ,672.3
50.3 542.19
report period 0.00 17 4
2
Last Period
In RMB
Semi-annual of 2019
Other equity Capit Other
Shar Less: Surpl
Item instrument al compr Reason Total
e Invent us Retaine
Pref Perp public ehensi able Other owners’
capit Othe ory reserv d profit
erre etual reserv ve reserve equity
al r shares e
d capit e incom
26
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
stoc al e
k secu
ritie
s
266,
I. Balance at 279,1 19,18
071, -64,310 500,061,
the end of the 15,90 4,672
320. ,165.40 727.11
last year 0.17 .34
00
Add:
Changes of
accounting
policy
Error
correction of
the last
period
Other
266,
II. Balance at 279,1 19,18
071, -64,310 500,061,
the beginning 15,90 4,672
320. ,165.40 727.11
of this year 0.17 .34
00
III. Increase/
Decrease in
this year 7,903,7 7,903,79
(Decrease is 94.28 4.28
listed with
“-”)
(i) Total
7,903,7 7,903,79
comprehensiv
94.28 4.28
e income
(ii) Owners’
devoted and
decreased
capital
1.Common
shares
invested by
shareholders
2. Capital
invested by
holders of
other equity
instruments
3. Amount
reckoned into
owners equity
with
share-based
payment
27
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
4. Other
(III) Profit
distribution
1.
Withdrawal
of surplus
reserves
2.
Distribution
for owners
(or
shareholders)
3. Other
(IV) Carrying
forward
internal
owners’
equity
1. Capital
reserves
conversed to
capital (share
capital)
2. Surplus
reserves
conversed to
capital (share
capital)
3. Remedying
loss with
surplus
reserve
4．Carry-over
retained
earnings from
the defined
benefit plans
5．Carry-over
retained
earnings from
other
comprehensiv
e income
6. Other
(V)
Reasonable
reserve
1.
Withdrawal
in the report
period
28
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
2. Usage in
the report
period
(VI)Others
266,
IV. Balance at 279,1 19,18
071, -56,406 507,965,
the end of the 15,90 4,672
320. ,371.12 521.39
report period 0.17 .34
00
III. Company profile
1. Enterprise registration place, Organization form and Headquarters address
Shandong Zhonglu Oceanic Fisheries Co., Ltd. (hereinafter referred to as “Company” or “the
Company”), registration address: No. 29 Miaoling Road, Laoshan District, Qingdao Shangdong,
headquarter locates at No. 65 Haier Road, Qingdao Shangdong, was incorporated as a joint stock
limited company in the People’s Republic of China on 30 July 1999 according to the
documentation of Lu Ti Gai Zi [1999] No.85 issued by Shandong Development and Reform
Commission, and the holding company of the Company is Shandong Fisheries Enterprise Group
General Corporation, the main sponsor. On 26 June 2000, being approved by the documentation
of Zheng Jian Fa Xing Zi [2000] No.82 issued by the China Securities Regulatory Commission,
the Company’s B-share, stock ID “Zhonglu B”, stock code “200992” are listing for trading on
Shenzhen Stock Exchange dated 24 July 2000.
Basic organization structure of the Company: Shareholder General Meeting, BOD, Supervisory
Committee, Office of the GM (Office of the Party Committee), Departments of HR(Organization
Dept.), Financial Management Dept. (Capital Operation Dept.), Enterprise Development Dept.,
Auditing Dept., Oceanic Management Dept., Office of the Discipline Inspection Commission,
Party-Masses Relationship Dept. and Risk Control Dept. (Legal Affairs Dept.).
2. Business nature and main business activities of Enterprise
Corporate industry: ocean-going fisheries
Corporate major products: tuna and its products
Operating scope: general management projects: sales and processing of aquatic products;
merchandise import and export business within approved scope; ice machine manufacture and sale;
refrigeration equipment manufacturing, installation, maintenance; refrigeration; load and unload
services; housing lease.
Pre-license operation: offshore fishing and distant fishing.
3. Person approves the financial report for disclosed and date for report
The financial report has been approved for report by the Board dated 26 August 2020.
Ended as 30 June 2020, consolidation scope of the Company including 4 secondary enterprises, 4
29
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
three-tier enterprises and one operation entity with controlling rights obtained through operating
lease.
4 secondary enterprises: Shandong Zhonglu Fishery Shipping Co., Ltd., Shandong Zhonglu
Oceanic (Yantai) Foods Co., Ltd., HABITAT INTERNATIONAL CORPORATION and
Shandong Zhonglu Haiyan Deep-sea Fishery Co., Ltd; 4 three-tier enterprises: LAIF FISHERIES
COMPANY LIMITED, Shandong Zhonglu Ocean Refrigerated Co., Ltd., AFRICA STAR
FISHERIES LIMITED and ZHONG GHA FOODS COMPANY LIMITED; one operation entity
with controlling rights obtained through operating lease: YAW ADDO FISHERIES COMPANY
LIMITED. Entity of the consolidate scope found more in Note IX- Equity in Other entity
IV. Preparation basis of Financial Statements
1. Preparation basis
Preparation basis: Base on the running continuously and actual transactions and events, in line
with the Accounting Standards for Business Enterprise – Basic Standards and specific principle of
accounting standards issued by the Ministry of Finance, the Company prepared and formulate the
financial statement lies on the followed important accounting policy and estimation.
2. Going concern
The Company have the ability to continue as a going concern within 12 months at least since end
of the reporting period, there are no major events that impact the ability to continue as a going
concern
V. Important accounting policy and estimation
Notes on specific accounting policies and accounting estimation:
According to actual production and operation characteristics and regulation of relevant accounting
standards for enterprises, the Company and its subsidiaries, formulated a variety of specific
accounting policies and estimations in aspect of the transaction and events such as provision for
bad debts of the receivable, valuation method of inventory, depreciation of the fixed assets,
amortization of intangible assets, revenue recognition etc.
1. Declaration of obedience to Accounting Standards for Business Enterprise
The Financial Statements of the Company are up to requirements of Accounting Standards for
Business Enterprise and also a true and thorough reflection to the relevant information as the
Company’s financial position dated 30th June 2020 and the operation results as well as cash flow
from January to June in 2020.
2. Accounting period
The Company’s accounting year is Gregorian calendar year, namely from 1 st January to 31st
December of every year.
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
3. Business cycle
The Company’s business cycle is one year (12 months) as a normal cycle, and the business cycle
is the determining criterion for the liquidity of assets and liabilities of the Company.
4. Bookkeeping standard currency
The Renminbi (RMB) is taken as the book-keeping standard currency
5. Accounting methods for consolidation of enterprises under the same control or otherwise
(1) Consolidation of enterprises under the same control
Where the Company for long term equity investment arising from business combination under
common control satisfies the combination consideration by payment of cash, transfer of non-cash
assets or assumption of debt, the carrying value of the net assets of the acquire in combined
financial statement of the ultimate controller shared by the Company as at the combination date
shall be deemed as the initial investment cost of such long term equity investment. If the equity
instrument issued by combining party are consider as the combination consideration, than the total
value of the issuing shares are consider as the share capital. The difference between the initial cost
of long-term equity investment and book value of consideration (or total face value of the shares
issued) paid, capital surplus adjusted; if the capital surplus not enough to written down, than
retained earning adjusted.
(2) Business combination not under common control
As for business combination not under common control, combination costs refer to the sum of the
fair value of the assets paid, liabilities occurred or assumed as well as equity securities issued by
the acquirer to obtain control over the acquire as at the acquisition date. As for acquiree that
obtained by consolidation not under the same control, the qualified confirmation of identified
assets, liability and contingency liabilities should calculated by fair value on day of purchased. If
the consolidation cost larger than the fair value amount of identified net assets from acquiree’s, the
differences should be recognized as goodwill. If the consolidation cost less than the fair value
amount of identified net assets from acquiree’s, the differences should reckoned into current
gains/losses after re-examination.
6. Preparation methods for consolidated financial statements
(1) Consolidation financial statement range
The Company includes all the subsidiaries (including the separate entities controlled by the
Company) into consolidated financial statement, including companies controlled by the Company,
non-integral part of the investees and structural main body.
(2) Centralize accounting policies, balance sheet dates and accounting periods of parent and
subsidiaries.
As for the inconsistency between the subsidiaries and the Company in the accounting policies and
periods, the necessary adjustment is made on the subsidiaries’ financial statements in the
31
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
preparation of the consolidated financial statements according to the Company’s accounting
policies and periods.
(3) Set-off of consolidated financial statement
The consolidated financial statements shall be prepared on the basis of the balance sheet of the
parent company and subsidiaries, which offset the internal transactions incurred between the
parent company and subsidiaries and within subsidiaries. The owner’s equity of the subsidiaries
not attributable to the parent company shall be presented as minority equity under the owner’s
equity item in the consolidated balance sheet. The long term equity investment of the parent
company held by the subsidiaries, deemed as treasury stock of the corporate group as well as the
reduction of owners’ equity, shall be presented as “Less: treasury stock” under the owners’ equity
item in the consolidated balance sheet.
(4) Accounting for acquisition of subsidiary through combination
For subsidiaries acquired under enterprise merger involving enterprises under
common control, the assets, liabilities, operating results and cash flows of the subsidiaries are
included in the consolidated financial statements from the beginning of the financial year
in which the combination took place. When preparing the consolidated financial
statements, for the subsidiaries acquired from business combination not involving
entities under common control, the identifiable net assets of the subsidiaries are adjusted on the
basis of their fair values on the date of acquisition.
(5) Accounting treatment of disposal of subsidiaries
In the case of partial disposal of long-term equity investments in subsidiaries without loss of
control, in the consolidated financial statements, the difference between the disposal cost and the
subsidiary’s share of net assets continuously calculated from the date of purchase or consolidation
corresponding to the disposal of long-term equity investments adjusts the capital reserve (capital
premium or equity premium), if the capital reserve is insufficient to offset, adjust the retained
earnings.
If the control of the investee is lost due to the disposal of part of the equity investment, when
preparing the consolidated financial statements, the remaining equity shall be remeasured at its
fair value on the date of loss of control. The balance after subtracting the share of the original
subsidiary’s net assets calculated continuously from the date of purchase or combination according
to the original shareholding ratio from the sum of the consideration obtained from the disposal of
the equity and the fair value of the remaining equity is included in the current investment income
of loss of control right, and offsets goodwill. Other comprehensive income related to the equity
investment of the original subsidiary will be transferred to the current investment income when the
32
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
control is lost.
7. Classification of joint arrangements and accounting treatment of joint operation
(1) Classification of joint arrangements
Joint arrangements are divided into joint operations and joint ventures. Joint arrangements
achieved not through separate entities are classified as joint operations. Separate entities refer to
the entities with separate identifiable financial architecture including separate legal entities and
legally recognized entities without the qualification of legal entity. Joint arrangements achieved
through separate entities are generally classified as joint ventures. In case of changes in rights
entitled to and obligations undertaken by the parties of joint venture under a joint arrangement due
to the changes in relevant facts and circumstances, the parties of joint venture will re-assess the
classification of joint arrangements.
(2) Accounting treatment for joint operations
As a parties of joint operation, the Company should recognize the following items in relation to
their share of interest in joint operation, and proceed with accounting in accordance with the
relevant provisions under the Accounting Standards for Business Enterprises: to recognize their
separate assets or liabilities held, and recognize the assets or liabilities jointly held according to
their respective shares; to recognize the income from the disposal of their output share under joint
operation; to recognize the income from the disposal of output under joint operation according to
their respective shares; to recognize the expenses incurred separately, and recognize the expenses
incurred under joint operation according to their respective shares.
As a parties of a joint operation not under common control, if they are entitled to relevant assets
and undertake relevant liabilities of the joint operation, accounting will be carried out with
reference to the provisions of the parties of joint operation; otherwise, it should be subject to
relevant Accounting Standards for Business Enterprises.
(3) Accounting treatment for joint ventures
The parties of a joint venture should perform accounting for investments by the joint venture in
accordance with the Accounting Standards for Business Enterprises No. 2 – Long-term Equity
Investments. The parties not under common control should carry out accounting depending on
their influence on the joint venture.
8. Determination criteria of cash and cash equivalent
The cash recognized in the preparation of the cash flow statements, is the Company’s storage cash
and deposits available for payment anytime. The cash equivalents recognized in the preparation of
the cash flow statements refers to the investment held by the Company with characteristic of
short-term, strong mobility, easy transfer to known sum cash and has slim risk from value
changes.
33
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
9. Foreign currency exchange and the conversion of foreign currency statements
(1) Foreign currency exchange
The foreign currency exchange is booked on the current exchange rate on the transaction day and
converted in the bookkeeping standard currency. On the balance sheet day, the monetary items are
converted on the current rate on the balance sheet day, concerning the exchange differences
between teh spot exchange rate on that date and initial confirmation or the sport exchange rate on
previously balance sheet date, should reckoned in to current gains/losses except the capitalizing on
exchange differences for foreign specific loans, which was reckoned into cost for capitalizing.
The non-monetary items measured on the historic cost are still measured by the original
bookkeeping rate with the sum of the bookkeeping standard currency unchanged. Items of
non-monetary foreign currency which was calculated by fair value, should converted by spot
exchange rate on the confirmation day of fair value, difference between the converted amount of
bookkeeping currency and original amount of bookkeeping currency, was treated as changes of fair
value (including exchange rate changed) reckoned into current gains/losses or recognized as other
consolidated income.
(2) Conversion of foreign currency financial statements
Upon the conversion of the foreign currency financial statements of the controlling subsidiaries,
joint enterprises, and the affiliated enterprises on the bookkeeping standard currency different
from the Company’s, the accounting check and preparation of the consolidated financial
statements are made. Assets and liabilities items in the balance sheet, are converted on the current
rate on the balance sheet day; owners’ equity items besides the “retained profit” item, the other
items are converted on the actual rate. Incomes and expenses items in the profit statement are
converted on the current rate. The conversion difference of the foreign currency financial
statements is listed specifically in the owners’ equity in the balance sheet. The foreign currency
cash flow is converted on the current rate on the cash flow actual day. The cash influenced by the
rate fluctuation is listed specifically in the cash flow statement. As for the foreign operation, the
conversion difference of the foreign currency statement related to the foreign operation is
transferred in proportion into the disposal of the current loss/gain.
10. Financial instruments
(1) Category and re-classification of financial instrument
Financial instrument is the contract that taken shape of the financial asses for an enterprise and of
the financial liability or equity instrument for other units.
①Financial asset
The financial assets meet the following conditions simultaneously are classified as financial assets
measured by amortized cost: a-The Company's business model for managing financial assets
measured at amortized cost is to collect contractual cash flows; and b- according to the contract
regulations, the cash flows generated on a specific date are only the payment for the principal and
34
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
the interest based on the outstanding principal amount.
The financial assets meet the following conditions simultaneously are classified as financial assets
measured on fair value and with its variation reckoned into other comprehensive income:a-The
Company's business model for managing such financial assets is to target at both the collection of
contractual cash flows and the sale; and b-according to the contract regulations, the cash flows
generated on a specific date are only the payment for the principal and the interest based on the
outstanding principal amount.
For non-trading equity instrument investments, the Company irreversibly designates them as the
financial assets that are measured at fair value and whose changes are included in other
comprehensive income in the initial recognition. The designation is made based on a single
investment and the relevant investment is in line with the definition of equity instruments from the
issuer's perspective.
Except for financial assets measured at amortized cost and financial assets measured at fair value
and whose changes are included in other comprehensive income, the Company classifies the
financial assets as financial assets measured at fair value and whose changes are included in current
profit and loss. At the initial recognition, if the accounting mismatch can be eliminated or reduced,
the Company can irrevocably designate the financial assets as financial assets measured at fair value
and whose changes are included in current profit and loss.
When the Company changes its business model of managing financial assets, it will reclassify all
affected financial assets on the first day of the first reporting period after the business model
changes, and adopt the future applicable method from the date of reclassification for relevant
accounting treatment, and will not make retrospective adjustments to previously recognized gains,
losses (including impairment losses or gains) or interest.
②Financial liability
At initial recognition, financial liabilities are classified into financial liabilities measured by fair
value with changes counted into current gains/losses; and the financial liabilities measured at
amortized cost. All financial liabilities are not reclassified.
(2) Measurement of financial instrument
The initial recognition of the Company's financial instruments is measured at fair value. For
financial assets and financial liabilities measured at fair value and whose changes are included in
current profit and loss, the related transaction expenses are directly recognized in current profit and
loss. For other financial assets or financial liabilities, the related transaction expenses are included
in the initial recognition amount. For the accounts receivable or notes receivable arising from the
sale of products or the provision of labor services that do not contain or consider significant
35
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
financing components, the Company shall use the consideration amount that is expected to be
received as the initial recognition amount. Subsequent measurement of financial instruments
depends on their classification.
①Financial assets
a.Financial assets measured at amortized cost: After initial recognition, such financial assets are
measured at amortized cost by using the effective interest method. Gains or losses arising from
financial assets which are measured at amortized cost and are not a component of any hedging
relationship are included in current profit or loss when being derecognized ,re-classified and
amortized by effective interest method, or impaired.
b. Financial assets measured at fair value and whose changes are included in other comprehensive
income: After initial recognition, such financial assets (part of the financial assets belonging to
hedging relationship excluded) are subsequently measured at fair value. The gains or losses
(interest and dividend revenue included) are reckoned into current gains/losses.
c.Debt instrument investment measured at fair value and with its variation reckoned into other
comprehensive income: After initial recognition, such financial assets are subsequently measured at
fair value. The interest calculated by using the effective interest method, the impairment loss or
gains and the exchange gains and losses are recognized in the current profit and loss, other gains or
losses are recognized in other comprehensive income. When being derecognized, the accumulated
gains or losses previously recognized in other comprehensive income are transferred from other
comprehensive income and recognized in current profit and loss.
②Financial liability
a. Financial liabilities measured at fair value and whose changes are included in current profit and
loss: Such financial liabilities include transactional financial liabilities (including derivatives that
are financial liabilities) and financial liabilities designated to be measured at fair value and whose
changes are included in current profit and loss. After the initial recognition, such financial liabilities
are subsequently measured at fair value, in addition to relevant to the hedge accounting, the gains or
losses (including interest expenses) arising from changes in the fair value of the financial liabilities
are included in current profit and loss. If the financial liabilities are designated to be measured at fair
value and whose changes are included in current profit and loss, the changes in the fair value of the
financial liabilities caused by the changes in the enterprise’s own credit risks are included in other
comprehensive income, and other changes in fair value are included in current profit and loss. If the
effect of the change in the credit risk of the financial liability being included in other comprehensive
income shall cause or expand the accounting mismatch in profit or loss, the Company will include
the entire gains or losses of the financial liability in the current profit and loss.
b.Financial liabilities measured at amortized cost: After initial recognition, such financial liabilities
are measured at amortized cost by using the effective interest method.
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(3) How the Company recognizes the fair value of financial instruments
If the financial instrument has an active market, its fair value is determined by the quoted price in
the active market; if the financial instrument doesn’t have an active market, its fair value is
determined by the valuation technique. Valuation techniques mainly include market approach,
income approach and cost method. In limited circumstances, if the recent information used to
determine the fair value is insufficient, or the possible estimated amount of fair value is widely
distributed, and the cost represents the best estimate of the fair value within the range, the cost may
represent the appropriate estimates of fair value within this distribution. The Company uses all the
information about the performance and operations of the investee that can be obtained after the
initial recognition date to judge whether the cost can represent the fair value.
(4) Confirmation basis and measurement method for transfer of financial assets and financial
liabilities
① Financial assets
If the financial asset of the Company meets one of the following conditions, it shall be derecognized:
a. the contractual right to receive the cash flow of the financial asset is terminated; b.the financial
asset has been transferred, and the Company has transferred almost all the risks and remuneration of
ownership of the financial assets; c.the financial asset has been transferred., although the Company
has neither transferred nor retained almost all remuneration of the financial assets, it does not retain
control over the financial asset.
If the Company neither transfers nor retains almost all remuneration of the financial asset, and does
not retain control over the financial asset, the relevant financial asset is recognized according to the
extent of continuing involvement in the transferred financial asset, and the related liabilities are
recognized accordingly.
If the financial asset transfer generally meets the conditions for derecognition, the difference
between the following two amounts is included in the current profit and loss: a. the book value of
the transferred financial asset on the date of derecognition; b. the sum of the consideration received
due to the transfer of financial asset and the amount (the financial asset involving transfer is
classified as the financial asset measured at fair value and whose changes are included in other
comprehensive income)corresponding to the derecognition portion in cumulative amount of
changes in fair value originally and directly included in other comprehensive income.
If partial transfer of financial asset meets the conditions for derecognition, the whole book value of
the transferred financial asset will be apportioned between the derecognition portion and the
non-derecognition portion according to the respective fair value at the transfer date, and then
include the difference of following two amounts in profit and loss for the current period: a. the book
value of the derecognized portion on the date of derecognition; b. the sum of the consideration
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received from the derecognized portion and the amount (the financial asset involving transfer is
classified as the financial asset measured at fair value and whose changes are included in other
comprehensive income) corresponding to the derecognition portion in cumulative amount of
changes in fair value originally included in other comprehensive income.
②Financial liabilities
If the current obligation of a financial liability (or part of it) has been discharged, the Company
derecognizes the financial liability (or part of the financial liability). If a financial liability (or a part
of it) is derecognized, the Company includes the difference between the book value and the
consideration paid (including the transferred non-cash assets or liabilities assumed) in current profit
and loss.
(5) Methods for determining expected credit losses and accounting treatment methods
①Methods for determining expected credit losses
Based on the expected credit losses, the Company conducts accounting for impairment and
confirms loss provisions for financial assets (including receivables) measured at amortized cost,
debt investments measured at fair value and whose changes are included in other comprehensive
income (including receivables financing) ), and lease receivables.
On each balance sheet date, the Company assesses whether the credit risk of relevant financial
instrument has increased significantly since the initial recognition. The process of credit impairment
of financial instrument is divided into three stages, and there are different accounting treatment
methods for the impairment of financial instrument at different stages: 1) In the first stage, if the
credit risk of financial instrument has not increased significantly since the initial recognition, the
Company measures the loss provisions according to the expected credit losses of the financial
instrument in the next 12 months, and calculate the interest income according to its book balance
(i.e., not deducting provision for impairment) and effective interest rate. 2)In the second stage, if the
credit risk of financial instrument has increased significantly since the initial recognition but no
credit impairment has occurred, the Company measures the loss provisions according to the
expected credit losses of the financial instrument for the entire duration, and calculate the interest
income according to its book balance and effective interest rate. 3) In the third stage, if the credit
risk has credit impairment, the Company measures the loss provisions according to the expected
credit losses of the financial instrument for the entire duration, and calculate the interest income
according to its book balance (book balance impairment has made provisions for impairment) and
effective interest rate.
1) Method for measuring loss provisions for financial instruments with lower credit risk
For financial instruments with lower credit risk on the balance sheet date, the Company can directly
make the assumption that the credit risk of the instrument has not increased significantly since the
initial recognition without comparing with the credit risk at the initial recognition.
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If the default risk of financial instruments is low, the debtor has a strong ability to fulfill its
contractual cash flow obligations in the short term, and even if there are unfavorable changes in
the economic situation and operating environment in a long period of time, it may not necessarily
reduce the borrower’s ability to fulfill its contractual cash flow obligations, and the financial
instrument shall be deemed to have low credit risk.
2) Methods for measuring the loss provisions of receivables
The Company adopts the simplified method for receivables formed by transactions regulated by the
Accounting Standards for Business Enterprises No. 14 - Revenue (whether or not it contains
significant financing components), that is, the loss provisions are always measured according to the
expected credit loss for the entire duration.
According to the nature of financial instruments, the Company assesses whether the credit risk has
increased significantly on the basis of individual financial assets or a combination of financial
assets. The Company divides notes receivable and accounts receivable into a number of
combinations based on credit risk characteristics, and calculates expected credit losses on the basis
of the combination.
A. For accounts receivable among companies within the scope of the Company's consolidated
statements, the Company judges that there is no expected credit loss, and no credit loss provision
is made.
B. For accounts receivable outside the enterprises within the scope of the consolidated statements of
the Company, the Company makes reference to the historical credit loss experience, combines with
the current situation and the forecast of future economic conditions, prepares the accounts
receivable aging and the expected credit loss rate comparison table for the entire duration, and
calculates the expected credit loss.
C. If the Company obtains sufficient evidence of a significant increase in credit risk on a single
account receivable, the expected credit loss of the account receivable is determined based on the
difference between the book value of the receivable and the present value of the cash flow expected
to be received, and provisions for loss are made.
3)Method for measuring loss provisions of other financial assets
For financial assets other than those mentioned above, such as debt investment, other debt
investment, other receivables, long-term receivables other than lease receivables, etc., the Company
measures loss provisions according to the general method, namely the “three-stage” model.
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②Accounting treatment methods of expected credit losses
In order to reflect the changes in the credit risk of financial instruments since the initial
recognition, the Company re-measures the expected credit losses on each balance sheet date, and
the increase or reversal amount of the loss provisions resulting from this shall be treated as
impairment losses or gains and included in the current profit and loss, and according to the type of
financial instruments, the book value of the financial assets listed in the balance sheet is deducted
or included in the estimated liabilities (loan commitments or financial guarantee contracts) or
included in other comprehensive income (debt investments measured at fair value and whose
changes are included in other comprehensive income).
11. Account receivable
Found more in Note V-10 Financial instrument
12. Other account receivable
Determination and accounting treatment on expected credit loss of other account receivable
Found more in Note V-10 Financial instrument
13. Inventory
(1)Classification of inventory
Inventory means finished goods and merchandise that are ready for sale, work-in-progress, or
material used in the process of production or provision of service in the ordinary course of
business. Inventory includes raw materials, revolving materials (packaging, low-value
consumables), merchandise in warehouse and goods in transit.
(2)Measurement
Inventories, when delivered, would be determined the actual cost under moving weighted average
method.
(3)Provision for impairment of inventory
At the balance sheet date, inventory is recorded at the lower of cost and net realizable value on an
individual basis. For items with significant quantity and low values, provision is made based on
their categories.
Net realizable value of inventories is determined as follows: ① net realizable value of finished
goods is the estimated selling price less relevant tax and selling expenses. The inventories of the
Company mainly refer to long-line fishing tuna. The ending net realizable value is determined at
the quotation of Qingshui Fishery Ground of Japan on the date which is the most close to the
balance sheet date less the relevant expenses that would occur to realize product sales; ② for
materials held for production, net realizable value equals the cost if the net realizable value of the
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
finished goods produced from the materials exceeds the cost; when the price of raw materials
decreases indicating that the net realizable value of the relevant finished goods would be lower
than cost, the net realizable value is the estimated selling price less costs to completion, selling
expenses and relevant tax; and ③ net realizable value of materials held for sale is the market
price.
(4)Inventory stocking system
The Company adopts perpetual inventory system for stocking.
(5)Amortization of low value consumables and packing materials
The Company adopts fifty amortization method for low value consumables and packing materials.
14. Contract assets
The Company lists the right to receive consideration (and this right depends on factors other than
the passage of time) due to transfer of goods or services to customers as contract assets. Contract
assets are provided for impairment based on expected credit losses.
For the determination method and accounting treatment method of the Company to expected
credit loss of contract assets, please refer to the related content of "financial instruments" in
accounting policies and accounting estimates.
15. Contract cost
The Company’s contract costs include incremental costs incurred to obtain contracts and contract
performance costs. The incremental costs incurred to obtain the contract ("contract acquisition
costs") refer to the costs that would not be incurred without obtaining the contract. If the cost is
expected to be recovered, the Company will recognize it as an asset as the contract acquisition
cost.
The cost incurred by the Company for the performance of the contract that does not fall within the
scope of other business accounting standards such as inventory and meets the following conditions
at the same time is recognized as an asset as the contract performance cost:
(1) The cost is directly related to a current or expected contract, including direct labor, direct
materials, manufacturing expenses (or similar expenses), costs clearly borne by the user, and other
costs incurred solely due to the contract;
(2) The cost increases the Company's future resources for fulfilling contract performance
obligations;
(3) The cost is expected to be recovered.
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The Company amortizes the assets recognized for contract acquisition costs and contract
performance costs (hereinafter referred to as "assets related to contract costs") on the same basis as
the recognition of commodity revenue related to the assets and includes in the current profits and
losses. If the amortization period of the asset formed by the incremental cost of obtaining the
contract does not exceed one year, it shall be included in the current profits and losses when it
occurs.
When the book value of the asset related to the contract cost is higher than the difference between
the following two items, the Company will make provisions for impairment for the excess part and
recognize it as an asset impairment loss:
(1) Remaining consideration expected to be obtained due to the transfer of commodities related to
the asset;
(2) Cost estimated to incur for the transfer of the relevant goods.
16. Long-term equity investments
(1) Recognition of initial investment cost
Initial investment cost of long term equity investment obtained by corporate consolidation: in the
case of the consolidation of enterprises under the same control, recognized as the initial cost is the
book value of the owners’ equity obtained from the consolidated party; in the case of the
consolidation of enterprises not under the same control, recognized as the initial cost is the
recognized consolidation cost on the purchase day. As for the long term equity investment
obtained by cash payment, the initial investment cost is the actual purchase payment. As for the
long term equity investment obtained by the equity securities offering, the initial investment cost
is the fair value of the equity securities. As for the long-term equity investment obtained by debt
reorganization, initial investment cost of such investment should determine by relevant regulation
of the “Accounting Standards for Business Enterprise No.12- Debt Reorganization”; As for the
long term equity investment obtained by the exchange of the non-monetary assets and the debts
restructuring, the initial investment cost is recognized on the relevant rules of “Accounting
Standards for Business Enterprise No.7- Exchange of the Non-monetary Assets”.
(2) Subsequent measurement and profit or loss recognition
Where the investor has a control over the investee, long-term equity investments are measured
using cost method. Long-term equity investments in associates and joint ventures are measured
using equity method. Where part of the equity investments of an investor in its associates are held
indirectly through venture investment institutions, common fund, trust companies or other similar
entities including investment linked insurance funds, such part of equity investments indirectly
held by the investor shall be measured at fair value through profit or loss according to relevant
requirements of Accounting Standards for Business Enterprises No.22—Recognition and
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measurement of Financial Instruments regardless whether the above entities have significant
influence on such part of equity investments, while the remaining part shall be measured using
equity method.
(3) Basis of conclusion for common control and significant influence over the investee
Joint control over an investee refers to where the activities which have a significant influence on
return on certain arrangement could be decided only by mutual consent of the investing parties
sharing the control, which includes the sales and purchase of goods or services, management of
financial assets, acquisition and disposal of assets, research and development activities and
financing activities, etc.; Significant influence on the investee refers to that: significant influence
over the investee exists when holding more than 20% but less than 50% of the shares with voting
rights or even if the holding is below 20%, there is still significant influence if any of the
following conditions is met: there is representative in the board of directors or similar governing
body of the investee; participation in the investee’s policy setting process; assign key management
to the investee; the investee relies on the technology or technical information of the investing
company; or major transactions with the investee.
17. Investment real estate
Measurement for investment real estate
Cost method
Depreciation or amortization method
Investment real estate of the Company refers to the leased buildings. The investment real estate of
the Company is initially measured by cost and conducting follow-up measures by cost mode.
Accrued on the year averaging is the depreciation of the lease buildings in the Company’s
investment property. The detailed check principle is same as that of the fixed assets. The rented
land use rights and land use rights held for transfer after appreciation owned by the Company was
adopted line amortization method. Detail calculation policy was similar to intangible assets.
18. Fixed assets
(1) Recognition
The fixed assets are tangible assets held for the goods production, labor supply, lease or operation
& management, and with above one-accounting-year service life; meanwhile as up to the
following conditions, they are recognized: The economic interest related to the fixed assets
probably flow into the Company; The cost of the fixed assets can be measured reliably.
(2) Depreciation method
Annual depreciation
Category Depreciation method Depreciation life (year) Salvage rate
rate
Straight-line
House and building 20-40 0-10 2.25-5.00
depreciation
Vessel and netting gear Straight-line 5-30 3-5 3.17-19.40
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depreciation
Straight-line
Machine equipment 8-20 0-10 4.5-12.50
depreciation
Transportation Straight-line
5 0-10 18.00-20.00
equipment depreciation
Furniture and office Straight-line
5 0-10 18.00-20.00
equipment depreciation
The Company's fixed assets mainly include housing and buildings, vessels and netting, machinery and equipment,
transportation equipment, furniture and office equipment; and the depreciation method adopts the straight-line
depreciation. The useful life and estimated net residual value of fixed assets are determined by the nature and use
condition of various types of fixed assets. The useful life, estimated net residual value, and depreciation method of
fixed assets are rechecked at the end of the year, if there is difference with the former estimated number,
corresponding adjustments should be made. In addition to the fixed assets that have been accrued depreciation and
still continue to use and the land that has been separately valued and recorded, the Company counts and draws the
depreciation of all fixed assets.
(3) Recognition, evaluation and depreciation of the fixed assets under finance lease
Recognition of fixed assets under finance lease: the nature of this kind of lease is a transfer of all
risk and rewards related to the ownership of assets. Measurement of fixed assets under finance
lease: the initial amount of a fixed asset under finance lease should be recorded as the lower of fair
value of the leased asset at the beginning date of lease term and the present value of minimum
lease payment. Subsequent measurement of fixed assets under finance lease should be in
accordance with the accounting policies adopted for self-owned fixed assets in respect of
provision of depreciation and impairment.
19. Construction in progress
Construction in progress of the Company divided as self-run construction and out-bag
construction. The Construction in progress of the Company carried forward as fixed assets while
the construction is ready for the intended use. Criteria of the expected condition for use should
apply one of the follow conditions: The substance construction (installation included) of the fixed
assets has completed all or basically; As the projects have been in test production or operation, and
the results show that the assets can operate properly and produce the qualified products stably, or
the test operation result shows the assets can operate or open properly. The expenditure of the
fixed assets on the construction, is a little or little. The fixed assets of the project constructed have
been up to the requirements of the design or contract, or basically up to.
20. Borrowing expenses
(1) Recognition principle on capitalization of borrowing expenses
As for the Company’s actual borrowing expenses directly attributable to the assets construction or
production, it is capitalized and reckoned into the relevant assets cost; as for other borrowing
expenses, it is recognized on the actual sum and reckoned into the current loss/gain. The assets up
to the capitalization are assets as the capital assets, investment real estate, and inventory reaching
the expectant availability or sale ability.
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(2) Calculation of the capitalization
Capitalization term: the period from the time starts to capitalization to the time the capitalization
ends. The period of capitalization suspended is not included. The capitalization of borrowing
expenses should be suspended while the abnormal interrupt, which surpass three months
continuously, in the middle of acquisition or construction or production.
As for the borrowing of the specific borrowing, the capitalization sum is recognized on the
current actual interest expenses less the interest income of the borrowing capital not utilized but
deposited in the bank or the return of the temporary investment; As for the appropriation of the
general borrowing, the capitalization sum is recognized on the weighted average of, the
accumulative assets expenditure above the specific borrowing, and times the capitalization rate of
the appropriation; As for the discount or premium of the borrowing, the discount or premium to be
diluted in every accounting period is recognized in the actual rate method.
The effective interest method is the method for the measurement of the diluted discount or
premium or interest expenses on the actual interest rate; and the actual interest rate is the interest
rate used in the discount of the future cash flow in the expectant duration period as the current
book value of the borrowing.
21. Intangible assets
(1) Accounting method, service life and impairment test
① Accounting method for intangible assets
The Company’s intangible assets are measured initially on cost. The intangible assets purchased in
are taken as the actual cost on the actual payment and relevant expenditure. As for the intangible
assets invested in by the investors, the actual cost is recognized on the value stipulated in the
contract or agreement; however, if what is stipulated in the contract or agreement is not fair value,
the actual cost is recognized on fair value. As for the self-developed intangible assets, their cost is
the actual total expenditure before reaching the expectant purpose.
The follow-up measurements of the Company’s intangible assets respectively are: the line
amortization method is taken on the intangible assets of finite service life, and at the yea-end, the
check is taken on the service life and dilution of the intangible assets, and the corresponding
adjustment is made if there is inconsistency with the previous estimate ones. As for the intangible
assets of uncertain service life, it is not diluted, however, the service life is checked at year-end; If
there is solid evidence to its finite service life, its service life is estimated and diluted in straight
line method.
Amortization of intangible assets with limited life:
Category Service life (Year) Amortization method
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Land use rights 42 Straight-line method
Patent 10 Straight-line method
② Recognition principle of intangible assets with uncertain service life
Recognized as the intangible assets of uncertain service life is refers to those intangible assets of
un-expectable period of economic benefits brought into the Company, or of the uncertain service
period. Recognition principle of uncertain service life: from contract right or other legal rights, the
uncertain service period is stipulated in the contract or law; after the integration of the situations
and relevant expertise argumentation in the same trade, the period of the economic interest
brought into the Company by the intangible assets still cannot be recognized.
At every year-end, the check is taken on the intangible assets of uncertain service life, mainly in
bottom-up way, namely the basic check is taken by the department relevant to the assets utilization,
to assess whether there is change in the recognition principle of the uncertain service life.
(2) Accounting policy of the internal R&D expenditure
Expenditures in the research phase of internal research and development projects shall be included
in the current profits and losses when incurred; expenditures in the development phase shall be
recognized as intangible assets if the following conditions are met at the same time: (1)
Completing the intangible asset so that it can be used or sold and has technical feasibility; (2) With
the intention to complete the intangible asset and use or sell it; (3) The method of intangible asset
generating economic benefits, including the ability to prove that the product produced by the
intangible asset exists in the market or the intangible asset itself exists in the market, if the
intangible asset will be used internally, its usefulness can be proved; (4) Sufficient technical,
financial resources and other resource support are available to complete the development of the
intangible asset and have the ability to use or sell the intangible asset; (5) The expenditures vested
in the development stage of this intangible asset can be reliably measured.
The specific criteria for dividing the research phase and the development phase of internal
research and development projects: the planned investigation phase for acquiring new technology
and knowledge should be determined as the research phase, which has the characteristics of
planning and exploratory nature; before commercial production or use, the stage of applying
research results or other knowledge to a certain plan or design to produce new or substantially
improved materials, devices, products, etc. should be determined as the development stage, which
has the characteristics of pertinence and greater possibility of forming results.
22. Long-term assets impairment
Long-term equity investments, investment properties measured at cost and long-term assets such
as fixed assets, construction in progress, productive biological assets at cost method, oil and gas
assets, intangible assets and goodwill are tested for impairment if there is any indication that an
asset may be impaired at the balance date. If the result of the impairment test indicates that the
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
recoverable amount of the asset is less than its carrying amount, a provision for impairment and an
impairment loss are recognized for the amount by which the asset’s carrying amount exceeds its
recoverable amount.
The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value
of the future cash flows expected to be derived from the asset. Provision for asset impairment is
determined and recognized on the individual asset basis. If it is not possible to estimate the
recoverable amount of an individual asset, the recoverable amount of a group of assets to which
the asset belongs is determined. A group of assets is the smallest group of assets that is able to
generate independent cash inflows.
Goodwill arising from a business combination is tested for impairment at least at each year end,
irrespective of whether there is any indication that the asset may be impaired. For the purpose of
impairment testing, the carrying amount of goodwill acquired in a business combination is
allocated from the acquisition date on a reasonable basis to each of the related asset groups; if it is
impossible to allocate to the related asset groups, it is allocated to each of the related set of asset
groups. If the carrying amount of the asset group or set of asset groups is higher than its
recoverable amount, the amount of the impairment loss first reduced by the carrying amount of the
goodwill allocated to the asset group or set of asset groups, and then the carrying amount of other
assets (other than the goodwill) within the asset group or set of asset groups, pro rata based on the
carrying amount of each asset.
Once the impairment loss of such assets is recognized, it is not be reversed in any subsequent
period.
23. Long-term deferred expenditure
The Company’s long-term deferred expenditure are expenses paid out and with one year above
(1-year included) benefit period. The long-term unamortized expenses are diluted by periods
according to the benefit period. As the long-term unamortized expenses cannot enable the
accounting period’s beneficiary, all dilution values of the project undiluted yet, are transferred into
the current loss/gain.
24. Contractual liabilities
The obligations to transfer the goods or provided the services to customers after receiving or
receivable consideration from the customers are listed as contractual liabilities.
The contractual assets and liabilities under the same contract are listed by net amount.
25. Employees benefits
(1) Accounting for short-term benefits
In the period of employee services, short-term benefits are actually recognized as liabilities and
charged to profit or loss, or if otherwise required or allowed by accounting standards of the
enterprise, to the related costs of assets for the current period. At the time of actual occurrence,
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The Company’s employee benefits are recorded into the profits and losses of the current year or
assets associated costs according to the actual amount. The non-monetary employee benefits are
measured at fair value. Regarding to the medical and health insurance, industrial injury insurance,
maternity insurance and other social insurances, housing fund and labor union expenditure and
personnel education that the Company paid for employees, the Company should recognize
corresponding employees benefits payable according to the appropriation basis and proportion as
stipulated by relevant requirements and recognize the corresponding liabilities and include these
expenses in the profits or losses of the current period or recognized as respective assets costs.
(2) Accounting for post-employment benefits
During the accounting period in which an employee provides service, the amount payable
calculated under defined contribution scheme shall be recognized as a liability and recorded in
profit and loss of the current period or in assets. In respect of the defined benefit scheme, the
Company shall use the projected unit credit method and attribute the welfare obligations
calculated using the formula stipulated by the defined benefit scheme to the service period of the
employee, and record the obligation in the current profit and loss or related assets cost.
(3) Accounting for termination benefits
The Company recognizes a liability and expenses in the current profit or loss for termination
benefits at the earlier of the following dates: when the Company can no longer withdraw the offer
of those benefits; and when the Company recognizes costs for restructuring involving the payment
of termination costs.
(4) Accounting for other long-term employee benefits.
The Company provides other long-term employee benefits to its employees. For those falling
within the scope of defined contribution scheme, the Company shall account for them according to
relevant requirements of the defined contribution scheme. In addition, the Company recognizes
and measures the net liabilities or net assets of the other long-term employee benefits according to
relevant requirements of the defined contribution scheme.
26. Revenue
Accounting policies for recognition and measurement of revenue
The Company has fulfilled the performance obligations in the contract, that is, when the customer
obtains control of the relevant goods or services, the revenue is recognized at the transaction price
allocated to the performance obligation. Obtaining control rights of related commodities means
being able to lead the use of the commodities and obtain almost all economic benefits from them.
Performance obligations refer to the Company's commitment to transfer clearly distinguishable
products to customers in the contract. The transaction price refers to the amount of consideration
that the Company expects to be entitled to receive due to the transfer of goods to the customer,
excluding the amount collected on behalf of a third party and the amount that the Company
expects to return to the customer.
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Whether the performance obligation is performed within a certain period of time or at a certain
point in time depends on the terms of the contract and relevant legal provisions. If the
performance obligation is performed within a certain period of time, the Company recognizes
revenue according to the performance progress. Otherwise, the Company recognizes revenue at a
certain point when the customer obtains control of the relevant assets.
For the Company's purse seine fish sold at overseas bases, generally, the income is recognized
after obtaining the vast majority of payment from the customers and after the delivery of the fish.
In the case of export sales by the local country, the income is recognized when the shipping order
and bill of lading are obtained.
Most of the Company's longline fishing goods are shipped back to domestic sales, the sales
department refers to the transaction price of Japanese Shimizu for external sales, and both parties
confirm the change of the cargo rights based on the signing of the sales contract and the value
decision table. The company confirms sales revenue based on the sales contract and the value
decision table.
Domestic sales of the Company's aquatic products processing: Shandong Zhonglu Oceanic
(Yantai) Foods Co., Ltd. issues a delivery confirmation according to the fax or mail order from
domestic customers, and the sales staff arrange the warehouse management department to stock up
and deliver the goods by air, long-distance bus or other means of delivery, the company issues the
sales invoice and confirms the sales revenue according to the delivery confirmation issued by the
sales department and signed by the warehouse management department.
Foreign sales of the Company's aquatic products processing: After the international trade
department obtains the purchase orders of foreign customers, it issues an export delivery
confirmation form and arranges the storage and transportation department to stock up. After the
export goods are packed and sent out, the warehouse management department sign on the delivery
confirmation issued by the international trade department, and obtain the export documents such
as packing list and bill of lading issued by the transportation department after shipment, and obtain
the export declaration form issued by the customs. The company issues the sales invoice and
confirms the sales revenue according to the export documents such as delivery confirmation,
packing list and customs declaration.
The Company's vessel rental income: The transportation vessel leasing of Shandong Zhonglu
Aquatic Marine Co., Ltd. and HABITAT INTERNATIONAL CORPORATION's adopts the time
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
charter, the company leases the ships equipped with operators to others for a certain period of time,
and waits for the dispatch of the leasee during the lease term. Regardless of whether it is operated
or not, the rental fee is charged to the lessee on a daily basis, and the company is responsible for
the occurrence of fixed expenses (such as personnel salaries, maintenance costs, etc.). During the
term of the lease, the customer settles accounts regularly and the revenue is recognized according
to the number of lease days confirmed by the customer.
27. Government subsidy
(1) Types of government subsidy and accounting treatment
government subsidy refer to monetary assets or non-monetary assets that the Company obtains
from the government without compensation (but excluding the capital invested by the government
as the owner). If the government grant is a monetary asset, it shall be measured according to the
amount received or receivable. If the government grant is a non-monetary asset, it shall be
measured at fair value; if the fair value cannot be obtained reliably, it is measured at the nominal
amount.
government subsidy related to daily activities are included in other income in accordance with the
economic business. government subsidy not related to daily activities are included in the
non-operating income and expenditure.
government subsidy that the government documents clearly stipulate for acquisition and
construction or forming long-term assets in other ways are recognized as government subsidy
related to assets. If the government documents do not clearly specify the grant target, government
subsidy that can form long-term assets, of which the part corresponding to the asset value is used
as the government subsidy related to the assets, and the rest is used as the government subsidy
related to the income; if it is difficult to distinguish, the whole government subsidy will be used as
a government grant related to income. government subsidy related to assets are recognized as
deferred income. The amount recognized as deferred income is included in the current profit and
loss in a reasonable and systematic manner within the useful life of the relevant asset.
government subsidy other than government subsidy related to assets are recognized as government
subsidy related to income. If a government grant related to the income is used to compensate the
relevant expenses or losses of the enterprise in the future period, it is recognized as deferred
income and is included in the current profit and loss during the period of recognizing related
expenses; the government grant used to compensate the occurred relevant expenses or losses of
the enterprise is directly included in the current profit and loss.
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
The Company obtains the policy preferential loan interest subsidy, and the government allocates
the interest subsidy funds to the loan bank. If the loan bank provides loans to the Company at a
policy preferential interest rate, the actually received loan amount will be used as the entry value
of the loan, and the relevant borrowing costs will be calculated according to the loan principal and
the policy preferential interest rate. If the government directly allocates the interest subsidy to the
Company, the Company will offset the corresponding interest subsidy against relevant
borrowing costs.
(2) Confirmation time-point of government subsidy
government subsidy are recognized when they meet the conditions attached to government
subsidy and can be received. government subsidy measured in accordance with the amount
receivable are recognized when there is conclusive evidence at the end of the period that they
conform to relevant conditions stipulated in the financial support policy and are expected to
receive financial support funds. Other government subsidy other than government subsidy
measured in accordance with the receivable amount are recognized when the grant is actually
received.
28. Deferred income tax asset and deferred income tax liability
(1) Where there is difference between the carrying amount of the assets or liabilities and its tax
base, (as for an item that has not been recognized as an asset or liability, if its tax base can be
determined in light of the tax law, the tax base shall recognized as the difference) the deferred
income tax and deferred income tax liabilities shall be determined according to the applicable tax
rate in period of assets expected to recover or liability expected to pay off.
(2) The deferred income tax assets shall be recognized to the extent of the amount of the taxable
income which it is most likely to obtain and which can be deducted from the deductible temporary
difference. On balance sheet date, if there have concrete evidence of obtaining, in future period,
enough taxable amounts to deduct the deductible temporary difference, the un-confirmed deferred
income tax assts in previous accounting period shall be recognized. If there has no enough taxable
amounts, obtained in future period, to deducted the deferred income tax assets, book value of the
deferred income tax assets shall be kept in decreased.
(3) The taxable temporary differences related to the investments of subsidiary companies and
associated enterprises shall recognized as deferred income tax liability, unless the Company can
control the time of the reverse of temporary differences and the temporary differences are unlikely
to be reversed in the expected future. As for the deductible temporary difference related to the
investment of the subsidiary companies and associated enterprises, deferred income tax assets
shall be recognized while the temporary differences are likely to be reversed in the expected future
and it is likely to acquire any amount of taxable income tax that may be used for making up the
deductible temporary differences.
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
29. Leasing
(1) Accounting treatment for operating lease
Operating lease payments are recognized on a straight-line basis over the term of the relevant
lease, and are either included in the cost of related asset or charged to profit or loss for the period.
(2) Accounting treatment for finance lease
At the commencement of the lease term, the Group records the leased asset at an amount equal to
the lower of the fair value of the leased asset and the present value of the minimum lease
payments. The difference between the recorded amounts is accounted for as unrecognized finance
charge, using the effective interest method amortization during the lease term. Minimum lease
payments deducting unrecognized financing charges are listed as long-term account payable.
30. Changes of other important accounting policy and estimation
(1) Changes in important accounting policies
√Applicable □Not applicable
Content and causes of accounting policy
Approval procedures Note
changed
Change the accounting policy according
to the “Accounting Standards for
Business Enterprises No.14- Revenue” Approved by the BOD
revised and issued by Ministry of
Finance in July 2017
The company implements the "Accounting Standards for Business Enterprises No. 14- Revenue " (CK [2017] No.
22) revised and issued by the Ministry of Finance. Other unaltered parts are still implemented in accordance with
the "Accounting Standards for Business Enterprises - Basic Standards" promulgated by the Ministry of Finance in
the previous period and the various specific accounting standards, the application guide of the accounting
standards for business enterprises, the interpretation announcement of the accounting standards for business
enterprises and other relevant regulations.
The company has implemented the above revised standards from January 1, 2020, and adjusted the relevant
content of accounting policies.
According to the "Accounting Standards for Business Enterprises No. 14 - Revenue" revised by the Ministry of
Finance, incorporates the current revenue and construction contract standards in a unified revenue recognition
model; use the transfer of control rights instead of risk reward transfer as the judgment standard for the point in
time of revenue recognition; provides clearer guidance for the accounting treatment of contracts that include
multiple transaction arrangements; gives clear regulations for the revenue recognition and measurement of certain
specific transactions (or events).
According to the convergence regulations, the cumulative impact number of the first implementation of this
standard is used to adjust the amount of retained earnings at the beginning of the period and the amount of other
related items in the financial statements, and no adjustment is made to the information during comparable period.
This change of accounting policy is made by the company in accordance with the relevant regulations and
requirements issued by the Ministry of Finance. After the change, the accounting policy can objectively and fairly
reflect the company's financial status and operating results, and comply with relevant laws and regulations and the
actual situation of the company. This accounting policy change only adjusts the retained earnings at the beginning
of the period and other related items in the financial statements, and will not have a significant impact on the
company's financial status, operating results and cash flow, and there is no harm to the company and the
52
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
shareholders' interests.
Item of consolidate statement 2019-12-31 2020-01-01 Impact amount
Account received in 18,477,646.54 -18,477,646.54
advance
Contractual liability 18,477,646.54 18,477,646.54
(2)Change of important accounting estimates
□Applicable √Not applicable
(3) Adjust relevant items of financial statements at beginning of the year of fist
implementation of the new revenue standards and new leasing standards since 2020
Applicable
Whether need to adjust the items of balance sheet at the beginning of the year
√Yes □No
Consolidate balance sheet
In RMB
Item 2019-12-31 2020-01-01 Adjustment
Current assets:
Monetary fund 186,011,644.29 186,011,644.29
Settlement provisions
Capital lent
Trading financial
assets
Derivative financial
assets
Notes receivable
Account receivable 70,003,394.30 70,003,394.30
Receivables financing
Accounts paid in
17,350,069.13 17,350,069.13
advance
Insurance receivable
Reinsurance
receivables
Contract reserve of
reinsurance receivable
Other account
4,343,207.56 4,343,207.56
receivable
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Including: interest
receivable
Dividend
receivable
Buying back the sale
of financial assets
Inventories 375,744,116.36 375,744,116.36
Contractual assets
Assets held for sale
Non-current asset due
within one year
Other current assets 32,027,587.58 32,027,587.58
Total current assets 685,480,019.22 685,480,019.22
Non-current assets:
Loans and payments
on behalf
Creditors’ investment
Other creditor’s
investment
Long-term account
receivable
Long-term equity
investments
Other equity
instrument investment
Other non-current
financial assets
Investment real estate 32,761,086.11 32,761,086.11
Fixed assets 551,167,599.49 551,167,599.49
Construction in
progress
Productive biological
asset
Oil and gas asset
Right-of-use asset
Intangible assets 13,196,284.54 13,196,284.54
Expense on Research
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
and Development
Goodwill
Long-term prepaid
435,134.13 435,134.13
expenses
Deferred income tax
1,845,872.82 1,845,872.82
asset
Other non-current
3,640,847.49 3,640,847.49
asset
Total non-current asset 603,046,824.58 603,046,824.58
Total assets 1,288,526,843.80 1,288,526,843.80
Current liabilities:
Short-term loans 51,662,365.00 51,662,365.00
Loan from central
bank
Capital borrowed
Trading financial
liability
Derivative financial
liability
Notes payable
Accounts payable 94,725,231.68 94,725,231.68
Accounts received in
18,477,646.54 -18,477,646.54
advance
Contractual liability 18,477,646.54 18,477,646.54
Selling financial asset
of repurchase
Absorbing deposit and
interbank deposit
Security trading of
agency
Security sales of
agency
Wage payable 49,149,654.32 49,149,654.32
Taxes payable 3,597,925.54 3,597,925.54
Other accounts
8,634,438.40 8,634,438.40
payable
Including: interest
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
payable
Dividend
payable
Commission charge
and commission payable
Reinsurance payable
Liability held for sale
Non-current liabilities
due within one year
Other current
liabilities
Total current liabilities 226,247,261.48 226,247,261.48
Non-current liabilities:
Insurance contract
reserve
Long-term loans
Bonds payable
Including: preferred
stock
Perpetual
capital securities
Lease liability
Long-term account
payable
Long-term wages
1,378,471.70 1,378,471.70
payable
Accrual liability
Deferred income 15,764,480.48 15,764,480.48
Deferred income tax
liabilities
Other non-current
liabilities
Total non-current liabilities 17,142,952.18 17,142,952.18
Total liabilities 243,390,213.66 243,390,213.66
Owners’ equity:
Share capital 266,071,320.00 266,071,320.00
Other equity
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
instrument
Including: preferred
stock
Perpetual
capital securities
Capital reserve 284,054,997.75 284,054,997.75
Less: treasury stock
Other comprehensive
707,156.17 707,156.17
income
Reasonable reserve
Surplus reserve 21,908,064.19 21,908,064.19
Provision of general
risk
Retained profit 314,460,431.58 314,460,431.58
Total owner’s equity
attributable to parent 887,201,969.69 887,201,969.69
company
Minority interests 157,934,660.45 157,934,660.45
Total owner’s equity 1,045,136,630.14 1,045,136,630.14
Total liabilities and
1,288,526,843.80 1,288,526,843.80
owner’s equity
Explanation
The company has implemented the new revenue standard from January 1, 2020.According to the convergence
regulations, the cumulative impact number of the first implementation of this standard is used to adjust the amount
of retained earnings at the beginning of the period and the amount of other related items in the financial statements,
and no adjustment is made to the information during comparable period. This change of accounting policy is made
by the company in accordance with the relevant regulations and requirements issued by the Ministry of Finance.
After the change, the accounting policy can objectively and fairly reflect the company's financial status and
operating results, and comply with relevant laws and regulations and the actual situation of the company. This
accounting policy change only adjusts the retained earnings at the beginning of the period and other related items
in the financial statements, and will not have a significant impact on the company's financial status, operating
results and cash flow, and there is no harm to the company and the shareholders' interests.
Balance sheet of parent company
In RMB
Item 2019-12-31 2020-01-01 Adjustment
Current assets:
Monetary fund 56,205,332.78 56,205,332.78
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Trading financial
assets
Derivative financial
assets
Notes receivable
Account receivable 29,071,151.64 29,071,151.64
Receivables financing
Accounts paid in
4,729,985.40 4,729,985.40
advance
Other account
181,768,872.70 181,768,872.70
receivable
Including: interest
receivable
Dividend
94,566,287.92 94,566,287.92
receivable
Inventories 34,787,467.34 34,787,467.34
Contractual assets
Assets held for sale
Non-current asset due
within one year
Other current assets 2,079,593.94 2,079,593.94
Total current assets 308,642,403.80 308,642,403.80
Non-current assets:
Creditors’ investment
Other creditor’s
investment
Long-term account
5,196,204.31 5,196,204.31
receivable
Long-term equity
232,189,455.23 232,189,455.23
investments
Other equity
instrument investment
Other non-current
financial assets
Investment real estate 32,761,086.11 32,761,086.11
Fixed assets 58,708,493.74 58,708,493.74
Construction in
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
progress
Productive biological
asset
Oil and gas asset
Right-of-use asset
Intangible assets 846,324.29 846,324.29
Expense on Research
and Development
Goodwill
Long-term prepaid
88,996.85 88,996.85
expenses
Deferred income tax
asset
Other non-current
1,279,247.49 1,279,247.49
asset
Total non-current asset 331,069,808.02 331,069,808.02
Total assets 639,712,211.82 639,712,211.82
Current liabilities:
Short-term loans
Trading financial
liability
Derivative financial
liability
Notes payable
Accounts payable 6,504,914.36 6,504,914.36
Accounts received in
2,161,006.77 -2,161,006.77
advance
Contractual liability 2,161,006.77 2,161,006.77
Wage payable 16,431,213.09 16,431,213.09
Taxes payable 452,563.73 452,563.73
Other accounts
88,931,206.55 88,931,206.55
payable
Including: interest
payable
Dividend
payable
Liability held for sale
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Non-current liabilities
due within one year
Other current
liabilities
Total current liabilities 114,480,904.50 114,480,904.50
Non-current liabilities:
Long-term loans
Bonds payable
Including: preferred
stock
Perpetual
capital securities
Lease liability
Long-term account
payable
Long-term wages
984,566.68 984,566.68
payable
Accrual liability
Deferred income
Deferred income tax
liabilities
Other non-current
liabilities
Total non-current liabilities 984,566.68 984,566.68
Total liabilities 115,465,471.18 115,465,471.18
Owners’ equity:
Share capital 266,071,320.00 266,071,320.00
Other equity
instrument
Including: preferred
stock
Perpetual
capital securities
Capital reserve 279,115,900.17 279,115,900.17
Less: treasury stock
Other comprehensive
income
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Reasonable reserve
Surplus reserve 19,184,672.34 19,184,672.34
Retained profit -40,125,151.87 -40,125,151.87
Total owner’s equity 524,246,740.64 524,246,740.64
Total liabilities and
639,712,211.82 639,712,211.82
owner’s equity
Explanation
The company has implemented the new revenue standard from January 1, 2020.According to the convergence
regulations, the cumulative impact number of the first implementation of this standard is used to adjust the amount
of retained earnings at the beginning of the period and the amount of other related items in the financial statements,
and no adjustment is made to the information during comparable period. This change of accounting policy is made
by the company in accordance with the relevant regulations and requirements issued by the Ministry of Finance.
After the change, the accounting policy can objectively and fairly reflect the company's financial status and
operating results, and comply with relevant laws and regulations and the actual situation of the company. This
accounting policy change only adjusts the retained earnings at the beginning of the period and other related items
in the financial statements, and will not have a significant impact on the company's financial status, operating
results and cash flow, and there is no harm to the company and the shareholders' interests.
(4) Retrospective adjustment of early comparative data for the first implementation of new
financial standards and new lease standards since 2020
□Applicable √Not applicable
VI. Taxes
1. Major tax and tax rate
Taxes Taxation basis Tax rate
Output tax minor the deductible input
VAT 13%, 9%, 6%, 5%
tax
Urban maintenance and construction tax Turnover taxes payable 7%
Corporate income ax Taxable amount Exemption, 25%, 8%
Explain the different taxation entity of the enterprise income tax
Taxation entity Income tax rate
Imposing no tax on distant fishing, and 25% for the house
Shandong Zhonglu Oceanic Fisheries Company Limited
leasing
Shandong Zhonglu Haiyan Deep-sea Fishery Co., Ltd. Exemption
AFRICA STAR FISHERIES LIMITED 8% for export parts, 25% for domestic sales
HABITAT INTERNATIONAL CORPORATION Exemption
LAIF FISHERIES COMPANY LIMITED 25%
ZHONG GHA FOODS COMPANY LIMITED 25%
Shandong Zhonglu Fishery Shipping Co., Ltd. 25%
Shandong Zhonglu Ocean Refrigerated Co., Ltd. Imposing no tax on aquatic product processing, and 25% for
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
refrigeration service
Imposing no tax on aquatic product processing, and 25% for
Shandong Zhonglu Oceanic (Yantai) Foods Co., Ltd.
refrigeration service
2. Preferential tax
(1) VAT tax preference:
According to the relevant provisions of the Circular About the Provisional Management Method of Not Levying the
Tax on the Aquatic Products Directly Caught by Ocean Fishery Enterprises (SS No. [2000] 260), China's ocean
fishery enterprises stipulate on the high seas or in accordance with the relevant agreements that the aquatic products
caught in foreign sea areas and sent back for domestic sales should be regarded as the domestic products and
should not be levied the import duties and import VAT. If the corresponding domestic sales business is the primary
agricultural products sales, exempt from the VAT according to the provisions of VAT rules. The Company's sales
revenue from ocean-going fishing operations is exempt from VAT.
(2) Income tax preference:
According to relevant regulation of Circular of the Preferential Policies Concerning Corporate Income Tax (CSZ
No.[1994]001), the Letter About Relevant Issue About Accelerating the Development of China's Ocean Fisheries
(CN No. [2000] 104) of the Ministry of Finance, the Enterprise Income Tax Law of the People's Republic of China
(PRC Presidential Decree No. [2007] 63), the Enforcement Regulations of Enterprise Income Tax Law of the
People's Republic of China (PRC State Council Decree No. 512), Notice About Issuing the Preliminary Processing
Scope (Trial) of Agricultural Products that Enjoy the Preferential Policy of Enterprise Income Tax of Ministry of
Finance and State Administration of Taxation (CS No. [2008]149), the Supplement Notice About the Preliminary
Processing Scope of Agricultural Products that Enjoy the Preferential Policy of Enterprise Income Tax of Ministry
of Finance and State Administration of Taxation (CS No. [2011] 26) and the Notice About the Preferential
Problems of Corporate Income Tax for Implementation of Agriculture Animal Husbandry and Fishery of Ministry
of Finance and State Administration of Taxation (Notice of the State Administration of Taxation 2011 No. 48), as
for the initial processing of agricultural products and the commissioned initial processing of an agricultural product,
as well as the processing fees it charges, may be handled in accordance with the tax-free items for initial
processing of agricultural products. The Company's income obtained from the ocean-going fishing business and the
preliminary processing of agricultural products is exempted from corporate income tax. The Company's income
obtained from the business except for the ocean-going fishing and the preliminary processing of agricultural
products should pay the enterprise income tax at 25%.
VII. Notes to main items in consolidated financial statement
1. Monetary fund
In RMB
Item Closing balance Opening balance
Cash on hand 2,524,076.65 4,956,965.73
Bank deposit 173,464,905.42 179,646,672.99
Other monetary fund 1,408,005.57 1,408,005.57
Total 177,396,987.64 186,011,644.29
Including: Total amount save aboard 24,056,156.78 32,175,289.98
2. Trading financial assets
In RMB
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Item Closing balance Opening balance
Financial assets measured by fair value
and with variation reckoned into current 10,000,000.00
gains/losses
Including:
Structured deposits 10,000,000.00
Total 10,000,000.00
5. Account receivable
(1) Category
In RMB
Closing balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Book
Accrual Accrual Book value
Amount Ratio Amount value Amount Ratio Amount
ratio ratio
Including:
Account receivable
with bad debt 95,248,2 11,267,7 83,980,55 80,013,69 10,010,30 70,003,394.
100.00% 11.83% 100.00% 12.51%
provision accrual by 57.99 06.41 1.58 9.94 5.64 30
portfolio
Including:
95,248,2 11,267,7 83,980,55 80,013,69 10,010,30 70,003,394.
Total 100.00% 11.83% 100.00% 12.51%
57.99 06.41 1.58 9.94 5.64 30
Accrual of bad debt provision on portfolio: 11,267,706.41
In RMB
Closing balance
Name
Book balance Bad debt provision Accrual ratio
Provision for bad debts by
95,248,257.99 11,267,706.41 11.83%
combination:
Total 95,248,257.99 11,267,706.41 --
If the provision for bad debts of accounts receivable is made in accordance with the general model of expected credit
losses, please refer to the disclosure of other account receivable to disclose related information about bad-debt
provisions:
□Applicable √Not applicable
By account age
In RMB
Account age Closing balance
Within one year (one year included) 88,360,770.57
63
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
1-2 years 571,159.46
2-3 years 52,493.07
Over three years 6,263,834.89
3-4 years 574,816.88
Over five years 5,689,018.01
Total 95,248,257.99
(2) Bad debt provision accrual, collected or reversal in the period
Accrual of bad debt provision in the period:
In RMB
Current changes
Opening Closing
Category Collected or
balance Accrual Charge-off Other balance
reversal
Provision for
bad debts based 10,010,305.64 1,701,273.33 444,052.56 11,267,526.41
on age
Total 10,010,305.64 1,701,273.33 444,052.56 11,267,526.41
(3) Top five account receivables collected by arrears party at ending balance
Ending balance of accounts Proportion in total receivables Bad debt preparation ending
Enterprise
receivable at ending balance balance
Hong Kong Luen Thai
12,923,568.42 13.57% 646,178.42
Seafood
HAIXINSHEN
10,303,013.91 10.82% 515,150.70
CO.LTD
NOTOS ＆
9,431,153.10 9.90% 471,557.66
COMPANY LIMITED
AFKO FISHERIES CO
6,496,248.05 6.82% 523,807.55
LTD
Shenzhen SZY Trading
5,610,741.89 5.89% 561,074.19
Co., Ltd.
Total 44,764,725.37 47.00%
4. Accounts paid in advance
(1) By account age
In RMB
Closing balance Opening balance
Account age
Amount Ratio Amount Ratio
Within one year 20,384,990.92 93.93% 16,715,518.41 96.34%
1-2 years 1,245,498.59 5.74% 564,788.72 3.26%
2-3 years 70,795.00 0.33% 69,762.00 0.40%
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Total 21,701,284.51 -- 17,350,069.13 --
(2) Top 5 account paid in advance collected by objects at ending balance
Name Closing balance Ratio in total account paid Note
in advance at period-end
China Fisheries Association - access fishing fee 5,927,047.49 27.31%
Dongyi Sea Transportation Personal Company 3,786,318.86 17.45%
FISHERIES COMMISSION( GHANA) 1,478,801.71 6.81%
Dalian Chuanyang International Co., Ltd. 1,170,000.00 5.39%
Yantai Aowei Refrigeration Equipment Co., 1,000,000.00 4.61%
Ltd.
Total 13,362,168.06 61.57%
5. Other account receivable
In RMB
Item Closing balance Opening balance
Other account receivable 2,633,719.57 4,343,207.56
Total 2,633,719.57 4,343,207.56
(1) Other account receivable
1) By nature
In RMB
Nature Closing book balance Opening book balance
Margin 156,311.70 571,699.92
Intercourse funds and other 7,472,019.37 8,838,749.39
Less: bad debt provision -4,994,611.50 -5,067,241.75
Total 2,633,719.57 4,343,207.56
2) Accrual of bad debt provision
In RMB
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
Balance on Jan. 1, 2020 627,212.45 4,440,029.30 5,067,241.75
Balance of Jan. 1, 2020
—— —— —— ——
in the period
Current accrual 102,717.52 102,717.52
Current reversal 175,347.77 175,347.77
Balance on Jun. 30, 2020 554,582.20 4,440,029.30 4,994,611.50
Change of book balance of loss provision with amount has major changes in the period
□Applicable √Not applicable
65
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
By account age
In RMB
Account age Closing balance
Within one year (one year included) 2,225,130.93
Including within six months 66,544.39
Six months - one year 2,158,586.54
1-2 years 655,419.82
2-3 years 412,815.58
Over three years 4,334,964.74
3-4 years 54,274.66
4-5 years 35,798.26
Over 5 years 4,244,891.82
Total 7,628,331.07
3) Bad debt provision accrual, collected or reversal in the period
Accrual of bad debt provision in the period:
In RMB
Current changes
Opening Closing
Category Collected or
balance Accrual Written off Other balance
reversal
Provision for
bad debts based 5,067,241.75 102,717.52 175,347.77 4,994,611.50
on age
Total 5,067,241.75 102,717.52 175,347.77 4,994,611.50
4) Top 5 other account receivable collected by arrears party at ending balance
In RMB
Proportion in total
other account Ending balance of
Enterprise Nature Closing balance Account age
receivables at bad debt provision
period-end
Qingdao Anning
Ship Engineering Intercourse funds 809,272.83 Over three years 10.61% 809,272.83
Co., Ltd.
Bocheng Jingwei
Software
Intercourse funds 299,000.00 Within one year 3.92% 14,950.00
Technology Co.,
Ltd.
Japan Daihatsu
Intercourse funds 288,896.39 Over 5 years 3.79% 288,896.39
Co., Ltd.
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
DIVING-SEAGU
Intercourse funds 207,072.50 Over 5 years 2.71% 207,072.50
LL
Wende Ship
Intercourse funds 200,000.00 Over 5 years 2.62% 200,000.00
Repair Company
Total -- 1,804,241.72 -- 23.65% 1,520,191.72
6. Inventories
Whether implemented the new revenue standards
No
(1) Category
In RMB
Closing balance Opening balance
Provision for Provision for
inventory inventory
depreciation or depreciation or
Item contract contract
Book balance Book value Book balance Book value
performance performance
cost cost
impairment impairment
provision provision
Raw materials 98,497,048.59 1,067,265.00 97,429,783.59 139,142,998.02 1,506,520.94 137,636,477.08
Inventory 298,812,210.70 3,942,499.54 294,869,711.16 236,151,661.21 3,116,468.80 233,035,192.41
Revolving
28,628.50 28,628.50 989,692.35 989,692.35
materials
Goods in transit 3,279,215.85 3,279,215.85
Low value
2,005,887.62 2,005,887.62 803,538.67 803,538.67
consumables
Total 399,343,775.41 5,009,764.54 394,334,010.87 380,367,106.10 4,622,989.74 375,744,116.36
(2) Provision for inventory depreciation or contract performance cost impairment provision
In RMB
Current increased Current decreased
Item Opening balance Switch back or Closing balance
Accrual Other Other
charge-off
Raw materials 1,506,520.94 439,255.94 1,067,265.00
Inventory 3,116,468.80 1,151,903.20 325,872.46 3,942,499.54
Total 4,622,989.74 1,151,903.20 765,128.40 5,009,764.54
7. Other current assets
In RMB
Item Closing balance Opening balance
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Input VAT ready for deduction 14,911,213.92 31,837,201.31
Income tax prepaid 177,922.66
Prepay other taxes 12,463.61
Total 14,911,213.92 32,027,587.58
8. Other equity instrument investment
In RMB
Item Closing balance Opening balance
Southern Securities
Itemized the non-tradable equity instrument investment in the period
In RMB
Causes of those
that designated
Retained earnings measured by fair Cause of retained
transfer from value and with its earnings transfer
Dividend income Cumulative
Item Cumulative gains other variation from other
recognized losses
comprehensive reckoned into comprehensive
income other income
comprehensive
income
Other explanation:
On April 29, 2005, China Southern Securities Co., Ltd. was issued an administrative penalty of canceling the
securities business license and being ordered to close down by the China Securities Regulatory Commission. On
August 16, 2006, Southern Securities Co., Ltd. was declared bankruptcy by the Shenzhen Intermediate People’s
Court. The company made a provision for impairment of the 33 million yuan of investment cost in full of Southern
Securities Co., Ltd. held by the company based on the book balance.
9. Investment real estate
(1) Measured at cost
√Applicable □Not applicable
In RMB
Construction in
Item House and building Land use rights Total
progress
I. Original book value
1.Opening balance 51,308,578.35 51,308,578.35
2.Current increased
(1) Outsourcing
(2) Inventory\fixed
assets\construction in
process transfer-in
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
(3) Increased by
combination
3.Current decreased
(1) Disposal
(2) Other transfer-out
4.Closing balance 51,308,578.35 51,308,578.35
II. Accumulated
depreciation and
accumulated
amortization
1.Opening balance 17,660,980.18 17,660,980.18
2.Current increased 663,038.34 663,038.34
(1) Accrual or
663,038.34 663,038.34
amortization
3.Current decreased
(1) Disposal
(2) Other transfer-out
4.Closing balance 18,324,018.52 18,324,018.52
III. Impairment
provision
1.Opening balance 886,512.06 886,512.06
2.Current increased
(1) Accrual
3. Current decreased
(1) Disposal
(2) Other transfer-out
4.Closing balance 886,512.06 886,512.06
IV. Book value
1.Ending book value 32,098,047.77 32,098,047.77
2.Opening book value 32,761,086.11 32,761,086.11
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
(2) Measure on fair value
□Applicable √Not applicable
(3) Investment real estate without property certificate completed
In RMB
Item Book value Reasons
Houses and buildings 31,988,486.56 See the notes
Other explanation
Pursuant to the Debt Compensation Opinion entered into between the Company and Shandong Aquatic Products
Group in April 2006 and the civil verdict issued by People Court of Lixia district of Jinan city (2005 LZZDi-1299),
the comprehensive office building owned by Shandong Aquatic Products Group at No.43, Heping road, Lixia
District, Jinan was ruled to be vested to the Company, so as to compensate the relevant debts. Building ownership
transfer has not been registered yet; management of the Company is in the process of making active coordination
among various parties seeking for early completion of such registration.
10. Fixed assets
In RMB
Item Closing balance Opening balance
Fixed assets 531,275,969.26 539,678,865.42
Fixed assets liquidation 11,488,734.07
Total 531,275,969.26 551,167,599.49
(1) Fixed assets
In RMB
House and Vessel and netting Machine Transportation Furniture and
Item Total
building gear equipment equipment office equipment
I. Original book
value：
1.Opening
114,235,599.27 678,939,803.12 47,695,910.53 9,147,146.26 11,927,233.82 861,945,693.00
balance
2.Current
16,269.75 16,249,673.91 1,483,320.55 60,400.17 121,588.17 17,931,252.55
increased
(1)
7,974,371.01 1,482,515.55 112,580.27 9,569,466.83
Purchasing
(2)
Construction in
5,582,844.05 5,582,844.05
progress
transfer-in
(3) Increased
by combination
(4)
16,269.75 2,692,458.85 805.00 60,400.17 9,007.90 2,778,941.67
Fluctuations in
70
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
exchange
3.Current
4,252,342.53 1,316,249.33 296,298.34 5,864,890.20
decreased
(1) Disposal
4,252,342.53 1,316,249.33 296,298.34 5,864,890.20
or scrapping
4.Closing
114,251,869.02 690,937,134.50 47,862,981.75 8,911,248.09 12,048,821.99 874,012,055.35
balance
II. Accumulative
depreciation
1.Opening
31,952,258.72 253,213,522.57 22,766,284.17 5,324,327.47 8,852,861.15 322,109,254.08
balance
2.Current
1,405,794.67 21,888,337.09 1,858,551.25 599,498.78 198,551.58 25,950,733.37
increased
(1) Accrual 1,405,794.67 21,888,337.09 1,858,551.25 599,498.78 198,551.58 25,950,733.37
3.Current
4,039,725.40 1,150,251.12 291,498.34 5,481,474.86
decreased
(1) Disposal
4,039,725.40 1,150,251.12 291,498.34 5,481,474.86
or scrapping
4.Closing
33,358,053.39 271,062,134.26 23,474,584.30 5,632,327.91 9,051,412.73 342,578,512.59
balance
III. Impairment
provision
1.Opening
157,573.50 157,573.50
balance
2.Current
increased
(1) Accrual
3.Current
decreased
(1) Disposal
or scrapping
4.Closing
157,573.50 157,573.50
balance
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
IV. Book value
1.Ending book
80,893,815.63 419,717,426.74 24,388,397.45 3,278,920.18 2,997,409.26 531,275,969.26
value
2.Opening
82,283,340.55 425,568,707.05 24,929,626.36 3,822,818.79 3,074,372.67 539,678,865.42
book value
(2) Fixed assets without property certificate obtained
In RMB
Item Book value Causes
Houses and buildings 2,005,587.41 See the notes
Other explanation
Pursuant to the Debt Compensation Opinion entered into between the Company and Shandong Aquatic Products
Group in April 2006 and the civil verdict issued by People Court of Lixia district of Jinan city (2005 LZZDi-1299),
the comprehensive office building owned by Shandong Aquatic Products Group at No.43, Heping road, Lixia
District, Jinan was ruled to be vested to the Company, so as to compensate the relevant debts. Building ownership
transfer has not been registered yet; management of the Company is in the process of making active coordination
among various parties seeking for early completion of such registration.
(3) Disposal of fixed assets
In RMB
Item Closing balance Opening balance
Adjust the pending "Xin Maoxing" to
11,488,734.07
disposal of fixed assets
Total 11,488,734.07
Other explanation
11. Construction in progress
In RMB
(1) Construction in progress
In RMB
Closing balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Atlantic Seine
4,077,658.55 4,077,658.55 0.00 4,077,658.55 4,077,658.55 0.00
Item
Total 4,077,658.55 4,077,658.55 4,077,658.55 4,077,658.55
(2) Changes of major Construction in progress
In RMB
Propor Accum Includi
Openi Curren Transf Other Closin Work Capital Capital
Item tion of ulative ng:
Budget ng t er to decrea g progre izing resour
Name project amoun interes
balanc increas fixed sing balanc ss rate ces
invest t of t
72
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
e ed assets e ment interes capital
in t ization
budget capital in
ization Period
"Tyron
e 2"
5,372, 5,372, Compl
round 0.00 0.00 Other
721.96 721.96 eted
overha
ul
5,372, 5,372,
Total 0.00 -- -- --
721.96 721.96
12. Intangible assets
(1) Intangible assets
In RMB
Non-patented
Item Land use rights Patent right Computer software Total
technology
I. Original book
value
1.Opening
17,154,729.00 1,950,771.84 19,105,500.84
balance
2.Current
292,216.61 292,216.61
increased
(1)
292,216.61 292,216.61
Purchasing
(2) Internal
R&D
(3) Increased
by combination
3.Current
decreased
(1) Disposal
4.Closing
17,154,729.00 2,242,988.45 19,397,717.45
balance
II. Accumulated
amortization
1.Opening
5,221,512.65 687,703.65 5,909,216.30
balance
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
2.Current
191,935.08 156,860.37 348,795.45
increased
(1) Accrual 191,935.08 156,860.37 348,795.45
3.Current
decreased
(1) Disposal
4.Closing
5,413,447.73 844,564.02 6,258,011.75
balance
III. Impairment
provision
1.Opening
balance
2.Current
increased
(1) Accrual
3.Current
decreased
(1) Disposal
4.Closing
balance
IV. Book value
1.Ending book
11,741,281.27 1,398,424.43 13,139,705.70
value
2.Opening book
11,933,216.35 1,263,068.19 13,196,284.54
value
The proportion of intangible assets form by internal R&D in total book value of intangible assets at period-end
13. Long-term prepaid expenses
In RMB
Amortized in
Item Opening balance Current increased Other decreased Closing balance
Period
Office building
435,134.13 197,904.52 237,229.61
decoration
Total 435,134.13 197,904.52 237,229.61
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Other explanation
14. Deferred income tax asset /Deferred income tax liabilities
(1) Deferred income tax assets without offset
In RMB
Closing balance Opening balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
differences asset differences asset
Asset impairment
957,359.10 239,339.79 957,359.10 239,339.79
provision
Deferred income 6,426,132.12 1,606,533.03 6,426,132.12 1,606,533.03
Total 7,383,491.22 1,845,872.82 7,383,491.22 1,845,872.82
(2) Amount of deferred income tax asset and deferred income tax liability after trade-off
In RMB
Ending balance of Trade-off between the Opening balance of
Trade-off between the
deferred income tax deferred income tax deferred income tax
Item deferred income tax
assets or liabilities after assets and liabilities at assets or liabilities after
assets and liabilities
off-set period-begin off-set
Deferred income tax
1,845,872.82 1,845,872.82
asset
(3) Deferred income tax asset without recognized
In RMB
Item Closing balance Opening balance
Deductible temporary differences 25,349,741.00 22,820,836.58
Total 25,349,741.00 22,820,836.58
15. Other non-current asset
In RMB
Closing balance Opening balance
Item Book Impairment Book Impairment
Book value Book value
balance provision balance provision
2,000,000. 2,000,000. 2,000,000. 2,000,000.
Account for lands paid in advance
00 00 00 00
Advance payment for construction in 1,640,847. 1,640,847.
394,857.06 394,857.06
progress and equipment 49 49
2,394,857. 2,394,857. 3,640,847. 3,640,847.
Total
06 06 49 49
16. Short-term loans
(1) Category
In RMB
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Item Closing balance Opening balance
Mortgage loan 34,097,398.73 28,038,983.33
Credit loan 11,641,954.10 23,623,381.67
Total 45,739,352.83 51,662,365.00
17. Accounts payable
(1) Accounts payable
In RMB
Item Closing balance Opening balance
Within one year (one year included) 84,061,580.47 89,503,027.66
Over one year 5,363,096.65 5,222,204.02
Total 89,424,677.12 94,725,231.68
18. Accounts received in advance
(1) Accounts received in advance
In RMB
Item Closing balance Opening balance
19. Contract liability
In RMB
Item Closing balance Opening balance
Within one year (one year included) 20,823,713.27 17,765,800.17
Over one year 728,833.27 711,846.37
Total 21,552,546.54 18,477,646.54
20. Wage payable
(1) Wage payable
In RMB
Increase during the Decrease during this
Item Opening balance Closing balance
period period
I. Short-term
45,730,031.58 66,120,706.88 79,904,872.03 31,945,866.43
compensation
II. Post-employment
welfare- defined 3,351,602.54 2,982,030.63 4,193,500.46 2,140,132.71
contribution plans
III. Dismissal welfare 34,622.89 34,622.89
IV. Other welfare due
33,397.31 3,370.81 30,026.50
within one year
Total 49,149,654.32 69,102,737.51 84,136,366.19 34,116,025.64
(2) Short-term compensation
In RMB
76
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Increase during the Decrease during this
Item Opening balance Closing balance
period period
1. Wages ,bonuses,allowances
44,272,818.76 59,891,724.08 73,904,414.17 30,260,128.67
andsubsidies
2. Welfare for workers
2,038,323.37 2,027,992.46 10,330.91
and staff
3. Social insurance 1,776,021.97 1,776,021.97
Including: Medical
1,721,083.81 1,721,083.81
insurance
Work injury
40,213.80 40,213.80
insurance
Maternity
14,724.36 14,724.36
insurance
4. Housing accumulation
2,172,863.03 1,971,623.03 201,240.00
fund
5. Labor union
expenditure and
1,457,212.82 241,774.43 224,820.40 1,474,166.85
personnel education
expense
Total 45,730,031.58 66,120,706.88 79,904,872.03 31,945,866.43
(3) Defined contribution plans
In RMB
Increase during the Decrease during this
Item Opening balance Closing balance
period period
1. Basic endowment
1,504,626.66 1,504,626.66
insurance
2. Unemployment
65,442.50 65,442.50
insurance
3. Enterprise annuity 3,351,602.54 1,229,460.27 2,440,930.10 2,140,132.71
Social security and
subsidies for retired 182,501.20 182,501.20
employees
Total 3,351,602.54 2,982,030.63 4,193,500.46 2,140,132.71
21. Taxes payable
In RMB
Item Closing balance Opening balance
VAT 218,413.26 239,608.16
Corporate income ax 1,397,032.33 1,802,946.98
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Individual income tax 128,441.98 399,027.16
Urban maintenance and construction tax 6,506.01 9,769.37
House property tax 172,610.65 207,304.90
Land use tax 105,577.84 133,639.72
Educational additional 2,788.29 4,186.87
Other tax 1,752,857.23 801,442.38
Total 3,784,227.59 3,597,925.54
22. Other accounts payable
In RMB
Item Closing balance Opening balance
Other accounts payable 10,681,034.80 8,634,438.40
Total 10,681,034.80 8,634,438.40
(1) Other accounts payable
1) By nature
In RMB
Item Closing balance Opening balance
Cash deposit 2,835,788.51 1,270,350.00
Employee cost 2,396,697.59 1,409,892.00
Other 5,448,548.70 5,954,196.40
Total 10,681,034.80 8,634,438.40
23. Long-term wages payable
(1) Long-term wages payable
In RMB
Item Closing balance Opening balance
I. Post-employment welfare- net liability of
448,146.54 448,146.54
defined contribution plans
III. Other long-term benefits 838,247.88 930,325.16
Total 1,286,394.42 1,378,471.70
24. Deferred income
In RMB
Increase during Decrease during
Item Opening balance Closing balance Causes
the period this period
Government
Government
15,764,480.48 637,841.62 15,126,638.86 subsidies related
subsidy
to assets
Total 15,764,480.48 637,841.62 15,126,638.86 --
Item with government subsidy concerned:
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
In RMB
Amount Amount
reckoned reckoned
Subsidy Cost Assets-rela
into into
Opening increase reduction Other Closing ted/
Liability non-operati non-operati
balance during this in the changes balance Income-rel
on revenue on revenue
period period ated
in the in the
Period period
Constructio
10,043,559 9,505,406. Assets-rela
n special 538,153.62
.84 22 ted
fund
Financial
ship-buildi 5,720,920. 5,621,232. Assets-rela
99,688.00
ng subsidy 64 64 ted
funds
25. Share capital
In RMB
Changes in the Period (+,-)
Opening Shares transfer Closing
Issuing new
balance Bonus shares from public Other Subtotal balance
shares
reserves
Total shares 266,071,320.00 266,071,320.00
26. Capital reserve
In RMB
Increase during the Decrease during this
Item Opening balance Closing balance
period period
Capital premium (equity
189,093,492.79 189,093,492.79
premium)
Other capital reserve 94,961,504.96 94,961,504.96
Total 284,054,997.75 284,054,997.75
27. Other comprehensive income
In RMB
Current Period
Less: written Less:
Account in other written in Belong to Belong to
Opening before comprehensi other Closing
Item Less : income parent minority
balance income tax ve income in comprehe tax expense balance
company shareholders
in the previous nsive after tax after tax
period period and income in
carried previous
79
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
forward to period and
gains and carried
losses in forward to
current retained
period earnings in
current
period
II. Other comprehensive income
2,340,778. 1,303,508. 1,037,269. 2,010,66
items which will be reclassified 707,156.17
64 70 94 4.87
subsequently to profit or loss
Differences of conversion
2,340,778. 1,303,508. 1,037,269. 2,010,66
of foreign currency financial 707,156.17
64 70 94 4.87
statements
2,340,778. 1,303,508. 1,037,269. 2,010,66
Total other comprehensive income 707,156.17
64 70 94 4.87
28. Reasonable reserve
In RMB
Increase during the Decrease during this
Item Opening balance Closing balance
period period
Safety production fee 1,041,311.57 1,041,311.57
Total 1,041,311.57 1,041,311.57
29. Surplus reserve
In RMB
Increase during the Decrease during this
Item Opening balance Closing balance
period period
Statutory surplus
21,908,064.19 21,908,064.19
reserves
Total 21,908,064.19 21,908,064.19
30. Retained profit
In RMB
Item Current period Last period
Retained profits at the end of last period before
314,460,431.58 232,148,801.35
adjustment
Retained profits at the beginning of the period
314,460,431.58 232,148,801.35
after adjustment
Add: net profit attributable to owners of parent
16,135,719.93 28,420,094.20
company
Retained profit at period-end 330,596,151.51 260,568,895.55
Details about adjusting the retained profits at the beginning of the period:
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
1) The retroactive adjustments to Accounting Standards for Business Enterprises and its relevant new regulations
affect the retained profits at the beginning of the period amounting to 0 Yuan.
2) The changes in accounting policies affect the retained profits at the beginning of the period amounting to 0
Yuan.
3) The major accounting error correction affects the retained profits at the beginning of the period amounting to 0
Yuan
4) Merge scope changes caused by the same control affect the retained profits at the beginning of the period
amounting to 0 Yuan.
5) Other adjustments affect the retained profits at the beginning of the period amounting to 0 Yuan
31. Operating income and cost
In RMB
Current Period Last Period
Item
Income Cost Income Cost
Main operating 371,657,778.07 352,538,006.84 511,543,286.14 437,069,263.62
Other operating 3,933,057.60 830,328.42 3,925,373.00 797,783.51
Total 375,590,835.67 353,368,335.26 515,468,659.14 437,867,047.13
In RMB
Offset between
Category Branch 1 Branch 2 Branch 3 Branch 4 Total
segment
Product Types 122,634,986.10 52,623,995.34 226,997,325.56 2,911,099.36 -29,576,570.69 375,590,835.67
Including:
Main business
122,634,986.10 52,623,995.34 225,726,490.08 248,877.24 -29,576,570.69 371,657,778.07
income
Other operating
1,270,835.48 2,662,222.12 3,933,057.60
income
Total 122,634,986.10 52,623,995.34 226,997,325.56 2,911,099.36 -29,576,570.69 375,590,835.67
Information relating to performance obligations:
The company handled the payment, transfer of goods and other business activities related to the performance
obligations in accordance with the contract, and the performance obligations related to the current operating
income have been completed.
Information related to the transaction price apportioned to the remaining performance obligations:
The amount of income corresponding to the performance obligations that have been signed at the end of this
reporting period but have not yet been fulfilled or have not done with fulfillment is 0.00 yuan, among them, yuan
of revenue is expected to be recognized in YEAR, yuan of revenue is expected to be recognized in YEAR, and
yuan of revenue is expected to be recognized in YEAR.
Other explanation
32. Tax and surcharges
In RMB
81
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Item Current Period Last Period
Urban maintenance and construction tax 162,268.12 231,486.42
Educational surtax 69,543.49 99,208.47
House property tax 657,114.81 635,618.75
Land use tax 209,306.34 267,724.88
Vehicle and vessel tax 25,531.00 25,967.68
Stamp tax 79,677.45 142,593.66
Local education surcharge 46,362.33 66,138.99
Local water conservancy construction
11,590.58 16,534.75
fund
Total 1,261,394.12 1,485,273.60
33. Sales expenses
In RMB
Item Current Period Last Period
Port surcharge 2,052,570.48 2,817,934.66
Payroll payable 902,930.92 1,132,222.24
Freight and miscellaneous charges 4,303,346.96 5,754,382.37
Business publicity expenses 6,664.26 345,900.76
Travelling charge 70,294.27 288,835.76
Depreciation 35,797.78
Communication fee 10,899.77
Customs clearance and agency fees 602,583.25 1,312,910.64
Terminal charges 6,842.93 6,571.71
Other 395,426.78 337,627.78
Total 8,387,357.40 11,996,385.92
34. Administrative expenses
In RMB
Item Current Period Last Period
Payroll payable 14,217,069.57 18,665,326.51
Accumulated depreciation and
881,433.10 943,319.56
amortization
Travelling charge 297,366.94 1,078,933.34
Business entertainment 187,367.59 582,445.48
Vehicles charge 335,320.60 559,567.32
Intermediary service fee 209,291.81 1,380,153.61
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Office allowance 200,158.31 267,236.85
Property water and electricity 457,671.82 547,474.71
Other 4,792,438.03 5,174,758.09
Total 21,578,117.77 29,199,215.47
35. R&D expenses
In RMB
Item Current Period Last Period
Material 49,775.28
Total 49,775.28
36. Financial expenses
In RMB
Item Current Period Last Period
Interest costs 1,290,415.47 2,382,040.26
Less: interest income 375,178.04 541,927.87
Exchange loss -1,666,414.96 608,195.72
Handing expense 512,619.81 635,318.65
Other expense 76,839.12 69,039.82
Total -161,718.60 3,152,666.58
37. Other income
In RMB
Sources Current Period Last Period
Subsidy for exploitation and utilization
18,234,412.56
of international fishery resources
Shipbuilding financial discount 99,688.00 14,188.00
Financial subsidies for special
construction funds of the Blue Economic 369,133.74 419,104.74
Zone
Special funds for cold chain logistics 169,019.88
Tax rebate on individual 33,747.74
Job stabilization subsidy 128,018.47
Total 19,034,020.39 433,292.74
38. Investment income
In RMB
Item Current Period Last Period
Investment income of trading financial assets
54,131.01
during the holding period
83
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Total 54,131.01
39. Credit impairment loss
In RMB
Item Current Period Last Period
Credit impairment losses on accounts
-1,246,157.87
receivable
Credit impairment losses on other
76,667.90
receivables
Total -1,169,489.97
40. Assets impairment loss
In RMB
Item Current Period Last Period
II. Loss of inventory depreciation and loss
-1,151,903.20 -3,302.88
of contract performance cost impairment
Total -1,151,903.20 -3,302.88
41. Income from assets disposal
In RMB
Sources Current Period Last Period
Gains/losses of fixed assets disposal 55,893.20 -1,399.00
42. Non-operating income
In RMB
Amount reckoned in current
Item Current Period Last Period
non-recurring gains/losses
Gains from disposal of fixed
10,111,783.13 10,111,783.13
assets
Other 10,755.50 10,755.50
Total 10,122,538.63 10,122,538.63
43. Non-operating expenses
In RMB
Amount reckoned in current
Item Current Period Last Period
non-recurring gains/losses
Donate to outsiders 278,200.00 278,200.00
Loss from scrapped fixed
351,124.43 351,124.43
assets
Other 64,644.65 24,200.00 64,644.65
Total 693,969.08 24,200.00 693,969.08
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
44. Income tax expenses
(1) Statement of income tax expense
In RMB
Item Current Period Last Period
Current income tax expense 597,651.69 662,058.68
Total 597,651.69 662,058.68
(2) Adjustment on accounting profit and income tax expenses
In RMB
Item Current Period
Total profit 17,358,795.42
Income tax based on statutory/applicable rate 4,339,698.86
Impact on different tax rate applicable for subsidiary -3,742,047.17
Income tax expense 597,651.69
45. Other comprehensive income
See Note XI (VII) 27.
46. Items of cash flow statement
(1) Other cash received in relation to operation activities
In RMB
Item Current Period Last Period
Financial expenses-interest income 375,178.04 541,927.78
Government subsidy and other
18,395,368.37 1,000,000.00
non-operating income
Cash deposit for L/C 360,798.05
Intercourse funds and other 10,452,435.65 21,359,214.23
Total 29,222,982.06 23,261,940.06
(2) Other cash paid in relation to operation activities
In RMB
Item Current Period Last Period
Sales expenses paid in cash 7,718,987.80 2,354,341.12
Expenses of management cash paid 8,673,236.81 19,099,534.64
Pay cash for R&D expenses 8,195.00
Cash deposit for L/C 4,655,500.00
Intercourse funds and other 16,252,957.64 47,194,774.58
Total 32,653,377.25 73,304,150.34
47. Supplementary information to statement of cash flow
(1) Supplementary information to statement of cash flow
In RMB
85
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Supplementary information This Period Last Period
1. Net profit adjusted to cash flow of
-- --
operation activities:
Net profit 16,761,143.73 31,510,402.62
Add: Asset impairment provision 2,321,393.17 3,302.88
Depreciation of fixed assets, consumption of
oil assets and depreciation of productive 25,950,733.37 23,902,779.42
biology assets
Amortization of intangible assets 348,795.45 322,215.89
Amortization of long-term retained expense 197,904.52 148,462.80
Loss from disposal of fixed assets, intangible
assets and other long-term assets(gain is -55,893.20 1,399.00
listed with “-”)
Loss from scrapping of fixed assets (gain is
-9,760,658.70
listed with “-”)
Financial expenses (gain is listed with “-”) -375,999.50 2,382,040.26
Investment loss (gain is listed with “-”) -54,131.01
Decrease of inventory (increase is listed with
-19,741,797.71 -78,123,499.51
“-”)
Decrease of operating receivable accounts
-4,337,407.33 -7,409,603.52
(increase is listed with “-”)
Increase of operating payable accounts
-23,425,870.60 23,021,652.86
(decrease is listed with “-”)
Net cash flow arising from operating
-12,171,787.81 -4,240,847.30
activities
2. Material investment and financing not
-- --
involved in cash flow
3. Net change of cash and cash equivalents : -- --
Balance of cash at period end 175,988,982.07 171,819,949.08
Less: Balance of cash equivalent at
184,603,638.72 182,767,125.48
year-begin
Net increasing of cash and cash equivalents -8,614,656.65 -10,947,176.40
(2) Constitution of cash and cash equivalent
In RMB
Item Closing balance Opening balance
I. Cash 175,988,982.07 184,603,638.72
Including: Cash on hand 2,524,076.65 4,956,965.73
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Bank deposit available for payment
173,464,905.42 179,646,672.99
at any time
III. Balance of cash and cash equivalent at
175,988,982.07 184,603,638.72
period-end
48. Assets with ownership or use right restricted
In RMB
Item Ending book value Restriction reasons
Monetary fund 1,408,005.57 Cash deposit for L/C
Fixed assets 30,033,251.77 Mortgage loan
Intangible assets 5,388,512.23 Mortgage loan
Total 36,829,769.57 --
49. Item of foreign currency
(1) Item of foreign currency
In RMB
Closing balance of foreign Ending RMB balance
Item Rate of conversion
currency converted
Monetary fund -- -- 138,105,337.72
Including: USD 18,458,231.31 7.0795 130,675,048.49
EUR 293,366.22 7.9610 2,335,488.48
HKD
JPY 12,262,316.00 0.0658 806,958.50
CEDI 3,427,507.92 1.2491 4,281,134.47
XOF 554,000.00 0.0121 6,707.79
Account receivable -- -- 64,209,187.18
Including: USD 6,631,174.48 7.0795 46,945,399.70
EUR
HKD
JPY 209,011,355.00 0.0658 13,754,619.43
CEDI 2,563,482.89 1.2491 3,201,922.57
XOF 25,375,569.00 0.0121 307,245.48
Long-term loans -- --
Including: USD
EUR
HKD
Other explanation:
87
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
(2) Explanation on foreign operational entity, including as for the major foreign operational
entity, disclosed main operation place, book-keeping currency and basis for selection; if the
book-keeping currency changed, explain reasons
√Applicable □Not applicable
Book-keeping
Major foreign operation entity Foreign main operation place Basis
currency
HABITAT INTERNATIONAL Panama CNY The economic
CORPORATION environment in the
operation sites
LAIF FISHERIES COMPANY Ghana USD The economic
LIMITED environment in the
operation sites
YAW ADDO FISHERIES COMPANY Ghana USD The economic
LIMITED environment in the
operation sites
ZHONG GHA FOODS COMPANY Ghana USD The economic
LIMITED environment in the
operation sites
AFRICA STAR FISHERIES LIMITED Ghana USD The economic
environment in the
operation sites
50. Government subsidy
(1) Government subsidy
In RMB
Amount reckoned into current
Category Amount Item presented
gain/loss
Subsidy for exploitation and
utilization of international 18,234,412.56 Other income 18,234,412.56
fishery resources
Individual tax procedure
33,747.74 Other income 33,747.74
refund
Job stabilization subsidy 128,018.47 Other income 128,018.47
(2) Government subsidy refund
□Applicable √Not applicable
Other explanation:
VIII. Changes of consolidation scope
There was no change in the company's consolidation scope during the reporting period.
IX. Equity in Other entity
1. Equity in subsidiary
(1) Constitute of enterprise group
Subsidiary Main operation Registered Business nature Share-holding ratio Acquired way
88
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
place place Directly Indirectly
Shandong
Zhonglu
Qingdao Qingdao Refrigerated
Fishery 100.00% Investment
Shandong Shandong transport
Shipping Co.,
Ltd.
Shandong
Zhonglu
Yantai Yantai Food
Oceanic 74.23% 25.77% Investment
Shandong Shandong processing
(Yantai) Foods
Co., Ltd.
Shandong
Zhonglu
Haiyan Qingdao Qingdao
Pelagic fishing 59.05% Investment
Deep-sea Shandong Shandong
Fishery Co.,
Ltd.
HABITAT
INTERNATIO
Refrigerated
NAL Panama Panama 100.00% Investment
transport
CORPORATIO
N
LAIF
FISHERIES
Ghana Ghana Pelagic fishing 100.00% Investment
COMPANY
LIMITED
AFRICA STAR
FISHERIES Ghana Ghana Pelagic fishing 100.00% Investment
LIMITED
ZHONG GHA
FOODS
Ghana Ghana Pelagic fishing 100.00% Investment
COMPANY
LIMITED
Shandong
Zhonglu Ocean Yantai Yantai Refrigeration
100.00% Investment
Refrigerated Shandong Shandong service
Co., Ltd.
YAW ADDO
Ghana Ghana Pelagic fishing Operating lease
FISHERIES
(2) Important non-wholly-owned subsidiary
In RMB
89
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Gains/losses Dividend announced to
Share-holding ratio of Ending equity of
Subsidiary attributable to minority distribute for minority
minority minority
in the Period in the Period
Shandong Zhonglu
Haiyan Deep-sea 40.95% 625,423.80 159,597,354.19
Fishery Co., Ltd.
(3) Main finance of the important non-wholly-owned subsidiary
In RMB
Closing balance Opening balance
Curren Non-c Curren Non-c
Subsid Non-c Total Non-c Total
Curren Total t urrent Curren Total t urrent
iary urrent liabilit urrent liabiliti
t assets assets liabilit liabilit t assets assets liabilit liabilit
assets ies assets es
y y y y
Shand
ong
Zhongl
u
262,15 246,63 508,79 113,44 119,07 250,89 247,53 498,42 107,04 112,76
Haiyan 5,621, 5,720,
8,605. 8,895. 7,501. 9,853. 1,085. 7,851. 1,784. 9,636. 2,602. 3,522.
Deep-s 232.64 920.64
40 67 07 04 68 01 99 00 15 79
ea
Fisher
y Co.,
Ltd.
In RMB
Current Period Last Period
Total Cash flow Total Cash flow
Subsidiary Operation comprehen from Operation comprehen from
Net profit Net profit
Income sive operation Income sive operation
income activity income activity
Shandong
Zhonglu
Haiyan 91,427,317 1,527,286. 4,060,302. -18,770,67 101,916,14 7,546,540. 7,524,638. 13,225,049
Deep-sea .45 45 18 1.72 5.57 71 11 .38
Fishery
Co., Ltd.
X. Risks related to financial instrume nts
The financial assets of the Company include accounts receivable and other receivables. The financial liabilities of
the Company include accounts payable, other account payable and short-term loans. For details of each financial
instrument, please refer to the relevant items in Note V. The Company is faced with the risks of various financial
instruments in its daily activities, mainly including credit risk, liquidity risk and market risk. The board of directors
is responsible for establishing and supervising the risk management structure of the Company and developing and
monitoring the Company's risk management policies.
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Risk management objectives and policies: the Company's goal of risk management is to strike a proper balance
between risks and profits, minimize the negative impacts of the risks on the Company's operating results and
maximize the benefits of shareholders and other equity investors.
1. Credit risk
If the customer or the other party involving in the financial instruments cannot fulfill the obligations under the
contract and cause financial losses to the Company, that is credit risk. Credit risk is mainly from the customer
receivables. The book value of account receivables and notes receivable and other receivables is the maximum credit
risk of the Company for financial assets.
2. Liquidity risk
Liquidity risk is the risk of the shortage of funds when the Company is fulfilling its obligations related to financial
liabilities. In the case of normal and tense funds, the Company needs to ensure that there is sufficient liquidity to
meet its due debts and negotiate with financial institutions for financing so as to maintain a certain level of reserve
credit line to reduce the liquidity risk.
3. Market risk
(1) Foreign exchange risk
Foreign exchange risk refers to the risk that the fair value of financial instruments or the future cash flows fluctuate
due to changes in foreign exchange rates. The foreign exchange risk faced by the Company mainly comes from the
financial assets valued in US dollars, and the amount of foreign currency financial assets converted into RMB is
listed as described in VII. 49 foreign currency monetary items.
(2) Interest rate risk
Interest rate risk refers to the risk that the fair value of financial instruments or future cash flows fluctuate due to
changes in market interest rates. The interest rate risk faced by the Company mainly comes from the long-term bank
loans, the Company’s loans are floating interest rate, and there is risk of RMB benchmark interest rate change.
XI. Disclosure of fair value
1. Ending fair value of the assets and liabilities measured by fair value
In RMB
Ending fair value
Item
First-order Second-order Third-order Total
I. Sustaining measured
-- -- -- --
by fair value
(I) Transactional
10,000,000.00 10,000,000.00
financial assets
(1) Investment in debt
10,000,000.00 10,000,000.00
instruments
II. Non-persistent
-- -- -- --
measured by fair value
2. Qualitative and quantitative information on the valuation techniques and important
parameters used for continuous and non-continuous third-level fair value measurement
projects
According to Article 44 of the new financial instrument standard "Accounting Standards for Business Enterprises
No. 22 - Recognition and Measurement of Financial Instruments", enterprises’ investments in equity instruments
91
山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
and contracts related to such investments should be measured at fair value. However, in limited circumstances, if
the recent information used to determine the fair value is insufficient, or the possible estimated amount of the fair
value is distributed in a wide range, and the cost represents the best estimate of the fair value with in the range, the
cost can represent the appropriate estimation of fair value within this distribution range. There is no active market
quotation for structured deposits and insufficient information to determine the fair value, so the acquisition cost of
the asset is used to represent the fair value of the trading financial asset.
XII. Related party and related transactions
1. Parent company of the enterprise
Share-holding
ratio on the Voting right ratio
Parent company Registered place Business nature Registered capital
enterprise for on the enterprise
parent company
Investment and
management,
Shandong
management and
State-owned
operation of
Assets Investment Jinan Shandong 4500 million Yuan 47.25% 47.25%
assets, managed
Holding Company
operations,
Limited
investment
advisory
Explanation on parent company of the enterprise
Ultimate controller of the Company is Shandong State-owned Assets Investment Holdings Co., Ltd.
2. Subsidiary of the Enterprise
Found more in Note IX.” Equity in subsidiary”
3. Other related party
Other related party Relationship with the Enterprise
Inspur General Software Co., Ltd. Control by same parent company
Bank of Dezhou Co., Ltd. Control by same parent company
4. Related transaction
(1) Remuneration of key manager
In RMB
Item Current Period Last Period
Total 701,126.00 596,225.56
(2) Other related transactions
① Deposit monetary funds of related parties
Name Related party Closing balance Opening balance
Bank deposit Bank of Dezhou Co., Ltd 95,059.30 3,201,870.61
Total 95,059.30 3,201,870.61
② Other
Name Related party Closing balance Opening balance
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Deposit interest income Bank of Dezhou Co., Ltd 751.00 1,027.29
Total 751.00 1,027.29
5. Receivable/payable items of related parties
(1) Receivable item
In RMB
Closing balance Opening balance
Item Name Related party
Book balance Bad debt provision Book balance Bad debt provision
Inspur General
Prepayments 394,857.06 394,857.06
Software Co., Ltd.
XIII. Share-based payme nt
1. Share-based payment
□Applicable √Not applicable
2. Share-based payment settled by equity
□Applicable √Not applicable
3. Share-based payment settled by cash
□Applicable √Not applicable
4. Amendment and termination of the share-based payment
Nil
XIV. Commitment or contingency
1. Important commitment
Important commitment on balance sheet date
No commitments that need to released ended as the reporting period
2. Contingency
(1) If the Company has no contingency need to disclosed, explain reasons
The Company has no important contingency that need to disclosed
XV. Event occurring after balance sheet date
1. Other explanation on events after balance sheet date
No events after balance sheet date need to released up to reporting period
XVI. Other important event
1. Pension plan
In accordance with relevant laws, regulations and policies, the Company has established an
enterprise annuity system, and on the basis of participating in basic pension insurance in
accordance with the law, it pays supplementary pension insurance (i.e., enterprise annuity) for
employees. Each year, according to the actual operating conditions, the operating efficiency
coefficient is set, and the total amount of corporate contributions is calculated according to the
operating efficiency coefficient; the expenses to be assumed by the company in the enterprise
annuity have been disclosed in the employee compensation payable - defined contribution plans,
and the individual payment of employees is withheld and paid from employee wages by the
company.
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
2. Segment information
(1) Determination basis and accounting policy for segment
Main operation of the Company including pelagic fishing, cold storage processing trade of aquatic
products, vessel leasing and other operations. Segment disclosure is released by the business
nature.
(2) Financial information of the segment
In RMB
Cold storage
processing trade Offset between
Item Pelagic fishing Vessel leasing Other Total
of aquatic segment
products
I. Main operating
122,634,986.10 52,623,995.34 225,726,490.08 248,877.24 -29,576,570.69 371,657,778.07
income
II. Main
120,620,754.64 37,760,278.70 223,569,371.83 164,172.36 -29,576,570.69 352,538,006.84
operating cost
III. Assets
1,151,903.20 1,151,903.20
impairment loss
IV. Depreciation
18,054,496.45 4,666,115.42 3,419,146.63 357,674.84 26,497,433.34
and amortization
V. Total profit 7,627,809.09 23,986,745.92 -7,312,838.39 -6,942,921.20 17,358,795.42
VI. Income tax 398,085.03 65,000.00 134,566.66 597,651.69
VII. Net profit 7,627,809.09 23,588,660.89 -7,377,838.39 -7,077,487.86 16,761,143.73
VIII. Total assets 845,274,298.71 333,172,303.58 384,095,946.44 80,640,653.12 -357,233,751.54 1,285,949,450.31
IX. Total liability 228,968,749.87 34,000,178.65 177,353,594.29 142,165,631.83 -360,777,256.84 221,710,897.80
3. Other
On December 20, 2019, Shandong Zhonglu Oceanic Fisheries Co., Ltd. (hereinafter referred to as
the "Company") released the"Announcement of Important Matters" (Announcement No.: 2019-37)
about the maritime distress of Panamanian "SEA MARK" vessel ("Xinmaoxing" vessel) owned by
its wholly-owned subsidiary HABITAT INTERNATIONAL CORPORATION, the company has
also explained the follow-up related situation in the "Annual Report 2019" and "First Quarter
Report of 2020". As of the date of this announcement, the subsidiary has received compensation of
USD 3,000,000.00 from the Qingdao Branch of the People's Insurance Company of China and
compensation of USD 118,672.66 from the China Shipowners Mutual Insurance Association. The
insurance claim settlement of this matter has been closed. The company has carried out
corresponding accounting treatments for these insurance claims in accordance with the
"Accounting Standards for Business Enterprises" and other relevant regulations, and the final
results confirmed by the audit agency shall prevail.
XVII. Principle notes of financial statements of parent company
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
1. Account receivable
(1) Category
In RMB
Closing balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Book
Accrual Accrual Book value
Amount Ratio Amount value Amount Ratio Amount
ratio ratio
Including:
Account receivable
with bad debt 21,911,7 6,486,82 15,424,95 35,605,16 6,534,010 29,071,151.
100.00% 29.60% 100.00% 18.35%
provision accrual by 79.19 5.58 3.61 1.90 .26 64
portfolio
Including:
21,911,7 6,486,82 15,424,95 35,605,16 6,534,010 29,071,151.
Total 100.00% 29.60% 100.00% 18.35%
79.19 5.58 3.61 1.90 .26 64
Accrual bad debt provision on portfolio:
In RMB
Closing balance
Name
Book balance Bad debt provision Accrual ratio
Accrual of bad debt provision
21,911,779.19 6,486,825.58 29.60%
by portfolio
Total 21,911,779.19 6,486,825.58 --
If the provision for bad debts of account receivable is made in accordance with the general model of expected credit
losses, please refer to the disclosure of other account receivable to disclose related information about bad-debt
provisions:
□Applicable √Not applicable
By account age
In RMB
Account age Closing balance
Within one year (one year included) 16,222,761.18
Over three years 5,689,018.01
Over 5 years 5,689,018.01
Total 21,911,779.19
(2) Bad debt provision accrual, collected or reversal in the period
Accrual of bad debt provision in the period:
In RMB
Category Opening Current changes Closing
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
balance Collected or balance
Accrual Charge-off Other
reversal
Provision for
bad debts based 6,534,010.26 47,184.68 6,486,825.58
on age
Total 6,534,010.26 47,184.68 6,486,825.58
(3) Top five account receivables collected by arrears party at ending balance
Ending balance of accounts Proportion in total receivables Bad debt preparation ending
Enterprise
receivable at ending balance (%) balance
Shandong Zhonglu Oceanic
7,032,330.82 32.09%
(Yantai) Foods Co., Ltd.
AFKO CO.,LTD 4,936,163.27 22.53% 461,404.16
PNADA CO.,LTD 3,600,962.12 16.43% 3,600,962.12
HAIXINSHEN CO.,LTD 1,913,254.70 8.73% 95,662.74
MARGARET CO.,LTD 610,167.59 2.78% 30,508.38
Total 18,092,878.50 82.56%
2. Other account receivable
In RMB
Item Closing balance Opening balance
Dividend receivable 94,566,287.92 94,566,287.92
Other account receivable 97,179,645.74 87,202,584.78
Total 191,745,933.66 181,768,872.70
(1) Dividend receivable
1) Category
In RMB
Item (or invested company) Closing balance Opening balance
Subsidiary dividend 94,566,287.92 94,566,287.92
Total 94,566,287.92 94,566,287.92
2) Major dividend receivable with over one year aged
In RMB
Whether has
Item (or invested Causes of failure for impairment occurred
Closing balance Account age
company) collection and determination
basis
In order to meet the
capital needs of the
Subsidiary dividend 91,841,262.03 1-2 year No
subsidiary's production
and operation, no
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
payment has been
requested temporarily
Total 91,841,262.03 -- -- --
3) Accrual of bad debt provision
□Applicable √Not applicable
Other explanation:
(3) Other account receivable
1) By nature
In RMB
Nature Closing book balance Opening book balance
Intercourse funds between internal 96,732,665.19 86,430,396.31
Petty cash and other 4,187,035.85 4,494,160.35
Less: bad debt provision -3,740,055.30 -3,721,971.88
Total 97,179,645.74 87,202,584.78
2) Accrual of bad debt provision
In RMB
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
Balance on Jan. 1, 2020 218,936.05 3,503,035.83 3,721,971.88
Balance of Jan. 1, 2020
—— —— —— ——
in the period
Current accrual 18,083.42 18,083.42
Balance on Jun. 30, 2020 237,019.47 3,503,035.83 3,740,055.30
Change of book balance of loss provision with amount has major changes in the period
□Applicable √Not applicable
By account age
In RMB
Account age Closing balance
Within one year (one year included) 15,973,419.78
1-2 years 18,699,381.72
2-3 years 32,546,210.64
Over three years 33,700,688.90
3-4 years 382,578.15
4-5 years 72,121.25
Over 5 years 33,245,989.50
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Total 100,919,701.04
3) Bad debt provision accrual, collected or reversal in the period
Accrual of bad debt provision in the period:
In RMB
Current changes
Opening Closing
Category Collected or
balance Accrual Written off Other balance
reversal
Provision for
bad debts based 3,721,971.88 18,083.42 3,740,055.30
on age
Total 3,721,971.88 18,083.42 3,740,055.30
4) Top 5 other account receivable collected by arrears party at ending balance
In RMB
Proportion in total
other account Ending balance of
Enterprise Nature Closing balance Account age
receivables at bad debt provision
period-end
AFRICA STAR
FISHERIES Intercourse funds 19,401,923.58 2-3 years 19.23%
LIMITED
Shandong Zhonglu
Fishery Shipping Intercourse funds 19,271,921.60 Over 3 years 19.10%
Co., Ltd.
Shandong Zhonglu
Haiyan Deep-sea Intercourse funds 13,518,875.11 Within one year 13.40%
Fishery Co., Ltd.
LAIF FISHERIES
COMPANY Intercourse funds 12,096,513.59 Within one year 11.99%
LIMITED
YAW ADDO
FISHERIES CO Intercourse funds 10,581,948.91 Over 5 years 10.49%
LTD
Total -- 74,871,182.79 -- 74.19%
3. Long-term equity investments
In RMB
Closing balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Investment for 232,189,455.23 232,189,455.23 232,189,455.23 232,189,455.23
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
subsidiary
Total 232,189,455.23 232,189,455.23 232,189,455.23 232,189,455.23
(1) Investment for subsidiary
In RMB
Changes in the period (+,-) Ending
Opening Closing
The invested Accrual of balance of
balance Additional Capital balance
entity impairment Other impairment
(Book value) investment reduction (Book value)
provision provision
HABITAT
12,476,145.6 12,476,145.6
INTERNATI
0 0
ONAL CORP.
Shandong
Zhonglu
22,869,513.3 22,869,513.3
Fishery
8 8
Shipping Co.,
Ltd.
Shandong
Zhonglu
55,448,185.2 55,448,185.2
Oceanic
4 4
(Yantai) Food
Co., Ltd.
Shandong
Zhonglu
Haiyan 141,395,611. 141,395,611.
Deep-sea 01 01
Fishery Co.,
Ltd.
232,189,455. 232,189,455.
Total
23 23
4. Operating income and cost
In RMB
Current Period Last Period
Item
Income Cost Income Cost
Main operating 29,583,210.44 28,656,951.15 88,187,164.39 62,457,990.11
Other operating 2,662,222.12 830,328.42 2,331,328.73 797,783.51
Total 32,245,432.56 29,487,279.57 90,518,493.12 63,255,773.62
Information relating to revenue:
In RMB
Category Branch 1 Branch 2 Total
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
Product Types 29,334,333.20 2,911,099.36 32,245,432.56
Including:
Main business income 29,334,333.20 248,877.24 29,583,210.44
Other operating
2,662,222.12 2,662,222.12
income
Including:
Including:
Including:
Including:
Including:
Including:
Total 29,334,333.20 2,911,099.36 32,245,432.56
Information relating to performance obligations:
The company handled the payment, transfer of goods and other business activities related to the performance
obligations in accordance with the contract, and the performance obligations related to the current operating
income have been completed.
Information related to the transaction price allocated to the remaining performance obligations:
At the end of the reporting period, the amount of revenue corresponding to the performance obligations that have
been signed but not yet performed or not yet completed is 0.00 yuan, of which, yuan is expected to be recognized
as revenue in , yuan is expected to be recognized as revenue in , and yuan is expected to be recognized as
revenue in .
Other explanation:
5. Investment income
In RMB
Item Current Period Last Period
Investment income of trading financial assets
54,131.01
during the holding period
Total 54,131.01
XVIII. Supple mentary Information
1. Current non-recurring gains/losses
√Applicable □Not applicable
In RMB
Item Amount Note
Gains/losses from the disposal of
55,893.20
non-current asset
Governmental subsidy reckoned into
799,607.83
current gains/losses (not including the
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山东省中鲁远洋渔业股份有限公司 2020 年半年度财务报告（英文版）
subsidy enjoyed in quota or ration
according to national standards, which are
closely relevant to enterprise’s business)
Other non-operating income and
expenditure except for the aforementioned 9,428,569.55
items
Total 10,284,070.58 --
Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information Disclosure for
Companies Offering Their Securities to the Public --- Extraordinary Profit/loss, and the items defined as recurring
profit (gain)/loss according to the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on
Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss, explain
reasons
√Applicable □Not applicable
Item Amount involved (yuan) Reason
The subsidy enjoyed in quota or ration
Subsidy for exploitation and utilization of according to national standards, which
18,234,412.56
international fishery resources are closely relevant to enterprise’s
business
2. REO and earnings per share
Earnings per share
Profits during report period Weighted average ROE Diluted EPS
Basic EPS (RMB/Share)
(RMB/Share)
Net profits attributable to common
1.80% 0.06 0.06
stock stockholders of the Company
Net profits attributable to common
stock stockholders of the Company
0.66% 0.02 0.02
after deducting nonrecurring gains
and losses
3. Difference of the accounting data under accounting rules in and out of China
(1) Difference of the net profit and net assets disclosed in financial report, under both IAS
(International Accounting Standards) and Chinese GAAP (Generally Accepted Accounting
Principles)
□Applicable √Not applicable
(2) Difference of the net profit and net assets disclosed in financial report, under both
foreign accounting rules and Chinese GAAP (Generally Accepted Accounting Principles)
□Applicable √Not applicable
101
