Q3 Report of 2023
Stock Code: 600132 Stock Abbreviation: Chongqing Brewery
Chongqing Brewery Co., Ltd.
Q3 Report of 2023
The board of directors and all directors of the company guarantee that this
announcement is free of any false records, misleading statements or significant
omissions, and that they will bear legal responsibility for the authenticity, accuracy
and completeness of its content.
Reminder of important content:
The board of directors, board of supervisors, directors, supervisors and senior management of the
company guarantee that this quarterly report contains true, accurate and complete information and
is free of any false records, misleading statements or significant omissions, and that they will be
jointly and severally liable for the legal consequences.
The legal representative of the company, officer in charge of accounting and head of accounting
department (the chief accountant) guarantee that the financial information in the quarterly report is
true, accurate and complete.
Whether the Q3 financial statements are audited
□Yes √No
1 / 18
Q3 Report of 2023
I. Key financial information
(I) Major accounting data and financial indicators
Unit: yuan Currency: RMB
For the quarter ended September 30, Rate of For the three quarters ended September 30, Rate of
For the quarter 2022 change (%) 2022 change (%)
For the three
ended September
Item quarters ended
30, 2023 (“the Before After After Before After After
September 30, 2023
reporting period”) retrospective retrospective retrospective retrospective retrospective retrospective
adjustment adjustment adjustment adjustment adjustment adjustment
Operating revenue 4,523,879,342.82 4,247,364,892.75 4,247,364,892.75 6.51% 13,028,681,199.38 12,183,116,035.30 12,183,116,035.30 6.94%
Net profit attributable to
shareholders of the 479,080,499.95 454,728,429.61 454,867,771.85 5.32% 1,344,089,296.32 1,182,303,204.39 1,182,418,780.75 13.67%
Company
Net profit attributable to
shareholders of the
Company excluding 472,823,195.86 445,285,432.32 445,424,774.56 6.15% 1,326,981,171.32 1,161,030,910.61 1,161,146,486.97 14.28%
non-recurring gains and
losses
Net cash flows from
—— —— —— —— 3,718,311,643.18 4,202,540,081.28 4,202,540,081.28 -11.52%
operating activities
Basic earnings per share 0.99 0.94 0.94 5.32% 2.78 2.44 2.44 13.67%
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Q3 Report of 2023
Diluted earnings per
0.99 0.94 0.94 5.32% 2.78 2.44 2.44 13.67%
share
Weighted average ROE Decreased by Increased by
25.27 26.08 26.09 61.99 61.67 61.68
(%) 0.82 p.p. 0.31 p.p.
As of December 31, 2022 Rate of change (%)
As of September 30, 2023
Before retrospective adjustment After retrospective adjustment After retrospective adjustment
Total assets 14,049,739,569.56 12,497,542,168.83 12,497,582,459.14 12.42%
Net assets attributable
to shareholders of the 2,140,727,533.54 2,056,155,782.63 2,056,176,499.91 4.11%
Company
Note: "The reporting period" refers to the quarter ended September 30, 2023, the same below.
The illustration of retrospective adjustment
The Ministry of Finance issued the “Interpretation of China Accounting Standards for Business Enterprises No. 16” (Cai Kuai [2022] No. 31) (the “Interpretation No.
16”) on November 30, 2022, and the regulations about accounting for deferred tax related to assets and liabilities arising from a single transaction to which the initial
recognition exemption does not apply took effect since January 1, 2023. For taxable and deductible temporary differences associated with lease liabilities and right-of-
use assets arising from single transactions and presented at the beginning of the earliest comparative period due to the initial adoption of the Interpretation No. 16, the
Company adjusts them to retained earnings or other financial statement items at the beginning of the earliest comparative period presented in accordance with regulations
in the Interpretation No. 16 and the “Interpretation of China Accounting Standards for Business Enterprises No. 18 – Income Tax”.
3 / 18
Q3 Report of 2023
(II) Non-recurring gains and losses
Unit: yuan Currency: RMB
For the quarter For the three Remarks
Items ended September 30, quarters ended
2023 September 30, 2023
Gains or losses on disposal of non- -943,356.19 -553,378.44
current assets
Government grants included in profit 15,003,212.78 37,707,931.72
or loss (excluding those closely related
to operating activities of the Company
and continuously enjoyed with certain
quantity/quota based on certain
national standards)
Gains or losses on changes in fair 1,996,185.53 2,157,185.53
value of held-for-trading financial
assets, derivative financial assets, held-
for-trading financial liabilities and
derivative financial liabilities, and
investment income from disposal of
held-for-trading financial assets,
derivative financial assets, held-for-
trading financial liabilities, derivative
financial liabilities and other debt
investments, excluding those arising
from hedging business related to
operating activities
Reversals for impairment of - 85,105.55
receivables and contract assets based
on impairment testing on an individual
basis
Other non-operating revenue or -192,075.89 1,806,213.66
expenditures
Other profit or loss satisfying the 350,618.42 2,159,327.10
definition of non-recurring profit or
loss
Less: Enterprise income tax affected 3,839,093.50 9,461,547.37
Effect on non-controlling interest 6,118,187.06 16,792,712.75
(after tax)）
Total 6,257,304.09 17,108,125.00
Explain the reasons if the Company classifies an item as a recurring gain/loss item, which is
enumerated as a non-recurring gain/loss in the :
□Applicable √N/A
4 / 18
Q3 Report of 2023
(III) The conditions and reason of change for major accounting data and financial indicators
□Applicable √N/A
II. Main operating conditions during the reporting period
(I) Main operating conditions
For the first three quarters of 2023, the beer production of large-scale enterprises nationwide reached
29.933 million kiloliters, an increase of 2.1% compared with the same period last year. (Data
sourced from the National Bureau of Statistics of China).
For the first three quarters of 2023, the Company sold 2.6517 million kiloliters of beer, an increase
of 4.95% compared with 2.5265 million kiloliters over the same period of last year. The operating
revenue was RMB13.029 billion yuan, an increase of 6.94% compared with RMB12.183 billion
yuan over the same period of last year. Net profit attributable to shareholders of the Company for
the first three quarters of 2023 amounted to RMB1.344 billion yuan, an increase of 13.67%
compared with RMB1.182 billion yuan over the same period of last year. Net profit attributable to
shareholders of the Company excluding non-recurring profit or loss amounted to RMB1.327 billion
yuan, an increase of 14.28% compared with RMB1.161 billion yuan over the same period of last
year.
(II) Revenue by product grade
Unit: yuan Currency: RMB
Product grade For the three quarters ended For the three quarters ended YoY (%)
September 30, 2023 September 30, 2022
Main business revenue Main business revenue
Premium 4,344,877,746.91 4,309,466,842.89 0.82
Mainstream 6,785,047,039.76 6,037,871,551.07 12.37
Economic 1,631,233,692.71 1,580,190,768.16 3.23
Total 12,761,158,479.38 11,927,529,162.12 6.99
Note: The product grade of the company is divided by consumer price, i.e. premium product
indicates consumer price of RMB 10 yuan and above, mainstream product indicates consumer price
of RMB 6-10 yuan, and economic product indicates consumer price of RMB 6 yuan and below.
(III) Revenue by marketing channel
Unit: yuan Currency: RMB
Channel type For the three quarters ended For the three quarters ended YoY (%)
September 30, 2023 September 30, 2022
Main business revenue Main business revenue
Wholesale 12,729,364,124.06 11,875,522,372.85 7.19
(IV) Revenue by region
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Q3 Report of 2023
Unit: yuan Currency: RMB
Region For the three quarters ended For the three quarters ended YoY (%)
September 30, 2023 September 30, 2022
Main business revenue Main business revenue
South 3,644,313,241.15 3,011,145,413.83 21.03
Central 5,349,507,527.31 5,144,323,769.30 3.99
North-West 3,767,337,710.92 3,772,059,978.99 -0.13
Total 12,761,158,479.38 11,927,529,162.12 6.99
Note: The administration area of the company is divided into three regions: Southern region, Central
region and North-West region.
(V) Dealers
For the quarter ended September 30, 2023, the company added 168 dealers and reduced 168
dealers, with a total of 2,965 dealers at the end of the reporting period, which was unchanged from
June 30, 2023.
III. Shareholders
(I) Total number of ordinary shareholders, number of preferred shareholders with resumed
voting power and shareholding of top 10 shareholders
Unit: share
Total number of preferred
Total number of ordinary
shareholders with resumed voting
shareholders at the end of 52,784 N/A
power at the end of the reporting
the reporting period
period (if any)
Shareholdings of top 10 shareholders
Pledge, marking
Number of
Nature of Number of Shareholding or freezing
Name of shareholder restricted
shareholder shares held (%)
shares held Share Amount
status
Carlsberg Brewery Hong Overseas
205,882,718 42.54 0 None
Kong Limited legal person
Carlsberg Chongqing Overseas
84,500,000 17.46 0 None
Limited legal person
Hong Kong Securities Overseas
32,294,027 6.67 0 Unknown
Clearing Co., Ltd. legal person
Dajia Life Insurance Co.,
Other 3,434,374 0.71 0 Unknown
Ltd.－ all-purpose product
China Construction Bank
of China Co., Ltd. -
Penghua China Securities Other 2,892,402 0.60 0 Unknown
Wine Trading Open Index
Securities Investment Fund
6 / 18
Q3 Report of 2023
China Life Insurance Co.,
Ltd. - traditional-general
Other 2,743,606 0.57 0 Unknown
insurance product－ 005L
－CT001 Shanghai
One-one-zero portfolio of
National Social Security Other 2,174,538 0.45 0 Unknown
Fund
One-one-eight portfolio of
National Social Security Other 2,141,368 0.44 0 Unknown
Fund
China Merchants Bank
Co., Ltd. - Hongde Ruize
Other 1,929,177 0.40 0 Unknown
Hybrid Securities
Investment Fund
China Merchants Bank
Co., Ltd. - Hongde
Ruiyuan 3-Year Term Other 1,911,002 0.39 0 Unknown
Flexible Hybrid Securities
Investment Fund
Shareholdings of top 10 unrestricted shareholders
Share category and
Number of outstanding unrestricted quantity
Name of shareholder
shares held Share Amount
category
RMB
Carlsberg Brewery Hong
205,882,718 ordinary 205,882,718
Kong Limited
shares
RMB
Carlsberg Chongqing
84,500,000 ordinary 84,500,000
Limited
shares
RMB
Hong Kong Securities
32,294,027 ordinary 32,294,027
Clearing Co., Ltd.
shares
RMB
Dajia Life Insurance Co.,
3,434,374 ordinary 3,434,374
Ltd.－ all-purpose product
shares
China Construction Bank
of China Co., Ltd. - RMB
Penghua China Securities 2,892,402 ordinary 2,892,402
Wine Trading Open Index shares
Securities Investment Fund
China Life Insurance Co.,
RMB
Ltd. - traditional-general
2,743,606 ordinary 2,743,606
insurance product－ 005L
shares
－CT001 Shanghai
7 / 18
Q3 Report of 2023
One-one-zero portfolio of RMB
National Social Security 2,174,538 ordinary 2,174,538
Fund shares
One-one-eight portfolio of RMB
National Social Security 2,141,368 ordinary 2,141,368
Fund shares
China Merchants Bank
RMB
Co., Ltd. - Hongde Ruize
1,929,177 ordinary 1,929,177
Hybrid Securities
shares
Investment Fund
China Merchants Bank
Co., Ltd. - Hongde RMB
Ruiyuan 3-Year Term 1,911,002 ordinary 1,911,002
Flexible Hybrid Securities shares
Investment Fund
Remarks on related-party Among the top ten unrestricted shareholders, Carlsberg Chongqing
relationships among the Limited and Carlsberg Brewery Hong Kong Limited are both controlled
aforesaid shareholders or by Carlsberg Breweries A/S. China Merchants Bank Co., Ltd. - Hongde
actions in concert Ruize Hybrid Securities Investment Fund and China Merchants Bank
Co., Ltd. - Hongde Ruiyuan 3-Year Term Flexible Hybrid Securities
Investment Fund are both managed by Hongde Fund Management Co.,
Ltd. It is unknown whether the other shareholders are related to each
other and whether the other shareholders are acting in concert.
IV. Other reminders
Other important information about the company’s operations during the reporting period that
investors should be reminded of.
√Applicable □N/A
On September 26, 2023, the 11th meeting of the 10th Board of Directors of the company reviewed
and passed the "Proposal on the Related Party Transaction Regarding the Acquisition of 100%
Equity in Beijing Capital Brewing Jinmai Trading Co., Ltd. and G-Shell Asia Pacific (Beijing) Food
Co., Ltd.". On October 10, 2023, Carlsberg Chongqing Brewery Co., Ltd., the controlling subsidiary
of the Company, completed the acquisition of 100% equity of the two companies. The equity
transfer has been registered with the competent market supervision and management department.
Beijing Capital Brewing Jinmai Trading Co., Ltd. and G-Shell Asia Pacific (Beijing) Food Co., Ltd.
have become controlling subsidiaries of the Company.
8 / 18
Q3 Report of 2023
V. Quarterly Financial Statements
(I) Audit Opinion
□Applicable √N/A
(II) Financial Statements
Consolidated Balance Sheet
As of September 30, 2023
Prepared by: Chongqing Brewery Co., Ltd.
Unit: yuan Currency: RMB
Items September 30, 2023 December 31, 2022
Cash and bank balances 4,900,980,743.13 3,397,877,592.02
Settlement funds
Loans to other banks
Held-for-trading financial assets 360,170,000.00
Derivative financial assets 4,065,215.92 3,829,356.40
Notes receivable
Accounts receivable 139,470,074.79 65,511,539.08
Receivables financing
Advances paid 32,618,290.35 43,187,607.98
Premiums receivable
Reinsurance accounts receivable
Reinsurance reserve receivable
Other receivables 240,739,715.20 17,619,026.18
Including: Interest receivable
Dividend receivable 218,285,820.47
Financial assets under reverse repo
Inventories 1,615,753,078.37 2,166,477,563.20
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 51,497,523.93 109,533,473.56
Total current assets 7,345,294,641.69 5,804,036,158.42
Loans and advances
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 139,111,102.38 296,599,881.05
Other equity instrument investments 15,580,410.62 14,303,331.73
Other non-current financial assets
Investment property
Fixed assets 3,631,275,694.57 3,680,691,105.17
9 / 18
Q3 Report of 2023
Items September 30, 2023 December 31, 2022
Construction in progress 548,949,865.58 395,295,204.91
Productive biological assets
Oil & gas assets
Right-of-use assets 90,373,030.26 100,306,926.11
Intangible assets 679,247,154.48 685,169,039.95
Development expenditures
Goodwill 699,192,456.06 699,192,456.06
Long-term prepayments
Deferred tax assets 741,490,056.76 732,447,606.34
Other non-current assets 159,225,157.16 89,540,749.40
Total non-current assets 6,704,444,927.87 6,693,546,300.72
Total assets 14,049,739,569.56 12,497,582,459.14
Short-term borrowings
Central bank loans
Loans from other banks
Held-for-trading financial liabilities
Derivative financial liabilities 15,484,973.48 2,616,336.56
Notes payable
Accounts payable 3,111,861,451.99 2,497,671,747.37
Advances received
Contract liabilities 1,721,972,120.21 1,614,042,546.14
Financial liabilities under repo
Absorbing deposit and interbank
deposit
Deposit for agency security
transaction
Deposit for agency security
underwriting
Employee benefits payable 384,386,840.33 399,367,324.65
Taxes and rates payable 439,144,540.41 255,387,461.35
Other payables 2,753,573,559.61 3,490,319,176.38
Including: Interest payable
Dividend payable
Handling fee and commission
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within
23,520,834.28 24,005,592.21
one year
Other current liabilities 18,656,923.91 27,809,237.78
Total current liabilities 8,468,601,244.22 8,311,219,422.44
Insurance policy reserve
Long-term borrowings
10 / 18
Q3 Report of 2023
Items September 30, 2023 December 31, 2022
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 71,861,479.85 77,928,597.87
Long-term payables
Long-term employee benefits payable 150,783,121.68 154,407,707.35
Provisions 31,426,902.27 31,657,899.75
Deferred income 252,002,160.78 256,611,695.14
Deferred tax liabilities 40,652,106.11 42,694,067.15
Other non-current liabilities
Total non-current liabilities 546,725,770.69 563,299,967.26
Total liabilities 9,015,327,014.91 8,874,519,389.70
Share capital 483,971,198.00 483,971,198.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 10,901,252.00 7,728,100.00
Less: Treasury shares
Other comprehensive income -17,929,220.42 -13,542,920.53
Special reserve
Surplus reserve 241,985,599.00 241,985,599.00
General risk reserve
Undistributed profit 1,421,798,704.96 1,336,034,523.44
Total equity attributable to the
2,140,727,533.54 2,056,176,499.91
parent company
Non-controlling interest 2,893,685,021.11 1,566,886,569.53
Total equity 5,034,412,554.65 3,623,063,069.44
Total liabilities & equity 14,049,739,569.56 12,497,582,459.14
Legal representative: Joo Miguel Ventura Rego Abecasis
Officer in charge of accounting: Chin Wee Hua
Head of accounting department: Liping Liu
11 / 18
Q3 Report of 2023
Consolidated Income Statement
For the Three Quarters Ended September 30, 2023
Unit: yuan Currency: RMB
For the three quarters For the three quarters
Items ended September 30, ended September 30,
2023 2022
I. Total operating revenue 13,028,681,199.38 12,183,116,035.30
Including: Operating revenue 13,028,681,199.38 12,183,116,035.30
Interest income
Premiums earned
Revenue from handling charges
and commission
II. Total operating cost 9,722,652,274.27 9,186,568,273.13
Including: Operating cost 6,619,347,583.95 6,128,141,752.45
Interest expenses
Handling charges and commission
expenditures
Surrender value
Net payment of insurance claims
Net provision of insurance policy
reserve
Premium bonus expenditures
Reinsurance expenses
Taxes and surcharges 827,451,760.22 795,568,292.48
Selling expenses 1,941,461,094.31 1,802,528,145.17
Administrative expenses 367,928,294.34 411,196,490.46
R&D expenses 13,349,414.97 87,077,060.83
Financial expenses -46,885,873.52 -37,943,468.26
Including: Interest expenses 3,453,072.62 2,360,716.32
Interest income 54,414,874.17 44,833,105.62
Add: Other income 39,522,652.39 37,213,616.24
Investment income (or less: losses) 63,128,833.64 65,797,874.29
Including: Investment income from
60,797,041.80 53,041,519.51
associates and joint ventures
Gains from derecognition of
financial assets at amortized cost
Gains on foreign exchange (or less:
losses)
Gains on net exposure to hedging
risk (or less: losses)
Gains on changes in fair value (or
170,000.00
less: losses)
Credit impairment loss -4,325,186.51 -996,135.41
Assets impairment loss -37,070,931.38 -13,810,748.07
12 / 18
Q3 Report of 2023
For the three quarters For the three quarters
Items ended September 30, ended September 30,
2023 2022
Gains on asset disposal (or less:
-553,378.44 2,779,047.60
losses)
III. Operating profit (or less: losses) 3,366,900,914.81 3,087,531,416.82
Add: Non-operating revenue 4,504,807.87 1,848,624.74
Less: Non-operating expenditures 2,698,594.21 2,332,658.71
IV. Profit before tax (or less: total loss) 3,368,707,128.47 3,087,047,382.85
Less: Income tax expenses 659,736,629.17 685,621,632.65
V. Net profit (or less: net loss) 2,708,970,499.30 2,401,425,750.20
1. Net profit from continuing
2,708,963,284.50 2,400,067,232.90
operations (or less: net loss)
2. Net profit from discontinued
7,214.80 1,358,517.30
operations (or less: net loss)
1. Net profit attributable to owners
1,344,089,296.32 1,182,418,780.75
of parent company (or less: net loss)
2. Net profit attributable to non-
controlling shareholders (or less: 1,364,881,202.98 1,219,006,969.45
net loss)
VI. Other comprehensive income after
-8,544,380.97 -1,599,253.57
tax
(I) Items attributable to the owners of
-4,386,299.89 -822,336.19
the parent company
1.Not to be reclassified subsequently to
492,505.48 1,996,415.91
profit or loss
(1) Remeasurements of the net
1,574,918.99
defined benefit plan
(2) Items under equity method that
will not be reclassified to profit or
loss
(3) Changes in fair value of other
492,505.48 421,496.92
equity instrument investments
(4) Changes in fair value of own
credit risk
2. To be reclassified subsequently to
-4,878,805.37 -2,818,752.10
profit or loss
(1) Items under equity method that
may be reclassified to profit or loss
(2) Changes in fair value of other
debt investments
(3) Profit or loss from
reclassification of financial assets
into other comprehensive income
13 / 18
Q3 Report of 2023
For the three quarters For the three quarters
Items ended September 30, ended September 30,
2023 2022
(4) Provision for credit impairment
of other debt investments
(5) Cash flow hedging reserve -4,878,805.37 -2,818,752.10
(6) Translation reserve
(7) Others
(II) Items attributable to non-
-4,158,081.08 -776,917.38
controlling shareholders
VII. Total comprehensive income 2,700,426,118.33 2,399,826,496.63
(I) Items attributable to the owners
1,339,702,996.43 1,181,596,444.56
of the parent company
(II) Items attributable to non-
1,360,723,121.90 1,218,230,052.07
controlling shareholders
(I) Basic EPS (yuan per share) 2.78 2.44
(II) Diluted EPS (yuan per share) 2.78 2.44
Legal representative: Joo Miguel Ventura Rego Abecasis
Officer in charge of accounting: Chin Wee Hua
Head of accounting department: Liping Liu
14 / 18
Q3 Report of 2023
Consolidated Cash Flow Statement
For the Three Quarters Ended September 30, 2023
Unit: yuan Currency: RMB
For the three quarters For the three quarters
Items ended September 30, ended September 30,
2023 2022
Cash receipts from sale of goods or
13,729,002,139.22 13,232,619,530.14
rendering of services
Net increase of client deposit and
interbank deposit
Net increase of central bank loans
Net increase of loans from other
financial institutions
Cash receipts from original insurance
contract premium
Net cash receipts from reinsurance
Net increase of policy-holder deposit
and investment
Cash receipts from interest, handling
charges and commission
Net increase of loans from others
Net increase of repurchase
Net cash receipts from agency
security transaction
Receipts of tax refund 104,862,956.31
Other cash receipts related to
351,728,190.21 627,199,307.41
operating activities
Subtotal of cash inflows from
14,185,593,285.74 13,859,818,837.55
operating activities
Cash payments for goods purchased
5,657,350,566.51 5,195,075,945.62
and services received
Net increase of loans and advances to
clients
Net increase of central bank deposit
and interbank deposit
Cash payments for insurance
indemnities of original insurance
contracts
Net increase of loans to others
Cash payments for interest, handling
charges and commission
Cash payments for policy bonus
Cash paid to and on behalf of
1,154,628,762.78 1,208,135,628.26
employees
15 / 18
Q3 Report of 2023
For the three quarters For the three quarters
Items ended September 30, ended September 30,
2023 2022
Cash payments for taxes and rates 2,280,400,071.15 1,886,057,828.93
Other cash payments related to
1,374,902,242.12 1,368,009,353.46
operating activities
Subtotal of cash outflows from
10,467,281,642.56 9,657,278,756.27
operating activities
Net cash flows from operating
3,718,311,643.18 4,202,540,081.28
activities
Cash receipts from withdrawal of
1,987,185.53 1,512,411,748.50
investments
Cash receipts from investment
344,606.28 344,606.28
income
Net cash receipts from the disposal of
fixed assets, intangible assets and 747,600.96 6,538,008.91
other long-term assets
Net cash receipts from the disposal of
subsidiaries & other business units
Other cash receipts related to
investing activities
Subtotal of cash inflows from
3,079,392.77 1,519,294,363.69
investing activities
Cash payments for the acquisition of
fixed assets, intangible assets and 568,174,243.39 505,270,039.62
other long-term assets
Cash payments for investments 360,000,000.00 1,000,000,000.00
Net increase of pledged borrowings
Net cash payments for the acquisition
of subsidiaries & other business units
Other cash payments related to
investing activities
Subtotal of cash outflows from
928,174,243.39 1,505,270,039.62
investing activities
Net cash flows from investing
-925,094,850.62 14,024,324.07
activities
Cash receipts from absorbing
investments
Including: Cash received by
subsidiaries from non-controlling
shareholders as investments
Cash receipts from borrowings
Other cash receipts related to
financing activities
16 / 18
Q3 Report of 2023
For the three quarters For the three quarters
Items ended September 30, ended September 30,
2023 2022
Subtotal of cash inflows from
financing activities
Cash payments for the repayment of
borrowings
Cash payments for distribution of
dividends or profits and for interest 1,292,249,785.12 1,007,033,775.38
expenses
Including: Cash paid by subsidiaries
to non-controlling shareholders as 33,924,670.32 39,091,379.38
dividend or profit
Other cash payments related to
20,021,948.58 21,430,401.15
financing activities
Subtotal of cash outflows from
1,312,271,733.70 1,028,464,176.53
financing activities
Net cash flows from financing
-1,312,271,733.70 -1,028,464,176.53
activities
IV. Effect of foreign exchange rate
changes on cash & cash equivalents
V. Net increase in cash and cash
1,480,945,058.86 3,188,100,228.82
equivalents
Add: Opening balance of cash and
3,396,809,241.14 2,165,733,418.37
cash equivalents
VI. Closing balance of cash and cash
4,877,754,300.00 5,353,833,647.19
equivalents
Legal representative: Joo Miguel Ventura Rego Abecasis
Officer in charge of accounting: Chin Wee Hua
Head of accounting department: Liping Liu
The first adoption of new accounting standards or interpretations since 2023 that involve
adjustments to the financial statements at the beginning of the year of first adoption.
√Applicable □N/A
The illustration of retrospective adjustment
The Ministry of Finance issued the “Interpretation of China Accounting Standards for Business
Enterprises No. 16” (Cai Kuai [2022] No. 31) (the “Interpretation No. 16”) on November 30, 2022,
and the regulations about accounting for deferred tax related to assets and liabilities arising from a
single transaction to which the initial recognition exemption does not apply took effect since January
1, 2023. For taxable and deductible temporary differences associated with lease liabilities and right-
of-use assets arising from single transactions and presented at the beginning of the earliest
comparative period due to the initial adoption of the Interpretation No. 16, the Company adjusts
them to retained earnings or other financial statement items at the beginning of the earliest
comparative period presented in accordance with regulations in the Interpretation No. 16 and the
“Interpretation of China Accounting Standards for Business Enterprises No. 18 – Income Tax”.
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Q3 Report of 2023
The impact of the Group's Implement Interpretation No. 16 on the consolidated statement items on
December 31, 2022 are as below.
Balance sheet
Item Before retrospective Interpretation No. 16 After retrospective
adjustment Adjustment adjustment
Deferred tax assets 732,407,316.03 40,290.31 732,447,606.34
Retained earnings 1,336,013,806.16 20,717.28 1,336,034,523.44
Minority equity 1,566,866,996.50 19,573.03 1,566,886,569.53
The impact of the Group's Implement Interpretation No. 16 on the consolidated statement items on
January 1, 2022 are as below.
Balance sheet
Item Before retrospective Interpretation No. 16 After retrospective
adjustment Adjustment adjustment
Deferred tax assets 1,062,310,605.52 11,748.17 1,062,322,353.69
Retained earnings 1,040,351,272.07 6,040.91 1,040,357,312.98
Minority equity 1,373,750,135.57 5,707.26 1,373,755,842.83
The impact on items related to the Group's consolidated income statement for the period from
January 1, 2022 to September 30, 2022 are as below.
Income statement
Item Before retrospective Interpretation No. 16 After retrospective
adjustment Adjustment adjustment
Income tax expenses 685,846,401.92 -224,769.27 685,621,632.65
Hereby announced.
Board of Directors of Chongqing Brewery Co., Ltd.
October 30, 2023
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