Lu Thai Textile Co., Ltd. Third Quarterly Report 2024
Stock Code: 000726, 200726 Stock Name: LTTC, LTTC-B Announcement No. 2024-081
Bond Code: 127016 Bond Name: LTTC Convertible Bonds
LU THAI TEXTILE CO., LTD.
THIRD QUARTERLY REPORT 2024
Lu Thai Textile Co., Ltd. (hereinafter referred to as the “Company”) and all the members of the
Company’s Board of Directors hereby guarantee that the contents of this Report are true, accurate and
complete and free of any misrepresentations, misleading statements or material omissions.
Important Notes:
1. The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior
management of the Company hereby guarantee that the contents of this Report are true, accurate and complete
and free of any misrepresentations, misleading statements or material omissions, and collectively and
individually accept legal responsibility for such contents.
2. The Company’s legal representative, chief accountant and financial manager hereby guarantee that the
financial statements carried in this Report are true, accurate and complete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes No
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate whether there is any retrospectively restated datum in the table below.
□Yes No
Q3 2024 YoY change (%) Q1-Q3 2024 YoY change (%)
Operating revenue (RM B) 1,570,583,102.90 4.50% 4,401,071,788.51 1.33%
Net profit attributable to the listed company’s
118,293,394.86 4.26% 287,853,364.40 -14.10%
shareholders (RM B)
Net profit attributable to the listed company’s
shareholders before exceptional gains and 87,100,142.55 -21.52% 350,831,427.10 15.87%
losses (RM B)
Net cash generated from/used in operating
— — 761,086,865.88 373.73%
activities (RM B)
Basic earnings per share (RM B/share) 0.14 7.69% 0.35 -10.26%
Diluted earnings per share (RM B/share) 0.14 7.69% 0.33 -8.33%
Weighted average return on equity (%) 1.27% 0.04% 3.10% -0.55%
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Lu Thai Textile Co., Ltd. Third Quarterly Report 2024
30 September 2024 31 December 2023 Change (%)
Total assets (RM B) 13,797,637,848.14 13,430,286,222.94 2.74%
Equity attributable to the listed company’s
9,292,679,481.50 9,230,806,905.80 0.67%
shareholders (RM B)
(II) Exceptional Gains and Losses
Applicable □ Not applicable
Unit: RM B
Item Q3 2024 Q1-Q3 2024 Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance
114,169.55 -285,181.47
write-offs)
Government grants recognised in profit or loss (exclusive of those that are
closely related to the Company's normal business operations and given in
10,020,351.12 25,033,489.87
accordance with defined criteria and in compliance with government policies,
and have a continuing impact on the Company's profit or loss)
Gain or loss on fair-value changes in financial assets and liabilities held by a
non-financial enterprise, as well as on disposal of financial assets and liabilities
28,092,236.10 -97,577,618.18
(exclusive of the effective portion of hedges that is related to the Company's
normal business operations)
Reverse of provision for impairment of accounts receivable individually
317,052.50 317,052.50
conducting impairment test
Non-operating income and expense other than the above -571,381.91 106,435.55
Less: Income tax effects 6,433,322.05 -9,622,940.25
Non-controlling interests effects (net of tax) 345,853.00 195,181.22
Total 31,193,252.31 -62,978,062.70 --
Other items that meet the definition of exceptional gain/loss:
□Applicable Not applicable
No such cases in the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement
No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:
□Applicable Not applicable
No such cases in the Reporting Period.
(III) Changes in Key Financial Information and Explanati on of why
Applicable □ Not applicable
Q1-Q3 2024
Item YoY Change (%) Main reason for change
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Lu Thai Textile Co., Ltd. Third Quarterly Report 2024
Net cash generated from/used in operating Decrease in cash paid for purchasing goods and
373.73
activities (RMB) accepting labor services
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of preferred shareholders with resumed
Number of ordinary shareholders at the period-end 47,468 0
voting rights at the period-end (if any)
Top 10 shareholders (exclusive of shares lent in refinancing)
Shareho Shares in pledge, marked or
Nature of
lding Total shares Restricted frozen
Name of shareholder shareholde
percenta held shares held
r Status Shares
ge
Domestic
non-state-
Zibo Lucheng Textile Investment Co., Ltd. owned 17.17% 140,353,583 0 N/A 0
corporatio
n
Foreign
Tailun (Thailand) Textile Co., Ltd. corporatio 14.10% 115,232,400 0 N/A 0
n
State-
owned
Central Huijin Assets M anagement Co., Ltd. 2.43% 19,884,100 0 N/A 0
corporatio
n
National Social Security Fund Portfolio 413 Other 1.81% 14,760,051 0 N/A 0
ICBC Credit Suisse Innovation Power Stock
Other 1.36% 11,100,000 0 N/A 0
Securities Investment Fund
Dongfanghong Zhihua Three-Year Holding M ixed
Other 0.92% 7,484,150 0 N/A 0
Securities Investment Fund
Dongfanghong Jingdong Big Data Dynamic Asset
Other 0.78% 6,391,082 0 N/A 0
Allocation M ixed Securities Investment Fund
FEDERATED HERM ES GLOBAL INVESTM ENT
Foreign
FD (CAYM AN) M ASTER, SPC OBOAFTAO
corporatio 0.77% 6,309,111 0 N/A 0
FEDERATED HERM ES EM G ASIA EQUITY FD
n
M ASTER S.P.
Dongfanghong New Power Dynamic Asset
Other 0.72% 5,889,830 0 N/A 0
Allocation M ixed Securities Investment Fund
Dacheng China Securities Asset M anagement Plan Other 0.63% 5,144,200 0 N/A 0
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of executives)
Shares by type and number
Name of shareholder Unrestricted shares held
Type Shares
RM B-
Zibo Lucheng Textile Investment Co., Ltd. 140,353,583 denominated 140,353,583
ordinary stock
Domestically
Tailun (Thailand) Textile Co., Ltd. 115,232,400 115,232,400
listed foreign
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Lu Thai Textile Co., Ltd. Third Quarterly Report 2024
stock
RM B-
Central Huijin Assets M anagement Co., Ltd. 19,884,100 denominated 19,884,100
ordinary stock
RM B-
National Social Security Fund Portfolio 413 14,760,051 denominated 14,760,051
ordinary stock
RM B-
ICBC Credit Suisse Innovation Power Stock Type Securities
11,100,000 denominated 11,100,000
Investment Fund
ordinary stock
RM B-
Dongfanghong Zhihua Three-Year Holding M ixed Securities
7,484,150 denominated 7,484,150
Investment Fund
ordinary stock
RM B-
Dongfanghong Jingdong Big Data Dynamic Asset Allocation
6,391,082 denominated 6,391,082
M ixed Securities Investment Fund
ordinary stock
FEDERATED HERM ES GLOBAL INVESTM ENT FD Domestically
(CAYM AN) M ASTER, SPC OBOAFTAO FEDERATED 6,309,111 listed foreign 6,309,111
HERM ES EM G ASIA EQUITY FD M ASTER S.P. stock
RM B-
Dongfanghong New Power Dynamic Asset Allocation M ixed
5,889,830 denominated 5,889,830
Securities Investment Fund
ordinary stock
RM B-
Dacheng China Securities Asset M anagement Plan 5,144,200 denominated 5,144,200
ordinary stock
Zibo Lucheng Textile Investment Co., Ltd. is the largest shareholder
of the Company and the actual controller. Tailun (Thailand) Textile
Co., Ltd. is the second largest shareholder as well as sponsor of
Related or acting-in-concert parties among the shareholders above foreign capital of the Company. All of other shareholders are people
holding public A share or B share and the Company is not able to
confirm whether there is associated relationship or concerted action
among other shareholders.
Top 10 shareholders engaged in securities margin trading (if any) Naught
5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares lending
□Applicable Not applicable
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return compared with the
prior period
□Applicable Not applicable
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable Not applicable
III Other Significant Events
Applicable □ Not applicable
The Proposal on Repurchase of Domestically Listed Foreign Shares (B-Share) was approved at the 10th M eeting of the 10th Board
of Directors and the First Extraordinary General M eeting of 2023. As such, an amount of no more than RM B200 million would be
used to repurchase shares, with a price limit of HKD4.80 per share, within 12 months from the date when the share repurchase
plan was approved at the general meeting. On 21 August 2023, the Company carried out the first repurchase. As of 21 February
2024, the Company had completed the implementation of the Repurchase Plan of Domestically Listed Foreign Shares (B-Share).
The Company accumulatively repurchased 46,176,428 B-shares (5.35% of the Company ’s total share capital). With the highest
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Lu Thai Textile Co., Ltd. Third Quarterly Report 2024
repurchase price being HKD4.80/share and the lowest being HKD4.53/share, the total payment for this repurchase plan was
HKD218,386,229.84 (inclusive of commissions and alike).
The Company completed the formalities for cancellation of the foregoing repurchased shares at the Shenzhen Branch of China
Securities Depository and Clearing Corporation Limited on 1 M arch 2024.
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by Lu Thai Textile Co., Ltd.
30 September 2024
Unit: RM B
Item 30 September 2024 1 January 2024
Current assets:
M onetary assets 1,853,207,119.84 1,558,252,048.03
Held-for-trading financial assets 747,510,705.28 723,800,275.39
Derivative financial assets
Notes receivable 64,337,683.35 99,642,708.67
Accounts receivable 805,844,456.12 826,467,684.78
Receivables financing 24,826,658.60 18,248,205.76
Prepayments 76,082,787.86 51,863,447.56
Other receivables 25,333,003.76 22,168,807.43
Including: Interest receivable
Dividends receivable
Inventories 2,075,570,015.72 2,124,139,574.70
Other current assets 108,137,303.73 145,112,114.03
Total current assets 5,780,849,734.26 5,569,694,866.35
Non-current assets:
Long-term equity investments 141,561,054.51 143,537,479.77
Investments in other equity
instruments
Other non-current financial assets 88,750,000.00 88,750,000.00
Investment property 18,901,194.36 19,578,175.93
Fixed assets 6,051,371,662.54 5,597,692,505.07
Construction in progress 198,625,943.52 868,496,878.41
Right-of-use assets 486,069,906.50 463,226,419.21
Intangible assets 335,529,696.20 343,347,879.42
Goodwill 20,563,803.29 20,563,803.29
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Lu Thai Textile Co., Ltd. Third Quarterly Report 2024
Long-term prepaid expense 1,963,385.98 1,815,838.60
Deferred income tax assets 144,129,537.53 157,892,110.06
Other non-current assets 529,321,929.45 155,690,266.83
Total non-current assets 8,016,788,113.88 7,860,591,356.59
Total assets 13,797,637,848.14 13,430,286,222.94
Current liabilities:
Short-term borrowings 602,165,111.98 580,704,772.27
Held-for-trading financial liabilities 16,341,190.82 46,785,831.47
Derivative financial liabilities
Notes payable
Accounts payable 230,620,472.74 275,502,915.05
Advances from customers
Contract liabilities 167,813,395.72 188,073,335.89
Employee benefits payable 265,985,481.12 284,344,973.72
Taxes and levies payable 33,508,397.49 42,633,232.55
Other payables 101,421,755.75 47,549,373.52
Including: Interest payable
Dividends payable 82,171,703.24 441,113.64
Current portion of non-current
24,782,937.62 96,207,192.49
liabilities
Other current liabilities 45,666,336.66 63,646,908.11
Total current liabilities 1,488,305,079.90 1,625,448,535.07
Non-current liabilities:
Long-term borrowings 702,435,622.24 259,992,974.40
Bonds payable 1,495,795,382.51 1,476,572,070.79
Lease liabilities 95,212,595.82 86,580,224.41
Long-term payables
Long-term employee benefits
57,276,675.61 57,276,675.61
payable
Provisions
Deferred income 147,031,058.41 151,768,947.92
Deferred income tax liabilities 141,525,210.57 155,178,797.04
Other non-current liabilities
Total non-current liabilities 2,639,276,545.16 2,187,369,690.17
Total liabilities 4,127,581,625.06 3,812,818,225.24
Owners’ equity:
Share capital 817,305,896.00 863,607,634.00
Other equity instruments 71,383,489.10 71,383,677.78
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Lu Thai Textile Co., Ltd. Third Quarterly Report 2024
Capital reserves 178,499,116.62 334,792,614.76
Less: Treasury stock 193,438,720.78
Other comprehensive income 101,224,554.31 131,343,141.63
Specific reserve 1,274,858.74
Surplus reserves 1,260,661,015.34 1,260,661,015.34
General reserve
Retained earnings 6,862,330,551.39 6,762,457,543.07
Total equity attributable to owners of the
9,292,679,481.50 9,230,806,905.80
Company as the parent
Non-controlling interests 377,376,741.58 386,661,091.90
Total owners’ equity 9,670,056,223.08 9,617,467,997.70
Total liabilities and owners’ equity 13,797,637,848.14 13,430,286,222.94
Legal representative: Liu Zibin The Company’s chief accountant: Zhang Keming
The Company’s financial manager: Zhang Keming
2. Consolidated Income Statement for Q1~Q3
Unit: RM B
Item Q1~Q3 2024 Q1~Q3 2023
1. Revenues 4,401,071,788.51 4,343,379,615.38
Including: Operating revenue 4,401,071,788.51 4,343,379,615.38
2. Costs and expenses 3,949,265,288.12 3,961,187,521.18
Including: Cost of sales 3,327,014,352.69 3,367,798,201.96
Taxes and levies 46,015,112.71 51,710,880.20
Selling expense 97,952,762.23 99,779,947.00
Administrative expense 252,202,540.45 282,144,753.70
Development costs 167,202,848.33 189,722,944.72
Finance costs 58,877,671.71 -29,969,206.40
Including: Interest expense 75,098,273.62 62,229,138.75
Interest income 42,885,186.29 38,423,491.50
Add: Other income 24,949,464.95 30,625,776.56
Return on investment (“-” for loss) -33,878,369.88 55,261,510.68
Including: Share of profit or loss of joint ventures and
-1,976,425.26 5,607,536.15
associates
Income from the derecognition of financial
assets at amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-” for loss)
Gain on changes in fair value (“-” for loss) -62,087,918.10 -42,630,957.32
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Lu Thai Textile Co., Ltd. Third Quarterly Report 2024
Credit impairment loss (“-” for loss) -219,625.91 9,173,784.96
Asset impairment loss (“-” for loss) -51,031,673.07 -73,776,454.27
Asset disposal income (“-” for loss) 659,366.06 -4,600,817.87
3. Operating profit (“-” for loss) 330,197,744.44 356,244,936.94
Add: Non-operating income 5,006,318.76 6,999,573.15
Less: Non-operating expense 5,844,430.74 3,238,418.45
4. Gross profit (“-” for loss) 329,359,632.46 360,006,091.64
Less: Income tax expense 31,023,398.44 39,272,407.86
5. Net profit (“-” for net loss) 298,336,234.02 320,733,683.78
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net
298,336,234.02 320,733,683.78
loss)
5.1.2 Net profit from discontinued operations (“-” for net
loss)
5.2 By ownership
5.2.1 Net profit attributable to shareholders of the Company as
287,853,364.40 335,112,971.01
the parent (“-” for net loss)
5.2.2 Net profit attributable to non-controlling interests (“-”
10,482,869.62 -14,379,287.23
for net loss)
6. Other comprehensive income, net of tax -30,118,587.32 60,007,344.06
Attributable to owners of the Company as the parent -30,118,587.32 60,007,344.06
6.1 Items that will not be reclassified to profit or loss
6.1.1 Changes caused by remeasurements on defined
benefit schemes
6.1.2 Other comprehensive income that will not be
reclassified to profit or loss under the equity method
6.1.3 Changes in the fair value of investments in other
equity instruments
6.1.4 Changes in the fair value arising from changes in own
credit risk
6.1.5 Other
6.2 Items that will be reclassified to profit or loss -30,118,587.32 60,007,344.06
6.2.1 Other comprehensive income that will be reclassified
to profit or loss under the equity method
6.2.2 Changes in the fair value of other debt investments
6.2.3 Other comprehensive income arising from the
reclassification of financial assets
6.2.4 Credit impairment allowance for other debt
investments
6.2.5 Reserve for cash flow hedges
6.2.6 Differences arising from the translation of foreign
-30,063,875.57 60,321,769.50
currency-denominated financial statements
6.2.7 Other -61,594.73 -314,425.44
Attributable to non-controlling interests
7. Total comprehensive income 268,217,646.70 380,741,027.84
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Lu Thai Textile Co., Ltd. Third Quarterly Report 2024
7.1 Attributable to owners of the Company as the parent 257,734,777.08 395,120,315.07
7.2 Attributable to non-controlling interests 10,482,869.62 -14,379,287.23
8. Earnings per share
8.1 Basic earnings per share 0.35 0.39
8.2 Diluted earnings per share 0.33 0.36
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before
the combinations was RM B0.00, with the amount for the same period of last year being RM B0.00.
Legal representative: Liu Zibin The Company’s chief accountant: Zhang Keming
The Company’s financial manager: Zhang Keming
3. Consolidated Cash Flow Statement for Q1~Q3
Unit: RM B
Item Q1~Q3 2024 Q1~Q3 2023
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 4,251,014,998.10 4,082,732,904.05
Tax and levy rebates 57,422,844.69 111,908,970.46
Cash generated from other operating activities 29,608,862.84 88,268,626.57
Subtotal of cash generated from operating activities 4,338,046,705.63 4,282,910,501.08
Payments for commodities and services 2,151,945,125.00 2,671,747,269.74
Cash paid to and for employees 1,182,637,679.97 1,220,030,753.31
Taxes and levies paid 119,631,645.66 98,333,908.79
Cash used in other operating activities 122,745,389.12 132,141,141.93
Subtotal of cash used in operating activities 3,576,959,839.75 4,122,253,073.77
Net cash generated from/used in operating activities 761,086,865.88 160,657,427.31
2. Cash flows from investing activities:
Proceeds from disinvestment 838,061,000.00 2,435,012,962.14
Return on investment 1,876,891.21 28,169,612.15
Net proceeds from the disposal of fixed assets, intangible
802,833.70 5,799,244.29
assets and other long-lived assets
Net proceeds from the disposal of subsidiaries and other
business units
Cash generated from other investing activities 50,112,179.51 85,031,721.32
Subtotal of cash generated from investing activities 890,852,904.42 2,554,013,539.90
Payments for the acquisition of fixed assets, intangible assets
189,186,030.98 544,637,761.00
and other long-lived assets
Payments for investments 969,027,200.56 2,947,560,711.64
Cash used in other investing activities 207,384,616.83 18,025,985.58
Subtotal of cash used in investing activities 1,365,597,848.37 3,510,224,458.22
Net cash generated from/used in investing activities -474,744,943.95 -956,210,918.32
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Lu Thai Textile Co., Ltd. Third Quarterly Report 2024
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by non-controlling interests
to subsidiaries
Borrowings received 1,672,923,316.54 998,315,156.40
Cash generated from other financing activities
Subtotal of cash generated from financing activities 1,672,923,316.54 998,315,156.40
Repayment of borrowings 1,270,645,412.09 955,264,496.55
Interest and dividends paid 159,435,799.79 107,775,332.89
Including: Dividends paid by subsidiaries to non-controlling
interests
Cash used in other financing activities 50,525,547.88 111,329,581.84
Subtotal of cash used in financing activities 1,480,606,759.76 1,174,369,411.28
Net cash generated from/used in financing activities 192,316,556.78 -176,054,254.88
4. Effect of foreign exchange rates changes on cash and cash
-2,816,130.50 11,527,014.35
equivalents
5. Net increase in cash and cash equivalents 475,842,348.21 -960,080,731.54
Add: Cash and cash equivalents, beginning of the period 1,353,615,305.93 1,822,897,270.16
6. Cash and cash equivalents, end of the period 1,829,457,654.14 862,816,538.62
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of
the New Accounting Standards Implemented since 2024
□ Applicable Not applicable
(III) Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes No
These financial statements have not been audited by such an auditor.
Board of Director
Lu Thai Textile Co., Ltd.
31 October 2024
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