Consolidated Statement of Profit or Loss

Transcription

1 Consolidated Statement of Profit or Loss Consolidated Statement of Profit or Loss REVENUE 5 78,794,522 76,590,989 Cost of sales (65,084,541) (62,602,034) Gross profit 13,709,981 13,988,955 Other income and gains 5 1,740,623 1,268,671 Selling and distribution expenses (2,551,386) (2,439,701) Administrative expenses (5,126,850) (4,517,143) Other expenses (3,047,049) (2,990,520) Finance costs 7 (254,151) (195,527) Share of profits and losses of: Joint ventures 4,088 3,876 Associates 807, ,312 PROFIT BEFORE TAX 6 5,282,719 5,725,923 Income tax expense 10 (1,072,604) (1,344,017) PROFIT FOR THE YEAR 4,210,115 4,381,906 Attributable to: Owners of the parent 11 2,393,242 2,714,876 Non-controlling interests 1,816,873 1,667,030 4,210,115 4,381,906 EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT 13 Basic and diluted - For profit for the year (RMB) cents cents Details of the dividends payable and proposed for the year are disclosed in note 12 to the financial statements. 52 Shanghai Electric Group Company Limited 2013 Annual Report

2 Consolidated Statement of Comprehensive Income Consolidated Statement of Comprehensive Income PROFIT FOR THE YEAR 4,210,115 4,381,906 OTHER COMPREHENSIVE INCOME Other comprehensive income to be reclassified to profit or loss in subsequent periods: Available-for-sale assets: Changes in fair value 194, ,001 Reclassification adjustments for gains included in the consolidated statement of profit or loss - gains on disposal 5 (151,337) (61,754) Income tax effect 9,936 (46,708) 52, ,539 Cash flow hedges: Effective portion of changes in fair value of hedging instruments arising during the year ,506 18,267 Reclassification adjustments for gains included in the consolidated statement of profit or loss 32 (96,506) (115,382) Income tax effect (40,000) 24,279 II Audited Financial Statements 120,000 (72,836) Share of other comprehensive income of: Associates - (31,275) Exchange differences on translation of foreign operations (33,277) (52,307) Shanghai Electric Group Company Limited 2013 Annual Report 53

3 Consolidated Statement of Comprehensive Income Consolidated Statement of Comprehensive Income (continued) Others (43) (1,492) Net other comprehensive income to be reclassified to profit or loss in subsequent periods 139,673 2,629 Other comprehensive income not to be reclassified to profit or loss in subsequent periods: Remeasurements losses of defined benefit obligations (52,968) (22,537) Net other comprehensive income not to be reclassified to profit or loss in subsequent periods (52,968) (22,537) OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX 86,705 (19,908) TOTAL COMPREHENSIVE INCOME FOR THE YEAR 4,296,820 4,361,998 Attributable to: Owners of the parent 2,481,153 2,702,245 Non-controlling interests 1,815,667 1,659,753 4,296,820 4,361, Shanghai Electric Group Company Limited 2013 Annual Report

4 Consolidated Statement of Financial Position Consolidated Statement of Financial Position 31 December December 31 December NON-CURRENT ASSETS Property, plant and equipment 14 15,126,716 15,226,213 Investment properties , ,036 Prepaid land lease payments 16 1,581,477 1,641,656 Goodwill , ,519 Other intangible assets , ,556 Investments in joint ventures 20 6,270 92,537 Investments in associates 21 3,881,944 3,603,746 Loans and lease receivables 22 2,410,803 1,318,545 Other investments ,356 1,417,835 Derivative financial instruments 32 20,625 4,460 Other non-current assets 429, ,297 Deferred tax assets 24 2,116,923 1,874,894 Total non-current assets 27,822,067 26,883,294 CURRENT ASSETS Inventories 25 20,644,804 21,933,836 Construction contracts 26 1,505,713 1,476,431 Trade receivables 27 25,268,380 20,605,697 Loans and lease receivables 22 5,441,146 2,621,208 Discounted bills receivable , ,170 Bills receivable 29 4,868,920 5,090,174 Prepayments, deposits and other receivables 30 10,807,108 10,665,546 Investments 31 6,224,328 3,105,546 Derivative financial instruments 32 50,584 90,105 Due from the Central Bank 33 4,087,577 2,580,698 Restricted deposits , ,122 Cash and cash equivalents 33 21,408,756 22,141,703 II Audited Financial Statements Total current assets 101,470,647 91,816,236 CURRENT LIABILITIES Trade payables 34 25,098,974 24,031,249 Bills payable 35 4,144,473 2,456,807 Other payables and accruals 36 43,212,906 38,625,985 Derivative financial instruments 32 8,376 76,155 Customer deposits 37 1,762,404 1,294,409 Interest-bearing bank and other borrowings 38 3,764,512 3,419,300 Tax payable 995,932 1,278,581 Provisions 39 3,248,962 2,604,205 Total current liabilities 82,236,539 73,786,691 Shanghai Electric Group Company Limited 2013 Annual Report 55

5 Consolidated Statement of Financial Position Consolidated Statement of Financial Position (continued) 31 December December 31 December NET CURRENT ASSETS 19,234,108 18,029,545 TOTAL ASSETS LESS CURRENT LIABILITIES 47,056,175 44,912,839 NON-CURRENT LIABILITIES Bonds 40 1,990,910 - Interest-bearing bank and other borrowings ,661 2,028,585 Provisions 39 23,246 48,095 Government grants 511, ,942 Derivative financial instruments ,878 Other non-current liabilities ,926 1,109,884 Deferred tax liabilities , ,197 Total non-current liabilities 4,347,607 4,230,581 Net assets 42,708,568 40,682,258 EQUITY Equity attributable to owners of the parent Issued capital 42 12,823,627 12,823,627 Reserves 43(a) 18,425,043 16,866,070 Proposed final dividend , ,865 32,205,954 30,506,562 Non-controlling interests 10,502,614 10,175,696 Total equity 42,708,568 40,682,258 Chairman and CEO Mr. Xu Jianguo CFO Mr. Hu Kang 56 Shanghai Electric Group Company Limited 2013 Annual Report

6 Consolidated Statement of Changes In Equity Consolidated Statement of Changes In Equity Attributable to owners of the parent Availablefor-sale Hedging investment Exchange Proposed Non- Issued Capital Contributed Surplus revaluation revaluation Special fluctuation Retained final controlling Total Note capital reserve surplus reserves reserve reserve reserve reserve profits dividend Total interests equity (note 43(a)) (note 43(a)) (note 43(a)) At 1 January 2012 As previously reported 12,823,627 5,090,027 (2,352,526) 3,130,749 (1,614) (14,235) - 6,805 9,594, ,725 29,257,192 8,398,586 37,655,778 Business combinations under common control - 843,598-16, ,340 (620,043) - 271,275 (307,346) (36,071) As restated 12,823,627 5,933,625 (2,352,526) 3,147,129 (1,614) (14,235) - 38,145 8,974, ,725 29,528,467 8,091,240 37,619,707 Profit for the year ,714,876-2,714,876 1,667,030 4,381,906 Other comprehensive income for the year: Changes in fair value of availablefor-sale investments, net of tax , ,312 19, ,539 Cash flow hedges, net of tax (72,836) (72,836) - (72,836) Exchange differences on translation of foreign operations (37,684) - - (37,684) (14,623) (52,307) Others - (43,423) (43,423) (11,881) (55,304) Total comprehensive income for the year - (43,423) - - (72,836) 141,312 - (37,684) 2,714,876-2,702,245 1,659,753 4,361,998 Capital injection by non-controlling shareholders , ,440 Addition of subsidiaries , ,827 Business combinations under common control - (865,391) (865,391) (301,063) (1,166,454) Deemed disposal of subsidiaries - (1,391) - (7,081) ,081 - (1,391) (1,550) (2,941) Disposal of a subsidiary - (715) (715) (798) (1,513) Dividend paid to non-controlling shareholders (661,480) (661,480) Final 2011 dividend declared (979,725) (979,725) - (979,725) Proposed final 2012 dividend (816,865) 816, Dividend paid to SEC before business combinations (9,000) - (9,000) - (9,000) Transfer from retained profits , ,925 - (601,823) Others - 134, (2,304) - 132,072 (134,673) (2,601) II Audited Financial Statements At 31 December ,823,627 5,157,041* (2,352,526)* 3,715,986* (74,450)* 127,077* 25,925* 461* 10,266,556* 816,865 30,506,562 10,175,696 40,682,258 Shanghai Electric Group Company Limited 2013 Annual Report 57

7 Consolidated Statement of Changes In Equity Consolidated Statement of Changes In Equity (continued) Attributable to owners of the parent Availablefor-sale Hedging investment Exchange Proposed Non- Issued Capital Contributed Surplus revaluation revaluation Special fluctuation Retained final controlling Total Notes capital reserve surplus reserves reserve reserve reserve reserve profits dividend Total interests equity (note 43(a)) (note 43(a)) (note 43(a)) At 1 January ,823,627 5,157,041* (2,352,526)* 3,715,986* (74,450)* 127,077* 25,925* 461* 10,266,556* 816,865 30,506,562 10,175,696 40,682,258 Profit for the year ,393,242-2,393,242 1,816,873 4,210,115 Other comprehensive income for the year: Changes in fair value of availablefor-sale investments, net of tax , ,632 34,361 52,993 Cash flow hedges, net of tax , , ,000 Exchange differences on translation of foreign operations (25,597) - - (25,597) (7,680) (33,277) Others - (25,124) (25,124) (27,887) (53,011) Total comprehensive income for the year - (25,124) ,000 18,632 - (25,597) 2,393,242-2,481,153 1,815,667 4,296,820 Capital reduction of subsidiaries - (1,311) (1,256) (11,750) (13,006) Addition of subsidiaries ,655 20,655 Disposal of subsidiaries (29,157) - - (29,157) (132,123) (161,280) Acquisition of non-controlling interests - (25,359) (24,393) 19,797 (4,596) Dividend paid to non-controlling shareholders (1,399,392) (1,399,392) Final 2012 dividend declared (816,865) (816,865) - (816,865) Proposed final 2013 dividend (957,284) 957, Transfer from retained profits , ,835 - (580,826) Others - 109, (19,649) - 89,910 14, ,974 At 31 December ,823,627 5,214,447* (2,352,526) * 4,271,319* 45,550* 145,709* 52,760* (54,255) * 11,102,039* 957,284 32,205,954 10,502,614 42,708,568 * These reserve accounts constitute the consolidated reserves of RMB18,425,043,000 (2012: RMB16,866,070,000) in the consolidated statement of financial position. 58 Shanghai Electric Group Company Limited 2013 Annual Report

8 Consolidated Statement of Cash Flows Consolidated Statement of Cash Flows CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 5,282,719 5,725,923 Adjustments for: Finance Company*: Interest income from banks and other financial institutions 5 (317,066) (240,164) Interest income on loans receivable and discounted bills receivable 5 (250,098) (191,709) Finance lease income 5 (276,939) (256,316) Interest income on non-restricted time deposits with original maturity of over three months when acquired (114,581) (161,005) Interest income on debt investments 5 (19,929) (8,500) Dividend income from equity investments and investment funds 5 (77,135) (4,085) Gain on disposal of items of property, plant and equipment, net 5, 6 (12,806) (25,841) Losses/(gains) on disposal of other intangible assets, net 5, (3,267) Gain on disposal of land use rights 5 (124,823) (15,231) Losses/(gains) on disposal of subsidiaries 5 227,797 (159,498) Gain on disposal of joint venture 5 (15,502) - Losses/(gains) on disposal of associates 5 9 (44,752) Investments at fair value through profit or loss: Unrealised fair value (gains)/losses, net 5 (7,243) 231 Realised fair value gains, net 5 (597) (5,797) Derivative financial instruments - transactions not qualifying as hedges: Unrealised fair value gains, net 5 (2,301) (1,569) Realised gains on available-for-sale investments (transferred from equity) 5 (151,337) (61,754) Other gains 5 (194,404) (5,992) Finance Company*: Interest expense due to banks and other financial institutions 6 8,543 19,590 Interest expense on customer deposits 6 39,361 26,121 Interest expense on bonds 6-44,500 Depreciation of property, plant and equipment 6 1,398,586 1,337,719 Depreciation of investment properties 6 5,681 5,613 Recognition of prepaid land lease payments 6 45,249 45,003 Amortisation of intangible assets 6 114, ,038 Early retirement benefits and staff severance costs 6 113,310 4,198 Write-down of inventories to net realisable value 6 829, ,452 * Finance Company is the abbreviation of Shanghai Electric Group Finance Company Co., Ltd. II Audited Financial Statements Shanghai Electric Group Company Limited 2013 Annual Report 59

9 Consolidated Statement of Cash Flows Consolidated Statement of Cash Flows (continued) CASH FLOWS FROM OPERATING ACTIVITIES (continued) Share of profits and losses of joint ventures (4,088) (3,876) Share of profits and losses of associates (807,463) (607,312) Impairment of trade receivables and other receivables 6 325, ,000 Impairment of loans receivable 6 27,894 2,261 Impairment of lease receivables 6 40,078 66,428 Reversal of impairment of discounted bills receivable 6 (3,305) (69) Impairment of items of property, plant and equipment 6 6,069 46,530 Impairment of goodwill 6 19,446 - Impairment of investment in associates 6 3,443 - Impairment of other intangible assets 6 8,914 1,659 Provision for product warranty 6 551, ,188 Provision for onerous contracts 6 686,451 1,097,734 (Reversal)/addition of provision for late delivery 6 (23,000) 2,000 Other provisions 6 288,930 9,037 Finance costs 7 254, ,527 Gain on bargain purchases 5 (52,161) (3,196) Exchange losses, net 162,113 37,780 7,984,580 8,216,599 Decrease in inventories 271,591 1,530,243 Increase in construction contracts (29,282) (1,186,297) Increase in trade receivables and other receivables (4,930,310) (1,730,579) (Increase)/decrease in other non-current assets (998,100) 10,393 Increase in trade payables, bills payable, other payables and accruals 7,394,355 2,557,645 Utilisation of product warranty provision and other provisions (969,639) (1,152,866) Cash generated from operations 8,723,195 8,245,138 Taxes paid (1,545,107) (1,522,475) Net cash flows from operating activities 7,178,088 6,722, Shanghai Electric Group Company Limited 2013 Annual Report

10 Consolidated Statement of Cash Flows (continued) Consolidated Statement of Cash Flows CASH FLOWS FROM INVESTING ACTIVITIES Interest received 680, ,745 Finance lease income 5 276, ,316 Dividends received from joint ventures 350 2,144 Dividends received from associates 491, ,146 Dividends received from investments 77,135 4,085 Purchases of items of property, plant and equipment (1,770,966) (2,074,729) Purchases of investment properties 15 (846) - Realised fair value gains on investments at fair value through profit or loss ,797 Prepaid land lease payments 16 (41,223) (3,907) Proceeds from disposal of items of property, plant and equipment 325, ,193 Business combination 44 (47,373) (365,449) Disposal of subsidiaries 45 (197,525) (11,351) Capital injection in associates (6,061) (250,496) Proceeds from disposal of associates 2, ,545 Proceeds from disposal of joint ventures 4,128 - Purchases of non-current other investments (228,976) (704,800) Proceeds from disposal of non-current other investments 712, ,680 Purchases of other intangible assets (78,756) (229,414) Proceeds from disposal of other intangible assets 35,974 17,005 Proceeds from disposal of prepaid land lease payments 176,249 16,290 Acquisition of non-controlling interests (4,596) (25,652) Acquisition of other non-current assets (96,752) (51,890) Decrease in restricted deposits 9,493 45,378 Decrease/(increase) in non-restricted time deposits with original maturity of over three months when acquired 999,015 (2,441,655) Increase in loans and lease receivables (2,915,035) (1,025,293) Decrease in discounted bills receivable 335,773 21,043 (Increase)/decrease in an amount due from the Central Bank (1,506,879) 370,087 Increase in repurchased assets (2,589,780) - (Increase)/decrease in current investments (262,068) 1,099,239 Others 306,845 - II Audited Financial Statements Net cash flows used in investing activities (5,311,308) (2,840,943) Shanghai Electric Group Company Limited 2013 Annual Report 61

11 Consolidated Statement of Cash Flows Consolidated Statement of Cash Flows (continued) Note CASH FLOWS FROM FINANCING ACTIVITIES Capital injection by non-controlling shareholders - 773,342 Business combinations under common control (31,239) (1,135,215) Value added tax refunded 69,421 - Capital reduction of subsidiaries (13,006) - New bank and other loans 2,374,710 2,362,360 Repayments of bank and other loans (3,850,312) (894,363) Issue/(repayment) of bonds 1,989,000 (1,000,000) Dividends paid to non-controlling shareholders (1,378,674) (661,173) Dividends paid by the Company (816,865) (979,725) Dividend paid to former shareholders before combinations/acquisitions - (506,529) Increase/(decrease) in customer deposits 467,995 (1,451,121) Interest paid (200,572) (288,782) Others (49,057) - Net cash flows used in financing activities (1,438,599) (3,781,206) NET INCREASE IN CASH AND CASH EQUIVALENTS 428, ,514 Cash and cash equivalents at beginning of year 15,909,804 15,847,070 Effect of foreign exchange rate changes, net (162,113) (37,780) CASH AND CASH EQUIVALENTS AT END OF YEAR 16,175,872 15,909,804 ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS Cash and cash equivalents as stated in the statement of financial position 33 21,408,756 22,141,703 Less: non-restricted time deposits with original maturity of over three months when acquired (5,232,884) (6,231,899) Cash and cash equivalents as stated in the statement of cash flows 16,175,872 15,909, Shanghai Electric Group Company Limited 2013 Annual Report