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Rego Interactive Co., Ltd Interim / Quarterly Report 2021

Apr 27, 2021

50588_rns_2021-04-26_6a07102a-ad1c-4735-98a6-e5163bd4e79d.pdf

Interim / Quarterly Report

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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

==> picture [375 x 50] intentionally omitted <==

(a joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock Code: 1065)

First Quarterly Report 2021

1. IMPORTANT

  • 1.1 The board (the “ Board ”) of directors (the “ Directors ”) and the supervisory committee of Tianjin Capital Environmental Protection Group Company Limited (the “ Company ”) and all of its Directors, supervisors and senior management warrant that there are no false information, misleading statements or material omissions in this quarterly report, and accept joint and several responsibility for the truthfulness, accuracy and completeness of the contents contained in this quarterly report.

  • 1.2 Mr. Liu Yujun, the chairman of the Company, Ms. Peng Yilin, the officer in charge of the accounting function, and Mr. Liu Tao, the officer in charge of the accounting department (the accounting management officer) have warranted the truthfulness, accuracy and completeness of the financial statements contained in this quarterly report.

  • 1.3 The financial statements contained in the first quarterly report of the Company have not been audited.

1

2. BASIC INFORMATION OF THE COMPANY

2.1 Major Financial Data

Unit: 0’000 Currency: RMB

Unit: 0’000 Currency: RMB
As at
the end of
this reporting
period		 As at the
end of the
previous year		 Comparison
between the
end of this
reporting
period and the
end of the
previous year
increase/
decrease
(%)
Total assets 2,066,092.6 1,880,296.9 9.88
Net assets attributable to the shareholders of
the Company		 675,714.5 659,135.1 2.52
From the
beginning of
the year to
the end of
the reporting
period		 From the
beginning of
the previous
year to the
end of the
corresponding
reporting
period of the
previous year		 Compared
with the same
period of the
previous year
increase/
decrease
(%)
Net cash flows from operating activities 4,144.6 -525.2 889.15
Operating income 87,528.3 71,627.6 22.20
Net profits attributable to the shareholders of
the Company		 16,579.3 12,980.7 27.72
Net profit attributable to the shareholders of
the Company after deduction of
extraordinary items		 14,470.5 11,640.4 24.31
Weighted average return ratio on net assets (%) 2.48 2.08 0.40
Basic earnings per share (RMB/share) 0.116 0.091 27.47
Diluted earnings per share (RMB/share) 0.116 0.091 27.47

2

Extraordinary items and amounts

Unit: 0’000 Currency: RMB

Unit: 0’000 Currency: RMB
Items Amount for
the reporting
period
Government grants included in profit or loss for the current period other
than those closely related to the normal operation of the Company,
in compliance with national policies and regulations, as well as
the government grants entitled continuously in accordance
with certain standard quota or quantity basis		 2,815.7
Other non-operating income and expenditure except for
those mentioned above		 30.4
Impact on minority shareholders interests (after tax) -198.8
Impact on income tax -538.5
Total 2,108.8

3

2.2 Total number of shareholders and tables of the shareholdings of the top ten shareholders and the top ten shareholders of circulating shares (or shareholders of non-restricted circulating shares) as at the end of the reporting period

Total number of shareholders Total number of shareholders Total number of shareholders 67,051 of which 64 were shareholders of H Shares 67,051 of which 64 were shareholders of H Shares 67,051 of which 64 were shareholders of H Shares 67,051 of which 64 were shareholders of H Shares
Shareholdings of the top ten shareholders
Name of shareholder (Full name) Number of
shares held
at the end of
the reporting
period
(shares)		 Percentage of
shareholding
(%)		 Number of
restricted
shares held
(shares)		 Pledged or frozen Nature of
shareholder
Status of
shares		 Number
(shares)
Tianjin Municipal Investment
Company Limited (“TMICL”)		 715,565,186 50.14 0 None 0 State-owned
legal person
HKSCC Nominees Limited 337,908,810 23.68 0 Unknown 0 Other
Central Huijin Asset Management Ltd. 14,169,800 0.99 0 None 0 State-owned
legal person
Hong Kong Securities Clearing Company Limited 8,583,491 0.60 0 None 0 Other
Zhejiang Jinxin Construction Engineering
Co., Ltd.（浙江錦鑫建設工程有限公司）		 6,244,000 0.44 0 None 0 Domestic non-
state-owned
legal person
Industrial and Commercial Bank of China
Limited－China Universal CSI Environmental
Governance Index Securities Investment Fund
（中國工商銀行股份有限公司－匯添富中證
環境治理指數型證券投資基金）(LOF)		 2,827,300 0.20 0 None 0 Other
Hou Hongyan（侯紅燕） 2,500,000 0.18 0 None 0 Domestic
natural person
Fan Liping（范莉萍) 2,000,000 0.14 0 None 0 Domestic
natural person
Shenyang Railway Coal Group Co., Ltd.
（瀋陽鐵道煤炭集團有限公司）		 1,500,000 0.11 0 None 0 State-owned
legal person
Huang Qiangsheng（黃強勝） 1,432,100 0.10 0 None 0 Domestic
natural person

4

Shareholdings of the top ten shareholders of non-restricted circulating shares
Name of shareholders Number
of non-
restricted
circulating
shares
(shares)		 Type and number of shares
Type Number
(shares)
TMICL 715,565,186 Ordinary
RMB Shares		 715,565,186
HKSCC Nominees Limited 337,908,810 H Shares 337,908,810
Central Huijin Asset Management Ltd. 14,169,800 Ordinary
RMB Shares		 14,169,800
Hong Kong Securities Clearing
Company Limited		 8,583,491 Ordinary
RMB Shares		 8,583,491
Zhejiang Jinxin Construction Engineering
Co., Ltd.（浙江錦鑫建設工程有限公司）		 6,244,000 Ordinary
RMB Shares		 6,244,000
Industrial and Commercial Bank of China
Limited－China Universal CSI
Environmental Governance Index Securities
Investment Fund（中國工商銀行股份
有限公司－匯添富中證環境治理
指數型證券投資基金）(LOF)		 2,827,300 Ordinary
RMB Shares		 2,827,300
Hou Hongyan（侯紅燕） 2,500,000 Ordinary
RMB Shares		 2,500,000
Fan Liping (范莉萍) 2,000,000 Ordinary
RMB Shares		 2,000,000
Shenyang Railway Coal Group Co., Ltd.
（瀋陽鐵道煤炭集團有限公司）		 1,500,000 Ordinary
RMB Shares		 1,500,000
Huang Qiangsheng（黃強勝） 1,432,100 Ordinary
RMB Shares		 1,432,100

5

It is not certain whether there is any connected relationship among the top ten shareholders.

It is not certain whether there is any connected relationship between the top ten shareholders of non-restricted circulating shares and the top ten shareholders.

Notes on the connected relationship or parties acting in concert among the above shareholders

Notes: (1) According to the register of members as provided by HKSCC Nominees Limited, those H shares held by it were held on behalf of various clients. As of the end of the reporting period, Ningbo Baisi Yuesi Trading Co., Ltd. ( 寧波百思樂斯貿易有限公司 ) and the parties acting in concert with it, namely Ningbo Ningdian Investment Development Co., Ltd. ( 寧波寧電投資發展有限公司 ) , Lvneng Investment & Development Co., Limited (Hong Kong) ( 綠 能投資發展有限公司（香港）) , held 98,050,000 H shares of the Company in total, representing 6.870% of the total share capital of the Company. None of the shares held have been pledged.

  • (2) None of the top ten shareholders are strategic investors of the Company.

6

3. MAJOR EVENTS

3.1 Description of and reasons for substantial changes in principal financial statement items and financial indicators of the Company

As at 31 March 2021, the Company had total assets in the amount of RMB20,660.93 million, representing an increase of RMB1,857.96 million or 9.88% as compared to the end of last year. Total liabilities were RMB12,904.30 million, representing an increase of RMB1,682.97 million or 15.00% as compared to the end of last year. Equity interest attributable to the shareholders of the Company was RMB6,757.15 million, representing an increase of RMB165.79 million or 2.52% as compared to the end of last year. The realised net profit attributable to the Company for the period from January to March of 2021 was RMB165.79 million, representing an increase of RMB35.99 million or 27.72% as compared to the same period last year. The substantial increase of revenue and profit as compared to the same period last year is primarily attributable to the increase in revenue from the sewage treatment business resulting from the facts that (i) the new plants at Dongjiao of Tianjin under upgrading and expansion were put into operation in July 2020, in which a new unit price on sewage treatment service was executed; and (ii) the treated volume of new development projects and existing projects increased.

Analysis of items with more significant changes is set out below:

Unit: 0’000 Currency: RMB

Items 31 March
2021		 31 December
2020		 Amount of
increase/
decrease		 Change
(%)		 Reasons
Currency funds 240,422.80 166,364.60 74,058.20 44.52 Mainly due to the increase in the
Company’s long-term borrowings
Construction in progress 1,359.80 985.90 373.90 37.92 Mainly due to the increase in
the Company’s construction
investments in theprojects
Goodwill 49,876.60 0.00 49,876.60 N/A Mainly the goodwill recognized
by the Company in respect of the
hazardous wasteprojects acquired
Wages payable 2,325.80 8,562.00 -6,236.20 -72.84 Mainly due to the issue of the
year-end bonus provided for in
2020 duringthe currentperiod
Long-term borrowings 590,161.70 422,789.40 167,372.30 39.59 Mainly due to the increase in the
long-term borrowings during the
currentperiod

7

Items January
to March
2021		 January
to March
2020		 Amount of
increase/
decrease		 Change
(%)		 Reasons
Taxes and surcharges 598.30 920.20 -321.90 -34.98 Mainly due to the change in the
value-added tax rate and the
increase in input tax, the decrease
in the value-added tax paid and
the corresponding decrease in
additional taxes
Non-operating income 26.90 2.30 24.60 1,069.57 Mainly due to the increase
in rebates of property taxes
and other taxes received by
subsidiaries as compared with the
sameperiod lastyear
Non-operating expenses 13.20 226.50 -213.30 -94.17 Mainly due to RMB1.688 million
paid by the Company for poverty
alleviation in Xixiaoliang Village,
Wuqing District in the same
period last year, of which was nil
thisperiod
Net cash flows from
operating activities		 4,144.60 -525.20 4,669.80 -889.15 Mainly due to the decrease in the
operating payments such as the
purchase of goods, labor services
and taxes paid in the current
period as compared with the same
period lastyear
Net cash flow from
investment activities		 -97,225.00 -46,911.70 -50,313.30 107.25 Mainly due to the increase
in the Company’s investment
expenditures on projects this year
as compared with the same period
lastyear
Net cash flow from
financing activities		 167,138.60 56,053.00 111,085.60 198.18 Mainly due to a higher additional
debt financing in the current year
as compared with the same period
lastyear
Net increase in cash and
cash equivalents		 74,058.20 8,616.10 65,442.10 759.53 Mainly due to the combined
impact of cash flows from
operating, investment and
financingactivities

8

3.2 Progress of major event and its effects as well as the analytical explanation of solutions

The Company convened the 32nd meeting of the eighth session of the Board on 13 July 2020 to consider the matters relating to the non-public issuance of A shares, and the relevant matters were considered and approved at the 2020 First Extraordinary General Meeting, the 2020 First A Shareholders’ Class Meeting and the 2020 First H Shareholders’ Class Meeting of the Company held on 7 September 2020. For details, please refer to the relevant announcements of the Company published on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (the “ SSE Website ”) and on the website of The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) (http://www.hkex.com.hk) (the “ Stock Exchange Website ”) on 14 July 2020 and 8 September 2020, respectively, as well as the Company’s circular published on the Stock Exchange Website on 21 August 2020.

In view of the changes in the capital market environment, upon comprehensive consideration of the Company’s actual situation, development plans and various other factors, after careful analysis and repeated communication with relevant parties, the Company has adjusted the proposal of the non-public issuance of shares. On 30 March 2021, the Company convened the 47th meeting of the eighth session of the Board, to approve the “Resolution regarding the Plan for Adjustments to the Non-public Issuance of A Shares of the Company 2020” and conduct adjustment to the proposal of the non-public issuance of A shares 2020. On the same date, the Company issued the announcement of the feedback reply regarding the “Notice regarding China Securities Regulatory Commission’s Second Feedback on the Review of Administrative Permission Items” (amended). For details of the above matters, please refer to the relevant announcements of the Company published on the SSE Website, as well as the inside information announcement and relevant overseas regulatory announcements published on the Stock Exchange Website on 28 January 2021 and 31 March 2021 respectively.

The non-public issuance of A shares of the Company remains subject to the obtaining of approval from the China Securities Regulatory Commission (the “ CSRC ”). The Company will perform its obligation of information disclosure on a timely manner according to the progress of the approval by CSRC. Investors are kindly reminded to pay attention to investment risks.

9

3.3 Commitments that failed to be implemented on time during the reporting period

□ Applicable √ Not applicable

  • 3.4 Warning of the prediction that the accumulated net profits from the beginning of the year to the end of the next reporting period may record a loss or substantial changes may have occurred as compared with the same period of the previous year and the reasons

□ Applicable √ Not applicable

By Order of the Board Liu Yujun Chairman

Tianjin, the PRC 26 April 2021

As at the date of this announcement, the Board comprises three executive Directors: Mr. Liu Yujun, Ms. Wang Jing and Mr. Niu Bo; two non-executive Directors: Mr. Gu Wenhui and Mr. Si Xiaolong; and three independent non-executive Directors: Mr. Di Xiaofeng, Mr. Guo Yongqing and Mr. Wang Xiangfei.

10

4. APPENDICES

Consolidated Balance Sheet

As at 31 March 2021

Items
CURRENT ASSETS:
Currency funds
Notes receivable
Trade receivables
Prepayments
Other receivables
Inventories
Non-current assets due within one year
Other current assets
Total current assets
NON-CURRENT ASSETS:
Long-term receivables
Long-term equity investments
Other investments in equity instruments
Fixed assets
Construction in progress
Intangible assets
Goodwill
Deferred income tax assets
Other non-current assets
Total non-current assets
TOTAL ASSETS		 Unit: ’000 Currency: RMB
As at
31 March
2021
As at
31 December
2020
2,404,228
1,663,646
3,025
2,656
2,302,841
1,959,083
29,795
26,220
22,493
24,117
19,774
17,460
20,787
20,049
106,553
82,228
4,909,496
3,795,459
1,642,787
1,647,402
195,000
195,000
2,000
2,000
1,012,582
809,495
13,598
9,859
12,017,225
11,999,818
498,766
–
12,965
12,965
356,507
330,971
15,751,430
15,007,510
20,660,926
18,802,969		 Unit: ’000 Currency: RMB
As at
31 March
2021
As at
31 December
2020
2,404,228
1,663,646
3,025
2,656
2,302,841
1,959,083
29,795
26,220
22,493
24,117
19,774
17,460
20,787
20,049
106,553
82,228
4,909,496
3,795,459
1,642,787
1,647,402
195,000
195,000
2,000
2,000
1,012,582
809,495
13,598
9,859
12,017,225
11,999,818
498,766
–
12,965
12,965
356,507
330,971
15,751,430
15,007,510
20,660,926
18,802,969
1,647,402
195,000
2,000
809,495
9,859
11,999,818
–
12,965
330,971
15,007,510
18,802,969

11

Items
CURRENT LIABILITIES:
Trade payables
Contract liabilities
Wages payable
Taxes payable
Other payables
Including: Interests payable
Dividends payable
Non-current liabilities due within one year
Other current liabilities
Total current liabilities
NON-CURRENT LIABILITIES:
Long-term borrowings
Bonds payable
Long-term payables
Expected liabilities
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities
TOTAL LIABILITIES
OWNERS’ EQUITY (OR SHAREHOLDERS’ EQUITY):
Paid-up capital (or share capital)
Capital reserves
Surplus reserves
Retained earnings
Total equity attributable to owners of the Company
(or shareholders’ equity)
Minority shareholders interest
Total owners’ (or shareholders’) equity
TOTAL LIABILITIES AND OWNERS’
(OR SHAREHOLDERS’) EQUITY		 As at
31 March
2021
279,469
540,115
23,258
52,971
924,704
1,240
142
1,704,170
–
3,524,687
5,901,617
1,099,107
243,411
14,055
1,984,620
102,803
34,000
9,379,613
12,904,300
1,427,228
431,024
619,055
4,279,838
6,757,145
999,481
7,756,626
20,660,926		 As at
31 December
2020
294,973
527,410
85,620
56,841
955,773
2,097
142
1,596,263
0
3,516,880
4,227,894
1,098,848
247,734
13,737
1,981,434
100,799
34,000
7,704,446
11,221,326
1,427,228
431,024
619,054
4,114,045
6,591,351
990,292
7,581,643
18,802,969

12

Balance Sheet of the Company As at 31 March 2021

Items
CURRENT ASSETS:
Currency funds
Trade receivables
Prepayments
Other receivables
Including: Interest receivables
Dividend receivables
Inventories
Non-current assets due within one year
Other current assets
Total current assets
NON-CURRENT ASSETS:
Long-term receivables
Long-term equity investments
Other investments in equity instruments
Fixed assets
Construction in progress
Intangible assets
Other non-current assets
Total non-current assets
TOTAL ASSETS		 Unit: ’000 Currency: RMB
As at
31 March
2021
As at
31 December
2020
1,440,061
623,111
1,324,207
1,126,477
3,422
0
28,419
25,883
0
0
0
0
5,819
5,995
20,787
20,049
258,949
375,011
3,081,664
2,176,526
1,642,787
1,647,402
4,966,545
4,223,545
2,000
2,000
144,688
148,551
681
340
3,823,577
3,865,856
20,832
40,832
10,601,110
9,928,526
13,682,774
12,105,052		 Unit: ’000 Currency: RMB
As at
31 March
2021
As at
31 December
2020
1,440,061
623,111
1,324,207
1,126,477
3,422
0
28,419
25,883
0
0
0
0
5,819
5,995
20,787
20,049
258,949
375,011
3,081,664
2,176,526
1,642,787
1,647,402
4,966,545
4,223,545
2,000
2,000
144,688
148,551
681
340
3,823,577
3,865,856
20,832
40,832
10,601,110
9,928,526
13,682,774
12,105,052
1,647,402
4,223,545
2,000
148,551
340
3,865,856
40,832
9,928,526
12,105,052

13

Items
CURRENT LIABILITIES:
Trade payable
Contract liabilities
Wages payable
Taxes payable
Other payables
Including: Interests payable
Dividends payable
Non-current liabilities due within one year
Other current liabilities
Total current liabilities
NON-CURRENT LIABILITIES:
Long-term borrowings
Bonds payable
Long-term payables
Expected liabilities
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities
TOTAL LIABILITIES
OWNERS’ EQUITY (OR SHAREHOLDERS’ EQUITY):
Paid-up capital (or share capital)
Capital reserves
Surplus reserves
Retained earnings
Total owners’ (or shareholders’) equity
TOTAL LIABILITIES AND OWNERS’
(OR SHAREHOLDERS’) EQUITY		 As at
31 March
2021
52,238
4,950
14,340
7,083
213,892
–
142
1,405,636
360,000
2,058,139
2,717,871
1,099,107
234,811
11,665
1,507,746
37,636
380,000
5,988,836
8,046,975
1,427,228
380,788
619,054
3,208,729
5,635,799
13,682,774		 As at
31 December
2020
43,558
4,950
43,202
4,688
230,454
0
142
1,536,886
70,000
1,933,738
1,396,472
1,098,848
239,134
11,665
1,524,402
36,085
380,000
4,686,606
6,620,344
1,427,228
380,788
619,054
3,057,638
5,484,708
12,105,052

14

Consolidated Income Statement

January to March 2021

Unit: ’000 Currency: RMB

First Quarter First Quarter
Items of 2021 of 2020
1. Total operating income 875,283 716,276
Including: Operating income 875,283 716,276
2. Total operating costs 699,111 588,164
Including: Operating costs 572,151 478,978
Tax and surcharges 5,983 9,202
Sales expenses 4,525 3,816
Administrative expenses 39,458 32,949
Research and development expenses 1,673 1,321
Financial expenses 75,321 61,898
Including: Interest expenses 67,063 74,378
Interest income 4,798 10,139
Add: Other income 31,936 39,871
3. Operating profit (losses are stated by “-”) 208,108 167,983
Add: Non-operating income 269 23
Less: Non-operating expenses 132 2,265
4. Total profit (total losses are stated by “-”) 208,245 165,741
Less: Income tax expenses 33,753 30,707
5. Net profit (net losses are stated by “-”) 174,492 135,034
(I) Classified by continuity of operations
1.
Net profit from continuing operations
(net losses are stated by “-”) 174,492 135,034
(II) Classified by ownership of the equity
1.
Net profit attributable to shareholders of
the Company (net losses are stated by “-”) 165,793 129,807
2.
Loss or profit attributable to minority shareholders
(net losses are stated by “-”) 8,699 5,227
6. Other comprehensive income, net of tax – –
7. Total comprehensive income 174,492 135,034
(I) Total comprehensive income attributable to owners of
the Company 165,793 129,807
(II) Total comprehensive income attributable to
minority shareholders 8,699 5,227
8. Earnings per share:
(I) Basic earnings per share (RMB/share) 0.116 0.091
(II) Diluted earnings per share (RMB/share) 0.116 0.091

For the business combination under common control effected in the current period, the net profit recognized by the merged party before the combination was RMB0, and the net profit recognized by the merged party in the previous period was RMB0.

15

Income Statement of the Company January to March 2021

Unit: ’000 Currency: RMB

First Quarter First Quarter
Items of 2021 of 2020
1. Operating income 394,165 358,348
Less: Operating costs 207,582 210,888
Tax and surcharges 692 3,029
Administrative expenses 17,466 19,281
Research and development expenses 3 –
Financial expenses 48,509 50,920
Including: Interest expenses 39,636 56,717
Interest income 4,200 3,392
Add: Other income 16,797 30,218
Investment Income (losses are stated by “-”) 35,441 6,163
2. Operating profit (losses are stated by “-”) 172,151 110,611
Add: Non-operating income 2 –
Less: Non-operating expenses – 1,688
3. Total profit (total losses are stated by “-”) 172,153 108,923
Less: Income tax expenses 21,062 16,338
4. Net profit (net losses are stated by “-”) 151,091 92,585
(I) Net profit from continuing operations (net losses are
stated by “-”) 151,091 92,585
5. Other comprehensive income, net of tax – –
6. Total comprehensive income 151,091 92,585
7. Earnings per share:
(I) Basic earnings per share (RMB/share) – –
(II) Diluted earnings per share (RMB/share) – –

16

Consolidated Cash Flow Statement

January to March 2021

Unit: ’000 Currency: RMB
First Quarter First Quarter
Items of 2021 of 2020
1. Cash flows from operating activities:
Cash received from sales of goods and rendering of services 592,758 562,094
Taxes and levies rebate received 2,968 7,962
Cash received relating to other operating activities 38,816 42,668
Sub-total of cash inflow from operating activities 634,542 612,724
Cash paid for goods and services 334,554 318,579
Cash paid to and on behalf of employees 147,400 126,087
Payment of taxes and levies 67,415 116,659
Cash payments relating to other operating activities 43,727 56,651
Sub-total of cash outflow for operating activities 593,096 617,976
Net cash flow generated from operating activities 41,446 -5,252
2. Cash flows from investing activities:
Net cash received from disposal of fixed assets,
intangible assets and other long-term assets 5 49
Cash received from other investing activities 20,154 –
Sub-total of cash inflow from investing activities 20,159 49
Cash paid to acquire and construct fixed assets,
intangible assets and other long-term assets 303,415 469,166
Cash paid for investments 688,994 –
Sub-total of cash outflow for investing activities 992,409 469,166
Net cash flows generated from investing activities -972,250 -469,117

17

First Quarter First Quarter
Items of 2021 of 2020
3. Cash flows from financing activities:
Cash received from assimilated investments 490 12,706
Including: cash received from minority shareholders’
investments assimilated by subsidiaries 490 12,706
Cash received from borrowings 1,969,769 1,152,524
Sub-total of cash inflow from financing activities 1,970,259 1,165,230
Cash paid for repayment of debt 253,747 567,580
Cash paid for distribution of dividends,
profits or interest payments 45,126 37,120
Including: Dividends and profits paid by subsidiaries to
minority shareholders 0 0
Sub-total of cash outflow from financing activities 298,873 604,700
Net cash flow generated from financing activities 1,671,386 560,530
4. Effect of foreign exchange rate changes on cash and
cash equivalent – –
5. Net increase in cash and cash equivalents 740,582 86,161
Add: Balance of cash and cash equivalents at
the beginning of the period 1,652,657 2,066,301
6. Balance of cash and cash equivalents at the end of
the period 2,393,239 2,152,462

18

Cash Flow Statement of the Company January to March 2021

Unit: ’000 Currency: RMB

First Quarter First Quarter
Items of 2021 of 2020
1. Cash flows from operating activities:
Cash received from sales of goods and rendering of services 224,489 353,299
Taxes and levies rebate received – 2,072
Cash received relating to other operating activities 188,323 255,746
Sub-total of cash inflow from operating activities 412,812 611,117
Cash paid for goods and services 157,292 149,349
Cash paid to and on behalf of employees 55,062 56,628
Payment of taxes and levies 27,404 77,197
Cash payments relating to other operating activities 54,663 188,407
Sub-total of cash outflow for operating activities 294,421 471,581
Net cash flow generated from operating activities 118,391 139,536
2. Cash flows from investing activities:
Cash received from investment returns 32,000 –
Sub-total of cash inflow from investing activities 32,000 –
Cash paid to acquire and construct fixed assets,
intangible assets and other long-term assets 45,365 44,717
Cash paid for investments 732,859 74,509
Sub-total of cash outflow for investing activities 778,224 119,226
Net cash flows generated from investing activities -746,224 -119,226
3. Cash flows from financing activities:
Cash received from borrowings 1,527,291 682,280
Sub-total of cash inflow from financing activities 1,527,291 682,280
Cash paid for repayment of debt 65,750 501,000
Cash paid for distribution of dividends,
profits or interest payments 16,758 17,577
Sub-total of cash outflow from financing activities 82,508 518,577
Net cash flow generated from financing activities 1,444,783 163,703
4. Effect of foreign exchange rate changes on cash and
cash equivalent – –
5. Net increase in cash and cash equivalents 816,950 184,013
Add: Balance of cash and cash equivalents
at the beginning of the period 617,960 736,182
6. Balance of cash and cash equivalents
at the end of the period 1,434,910 920,195

19

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