2021-10-22-深交所-本钢板Ｂ_2021年第三季度报告（英文版）_23页_420kb

Summary of Bengang Steel Plates Co., Ltd. Third Quarter Report 2021

Core Content

Bengang Steel Plates Co., Ltd. released its Third Quarter Report for 2021, providing a detailed overview of its financial performance and shareholder structure. The report confirms that the disclosed information is accurate and complete, and that there are no material omissions or misleading statements.

Main Financial Highlights

1. Accounting Data and Financial Index

• Operating Income (RMB): 22,839,272,300.53, up by 80.30% compared to the same period in 2020.
• Net Profit Attributable to Shareholders: 1,568,670,728.28, up by 5,334.49%.
• Net Profit After Non-recurring Gains/Losses: 1,564,675,127.02, up by 31,395.92%.
• Net Cash Flow from Operations: Not disclosed.
• Basic Earnings per Share (RMB/Share): 0.38, up by 12,245.09%.
• Diluted Earnings per Share (RMB/Share): 0.38, up by 12,245.09%.
• Weighted Average Net Assets Yield: 6.83%, up by 16.32%.
• Total Assets (RMB): 67,252,482,643.32, up by 3.45% from the end of 2020.
• Net Assets Attributable to Shareholders (RMB): 23,799,726,515.82, up by 13.23%.

2. Non-recurring Profit and Loss Items

• Non-recurring profit or loss from disposal of non-current assets: -11,376,424.23 in the reporting period.
• Government subsidies (non-operating): 16,147,275.00 in the reporting period.
• Other non-operating revenue and expenditure: 566,515.70 in the reporting period.
• Impact of income tax: -1,334,341.62 in the reporting period.
• Impact of minority interests (after tax): -7,423.59 in the reporting period.
• Total non-recurring profit and loss: 3,995,601.26 in the reporting period.

Key Changes in Financial Data

1. Major Changes in Financial Position (Increase/Decrease Over 30%)

• Accounts Receivable Financing: Up by 49%, due to increased accounts receivable.
• Construction in Progress: Up by 42%, due to projects not yet transferred to fixed assets.
• Notes Payables: Down by 44%, due to reduced issuance.
• Contract Liabilities: Up by 61%, due to increased liabilities.
• Employee Benefits Payables: Up by 147%, due to increased payables.
• Tax Payables: Up by 724%, due to increased VAT payable.
• Other Payables: Up by 246%, due to increased dividend payables.
• Long-term Payables: Up by 47%, due to increased lease payments.
• Deferred Income: Down by 31%, due to full amortization.
• Special Reserves: Up by 7334%, due to unpaid safety production fees.
• Undistributed Profit: Up by 67%, due to increased profit.

2. Major Changes in Comprehensive Income (Increase/Decrease Over 2020)

• Operating Income: Up by 76%, due to increased sales prices.
• Operating Cost: Up by 68%, due to increased raw material prices.
• Tax and Surcharges: Up by 158%, due to increased VAT.
• Selling and Distribution Expenses: Down by 89%, due to new revenue standard.
• Financial Expenses: Up by 52%, due to increased bond interest and decreased exchange income.
• Income on Investment: Up by 2615%, due to increased financing income.
• Expected Credit Loss: Down by 58%, due to decreased bad debt recovery.
• Asset Impairment Loss: Down by 80%, due to decreased reversal of inventory impairment.
• Assets Disposal Gains: Down by 67%, due to decreased asset sales.
• Non-operating Income: Up by 173%, due to increased non-operating income.
• Non-operating Expenses: Up by 74%, due to increased fixed asset scrapping losses.
• Income Tax Expenses: Up by 3960%, due to increased profit.

Shareholders Information

• Total Number of Common Shareholders: 62,443 at the end of the reporting period.

• Top 10 Shareholders' Shareholding:

  • Benxi Steel & Iron (Group) Co., Ltd.: 58.65% (2,409,628,094 shares).
  • Bengang Group Co., Ltd.: 17.95% (737,371,532 shares).
  • Zhang Wenyou: 0.47% (19,149,967 shares).
  • Lyu Ruijun: 0.37% (15,005,100 shares).
  • MORGAN STANLEY & CO.INTERNATIONAL PLC: 0.32% (12,999,919 shares).
  • Hong Kong Securities Clearing Company Ltd.: 0.30% (12,281,180 shares).
  • Huatai Securities Co., Ltd.: 0.28% (11,429,581 shares).
  • Mao Weisong: 0.22% (9,212,619 shares).
  • China Merchants Bank - Hua’an Anhua Flexible Allocation of Mixed Securities Investment Funds: 0.19% (7,857,460 shares).
  • China Construction Bank - Huaxia Advantage Growth Mixed Securities Investment Fund: 0.18% (7,528,266 shares).

• Related Parties and Action-in-Concert Parties: Benxi Steel & Iron (Group) Co., Ltd. and Bengang Group Co., Ltd. are related parties and action-in-concert parties.

Other Major Events

• July 15, 2021: Bengang Group Co., Ltd. and others signed a trust beneficial right free transfer agreement, increasing their combined shareholding to 76.30%.
• July 30, 2021: Liaoning Communications Investment Co., Ltd. transferred 182,842,883 shares to Bengang Group, increasing combined shareholding to 81.00%.
• August 16, 2021: Completion of the free transfer registration, with Bengang Group holding 81.00% of the company's shares.
• August 19, 2021: Notice from the State Council and Liaoning Provincial Government agreeing to the free transfer of 51% equity of Bengang Group to Ansteel Group.
• August 20, 2021: Agreement signed between Liaoning Provincial State-owned Assets Supervision and Administration Commission and Ansteel Group for the free transfer of 51% equity of Bengang Group.
• October 13, 2021: Company handled business registration change, with Ansteel Group indirectly holding 76.67% of the company's shares.

Summary

The report outlines significant financial growth and restructuring activities, including a substantial increase in operating income and net profit, as well as major changes in shareholder structure and equity ownership. The company also reported a number of non-recurring profit and loss items, primarily related to government subsidies and tax impacts. The report highlights the company's strategic moves and the potential changes in control due to the free transfer of equity from Bengang Group to Ansteel Group.