StockCode:200771StockID:HangqilunB
AnnouncementNo.2016-37
HangzhouSteamTurbineCo.,Ltd.
Announcementontheprovisionforimpairmentofassetsofyear2015
ThemembersoftheBoardandtheCompanyacknowledgebeingresponsibleforthetruthfulness,uracy,pletenessoftheannouncement.Notanyfalserecord,misleadingstatementorsignificantomissioncarriedinthisannouncement.
The6thtermofBoardheldits28thMeetingonMarch17,2016,Themeetingexaminedthe
Proposaloftheprovisionforimpairmentofassets,Thisproposalwasadoptedwith11votesin
favor,0objectionand0waive.Theamountoftheprovisionforimpairmentofassetsofyear2015ofpanyisRMB245,130,878.11,thedetailofwhichisannouncedasfollows:
I.TheoverviewoftheprovisionforimpairmentofassetsForfairlyreflectingpany’sassetsvalue,ordingtotheountingStandardsforEnterprisesandRegulationsonProvisionofAssertsImpairmentandWrite-offofAssetsforEnterprises,andbasedontheprincipleofprudence,panyhascheckedeachassetoftheconsolidatedfinancialstatementsbytheendofthereportingperiodandhasassessedthattherewouldbesomeimpairmentofassets,thendeterminedtheneedfortheprovisionforimpairmentofassets.Theassetsoftheprovisionforimpairmentofassetmainlyincludedountsreceivable,otherreceivablesandinventory.ThetotalamountoftheprovisionofforimpairmentofassetsisRMB245,130,878.11,whichwasdetailedasfollows:Theinformationtableofpany’sprovisionforimpairmentofassetsforyear2015 InRMB Amountofeachcorrespondingitem Itemsonimpairmentofassets Provisionforbad1 debts(ounts Beginningbalance Provisioninthecurrentperiod 610,307,568.28190,166,947.80 Lesseninthecurrentperiod Recovery Writeoff 5,695,365.27 Endingbalance 794,779,150.81
1 receivable) Provisionforbad 2debts(other 8,603,524.17 -64,824.40 285,250.00 8,253,449.77 receivables) Provisionfor 3inventoryprice 158,244.58 55,028,754.71 2,198,984.63 52,988,014.66 falling Total 625,852,490.69
245,130,878.11 - 8,179,599.90 862,803,768.90 II.Theconfirmationstandardandmethodofprovisionontheprovisionforimpairmentof assets Themainassetsoftheprovisionfortheimpairmentofassetsincludedountsreceivable, otherreceivablesandinventory.
I.Theamountoftheprovisionforbaddebtsofountsreceivableofyear2015isRMB 190,102,123.40.Theconfirmationstandardandmethodofprovisionontheprovisionforbad debtsofountsreceivableare:
(1)Recognitionandprovidingofbaddebtprovisiononindividualreceivableountwithlargeamount Basisofrecognitionorstandardamountofindividualountwithlargeamount ountstakeover10%ofthebookbalanceofreceivableounts Basisofbaddebtprovision Impairmenttestperformedindividually,baddebtprovisionwillbeprovidedatthedifferenceofexpectedcashflowlowerthanthebookvalue.
(2)Recognitionandprovidingbasisofbaddebtreservesforgroupofreceivableountswithsimilarcharacteristicsofcreditrisks NameoftheGroup Basisofbaddebtprovision Groupbyageanalysis Ageanalysismethod Combinedrangeofassociation Othermethod Baddebtprovisionsareprovidedonageanalyzebasisinthegroup RateofprovisiononreceivableRateofprovisiononotherreceivable Age ount ount Within1year)included)1－2years2－3years3－4years4－5years 5.00%10.00%30.00%60.00%80.00% 5.00%10.00%30.00%60.00%80.00% Over5years 100.00% 100.00%
(3)Receivableountswithminoramountbutbaddebtprovisionsareprovidedindividually Basisofprovidingbaddebtindividually Whenthereissignificantdifferencebetweenthecurrent
2 valueoffuturecashflowofthereceivableountand thecurrentvalueoffuturecashflowofthegroup Impairmenttestperformedindividually,baddebt Basisofbaddebtprovision provisionwillbeprovidedatthedifferenceofexpected cashflowlowerthanthebookvalue.
2.Theamountoftheprovisionforinventoryfallingpriceofyear2015isRMB55,028,754.71,andtheconfirmationstandardandmethodofprovisionontheinventoryfallingpriceare: Onthebalancesheetdate,theinventorywasthelowerresultbetweentheresultscalculatedbycostrealizedvalue,andordingtosingleinventory/inventorycategory,thebalanceofthecoststhatwashigherthanrealizedvalueistheamountoftheprovisionforinventoryfallingprice.Astotheinventorydirectlyusedforsales,underthenormalproductionandoperationprocess,realizedvalueoftheinventoryshallbedeterminedbytheamountthatcalculatedbytheestimatedsalespriceoftheinventoryminustheestimatedsalesexpensesandrelevanttaxesandfees;astotheinventoryneededprocessing,underthenormalproductionandoperationprocess,realizedvalueoftheinventoryshallbedeterminedbytheamountthatcalculatedbytheestimatedsalespriceofthefinalproductsminustherelatedprocessingcostsandtheestimatedsalesexpensesandrelevanttaxesandfees;onthebalancesheetdate,underoneiteminventorythatparthavecontactedpriceandtheotherparthavenocontractedprice,realizedvalueoftheinventoryshallbedeterminedrespectivelyandparedwiththecorrespondingcosts,andtheamountofprovisionforinventorypricefallingandtheamountofrecoveryshallberespectivelydetermined.III.Theinfluenceoftheprovisionforimpairmentofassetsonpany’sfinancialstatus pany’sprovisionfortheimpairmentofassetsleadstothedecreaseofRMB245,130,878.11onprofitsinpany'sconsolidatedfinancialstatementsofyear2015,sothattherewasadecreaseofRMB245,130,878.11onprofitsofyear2015thatareattributabletopany’sshareholders.IV.Thereviewprocessoftheprovisionforimpairmentofassets Theitemoftheprovisionforimpairmentofassetshasbeenexaminedandadoptedinpany’s28thboardmeetingofthe6thsessionboardofdirectors.Duetotheamountoftheprovisionforimpairmentofassetsexceedthe50%profitsofpanyofyear2015,ordingtotheregulationsoftheStockListingRulesstipulatedbytheShenzhenstockexchange,theitemofprovisionshallbeexaminedandadoptedinthegeneralshareholdermeeting.V.Thereasonablenessexplanationoftheprovisionforimpairmentofassetsbytheboardofdirectors Theboardofdirectorsreckonedthat:theprovisionforimpairmentofassetswasinordancewiththeountingStandardsforEnterprisesandpany’smanagement
3 institutiononprovisionforimpairmentofassets,andthatwasinlinewiththeprincipleofprudenceandwasreasonable,objectivelyandfairlyreflectedpany’sfinancialstatus,sotheboardagreedtheprovisionforimpairmentofassets.panyshallperformancethereviewprocessbystrictlyconformingtotheprovisionsstipulatedbytheRegulationsonProvisionofAssertsImpairmentandWrite-offofAssetsforEnterprises(Revisedin2015).VI.Theindependentopinionsontheprovisionforimpairmentofassetsfromindependentdirectors panyhascarriedouttheprovisionforimpairmentofassetsofyear2015byconformingtotheountingStandardsforEnterprisesandrelevantregulations,whichwasinlinewithpany’sactualsituationandpanylaw,thearticlesofassociationandrelevantregulationandlaws,withstandardizedprocedureforreviewing,andtherewasnosituationthatwouldjeopardizetheinterestsofpanyandtheminorityshareholders.Theprovisionforimpairmentofassetswasagreed. VII.Theexaminationopinionsonpany’sprovisionforimpairmentofassetsbytheboardofsupervisors Theboardofsupervisorsreckonedthat:pany'sprovisionforimpairmentofassetswasinordancewiththeountingStandardsforEnterprisesandrelevantregulations,whichfairlyreflectedpany’sassetsvalueandoperatingresults.Thedecisionmakingprocedureoftheproposalonprovisionforimpairmentofassetswasinlinewiththelaw,andtheprovisionforimpairmentofassetswasagreed.VIII.Documentsforreference1.Resolutionsofthe28thmeetingofthe6thTermofBoard;
2.Resolutionsofthe14thMeetingofthe6thSupervisoryCommittee3.IndependentOpinionsofIndependentDirectors TheBoardofDirectorsofHangzhouSteamTurbineCo.,Ltd. March19,2016
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I.TheoverviewoftheprovisionforimpairmentofassetsForfairlyreflectingpany’sassetsvalue,ordingtotheountingStandardsforEnterprisesandRegulationsonProvisionofAssertsImpairmentandWrite-offofAssetsforEnterprises,andbasedontheprincipleofprudence,panyhascheckedeachassetoftheconsolidatedfinancialstatementsbytheendofthereportingperiodandhasassessedthattherewouldbesomeimpairmentofassets,thendeterminedtheneedfortheprovisionforimpairmentofassets.Theassetsoftheprovisionforimpairmentofassetmainlyincludedountsreceivable,otherreceivablesandinventory.ThetotalamountoftheprovisionofforimpairmentofassetsisRMB245,130,878.11,whichwasdetailedasfollows:Theinformationtableofpany’sprovisionforimpairmentofassetsforyear2015 InRMB Amountofeachcorrespondingitem Itemsonimpairmentofassets Provisionforbad1 debts(ounts Beginningbalance Provisioninthecurrentperiod 610,307,568.28190,166,947.80 Lesseninthecurrentperiod Recovery Writeoff 5,695,365.27 Endingbalance 794,779,150.81
1 receivable) Provisionforbad 2debts(other 8,603,524.17 -64,824.40 285,250.00 8,253,449.77 receivables) Provisionfor 3inventoryprice 158,244.58 55,028,754.71 2,198,984.63 52,988,014.66 falling Total 625,852,490.69
245,130,878.11 - 8,179,599.90 862,803,768.90 II.Theconfirmationstandardandmethodofprovisionontheprovisionforimpairmentof assets Themainassetsoftheprovisionfortheimpairmentofassetsincludedountsreceivable, otherreceivablesandinventory.
I.Theamountoftheprovisionforbaddebtsofountsreceivableofyear2015isRMB 190,102,123.40.Theconfirmationstandardandmethodofprovisionontheprovisionforbad debtsofountsreceivableare:
(1)Recognitionandprovidingofbaddebtprovisiononindividualreceivableountwithlargeamount Basisofrecognitionorstandardamountofindividualountwithlargeamount ountstakeover10%ofthebookbalanceofreceivableounts Basisofbaddebtprovision Impairmenttestperformedindividually,baddebtprovisionwillbeprovidedatthedifferenceofexpectedcashflowlowerthanthebookvalue.
(2)Recognitionandprovidingbasisofbaddebtreservesforgroupofreceivableountswithsimilarcharacteristicsofcreditrisks NameoftheGroup Basisofbaddebtprovision Groupbyageanalysis Ageanalysismethod Combinedrangeofassociation Othermethod Baddebtprovisionsareprovidedonageanalyzebasisinthegroup RateofprovisiononreceivableRateofprovisiononotherreceivable Age ount ount Within1year)included)1－2years2－3years3－4years4－5years 5.00%10.00%30.00%60.00%80.00% 5.00%10.00%30.00%60.00%80.00% Over5years 100.00% 100.00%
(3)Receivableountswithminoramountbutbaddebtprovisionsareprovidedindividually Basisofprovidingbaddebtindividually Whenthereissignificantdifferencebetweenthecurrent
2 valueoffuturecashflowofthereceivableountand thecurrentvalueoffuturecashflowofthegroup Impairmenttestperformedindividually,baddebt Basisofbaddebtprovision provisionwillbeprovidedatthedifferenceofexpected cashflowlowerthanthebookvalue.
2.Theamountoftheprovisionforinventoryfallingpriceofyear2015isRMB55,028,754.71,andtheconfirmationstandardandmethodofprovisionontheinventoryfallingpriceare: Onthebalancesheetdate,theinventorywasthelowerresultbetweentheresultscalculatedbycostrealizedvalue,andordingtosingleinventory/inventorycategory,thebalanceofthecoststhatwashigherthanrealizedvalueistheamountoftheprovisionforinventoryfallingprice.Astotheinventorydirectlyusedforsales,underthenormalproductionandoperationprocess,realizedvalueoftheinventoryshallbedeterminedbytheamountthatcalculatedbytheestimatedsalespriceoftheinventoryminustheestimatedsalesexpensesandrelevanttaxesandfees;astotheinventoryneededprocessing,underthenormalproductionandoperationprocess,realizedvalueoftheinventoryshallbedeterminedbytheamountthatcalculatedbytheestimatedsalespriceofthefinalproductsminustherelatedprocessingcostsandtheestimatedsalesexpensesandrelevanttaxesandfees;onthebalancesheetdate,underoneiteminventorythatparthavecontactedpriceandtheotherparthavenocontractedprice,realizedvalueoftheinventoryshallbedeterminedrespectivelyandparedwiththecorrespondingcosts,andtheamountofprovisionforinventorypricefallingandtheamountofrecoveryshallberespectivelydetermined.III.Theinfluenceoftheprovisionforimpairmentofassetsonpany’sfinancialstatus pany’sprovisionfortheimpairmentofassetsleadstothedecreaseofRMB245,130,878.11onprofitsinpany'sconsolidatedfinancialstatementsofyear2015,sothattherewasadecreaseofRMB245,130,878.11onprofitsofyear2015thatareattributabletopany’sshareholders.IV.Thereviewprocessoftheprovisionforimpairmentofassets Theitemoftheprovisionforimpairmentofassetshasbeenexaminedandadoptedinpany’s28thboardmeetingofthe6thsessionboardofdirectors.Duetotheamountoftheprovisionforimpairmentofassetsexceedthe50%profitsofpanyofyear2015,ordingtotheregulationsoftheStockListingRulesstipulatedbytheShenzhenstockexchange,theitemofprovisionshallbeexaminedandadoptedinthegeneralshareholdermeeting.V.Thereasonablenessexplanationoftheprovisionforimpairmentofassetsbytheboardofdirectors Theboardofdirectorsreckonedthat:theprovisionforimpairmentofassetswasinordancewiththeountingStandardsforEnterprisesandpany’smanagement
3 institutiononprovisionforimpairmentofassets,andthatwasinlinewiththeprincipleofprudenceandwasreasonable,objectivelyandfairlyreflectedpany’sfinancialstatus,sotheboardagreedtheprovisionforimpairmentofassets.panyshallperformancethereviewprocessbystrictlyconformingtotheprovisionsstipulatedbytheRegulationsonProvisionofAssertsImpairmentandWrite-offofAssetsforEnterprises(Revisedin2015).VI.Theindependentopinionsontheprovisionforimpairmentofassetsfromindependentdirectors panyhascarriedouttheprovisionforimpairmentofassetsofyear2015byconformingtotheountingStandardsforEnterprisesandrelevantregulations,whichwasinlinewithpany’sactualsituationandpanylaw,thearticlesofassociationandrelevantregulationandlaws,withstandardizedprocedureforreviewing,andtherewasnosituationthatwouldjeopardizetheinterestsofpanyandtheminorityshareholders.Theprovisionforimpairmentofassetswasagreed. VII.Theexaminationopinionsonpany’sprovisionforimpairmentofassetsbytheboardofsupervisors Theboardofsupervisorsreckonedthat:pany'sprovisionforimpairmentofassetswasinordancewiththeountingStandardsforEnterprisesandrelevantregulations,whichfairlyreflectedpany’sassetsvalueandoperatingresults.Thedecisionmakingprocedureoftheproposalonprovisionforimpairmentofassetswasinlinewiththelaw,andtheprovisionforimpairmentofassetswasagreed.VIII.Documentsforreference1.Resolutionsofthe28thmeetingofthe6thTermofBoard;
2.Resolutionsofthe14thMeetingofthe6thSupervisoryCommittee3.IndependentOpinionsofIndependentDirectors TheBoardofDirectorsofHangzhouSteamTurbineCo.,Ltd. March19,2016
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