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.
新 疆 拉 夏 貝 爾 服 飾 股 份 有 限 公 司
Xinjiang La Chapelle Fashion Co., Ltd.
(formerly known as "Shanghai La Chapelle Fashion Co., Ltd. (上海拉夏貝爾服飾股份有限公司)")
(a joint stock company incorporated in the People's Republic of China with limited liability)
(Stock code: 06116)
FIRST QUARTERLY REPORT
FOR THE THREE MONTHS ENDED 31 MARCH 2021
Pursuant to the regulations of the China Securities Regulatory Commission, Xinjiang La Chapelle Fashion Co., Ltd. (the "Company", together with its subsidiaries, collectively referred to as the "Group") is required to publish a quarterly report for each of the first and third quarters.
All financial information set out in this quarterly report is unaudited and prepared in accordance with the revised Chinese Accounting Standards for Business Enterprises.
The Audit Committee of the Company has reviewed the unaudited results of the Group for the three months ended 31 March 2021 (the "Reporting Period").
This announcement is made by the Company pursuant to Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong).
- IMPORTANT NOTICE
- The board of directors (the "Board"), the supervisory committee, directors, supervisors and senior management of the Company warrant that the information contained in this quarterly report is true, accurate and complete, and there are no false statements, misleading representations or material omissions, and are jointly and severally responsible for the liabilities of the Company.
- All directors of the Company have attended the board meeting to approve this quarterly report.
1
- Mr. Wu Jinying (the legal representative of the Company), Mr. Hu Zhiguo (the person-in- charge of accounting affairs and person-in-charge of the accounting department) warrant the truthfulness, accuracy and completeness of the financial statements contained in this quarterly report.
- The first quarterly report of the Company is unaudited.
2. GENERAL INFORMATION
- Key financials
Unit: RMB'000 | |||
Increase/ | |||
decrease | |||
As at | As at | compared to | |
31 March | 31 December | end of | |
Items | 2021 | 2020 | last year (%) |
Total assets | 3,380,455 | 3,581,715 | 5.62% |
Equity attributable to owners of the Company | -679,438 | -609,277 | Not Applicable |
Increase/ | |||
decrease | |||
For the | For the | compared | |
3 months | 3 months | to the | |
ended | ended | corresponding | |
31 March | 31 March | period of | |
2021 | 2020 | last year % | |
Net cash used/from operating activities | 25,347 | 20,016 | 26.63% |
2
Increase/ | |||
decrease | |||
For the | For the | compared | |
3 months | 3 months | to the | |
ended | ended | corresponding | |
31 March | 31 March | period of | |
2020 | 2020 | last year % | |
Revenue | 157,775 | 957,800 | 83.53% |
Net profit attributable to equity owners | |||
of the Company | -70,161 | -423,146 | Not Applicable |
Net profit attributable to equity owners of the | |||
Company excluding non-recurring items | -85,762 | -420,185 | Not Applicable |
Weighted average return on equity (%) | Not Applicable | Not Applicable | Not Applicable |
Basic earnings per share (RMB) | -0.13 | -0.77 | Not Applicable |
Diluted earnings per share (RMB) | -0.13 | -0.77 | Not Applicable |
3
Non-recurring item | |||
✓Applicable □Not Applicable | |||
Unit: RMB'000 | |||
From | |||
January 2021 | |||
Items | to March 2021 Explanation | ||
Gains or losses on disposal of non-current assets | 2,565 | ||
Government grants recorded as current gains or | |||
losses income, except for government grants | |||
that are closely related to the Company's | |||
businesses or given at a fixed quota or amount | |||
in accordance with government policies | 128 | ||
Gains or losses on debt restructuring | 20,854 | ||
Investment income arising from gain or loss | |||
resulted from changes in fair value of financial | |||
assets held for trading, derivative financial | |||
assets, financial liabilities held for trading and | |||
derivative financial liabilities; and disposal | |||
of financial assets held for trading, derivative | |||
financial assets, financial liabilities held for | |||
trading, derivative financial liabilities and other | |||
debt investments, except those arising from | |||
the effective hedging business related to the | |||
Company's normal operation | |||
Other non-operating income and expenses other | |||
than the above | 78 | ||
Investment losses arising from subsidiaries | |||
Gains on disposal of subsidiaries | |||
Losses on disposal of associates | -2,818 | ||
Effects of minority interests (after-tax) | -455 | ||
Effects of income tax | -5,206 | ||
Total | 15,146 | ||
4
2.2 Total number of shareholders, the shareholding of top ten shareholders and top ten tradable shareholders (or unrestricted shareholders) as at the end of the Reporting Period
Unit: share | ||||||
Total number of shareholders | 12,961 | |||||
Shareholding of top ten shareholders Shareholding | ||||||
Shareholding | ||||||
as at the | Percentage | Restricted | Pledged or locked-up | Nature of | ||
Name of shareholders (in full) | period end | (%) | shareholding | Status | Number | shareholders |
Xing Jiaxing (邢加興) | 80,274,425 | 14.66 | 80,274,425 | Frozen | 80,274,425 | Domestic natural |
person | ||||||
Shanghai Hexia Investment | 45,204,390 | 8.25 | 45,204,390 | Frozen | 45,204,390 | Domestic non-state |
Co., Ltd. | owned | |||||
(上海合夏投資有限公司) | ||||||
Shanghai Qijin Enterprise | 40,000,000 | 7.30 | 40,000,000 | Unknown | 0 | Domestic non-state |
Management Partnership LLP | owned | |||||
(上海其錦企業管理合夥企業 | ||||||
(有限合夥)) | ||||||
Shanghai Wensheng Asset | 21,600,000 | 3.94 | 21,600,000 | Unknown | 0 | Domestic non-state |
Management Co., Ltd. | owned | |||||
(上海文盛資產管理股份 | ||||||
有限公司) | ||||||
Chen Lin (陳林) | 7,073,726 | 1.29 | 0 | Unknown | 0 | Domestic natural |
person | ||||||
Beijing Broad Street Investment | 6,303,010 | 1.15 | 0 | Unknown | 0 | Domestic non-state |
Centre (Limited Partnership) | owned | |||||
(北京寬街博華投資中心 | ||||||
(有限合夥)) | ||||||
Securities account designated for | 3,573,200 | 0.65 | 0 | Unknown | 0 | Domestic non-state |
share repurchase of Shanghai | owned | |||||
La Chapelle Fashion Co., Ltd. | ||||||
(上海拉夏貝爾服飾股份有限 | ||||||
公司回購專用證券賬戶) | ||||||
Chen Jianliang (陳建亮) | 3,100,000 | 0.57 | 0 | Unknown | 0 | Domestic natural |
person | ||||||
Bai Dengfang (白登芳) | 2,136,200 | 0.39 | 0 | Unknown | 0 | Domestic natural |
person | ||||||
Wang Chengbing (王成兵) | 2,100,000 | 0.38 | 0 | Unknown | 0 | Domestic natural |
person |
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Shareholdings of top ten unrestricted shareholders | |||
Number of | |||
unrestricted | |||
tradable | Class of shares and number | ||
Name of shareholders | shares held | Class | Number |
Chen Lin (陳林)
Beijing Broad Street Investment Centre
(Limited Partnership)
(北京寬街博華投資中心(有限合夥)) Securities account designated for share
repurchase of Shanghai La Chapelle Fashion Co., Ltd. (上海拉夏貝爾服飾 股份有限公司回購專用證券賬戶)
Chen Jianliang (陳建亮)
Bai Dengfang (白登芳) Wang Chengbing (王成兵) Ding Junyong (丁俊勇)
Guo Xuedong (郭學東) Liu Wei (劉煒)
Liu Yong (劉勇)
Details relating to the related relationship of the above shareholders or the parties acting in concert
Explanatory statement regarding the restored voting rights and shareholdings of holders of preference shares
7,073,726 | RMB common stock | 7,073,726 |
6,303,010 | RMB common stock | 6,303,010 |
3,573,200 | RMB common stock | 3,573,200 |
3,100,000 | RMB common stock | 3,100,000 |
2,136,200 | RMB common stock | 2,136,200 |
2,100,000 | RMB common stock | 2,100,000 |
1,817,700 | RMB common stock | 1,817,700 |
1,554,700 | RMB common stock | 1,554,700 |
1,452,900 | RMB common stock | 1,452,900 |
1,342,200 | RMB common stock | 1,342,200 |
- Mr. Xing Jiaxing was then the controlling shareholder and de facto controller of the Company; Shanghai Hexia Investment Co., Ltd. is the concert party of Mr. Xing Jiaxing. As at the end of the Reporting Period, Mr. Xing Jiaxing directly and indirectly through Shanghai Hexia controlled a total number of 125,478,815 shares of the Company, representing 22.91% of the total issued share capital of the Company (547,671,642 shares, being 332,881,842 A Shares and 214,789,800 H Shares).
- As at the end of the Reporting Period, Shanghai Qijin Enterprise Management Partnership LLP and its concert party, Shanghai Wensheng Asset Management Co., Ltd., collectively held 61,600,000 shares, representing 11.25% of the total issued share capital of the Company.
- The Company is not aware of any related relationship among the top ten unrestricted shareholders and the top ten shareholders or any parties being regarded as parties acting in concert under the Measures for the Administration of Disclosure of Shareholder Equity Changes of Listed Companies.
Not Applicable
6
-
Total number of and top ten holders of preference shares and their unrestricted shareholdings as at the end of the Reporting Period
□Applicable ✓Not Applicable
3. SIGNIFICANT EVENTS
-
Significant changes in major financial statements items and financial indicators and the reasons thereof
✓Applicable □Not Applicable
3.1.1 Analysis on Consolidated Balance Sheet Items
Unit: RMB'000 | ||||
As at | As at | |||
31 March | 31 December | Increase/ | ||
Items | 2021 | 2020 | decrease | Reason for changes |
存貨 | 279,736 | 438,716 | -36.24% | Mainly due to the increased liquidation |
of products from previous seasons | ||||
and the non-acquisition of new | ||||
goods during the Reporting Period | ||||
一年內到期的 | 0 | 25,844 | -100.0% | Mainly due to the recovery of the |
非流動資產 | eclipse of the equity interest during | |||
the Reporting Period | ||||
使用權資產 | 21,549 | 47,846 | -54.96% | Mainly due to the clearance of |
inefficient shops during the Reporting | ||||
Period | ||||
長期待攤費用 | 6,753 | 22,984 | -70.62% | Mainly due to the clearance of |
inefficient shops during the Reporting | ||||
Period | ||||
預收款項 | 796 | 1,428 | -44.26% | Mainly due to the decrease in rentals |
received in advance during the | ||||
Reporting Period | ||||
合同負債 | 22,967 | 7,330 | 213.33% | Mainly due to the addition of a new |
brand licensing model during the | ||||
Reporting Period | ||||
租賃負債 | 14,710 | 36,263 | -59.44% | Mainly due to the clearance of |
i n e f f i c i e n t s h o p s d u r i n g t h e | ||||
Reporting Period | ||||
其他非流動 | 4,251 | 8,150 | -47.84% | Mainly due to the clearance of |
負債 | i n e f f i c i e n t s h o p s d u r i n g t h e | |||
Reporting Period |
7
3.1.2 Analysis on Consolidated Income Statement Items | ||||
Unit: RMB'000 | ||||
For the | For the | |||
3 months | 3 months | |||
ended 31 | ended 31 | Increase/ | ||
Items | March 2020 | March 2020 | decrease | Reason for changes |
營業收入 | 157,775 | 957,800 | -83.53% | Mainly due to the decrease in revenue as |
a result of the impact of the epidemic | ||||
and the decrease in the number of shops | ||||
of the Company as compared to the | ||||
corresponding period last year | ||||
營業成本 | -65,835 | -487,700 | Not Applicable | Mainly due to the decrease in revenue for |
the period | ||||
稅金及附加 | -2,445 | -5,985 | Not Applicable | Mainly due to the decrease in revenue for |
the period | ||||
銷售費用 | -105,919 | -597,000 | Not Applicable | Mainly due to the significant closure of |
loss-making and inefficient shops last | ||||
year and the decrease in fixed selling | ||||
expenses during the period | ||||
管理費用 | -36,533 | -172,914 | Not Applicable | Mainly due to reduction in management |
staff expenses | ||||
財務費用 | -13,465 | -55,673 | Not Applicable | Mainly due to the year-on-year decrease |
in the balance of borrowings during | ||||
the period and the impact of the | ||||
implementation of the new leasing | ||||
standards | ||||
其他收益 | 18,619 | 4,822 | 286.13% | Mainly due to the debt restructuring during |
the period | ||||
投資收益 | -560 | -48,961 | Not Applicable | Mainly due to the loss on disposal of Jack |
Walker in the corresponding period last | ||||
year | ||||
信用減值損失 | -782 | -88,891 | Not Applicable | Mainly due to impairment on investments |
and debentures of Lacha Fashion I in the | ||||
corresponding period last year | ||||
資產處置收益 | 2,565 | 6,033 | -57.48% Mainly due to the decrease in the gain | |
recognised on disposal of assets as a | ||||
result of the closure of loss-making and | ||||
inefficient shops during the period | ||||
營業利潤 | -68,230 | -505,792 | -87.0% Mainly due to the decrease in sales during | |
the period as a result of the epidemic | ||||
利潤總額 | -68,152 | -506,354 | -87.0% Mainly due to the decrease in operating | |
loss during the period |
8
For the | For the | |||
3 months | 3 months | |||
ended 31 | ended 31 | Increase/ | ||
Items | March 2020 | March 2020 | decrease | Reason for changes |
所得稅費用 | 77,583 | 100.0% | Mainly due to the decrease in deferred | |
income tax recognised during the period | ||||
to cover losses | ||||
淨利潤 | -68,152 | -428,771 | Not Applicable | Mainly due to the decrease in total loss for |
the period | ||||
歸屬於母公司股 | -70,161 | -423,146 | Not Applicable | Mainly due to the decrease in net loss for |
東的淨利潤 | the period | |||
少數股東損益 | 2,009 | -5,625 | Not Applicable | Mainly due to the operating profit of a |
non-wholly owned subsidiary during the | ||||
period | ||||
綜合收益總額 | -68,152 | -420,773 | Not Applicable | Mainly due to the decrease in net loss for |
the period | ||||
歸屬於母公司所 | -70,161 | -415,149 | Not Applicable | Mainly due to the decrease in net loss |
有者的綜合收 | attributable to the parent company | |||
益總額 | during the period | |||
歸屬於少數股東 | 2,009 | -5,624 | Not Applicable | Mainly due to the operating profit of a |
的綜合收益總 | non-wholly owned subsidiary during the | |||
額 | period |
9
3.1.3 Analysis on Consolidated Cash Flow Statement Items | ||||
Unit: RMB'000 | ||||
For the | For the | |||
3 months | 3 months | |||
ended 31 | ended 31 | Increase/ | ||
Items | March 2020 | March 2020 | decrease | Reason for changes |
Net cash flows | 25,347 | 20,016 | 26.63% | Mainly due to the increase in cash received |
from/(used | from the sales of goods and provision of | |||
in) operating | labour during the period as compared to | |||
activities | the corresponding period last year as a | |||
result of the slowdown in the impact of | ||||
the epidemic this year | ||||
Net cash flows | -2,125 | -68,991 | Not Applicable | Mainly due to the decrease in expenditure |
used in | on the acquisition of long-term assets | |||
investing | during the period | |||
activities | ||||
Net cash flows | -15,243 | -49,120 | Not Applicable | Mainly due to decrease in repayment |
(used)/from | of principal and interest expenses on | |||
financing | borrowings due during the period and | |||
activities | decrease in rental payments as a result | |||
of shop closures |
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3.2 Analysis of description of significant events and their impact and solution
✓Applicable □Not Applicable
- The progress of the auction of the A shares of the Company and the change in shareholding
Since Mr. Xing Jiaxing ("Mr. Xing"), the former controlling shareholder and the former de facto controller of the Company, and his concert party, Shanghai Hexia Investment Co., Ltd. ("Shanghai Hexia") did not perform certain obligations under the Notarised Documents of Creditor's Rights arising from share pledge repurchase transactions, the Shanghai Financial Court* (上海金融法院) (the "Shanghai Financial Court") auctioned the 141,600,000 A shares of the Company (the "A Shares") held by Mr. Xing and the
45,200,000 A Shares held by Shanghai Hexia. As at the date of this announcement, Shanghai Wensheng Asset Management Co., Ltd.* (上海文盛資產管理股份有限公司)
("Shanghai Wensheng") and its concert party, Shanghai Qijin Enterprise Management Partnership LLP* (上海其錦企業管理合夥企業(有限合夥)) ("Shanghai Qijin") together
bid 106,800,000 A Shares of the abovementioned A Shares, 45,200,000 of which are still subject to the completion of share transfer through registration. The 106,800,000 A Shares represent 19.50% of the total issued share capital of the Company. Therefore, Shanghai Wensheng and Shanghai Qijin have become the Company's largest substantial shareholder. Haitong Securities Asset Management No. 1 FOF Single Asset Management Plan, which
belongs to the Series Supporting Private Enterprises on behalf of the Securities Industry* (證券行業支持民企系列) and which is managed by Haitong Securities Asset Management Co., Ltd.* (上海海通證券資產管理有限公司) bid 80,000,000 of the abovementioned A
Shares. This share disposal process will still involve various aspects such as the payment of the difference between the transaction price and the deposit, the court's issuance of an execution ruling, and completion of share transfer through registration. For details, please refer to the announcements of the Company dated 12 July 2020, 16 July 2020, 17 August 2020, 24 September 2020, 10 November 2020, 31 January 2021, 1 March 2021, 7 March 2021, 22 March 2021, 23 March 2021, 25 March 2021, 28 March 2021, 16 April 2021 and 21 April 2021.
11
- the progress of the Company's involvement in litigation cases
-
On 17 June 2019, the Company published an announcement in relation to the disputes on a property lease agreement involving the wholly-owned subsidiaries of the
Company. As disclosed in the announcement, Nanbu County Mei Hao Jia Yuan Real Estate Development Co., Ltd.* (南部縣美好家園房地產開發有限公司) sued Chengdu Lewei Fashion Co., Ltd.* (成都樂微服飾有限公司) ("Chengdu Lewei") and Chengdu La Chapelle Fashion Co., Ltd.* (成都拉夏貝爾服飾有限公司) ("Chengdu La Chapelle") for all the losses caused due to their leaving the shopping mall and early termination of the lease agreement, including a loss of rent of RMB1.3456 million and penalty, and other losses of RMB25 million. After the second instance trial at the Intermediate People's Court of Nanchong City of Sichaun Province, the court ordered Chengdu Lewei to pay compensation of RMB7.897 million and Chengdu La Chapelle be jointly liable for the compensation. The Company is of the view that the verdict in the second instance trial erred in respect of the facts and applicable laws and the compensation amount borne by Chengdu Lewei as ordered by the court was excessive. Both the plaintiff and Chengdu Lewei appealed to the Higher People's Court of Sichuan Province for a retrial and the request for a trial has been accepted. As at the date of this announcement, the Higher People's Court of Sichuan Province has remitted the case to The People's Court of Nanbu County of Sichuan Province for retrial. For details, please refer to the announcements of the Company dated 10 March 2020, 12 January 2021 and 18 March 2021. - On 28 January 2021, the Company published an announcement in relation to the claim of Xinjiang Hengding International Supply Chain Technology Co., Ltd* (新疆恒鼎國 際供應鏈科技有限公司) against the Company and its subsidiaries, namely Candie's Shanghai Fashion Co. Ltd* (上海樂歐服飾有限公司), Shanghai Nuoxing Fashion Co., Ltd.* (諾杏(上海)服飾有限公司) and Shanghai Weile Fashion Co., Ltd. (上海微樂 服飾有限公司), for the total amount of approximately RMB224 million comprising
the claimed sales amount and penalty interest. On 9 March 2021, the Company received an "Amended Statement of Claim"* (《變更訴訟請求申請書》) from the Urumqi Intermediate Court, in which Xinjiang Hengding International Supply Chain Technology Co., Ltd applied to the Urumqi Intermediate Court to amend the claimed amount to RMB27.47 million. For details, please refer to the announcement of the Company dated 9 March 2021.
-
On 17 June 2019, the Company published an announcement in relation to the disputes on a property lease agreement involving the wholly-owned subsidiaries of the
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- Use of A share proceeds for the temporary replenishment of liquidity and failure to return on time
As considered and approved by the 39th meeting of the 3rd session of the Board and the 22nd meeting of the 3rd session of the supervisory committee of the Company held on 2 March 2020, the Company used the idle proceeds of RMB50 million from A shares for the temporary replenishment of its liquidity for a period of not more than 6 months from the date of consideration and approval by the Board. As considered and approved by the 6th meeting of the fourth session of the Board and the 5th meeting of the fourth session of the supervisory committee of the Company held on 1 September 2020, it was agreed that the Company would extend the period of use of the idle proceeds of RMB50 million from A shares for the temporary replenishment of liquidity from 6 months to 12 months. For details, please refer to the announcements of the Company published on the website of the Shanghai Stock Exchange on 3 March 2020 titled "Announcement of La Chapelle on the Return of Proceeds and Re-use of Idle Proceeds from A Shares for Temporary Replenishment of Liquidity" (Announcement No.: Lin 2020-025) and on 2 September 2020 titled "Announcement of La Chapelle on the Extension of Use of Idle Proceeds from A Shares for Temporary Replenishment of Liquidity" (Announcement No.: Lin 2020-113).
Due to the tight liquidity, the Company has not been able to return the above-mentioned RMB50 million used for the temporary replenishment of liquidity to the Company's designated bank account for proceeds. The Company is actively exploring ways to resolve the problem to return the above-mentioned proceeds, and intends to make efforts to raise funds by disposing of the existing inefficient and idle assets, seeking to introduce investors and external financing, implementing various internal reform and adjustment measures, and actively promoting the proper settlement of litigation and arbitration cases, so as to return the proceeds used for the temporary replenishment of liquidity as soon as possible. For details, please refer to the announcement of the Company published on the website of the Shanghai Stock Exchange on 2 March 2021 titled "Announcement of La Chapelle on the Failure to Return the Proceeds on Time" (Announcement No.: Lin 2021-037).
- Early settlement of the consideration for the disposal of a subsidiary and the completion of disposal
In view of the Company's current working capital condition and business development
needs and upon negotiation with Hangzhou Yaner Enterprise Management Consulting Co., Ltd.* (杭州雁兒企業管理諮詢有限公司), the Company entered into an agreement with the
relevant parties for the early settlement of the remaining consideration for the disposal of
54.05% equity interest in Hangzhou Anshe E-Commerce Company Limited* (杭州黯涉電 子商務有限公司). All of the payments for the consideration of the disposal have been fully
settled and the disposal has completed. For details, please refer to the announcement of the Company dated 3 February 2021.
13
(5) Public criticism from the Shanghai Stock Exchange in relation to share repurchase
As the Company did not implement the repurchase of its shares in accordance with its share repurchase plan as publicly disclosed and the actual implementation was different from the disclosed repurchase plan, the Shanghai Stock Exchange publicly criticized the Company and the then chairman of the Company, Xing Jiaxing and Duan Xuefeng.
(6) The receipt of warning letters from the Xinjiang CSRC
As the Company did not complete its share repurchase proposal within the implementation period, did not amend or waive the share repurchase proposal using the relevant decision- making procedures in a timely manner, did not disclose the risk information regarding the failure to implement the share repurchase proposal as undertaken by the Company, and did not disclose the major litigation cases in a timely manner, the Xinjiang Regulatory Bureau of the China Securities Regulatory Commission ("Xinjiang CSRC") decided to issue warning letters, being an administrative regulatory measure, against both the Company and Duan Xuefeng. For details, please refer to the announcement of the Company dated 30 March 2021.
-
Uncompleted performance of overdue undertakings for the Reporting Period
□Applicable ✓Not Applicable - Warnings on the forecast of possible losses or substantial period-on-period changes to be recorded in cumulative net profit from beginning of the year to the end of the next reporting period and the underlying reasons
□Applicable ✓Not Applicable
14
4. APPENDIX | ||||||
4.1 Financial Statements | ||||||
Consolidated Balance Sheet | ||||||
As at 31 March 2021 | ||||||
Prepared by Xinjiang La Chapelle Fashion Co., Ltd. | ||||||
Unit: RMB'000 | Type of audit: unaudited | |||||
As at | As at | |||||
31 March | 31 December | |||||
2021 | 2020 | |||||
Current assets | ||||||
Cash at bank and on hand | 214,999 | 206,477 | ||||
Accounts Receivable | 329,683 | 270,637 | ||||
Advance to suppliers | 120,525 | 122,926 | ||||
Other receivables | 118,826 | 125,636 | ||||
Inventories | 279,736 | 438,716 | ||||
Non-current assets due within one year | 25,844 | |||||
Other current assets | 88,433 | 88,952 | ||||
Total current assets | 1,152,202 | 1,279,188 | ||||
Non-current assets | ||||||
Long-term receivables | 4,447 | 4,447 | ||||
Long-term equity investments | 177,601 | 180,825 | ||||
Other equity instruments investment | 4,741 | 4,741 | ||||
Other non-current financial assets | 94,051 | 94,050 | ||||
Fixed asset | 1,598,102 | 1,624,902 | ||||
Construction in progress | 70,318 | 69,054 | ||||
Right-of-use assets | 21,549 | 47,846 | ||||
Intangible assets | 163,869 | 166,856 | ||||
Goodwill | 78,231 | 78,231 | ||||
Long-term prepaid expenses | 6,753 | 22,984 | ||||
Deferred tax assets | ||||||
Other non-current assets | 8,591 | 8,591 | ||||
Total non-current assets | 2,228,253 | 2,302,527 | ||||
TOTAL ASSETS | 3,380,455 | 3,581,715 | ||||
15
As at | As at | ||
31 March | 31 December | ||
2021 | 2020 | ||
Current liabilities | |||
Short-term borrowings | 1,160,900 | 1,167,400 | |
Notes payable | |||
Accounts payable | 1,062,010 | 1,164,154 | |
Advance from customers | 796 | 1,428 | |
Contract liabilities | 22,967 | 7,330 | |
Employee benefits payable | 51,345 | 65,636 | |
Taxes payable | 185,985 | 163,914 | |
Other payables | 909,212 | 922,343 | |
Include: interest payable | 74,855 | 58,830 | |
Non-current liabilities due within one year | 360,004 | 368,670 | |
Total current liabilities | 3,703,219 | 3,860,875 | |
Non-current liabilities | |||
Lease liabilities | 14,710 | 36,263 | |
Accrued liabilities | 350,565 | 350,585 | |
Deferred tax liabilities | 13,911 | 13,911 | |
Other non-current liabilities | 4,251 | 8,150 | |
Total non-current liabilities | 383,457 | 408,909 | |
Total liabilities | 4,136,676 | 4,269,784 | |
Equity | |||
Share capital | 547,672 | 547,672 | |
Capital surplus | 1,910,806 | 1,910,806 | |
Less: treasury share | 20,010 | 20,010 | |
Other comprehensive income | -38,866 | -38,866 | |
Surplus reserve | 246,788 | 246,788 | |
Undistributed profits | -3,325,828 | -3,255,667 | |
Total equity attributable to Shareholders of the Company | -679,438 | -609,277 | |
Minority interests | -76,783 | -78,792 | |
Total equity | -756,221 | -688,069 | |
TOTAL LIABILITIES AND EQUITY | 3,880,455 | 3,581,715 | |
Principal in charge of | ||
Legal representative: | accounting: | Head of accounting department: |
Wu Jinying | Hu Zhiguo | Hu Zhiguo |
16
Company Balance Sheet
As at 31 March 2021
Prepared by Xinjiang La Chapelle Fashion Co., Ltd. | |||||
Unit: RMB'000 | Type of audit: unaudited | ||||
As at | As at | ||||
31 March | 31 December | ||||
2021 | 2020 | ||||
Current assets | |||||
Cash at bank and on hand | 151,309 | 146,321 | |||
Accounts receivable | 2,649,593 | 2,606,863 | |||
Advance to suppliers | 77,568 | 73,793 | |||
Other receivables | 429,183 | 413,944 | |||
Inventories | 256,001 | 399,261 | |||
Non-current assets matured within one year | - | 25,844 | |||
Other current assets | 14,197 | 15,039 | |||
Total current assets | 3,577,851 | 3,681,065 | |||
Non-current assets | |||||
Long-term receivables | 53 | 53 | |||
Long-term equity investments | 642,420 | 645,539 | |||
Other equity instruments | |||||
Other non-current financial assets | 27,032 | 27,032 | |||
Fixed asset | 9,760 | 11,871 | |||
Construction in progress | |||||
Right-of-use assets | 32 | 130 | |||
Intangible assets | 15,687 | 17,725 | |||
Goodwill | |||||
Long-term prepaid expenses | 22,513 | 25,597 | |||
Deferred tax assets | |||||
Other non-current assets | |||||
Total non-current assets | 717,497 | 727,947 | |||
TOTAL ASSETS | 4,295,346 | 4,409,012 | |||
17
As at | As at | ||
31 March | 31 December | ||
2021 | 2020 | ||
Current liabilities | |||
Short-term borrowings | 610,900 | 617,400 | |
Notes payable | |||
Accounts payable | 1,326,779 | 1,409,346 | |
Advance from customers | |||
Contract liabilities | |||
Employee benefits payable | 11,439 | 13,862 | |
Taxes payable | 83,026 | 66,615 | |
Other payables | 1,379,460 | 1,376,328 | |
Include: interest payable | 20,337 | 11,829 | |
Non-current liabilities matured within one year | 34 | 2,985 | |
Total current liabilities | 3,411,638 | 3,486,536 | |
Non-current liabilities | |||
Lease liabilities | |||
Accrued liabilities | - | 1 | |
Deferred tax liabilities | 2,240 | 2,240 | |
Other non-current liabilities | - | - | |
Total non-current liabilities | 2,240 | 2,241 | |
Total liabilities | 3,413,878 | 3,488,777 | |
Equity | |||
Share capital | 547,672 | 547,672 | |
Capital surplus | 1,897,270 | 1,897,270 | |
Less: treasury stock | 20,010 | 20,010 | |
Other comprehensive income | |||
Surplus reserve | 246,788 | 246,788 | |
Undistributed profits | -1,790,250 | -1,751,485 | |
Total equity | 881,470 | 920,235 | |
TOTAL LIABILITIES AND EQUITY | 4,295,348 | 4,409,012 | |
Principal in charge of | ||
Legal representative: | accounting: | Head of accounting department: |
Wu Jinying | Hu Zhiguo | Hu Zhiguo |
18
Consolidated Income Statements
For the 3 months ended 31 March 2021
Prepared by Xinjiang La Chapelle Fashion Co., Ltd. | ||
Unit: RMB'000 | Type of audit: unaudited | |
For the | For the | |
3 months | 3 months | |
ended | ended | |
31 March | 31 March | |
2021 | 2020 | |
Revenue | 157,775 | 957,800 |
Less: Cost of sales | (65,835) | (487,700) |
Taxes and surcharges | (2,445) | (5,985) |
Selling and distribution expenses | (105,919) | (597,000) |
General and administrative expenses | (36,533) | (172,914) |
Financial expenses | (13,465) | (55,673) |
Add: Other income | 18,619 | 4,822 |
Investment income | (560) | (48,961) |
Loss on fair value changes | ||
Credit impairment losses | (782) | (88,891) |
Asset impairment losses | (21,650) | (17,323) |
Gains on disposals of assets | 2,565 | 6,033 |
Operating profit | (68,230) | (505,792) |
Add: Non-operating income | 131 | 30 |
Less: Non-operating expenses | (53) | (592) |
Profit before tax | (68,152) | (506,354) |
Less: Income tax expenses | 77,583 | |
Net profit | (68,152) | (428.771) |
Net profit from continuing operations | (65,152) | (373,919) |
Net profit from discontinued operations | (54,852) | |
Attributable to shareholders of the Company | (70,161) | (423,146) |
Attributable to minority interests | 2,009 | (5,625) |
Other comprehensive income/after tax | 7,998 | |
Attributable to shareholders of the Company/after tax | 7,998 | |
Other comprehensive losses that cannot be reclassified | ||
into profit and loss | 26,088 | |
Changes in fair value of other equity instrument investments | 26,088 | |
Other comprehensive income reclassified to profit or loss | (18,090) | |
Translation differences on translation of foreign currency | ||
financial statements |
19
For the | For the | |
3 months | 3 months | |
ended | ended | |
31 March | 31 March | |
2021 | 2020 | |
Total comprehensive income | (68,152) | (420,773) |
Attributable to shareholders of the Company | (70,161) | (415,149) |
Attributable to minority interests | 2,009 | (5,624) |
Basic losses per share (RMB) | (0.13) | (0.77) |
Diluted losses per share (RMB) | (0.13) | (0.77) |
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.
Legal representative: | Principal in charge of | Head of accounting department: |
accounting: | ||
Wu Jinying | Hu Zhiguo | Hu Zhiguo |
20
Company Income Statements
For the 3 months ended 31 March 2021
Prepared by Xinjiang La Chapelle Fashion Co., Ltd.
Unit: RMB'000 | Type of audit: unaudited | |
For the | For the | |
3 months | 3 months | |
ended | ended | |
31 March | 31 March | |
2021 | 2020 | |
Revenue | 72,799 | 381,816 |
Less: Cost of sales | (47,999) | (300,744) |
Taxes and surcharges | (2,053) | (1,505) |
Selling and distribution expenses | (15,917) | (105,583) |
General and administrative expenses | (10,384) | (46,294) |
Financial expenses | (5,410) | (8,134) |
Including: interest expenses | (12,210) | (9,048) |
interest income | (6,809) | (1,745) |
Add: Other income | 16,056 | 1,387 |
Investment income | (2,078) | 299 |
Credit impairment losses | (1,414) | |
Asset impairment losses | (42,333) | (15,447) |
Gains on disposals of assets | 44 | (69) |
Operating profit | (38,689) | (94,274) |
Add: Non-operating income | 6 | |
Less: Non-operating expenses | (75) | 632 |
Profit before tax | (38,764) | (93,636) |
Less: Income tax expenses | 23,456 | |
Net profit | (38,764) | (70,180) |
Classified by continuity of operations | (38,764) | (70,180) |
Total comprehensive income | ||
Legal representative: | Principal in charge of | Head of accounting department: |
accounting: | ||
Wu Jinying | Hu Zhiguo | Hu Zhiguo |
21
Consolidated Cash Flow Statements
For the 3 months ended 31 March 2021
Prepared by Xinjiang La Chapelle Fashion Co., Ltd. | ||
Unit: RMB'000 | Type of audit: unaudited | |
For the | For the | |
3 months | 3 months | |
ended | ended | |
31 March | 31 March | |
2021 | 2020 | |
1. Cash flows from operating activities | ||
Cash received from sales of products or rendering of services | 114,993 | 689,779 |
Cash received relating to other operating activities | 28,616 | 103,464 |
Sub-total of cash inflows | 143,609 | 793,243 |
Cash paid for goods and services | -5,693 | -278,511 |
Cash paid to and on behalf of employees | -49,120 | -227,825 |
Payments of taxes and surcharges | -1,941 | -27,715 |
Cash paid relating to other operating activities | -61,508 | -239,176 |
Sub-total of cash outflows | -118,262 | -773,227 |
Net cash flows from/(used in) operating activities | 25,347 | 20,016 |
2. Cash flows used in investing activities | ||
Net cash received from disposals of fixed assets, | ||
intangible assets and other long-term assets | 118 | 119 |
Net cash received from disposal of subsidiaries and | ||
other business units | 100 | 5,000 |
Cash received relating to other investing activities | 22,675 | |
Sub-total of cash inflows | 218 | 27,794 |
Cash paid to acquire fixed assets, intangible assets | ||
and other long-term assets | -1,800 | -81,137 |
Cash paid for investments | ||
Net cash paid to acquire a subsidiary and other business units | -8,449 | |
Cash paid relating to other investing activities | -543 | -7,199 |
Sub-total of cash outflows | -2,343 | -96,785 |
Net cash flows used in investing activities | -2,125 | -68,991 |
22
For the | For the | ||
3 months | 3 months | ||
ended | ended | ||
31 March | 31 March | ||
2021 | 2020 | ||
3. Cash flows from financing activities | |||
Cash received from borrowings | 112,990 | ||
Sub-total of cash inflows | 112,990 | ||
Cash repayments of borrowings | -4,800 | -37,457 | |
Cash payments for distribution of dividends, | |||
profits or interest expenses | -3,584 | -11,422 | |
Cash payments relating to other financing activities | -6,859 | -113,231 | |
Sub-total of cash outflows | -15,243 | -162,110 | |
Net cash flows (used)/from financing activities | -15,243 | -49,120 | |
4. Effect of foreign exchange rate changes on cash | |||
and cash equivalents | |||
5. Net decrease in cash and cash equivalents | 7,979 | -98,095 | |
Add: Cash and cash equivalents at beginning of the period | 24,319 | 175,549 | |
6. Cash and cash equivalents at end of the period | 32,298 | 77,454 | |
Legal representative: | Principal in charge of | Head of accounting department: | |
accounting: | |||
Wu Jinying | Hu Zhiguo | Hu Zhiguo |
23
Company Cash Flow Statements
For the 3 months ended 31 March 2021
Prepared by Xinjiang La Chapelle Fashion Co., Ltd. | ||
Unit: RMB'000 | Type of audit: unaudited | |
For the | For the | |
3 months | 3 months | |
ended | ended | |
31 March | 31 March | |
2021 | 2020 | |
1. Cash flows from operating activities | ||
Cash received from sales of products or rendering of services | 13,640 | 122,843 |
Return of taxes | ||
Cash received relating to other operating activities | 777 | 438,000 |
Sub-total of cash inflows | 14,417 | 560,843 |
Cash paid for goods and services | -183,585 | |
Cash paid to and on behalf of employees | -10 | -21,622 |
Payments of taxes and surcharges | -5,390 | |
Cash paid relating to other operating activities | -9,316 | -351,378 |
Sub-total of cash outflows | -9,326 | -561,975 |
Net cash flows from/(used in) operating activities | 5,091 | -1,132 |
2. Cash flows used in investing activities | ||
Net cash received from disposals of fixed assets, intangible | ||
assets and other long-term assets | 119 | |
Net cash received from disposal of subsidiaries and other | ||
business units | ||
Cash received relating to other investing activities | 7,092 | |
Sub-total of cash inflows | 7,092 | 119 |
Cash paid to acquire fixed assets, intangible assets and other | ||
long-term assets | -4,566 | |
Net cash paid to acquire a subsidiary and other business units | ||
Cash paid relating to other investing activities | ||
Sub-total of cash outflows | -4,566 | |
Net cash flows used in investing activities | 7,092 | -4,447 |
24
For the | For the | ||
3 months | 3 months | ||
ended | ended | ||
31 March | 31 March | ||
2021 | 2020 | ||
3. Cash flows from financing activities | |||
Cash received from borrowings | 10,000 | ||
Sub-total of cash inflows | 10,000 | ||
Cash repayments of borrowings | -15,000 | ||
Cash payments for distribution of dividends, | |||
profits or interest expenses | -5,981 | ||
Cash payments relating to other financing activities | -103 | -1,000 | |
Sub-total of cash outflows | -103 | -21,981 | |
Net cash flows (used)/from financing activities | -103 | -11,981 | |
4. Effect of foreign exchange rate changes on cash | |||
and cash equivalents | |||
5. Net decrease in cash and cash equivalents | 12,080 | -17,560 | |
Add: Cash and cash equivalents at beginning of the period | 10 | 144,399 | |
6. Cash and cash equivalents at end of the period | 12,090 | 126,839 | |
Legal representative: | Principal in charge of | Head of accounting department: | |
accounting: | |||
Wu Jinying | Hu Zhiguo | Hu Zhiguo |
25
-
Adjustment to relevant items in the financial statements at the beginning of the year in which the new financial instrument standard, New Revenue Standards and New Standards on Leases are initially implemented
□Applicable ✓Not Applicable - Retrospective adjustments to comparative figures for the previous period due to the initial implementation of the new financial instrument standard and new lease standard
□Applicable ✓Not Applicable - Audit Report
□Applicable ✓Not Applicable
By Order of the Board
Xinjiang La Chapelle Fashion Co., Ltd.
Mr. Wu Jinying
Chairman
Shanghai, the People's Republic of China
29 April 2021
As of the date of this announcement, the executive directors of the Company are Mr. Wu Jinying, Ms. Zhang Ying and Ms. Zhang Danling; the non-executive director of the Company is Mr. Yin Xinzai; the independent non-executive directors of the Company are Mr. Xing Jiangze, Ms. Wong Sze Wing and Mr. Zhu Xiaozhe.
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Shanghai La Chapelle Fashion Co. Ltd. published this content on 30 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2021 04:03:01 UTC.