Guanglian Aviation Industry Co.Ltd(300900)
Financial statement report of 2021
The financial data involved in this report have been audited by Tianzhi International Certified Public Accountants (special general partnership) and issued an unqualified audit report. It is considered that the company’s financial statements have been prepared in accordance with the accounting standards for business enterprises and fairly reflect the company’s financial position, operating results and cash flow as of December 31, 2021 in all material aspects.
1、 Consolidated balance sheet, consolidated profit and profit distribution statement, consolidated cash flow statement and consolidated statement of changes in owner’s equity
For details, please refer to the consolidated statement of the financial statements of 2021.
2、 Analysis of financial status and operating results in 2021
(I) analysis of asset structure and changes
1. Analysis of asset composition and its changes
The company’s current assets, non current assets and their proportion in total assets are shown in the following table:
Unit: 10000 yuan
202112/31 202012/31
Proportion of project amount proportion of project amount
Current assets 10184255 43.72% 11810851 70.03%
Non current capital
Output 13109302 56.28% 5055443 29.97%
Total assets 23293557 100.00% 16866294 100.00%
At the end of 2021, the total assets of the company were 23293557 million yuan, and the proportion of current assets in total assets and non current assets in total assets were 43.72% and 56.28% respectively. The overall asset scale of the company increased rapidly, mainly due to: first, the investment and construction of raised projects continued in this period. The company continues to expand its production scale, build new production plants and purchase machinery and equipment, resulting in the continuous increase of fixed assets and projects under construction; Second, at the end of the reporting period, the company’s non current assets were more than current assets, resulting in such an asset structure, which was mainly caused by the continuous industrial layout of the company in order to expand the production scale, improve the production capacity, and the continuous purchase of equipment and the increase of projects under construction by the parent company and its subsidiary Xi’an Guanglian. The asset structure of the company is characterized by relatively uniform proportion of current assets and non current assets, and the asset structure allocation is reasonable.
2. Analysis of current assets
The company’s current assets are mainly composed of monetary capital, accounts receivable and inventory. The composition of the company’s current assets is as follows:
Unit: 10000 yuan
202112/31 202012/31
Proportion of project amount proportion of project amount
Monetary capital 3633871 35.68% 5227816 44.26%
Notes receivable 230982 2.27% 165562 1.40%
Accounts receivable 4150667 40.76% 4030819 34.13%
Prepayment 342.33 0.34% 471.19 0.40%
Other receivables 390.6 0.38% 311.9 0.26%
Inventory 1689785 16.59% 806526 6.83%
Non current assets due within one year
Current assets 232.23 0.23% 0.00%
Other current assets 382434 3.76% 501.51 0.42%
Total current assets 10184255 100.00% 11810851 100.00%
Among the company’s current assets, monetary capital and accounts receivable accounted for a relatively high proportion. At the end of 2021, the total proportion of the above assets in current assets was 76.44%, with a year-on-year decrease of 15.92%, which is mainly due to: on the one hand, the company’s raised investment projects continued to increase investment during the reporting period; On the other hand, during the reporting period, the company’s accounts receivable increased slightly compared with the previous period.
At the end of 2021, the amount of notes receivable of the company was 230982 million yuan, accounting for 2.27% of current assets. The bills receivable of the company are mainly commercial acceptance bills, which are not cashed at maturity. They have good reputation, high credit level and low risk of failure to cash at maturity.
At the end of 2021, the company had a large balance of accounts receivable, which was mainly determined by the company’s business model: the progress of accounts receivable collection of the company’s military related business was affected by the completion progress of the general assembly unit and the military settlement process, and the collection cycle was long. Under this settlement mode, the company’s collection speed is greatly affected by the approval process and military settlement speed, so the company’s accounts receivable during the reporting period is large.
At the end of 2021, the company’s prepayment balance was 3.4233 million yuan, accounting for 0.34% of current assets. The company’s prepayment scale is relatively stable, but the company’s products are customized products, which require many types of raw materials. The procurement demand varies greatly in different periods and is affected by the delivery progress of suppliers. Therefore, the balance of prepayment at the end of each period fluctuates.
At the end of 2021, the company’s other receivables were 3.906 million yuan, accounting for 0.38% of current assets, accounting for a relatively small proportion and the overall scale remained stable. The company’s other receivables were mainly composed of deposits, deposits and government subsidies receivable arising from the company’s daily production and operation.
At the end of 2021, the company’s inventory balance was 1689785 million yuan, accounting for 16.59% of current assets. During the reporting period, the company had no product return and quality disputes. The company’s products are customized products that are “production based on sales”. Generally, they should be delivered immediately after the completion of production. In 2021, due to multiple rounds of outbreaks in the region, the delivery progress was affected to a certain extent. Therefore, the balance of goods in stock at the end of the reporting period and its proportion in the previous period increased significantly.
3. Analysis of non current assets
The company’s non current assets are mainly composed of fixed assets, construction in progress and goodwill. The composition of the company’s non current assets is as follows:
Unit: 10000 yuan
202112/31 202012/31
Proportion of non current assets
Long term receivables 0.00% 210.65 0.42%
Long term equity investment 100000 0.76%
Other non current financial assets
Yield 5.90 0.00%
Fixed assets 4998323 38.13% 3138552 62.08%
Construction in progress 3267664 24.93% 894669 17.70%
Use right assets 431863 3.29%
Intangible assets 405550 3.09% 375751 7.43%
Goodwill 2659711 20.29%
Long term deferred expenses 111110 0.85% 140651 2.78%
Deferred income tax assets 796.42 0.61% 619.74 1.23%
Other non current assets 1054849 8.05% 422782 8.36%
Total non current assets 13109302 100.00% 5055443 100.00%
In 2021, the company’s long-term equity investment was 10 million yuan, accounting for 0.76% of non current assets, mainly due to the company’s investment in Beijing Fangshuo Technology Co., Ltd.
In 2021, the amount of other non current financial assets of the company was 59000 yuan, accounting for 0.005% of non current assets, mainly due to the debt restructuring of accounts receivable of Kangde composite Co., Ltd.
At the end of 2021, the net fixed assets of the company was 4998323 million yuan, accounting for 38.13% of non current assets. During the reporting period, the net value of the company’s fixed assets increased year by year, mainly due to the expansion of production and operation scale. The company made matching fixed asset investment, including expanding and upgrading the original production line and purchasing new equipment.
At the end of 2021, the amount of construction in progress of the company was 326766400 yuan, accounting for 24.93% of non current assets, a significant increase over the end of the previous period. Mainly for accelerating the investment of raised investment projects during the reporting period. At the same time, in order to complete the layout of the industry in the northwest, North China and southwest, the subsidiaries increase investment, build new plants and production lines, purchase equipment, etc. At the end of 2021, the company’s right to use assets amounted to 431863 million yuan, accounting for 3.29% of non current assets, mainly due to the use of the new accounting leasing standards in 2021.
At the end of 2021, the amount of intangible assets of the company was 40.555 million yuan, accounting for 3.09% of non current assets. The amount and proportion are relatively stable, mainly land use rights.
At the end of 2021, the amount of goodwill of the company was 2659711, accounting for 20.29% of non current assets. It was the goodwill formed by the company’s acquisition of Chengdu Hangxin Aviation Equipment Technology Co., Ltd. and the acquisition made us complete the industrial layout in Southwest China.
At the end of 2021, the company’s long-term deferred expenses were 111111 million yuan, accounting for 0.85% of non current assets, accounting for a relatively small proportion, mainly due to the reconstruction project of the company’s leased plant in Hanke park.
At the end of 2021, the company’s deferred income tax assets were 7.9642 million yuan, accounting for 0.61% of non current assets. The company’s deferred income tax assets were mainly deductible temporary differences arising from the company’s provision for credit impairment.
At the end of 2021, the company’s other non current assets were 1054849 million yuan, accounting for 8.05% of the non current assets, mainly the advance payment for engineering equipment of raised investment projects and the investment in the partnership.
(II) debt structure and change analysis
The company’s current liabilities, non current liabilities and their proportion in the total liabilities are as follows:
Unit: 10000 yuan
202112/31 202012/31
Proportion of project amount proportion of project amount
Current liabilities 2152689 32.77% 1399090 82.70%
Non current liabilities 4415559 67.23% 292665 17.30%
Total liabilities 6568248 100.00% 1691755 100.00%
At the end of 2021, the company’s debt structure was dominated by non current liabilities, with current liabilities accounting for 32.77% of the total liabilities and non current liabilities accounting for 67.23%, mainly due to the acquisition of Chengdu Hangxin’s equity and the use of bank financing and project loans for the construction of its subsidiary Xi’an Guanglian Aviation Industry Co.Ltd(300900) industrial phase I project. This debt structure has less short-term debt repayment pressure. At the same time, the use of financial institutions for financing has improved the company’s asset liability ratio and is conducive to scale expansion, Increase production capacity.
1. Analysis of current liabilities
At the end of 2021, the company’s current liabilities were mainly short-term loans and accounts payable
