Huabao Flavours & Fragrances Co.Ltd(300741)
Financial statement report of 2021
Huabao Flavours & Fragrances Co.Ltd(300741) (hereinafter referred to as “the company” or “the company”) audited the 2021 financial statements by PricewaterhouseCoopers Zhongtian Certified Public Accountants (special general partnership) and issued an unqualified audit report of PWC Zhongtian Shen Zi (2022) No. [10051]. The audit opinion of Accountants is: ” Huabao Flavours & Fragrances Co.Ltd(300741) financial statements are prepared in accordance with the accounting standards of enterprises in all major respects, which reflects the merger and corporate financial situation of Warburg flavors in December 31, 2021, as well as the merger and operation results and cash flow in 2021″. The relevant contents of the company’s consolidated financial statements in 2021 are reported as follows:
1、 Main financial data and indicators
Unit: RMB 10000
Main business data: change range of amount in 2021 and 2020
Operating income 1941375320944599 – 1530846 – 7.31%
Operating profit 1185195313982816 -2130863 -15.24%
Total profit 1181269113890147 – 2077455 – 14.96%
1004352011802047 – 1758527 – 14.90% of the net profit attributable to listed shares
East’s net profit excluding non recurring profits and losses of 8498880, 10567620 -2068740 – 19.58% is generated from operating activities
Net cash flow 12488367108859521602415 14.72%
Note: the company’s business combination under the same control occurred in the reporting period, so the company restated the financial statements of the comparison period in accordance with relevant regulations, and the caliber of the attached statements is consistent.
In 2021, in order to cope with covid-19 pneumonia epidemic, the company actively did a good job in epidemic prevention and control and resumption of work and production. Through R & D and innovation, the company optimized product structure, strengthened customer service, improved internal control efficiency and strengthened cost control, so as to minimize the adverse impact of the epidemic.
Unit: RMB 10000
Main financial status data: change range of amount in 2021 and 2020
Total assets 8392050883499994420514 0.50%
Total liabilities 55223354968807553528 11.14%
Net assets attributable to shareholders of listed companies: 77072681, 77226520 -153839 -0.20%
Net assets of every 12.51 – 12.54 – 0.03 – 0.24% shares attributable to shareholders of listed companies (yuan)
The overall financial condition of the company is good, and there is no significant change in the total assets and the owner’s equity attributable to the shareholders of the listed company.
Change range of main financial indicators in 2021 and 2020
The asset liability ratio was 6.58% and 5.95%, an increase of 0.63 percentage points
Current ratio (Times) 11.82 13.87 decreased by 2.05 times
Quick ratio (Times) 11.02 13.01 reduced by 1.99 times
The turnover rate of accounts receivable increased by 0.34 times from 4.01 to 3.67
Inventory turnover rate increased by 0.07 times from 1.29 to 1.22
The gross profit margin of sales was 71.87% and 75.66%, down 3.79 percentage points
The net profit margin on sales was 52.71% and 57.30%, down 4.60 percentage points
Basic earnings per share (yuan / share) 1.63 1.92 -0.29 15.10
The weighted average return on net assets was 13.30% and 15.64%, down 2.34 percentage points
Net cash flow from operating activities per share 2.03 1.77 0.26 14.69
1. Solvency Index: the company’s asset liability ratio remains at a low level. At the end of the reporting period, the asset liability ratio is 6.58%, the total assets are 8.392 billion yuan, the total liabilities are 552 million yuan, and there are no interest bearing liabilities.
The liquidity ratio of the company’s total liquid assets is 11.02%, accounting for 11.01%.
The company has stable business performance, good sales collection, sufficient sources of monetary funds, and strong solvency and anti risk ability.
2, operational capability indicators: the company’s essence industry is the light asset industry. In recent years, the company is committed to improving the operational efficiency of current assets and adjusting the asset management strategy in response to market changes.
During the reporting period, the company’s accounts receivable turnover rate was 4.01 and the turnover days were 90 days, shortening the collection cycle. The company’s inventory turnover rate was 1.29, a slight increase over the same period of last year, mainly due to the increase of reserves of some main raw materials to ensure stable and orderly production in response to the impact of covid-19 epidemic.
3. Profitability index: during the reporting period, the company’s basic earnings per share was 1.63 yuan, a slight decrease over the previous year, mainly due to the decline in net profit this year; The weighted average return on net assets was 13.30%, down from the same period last year.
During the reporting period, the company was in stable operation. While maintaining the competitiveness of the flavor core products, it also seized the development opportunities of the daily flavor market and realized that the sales of daily flavors increased by more than 11%.
During the reporting period, the company’s net profit margin on sales was 52.71%, a slight decrease over the same period of last year. In the face of covid-19 epidemic, the company actively took various measures such as cost reduction and cost control to effectively control various costs and minimize the impact of the epidemic on the company’s operation.
4. Cash flow index: the company’s cash inflow mainly comes from its main business, and the operating collection continues to be stable. During the reporting period, the company’s net cash flow from operating activities was 1.249 billion yuan, and the net cash flow from operating activities per share was 2.03 yuan, which was consistent with the change trend of the company’s operating performance.
The above financial situation, operating results and cash flow show that the company has good solvency, steadily improved its operating capacity, and maintained strong profitability. The stable net cash flow from operating activities provides a strong guarantee for the company’s anti risk ability. While maintaining sound financial policies, the company will continue to improve the efficiency of capital use and create better benefits for shareholders.
2、 Analysis of financial status, operating results and cash flow
(I) changes in assets
Unit: RMB 10000
Change range of project amount on December 31, 2021 and 2020
Monetary capital 2280494148094156 – 25289215 – 52.58%
Trading financial assets 30222835569556324527272 430.64%
Notes receivable 209289478429 – 269140 – 56.25%
Accounts receivable 46220316364286 – 1742255 – 27.38%
Prepayment 947.21 463.07 484.14 104.55%
Other receivables 184076 Tiandi Science & Technology Co.Ltd(600582) -416506 -69.35%
Inventory 42651794104717160462 3.91%
Other current assets 547711741102 – 193391 – 26.10%
Current assets 6295078366125142 -3174359 -4.80%
Long term equity investment 33579356129642744971 447.82%
Investment in other equity instruments – 194946 – 194946 – 100.00%
Fixed assets 26882072715184 -269.77 -0.99%
Construction in progress 615663203347412316 202.76%
Right of use assets 210109253071 -429.62 -16.98%
Change range of project amount on December 31, 2021 and 2020
Intangible assets 604021615242 – 112.21 – 1.82%
Other non current financial assets
Production 211542 – 211542-
Goodwill 11945507 0.00 0.00%
Long term deferred expenses 127041127072 -0.31 -0.02%
Deferred income tax assets 717012682289 347.23 5.09%
Other non current assets 492688 252.29467459185285%
Non current assets 20969724173748523594872 20.69%
Total assets
