Dongjiang Environmental Company Limited(002672)
Financial statement report of 2021
1、 Audit of the company's financial statements in 2021
1. The 2021 financial statements of the company have been audited by Zhongshen Zhonghuan Certified Public Accountants (special general partnership) and issued a standard unqualified audit report numbered Zhonghuan Shenzi (2022) 0510002. The audit opinion is: "the financial statements of Dongjiang environmental protection Co., Ltd. are prepared in accordance with the provisions of the accounting standards for business enterprises in all major aspects, and fairly reflect the consolidated and parent company's financial position as of December 31, 2021, as well as the consolidated and parent company's operating results and cash flow in 2021."
2. Main financial data and indicators:
Unit: RMB 10000
The increase and decrease amount of the project from January to December 2021 and the year-on-year increase and decrease rate from January to December 2020
Operating income 40152304331502127 Xinjiang Zhongtai Chenical Co.Ltd(002092) 21.12%
Gross profit 1103577011310737 -274967 -2.43%
Gross profit margin 27.48% - 34.12% - 6.64%
Period cost 79935587045807947751 13.45%
Including: sales expense 10938141008690 851.24 8.44%
Administrative expenses 40616953589478472217 13.16%
R & D expenses 16328341263142369692 29.27%
Financial expenses 12052151184497 207.18 1.75%
Period expenses account for 19.91% of revenue, 21.25% - 1.34%
Net profit 15584193334945 - 1776526 - 53.27%
Net profit margin 3.88% - 10.06% - 6.18%
Net profit attributable to shareholders of the listed company 16074503031610 - 1424160 - 46.98%
Deduction attributable to shareholders of listed companies is not 15466652703875 - 1157210 - 42.80%
Net profit of recurring profit and loss
Weighted average return on net assets 3.50%, 6.85% - 3.35%
Weighted average return on net assets (after deducting non 3.37%, 6.11% - 2.74%)
(after recurring profit and loss)
Basic earnings per share (yuan / share) 0.18 0.34 -0.16 -47.06%
Basic earnings per share (yuan / share) (deducting 0.18, 0.31 - 0.13 - 41.94%)
(after non recurring profit and loss)
Comparison between December 31, 2021 and December 31, 2020 and the beginning of the year
Year on year increase / decrease rate of increase / decrease amount
Total assets 11813210710447496213657145 13.07%
Total liabilities 636541475055765313096494 25.90%
Equity attributable to shareholders of listed companies 4604919645567502481694 1.06%
Net assets per share (yuan / share) 5.24 5.18 0.06 1.16%
2、 Analysis of financial status, operating results and cash flow
1. Analysis of major items with large changes in balance sheet
Unit: RMB 10000
Year on year increase or decrease rate of project amount from December 31, 2021 to December 31, 2020
Prepayment 113313395 7936233.76%
Inventory 5509026710 28380106.25%
Fixed assets 42667031889110777933.80%
Development expenditure 1571961 610 63.48%
Taxes payable 38056124 - 2319 - 37.87%
Non current liabilities due within one year 2617018380 779042.38%
Long term loan 11734266159 5118377.36%
Bonds payable 10993959944 4999583.40%
Estimated liabilities 77922773 5019181.00%
Deferred income tax liabilities 37781994 178489.47%
Description of main changes:
(1) Prepayment: an increase of 79.36 million yuan over the beginning of the year, mainly due to the increase in the purchase cost of raw materials for the sales of resource-based products and the acquisition of Xiongfeng environmental protection during the reporting period.
(2) Inventory: increased by 283.8 million yuan compared with the beginning of the year, mainly due to the increase of inventory commodities and raw materials caused by the rise of metal prices in the sales of resource-based products and the acquisition of Xiongfeng environmental protection in the reporting period.
(3) Fixed assets: an increase of 107779 million yuan over the beginning of the year, mainly due to the acquisition of Xiongfeng environmental protection to increase fixed assets during the reporting period and the transfer of projects under construction in Foshan Fulong, Shaoguan renewable resources, Fujian oasis and Jiangsu Dongjiang to fixed assets.
(4) Development expenditure: an increase of 6.1 million yuan over the beginning of the year, mainly due to the company's increased investment in R & D projects.
(5) Taxes payable: decreased by 23.19 million yuan compared with the beginning of the year, mainly due to the final settlement of the enterprise income tax of the previous year and the decline of the total profit of the current period.
(6) Non current liabilities due within one year: an increase of 77.9 million yuan over the beginning of the year, mainly due to the increase of long-term loans due within one year in the reporting period.
(7) Long term loan: an increase of 511.83 million yuan over the beginning of the year, mainly due to the increase in the long-term capital demand for project construction of the company.
(7) Bonds payable: increased by 499.95 million yuan compared with the beginning of the year, mainly due to the increased capital demand for M & A Xiongfeng environmental protection investment and the issuance of medium-term notes during the reporting period.
(8) Estimated liabilities: an increase of 50.19 million yuan over the beginning of the year, mainly due to the provision of estimated losses of legal cases in the reporting period. (9) The deferred income tax is 17.84 million yuan higher than that in the consolidated income statement at the beginning of the year.
2. Operation
Operating revenue: in 2021, the company realized an operating revenue of 401523 million yuan (2020: 331502 million yuan), an increase of 700.2 million yuan or 21.12% over the previous year. The main reason for the growth is that in the face of changes in the economic environment and fierce market competition, the company optimizes and adjusts the market management mode for the purpose of increasing market share and business volume to ensure the stable development of the company's main business. In addition, the company seizes the opportunity of rising metal prices and increases the sales of resource-based products. Among them, the operating income of industrial waste treatment and disposal increased by about 7.04% to RMB 171216 million (2020: about RMB 159951 million) compared with the same period of last year, and the operating income of resource utilization product sales increased by about 48.45% to about RMB 156515 million (2020: about RMB 105433 million) compared with the same period of last year.
Net profit: in 2021, the net profit attributable to the shareholders of the parent company was 160745 million yuan (2020: 303611 million yuan), a decrease of 46.98% over the previous year, and the net profit attributable to the shareholders of the parent company after deducting non recurring profits and losses was 1546665 million yuan (2020: 2703875 million yuan), a decrease of 42.80% over the previous year.
The decline in profits was mainly due to the further intensification of competition in the hazardous waste market, the overcapacity and price war of hazardous waste disposal in many provinces across the country, resulting in the continuous increase of the collection and transportation cost of resource-based hazardous waste, the sharp decline of the price of harmless collection, transportation and disposal, and the pressure on the net profit of the company; At the same time, considering the adverse impact of the industry and the change of business environment, the actual impact on some long-term assets and contingencies, the company reasonably withdraws the provision for impairment of long-term assets and estimated liabilities based on the principle of prudence, which has a great impact on the annual profit.
Earnings per share: in 2021, the earnings per share was 0.18 yuan, a decrease of 47.06% over the previous year; After deducting non recurring gains and losses, the basic earnings per share was 0.18 yuan, a decrease of 0.13 yuan / share or 41.94% compared with 0.31 yuan of the previous year.
3. Period cost
Unit: RMB 10000
The increase and decrease amount of the project from January to December 2021 and the year-on-year increase and decrease rate from January to December 2020
Sales expenses 1093810087 851 8.44%
Administrative expenses 4061735895 472213.16%
R & D expenses 1632812631 369729.27%
Financial expenses 1205211845 207 1.75%
Total 79935
