Financial final accounts of 2021 and financial budget report of 2022
The company's 2021 financial report was audited by Daxin Certified Public Accountants (special general partnership) and issued a standard unqualified audit report in Daxin Shen Zi [2022] No. 200333.
Part I financial statement report of 2021
1、 Operating results and financial position in 2021
In 2021, the company realized an operating revenue of 10.675 billion yuan, a year-on-year increase of 19.5%. The operating profit was 1.499 billion yuan, a year-on-year decrease of 7.77%; The net profit was 1.321 billion yuan, a year-on-year decrease of 7.08%; The net profit attributable to ordinary shareholders of the company was 1.309 billion yuan, a year-on-year decrease of 4.59%, and the earnings per share was 1.5879 yuan, a year-on-year decrease of 4.59%; After deducting non recurring profits and losses, the net profit attributable to the company's common shareholders was 1.06 billion yuan, a decrease of 13.14% over the previous year; The net cash flow from operating activities was 1.319 billion yuan, a decrease of 29.44% over the previous year, and the net cash flow from operating activities per share was 1.58 yuan, a decrease of 30.18% over the previous year; The weighted average return on net assets was 20.54%, down 4.61 percentage points from the previous year.
On December 31, 2021, the total assets of the company were 13.446 billion yuan, an increase of 24.41% over the beginning of the year, the total liabilities were 6.245 billion yuan, an increase of 35.19% over the beginning of the year, and the asset liability ratio was 46.44%, an increase of 3.7 percentage points over the beginning of the year. The owner's equity attributable to the parent company was 6.854 billion yuan, an increase of 16.37% over the beginning of the year, and the net asset per share was 8.65 yuan, an increase of 15.15% over the beginning of the year.
This year's non recurring profit and loss deduction items are 2485135 million yuan, including 8.9645 million yuan of non current asset disposal profit and loss, 2856236 million yuan of government subsidy included in the current profit and loss, 110119 million yuan of other non operating income and expenditure, -511788 million yuan of income tax impact and -5.9077 million yuan of minority shareholders' profit and loss impact.
2、 Profit distribution
The 2020 annual general meeting considered the distribution of 80945 shares (including the 2020 annual profit of 80941 shares) and paid a total of 47945 shares to all shareholders on the basis of the 2020 annual profit of 20210 shares (including the 2020 annual profit of 80941 shares), which was approved by the 2020 annual general meeting. On May 8, 2021, the company disclosed the announcement on the awarding results of 6 Hunan Xiangjia Animal Husbandry Company Limited(002982) 020 restricted stock incentive plan (Announcement No.: 2021052). The company added 8780000 shares. On May 6, 2021, the registration procedures of new shares were completed in Shanghai Branch of China Securities Depository and Clearing Corporation Limited, and the total share capital of the company was changed from 824080943 shares to 832860943 shares. According to the above changes in total share capital, on June 17, 2021, the company issued the announcement on adjusting the distribution proportion per share of the profit distribution plan in 2020. The company adjusted the amount of cash dividend per share of the profit distribution plan in 2020 according to the principle that the total amount of cash distribution remained unchanged, and determined that the cash dividend per share was 049473 yuan (including tax). The profit distribution was completed on June 29, 2021.
Profit distribution plan for 2021: Based on the total share capital of 832860943 shares at the end of 2021, deducting 168000 shares that do not participate in profit distribution, it is proposed to repurchase restricted shares, i.e. 832692943 shares, distribute cash dividends of 5 yuan (including tax) for every 10 shares, and the estimated distribution amount is 41634647150 yuan.
3、 Notes on major financial and accounting events in 2021
1. New holding subsidiaries in 2021
On March 4, 2021, the 24th Meeting of the 8th board of directors of the company deliberated and approved the proposal to set up a wholly-owned subsidiary in Singapore and implement corporate operation of special enzyme preparation business. Angel Yeast Co.Ltd(600298) (Singapore) Co., Ltd. has started operation, and angel enzyme preparation (Yichang) Co., Ltd. is under construction.
On May 22, 2021, the 28th meeting of the 8th board of directors of the company deliberated and approved the proposal to establish Angel Yeast Co.Ltd(600298) (Jining) Co., Ltd., acquire effective assets related to the production of Shengqi biological yeast products, and implement technical transformation and upgrading Angel Yeast Co.Ltd(600298) (Jining) Co., Ltd. has started operation.
On September 16, 2021, the 33rd meeting of the 8th board of directors of the company deliberated and approved the proposal to establish Hubei newbao Food Technology Co., Ltd. Hubei newbao Food Technology Co., Ltd. has started operation.
On December 18, 2021, the 35th meeting of the eighth board of directors of the company considered and approved the proposal of establishing a new Mexican subsidiary to carry out relevant business. On December 28, 2021, the 36th meeting of the eighth board of directors of the company considered and approved the proposal to establish subsidiaries in Germany and the United States to carry out relevant business. Mexican, German and American companies are under construction.
2. Impact of changes in accounting policies
The Ministry of Finance issued the revised accounting standards for Business Enterprises No. 21 - leasing (hereinafter referred to as the "new leasing standards") in December 2018. The company will implement the new lease criteria from January 1, 2021. For contracts that exist before the first execution date, the company chooses not to reassess whether they are leases or include leases. The company adjusts the amount of retained earnings and other relevant items in the financial statements at the beginning of the year of the first implementation according to the cumulative impact of the first implementation, and does not adjust the comparable period
Information. The impact of the company's implementation of the new leasing standards on the items of the consolidated balance sheet and the balance sheet of the parent company on January 1, 2021 is summarized as follows:
Impact on the consolidated financial statements: increase the use right assets by 221032 million yuan, reduce the long-term deferred expenses by 2.4693 million yuan, increase the non current liabilities due within one year by 8.3427 million yuan and increase the lease liabilities by 112912 million yuan.
Impact on the financial statements of the parent company: increase the use right assets by 8.6431 million yuan, reduce the long-term deferred expenses by 444700 yuan, increase the non current liabilities due within one year by 3.7779 million yuan and increase the lease liabilities by 4.4205 million yuan.
Part II financial budget report for 2022
1、 Budget preparation description
The annual budget report is based on the company's 2021 financial report, forecasts and prepares the business situation in 2022 by integrating the expected impact of the company's market and business development plan, policy changes, industry situation, market demand and other factors, combined with the annual overall business objectives.
2、 Basic assumptions of budgeting
(I) there is no significant change in the current relevant national and local laws, regulations and systems followed by the company.
(II) there is no significant change in the social and economic environment of the countries and regions involved in the company's business, and there is no significant change in the industry situation and market situation.
(III) there is no significant change in the current exchange rate and bank loan interest rate.
(IV) there are no significant changes in the tax policies and preferential policies followed by the company. (V) the company's production and operation plans and investment plans can be implemented smoothly without difficulties due to the influence of the government, market and funds.
(VI) there is no significant impact caused by other unforeseen or force majeure factors.
3、 Main financial budget indicators in 2022
(I) operating revenue: in 2022, the company plans to achieve an operating revenue of RMB 12.617 billion, an increase of 18.18% over 2021.
(II) net profit: in 2022, the company plans to realize the net profit attributable to the shareholders of the parent company of 1.372 billion yuan, an increase of 4.85% over 2021.
(III) investment budget: the investment budget in 2022 is 2.765 billion yuan, an increase of 42.73% over 2021, including 31 engineering projects with an investment budget of 2.613 billion yuan; There are 136 production line technological transformation projects with an investment budget of 152 million yuan.
(IV) R & D budget: the R & D budget in 2022 is 515 million yuan, an increase of 10.69% over 2021, including 43 major R & D projects and 41 new product projects.
(V) salary budget: the employee salary budget in 2022 is 1.353 billion yuan, an increase of 10.36% over 2021. The main reason is that the new project is put into operation and the number of employees increases.
4、 Description of risk matters
(I) risk that sales revenue cannot complete the plan
The intensified competition in yeast industry and the optimization and adjustment of global business countermeasures by peers will have a certain impact on the market. If the sales revenue fails to complete the plan, the annual budget target may not be achieved.
(II) risk of exchange rate fluctuation
30% of the company's sales revenue comes from the international market. The exchange rate fluctuation between RMB and US dollars, euros and other currencies will have an impact on the company's income, cost, profit level and the value of relevant assets and liabilities reflected in RMB.
(III) risk of molasses price fluctuation
The main raw material for yeast production is molasses. In recent years, the price of molasses fluctuates greatly due to the influence of market supply and demand. If the price of molasses fluctuates continuously, it will have a great impact on the profitability of the company.
Angel Yeast Co.Ltd(600298) March 25, 2022
