Securities code: Xgd Inc(300130) securities abbreviation: Xgd Inc(300130) Announcement No.: 2022023
Announcement on the company's asset write off and provision for asset impairment in 2021
The company and all members of the board of directors guarantee that the content of information disclosure is true, accurate and complete without falsehood
False records, misleading statements or major omissions.
According to the accounting standards for business enterprises and the self regulatory guidelines for listed companies No. 2 - GEM Listing
Standard operation of the company and other relevant provisions and Xgd Inc(300130) (hereinafter referred to as "the company")
The relevant requirements of the financial management system and the management system for the calculation and write off of asset impairment reserves shall be determined by the company
Write off part of asset losses and make provision for asset impairment. The details are as follows:
1、 Provision for asset impairment and write off of bad debts
1. Reasons for withdrawing asset impairment provision this time
According to the accounting standards for business enterprises, the company's accounting policies and the principle of financial prudence, the company
All kinds of assets have been checked and fully evaluated and analyzed. After asset impairment test, the company believes that
Some of the assets have certain signs of impairment, and the company shall make provision for asset impairment accordingly; After verification, some
If the receivables have been written off, it is impossible to write them off.
2. Scope and amount of assets for which provision for asset impairment is made
(unit: yuan)
Changes in the current period
Category: withdrawal and recovery of opening balance, reversal of write off, other increase, disposal of closing balance of subsidiaries or decrease of write off Division
Bad debt reserves of accounts receivable 79351608382420582751248536478419750010132491326495683493
Other receivables bad 9480303111650210741904241015357157129550221096411110 account reserve
Inventory falling price reserves 3760960208158673746321357596793211937992
Bad account reserves for long-term receivables 183800653240266192424066845
Provision for impairment of fixed assets 1561114676221000149890467
Total 12984063477223408 Lens Technology Co.Ltd(300433) 90517157438792420153571572620415411377989907
3. Recognition standard and withdrawal method of provision for asset impairment
(I) description of impairment of accounts receivable, other receivables and long-term receivables
On the basis of expected credit loss, the company conducts impairment accounting treatment and recognizes loss reserves for financial assets classified as measured at amortized cost, financial assets classified as measured at fair value and whose changes are included in other comprehensive income and financial guarantee contracts.
Expected credit loss refers to the weighted average value of credit loss of financial instruments weighted by the risk of default. Credit loss refers to the difference between all contract cash flows receivable under the contract and all cash flows expected to be received by the company discounted at the original effective interest rate, that is, the present value of all cash shortages. Among them, the financial assets purchased or originated by the company with credit impairment shall be discounted according to the actual interest rate adjusted by the credit of the financial assets.
For the receivables, contract assets and lease receivables formed by the transactions regulated by the income standard, the company uses the simplified measurement method to measure the loss reserves according to the amount equivalent to the expected credit loss in the whole duration.
For financial assets purchased or originated with credit impairment, on the balance sheet date, only the cumulative changes of expected credit loss in the whole duration after initial recognition are recognized as loss reserves. On each balance sheet date, the change amount of expected credit loss in the whole duration shall be included in the current profit and loss as impairment loss or gain. Even if the expected credit loss within the whole duration determined on the balance sheet date is less than the amount of expected credit loss reflected by the estimated cash flow at the time of initial recognition, the favorable change of expected credit loss is recognized as impairment gain.
For other financial assets other than the above simplified measurement method and purchased or derived credit impairment, the company assesses whether the credit risk of relevant financial instruments has increased significantly since initial recognition on each balance sheet date, and measures its loss reserves, recognizes the expected credit loss and its changes according to the following circumstances:
If the credit risk of the financial instrument has not increased significantly since the initial recognition and is in the first stage, the loss provision shall be measured according to the amount equivalent to the expected credit loss of the financial instrument in the next 12 months, and the interest income shall be calculated according to the book balance and the effective interest rate; If the credit risk of the financial instrument has increased significantly since the initial recognition, but there is no credit impairment, it is in the second stage, the loss provision shall be measured according to the amount equivalent to the expected credit loss of the financial instrument in the whole duration, and the interest income shall be calculated according to the book balance and the effective interest rate; If the financial instrument has been impaired since its initial recognition, it is in the third stage. The company measures its loss reserves according to the amount equivalent to the expected credit loss of the financial instrument in the whole duration, and calculates the interest income according to the amortized cost and the effective interest rate.
The increase or reversal amount of the provision for credit losses of financial instruments shall be included in the current profits and losses as impairment losses or gains. Except for the financial assets classified as measured at fair value and the changes of which are included in other comprehensive income, the provision for credit losses shall offset the book balance of financial assets. For financial assets classified as measured at fair value and whose changes are included in other comprehensive income, the company recognizes its credit loss reserves in other comprehensive income and does not reduce the book value of the financial assets listed in the balance sheet.
In the previous accounting period, the company has measured the loss reserve according to the amount equivalent to the expected credit loss of the financial instrument in the whole duration, but on the current balance sheet date, if the financial instrument no longer belongs to the situation of significant increase in credit risk since initial recognition, the company measures the loss reserve of the financial instrument according to the amount equivalent to the expected credit loss in the next 12 months, The reversal amount of the resulting loss reserves shall be included in the current profits and losses as impairment gains.
(1) Impairment of accounts receivable
The credit loss of accounts receivable with sufficient evidence that the company can evaluate the expected credit loss at a reasonable cost at the level of single instrument shall be determined separately.
When there is no sufficient evidence to evaluate the expected credit loss at a reasonable cost at the level of single instrument, the company refers to the experience of historical credit loss, combined with the current situation and the judgment of future economic conditions, divides the accounts receivable into several combinations according to the characteristics of credit risk, and calculates the expected credit loss on the basis of the combination. The basis for determining the combination is as follows:
Combination name: basis for determining combination and accrual method
Referring to the historical credit loss, through combination I: within the scope of consolidation, the related parties within the scope of consolidation conduct offset inspection during consolidation, and withdraw bad debt reserves in combination with the current situation and the expectation of the related parties on the future economic situation
Based on previous historical experience, the company makes the best estimation of the accrual proportion of accounts receivable according to the combination of aging and the whole duration II: aging combination, and makes the accrual of credit risk combination table with reference to the expected credit loss rate and the aging of accounts receivable
classification
(2) Impairment of other receivables
The company separately determines the credit loss of other receivables with sufficient evidence that can evaluate the expected credit loss at a reasonable cost at the level of single instrument.
When there is no sufficient evidence to evaluate the expected credit loss at a reasonable cost at the level of single instrument, the company refers to the experience of historical credit loss, combined with the current situation and the judgment of future economic conditions, divides other receivables into several combinations according to the characteristics of credit risk, and calculates the expected credit loss on the basis of the combination. The basis for determining the combination is as follows:
Combination name: basis for determining combination and accrual method
Referring to the experience of historical credit loss, combination I: within the scope of consolidation, the related parties within the scope of consolidation withdraw bad debt reserves according to the current situation and the expectation of offsetting the economic situation of the related parties in the future
Combination 2: aging combination: the company makes the best estimation according to the aging and expected payment in the whole duration according to the withdrawal proportion of deposit and deposit receivables according to the previous historical experience, and withdraws with reference to the comparison table of account credit loss rate of receivables
Credit risk portfolio classification based on the aging of current and other accounts
The company's accounts receivable, other receivables and long-term receivables in the current period totaled 647345541 yuan of bad debt provision, 1248536478 yuan of bad debt provision reversed or recovered, 438792420 yuan of bad debt provision written off in the current period, 15357157 yuan of other increase, 26204154 yuan of decrease in disposal of subsidiaries, and 80161448 yuan of bad debt provision at the end of the period.
(II) description of impairment of inventories
After a comprehensive inventory of inventories at the end of the period, the inventory falling price reserves shall be withdrawn or adjusted according to the lower of the inventory cost and net realizable value. The net realizable value of finished products, goods in stock, materials for sale and other goods inventories directly for sale shall be determined by the amount of the estimated selling price of the inventory minus the estimated selling expenses and relevant taxes in the normal process of production and operation; For the inventory of materials that need to be processed, in the normal production and operation process, the net realizable value is determined by the estimated selling price of the finished products minus the estimated cost to be incurred at the time of completion, estimated selling expenses and relevant taxes; The net realizable value of inventories held for the execution of sales contracts or labor contracts is calculated based on the contract price. If the quantity of inventories held is more than the quantity ordered in the sales contract, the net realizable value of excess inventories is calculated based on the general sales price.
At the end of the period, the inventory falling price reserves are accrued according to a single inventory item; However, for the inventory with large quantity and low unit price, the inventory falling price reserves shall be withdrawn according to the inventory category; If the inventories are related to the product series produced and sold in the same region, have the same or similar end use or purpose, and are difficult to be measured separately from other items, the inventory falling price reserves shall be accrued jointly.
If the factors affecting the previous write down of inventory value have disappeared, the amount of write down shall be restored and reversed within the amount of inventory falling price reserve originally withdrawn, and the reversed amount shall be included in the current profit and loss.
The company has withdrawn 1586737463 yuan of falling price reserves according to the difference between the cost of inventory and the net realizable value in the current period, 2135759679 yuan of write off amount in the current period, and the balance of falling price of inventory at the end of the period is 3211937992 yuan.
2、 Basic information of write off assets
The company and its subsidiaries wrote off 419750010 yuan of accounts receivable and 19042410 yuan of other accounts receivable in the current period, totaling 438792420 yuan.
The above accounts receivable and
