Cosco Shipping Development Company Limited(601866)
Year 2021
audit report
Index page number
Audit report financial statements of the company
- consolidated balance sheet 1-2
- balance sheet of parent company 3-4
- consolidated income statement 5
- income statement of the parent company 6
- consolidated cash flow statement 7
- cash flow statement of the parent company 8
- Consolidated Statement of changes in shareholders' equity 9-10
- statement of changes in shareholders' equity of the parent company 11-12
- Notes to financial statements 13-134
ShineWing certified public accountants, Chaoyang men North Street, Dongcheng District, Beijing Tel: + 86 (010) 65542288, 9 / F, block a, Fu Hua Manson,
ShineWing No.8, Chaoyangmen Beidajie,
Dongcheng District, Beijing, fax: + 86 (010) 65547190 certified public accounts 100027, P.R. China facile: + 86 (010) 65547190
audit report
XYZH/2022BJAA130003
Cosco Shipping Development Company Limited(601866) all shareholders:
1、 Audit opinion
We have audited the financial statements of Cosco Shipping Development Company Limited(601866) (hereinafter referred to as Cosco Shipping Development Company Limited(601866) company), including
Consolidated and parent company's balance sheet as of December 31, 2021, consolidated and parent company's income statement and consolidated income statement in 2021
And the cash flow statement of the parent company, the consolidated statement of changes in shareholders' equity of the parent company and the notes to relevant financial statements.
In our opinion, the attached financial statements are prepared in accordance with the accounting standards for business enterprises in all material aspects and present fairly
The consolidated and parent company financial status of Cosco Shipping Development Company Limited(601866) company as of December 31, 2021 and the consolidated and parent company in 2021
Operating results and cash flow of the company.
2、 Basis for forming audit opinions
We conducted our audit in accordance with the auditing standards for Chinese certified public accountants. The "responsibilities of certified public accountants for the audit of financial statements" in the audit report further expounds our responsibilities under these standards. In accordance with the code of professional ethics for Chinese certified public accountants, we are independent of Cosco Shipping Development Company Limited(601866) company and have fulfilled other responsibilities in terms of professional ethics. We believe that the audit evidence we have obtained is sufficient and appropriate, which provides a basis for our audit opinion.
3、 Key audit matters
The key audit matters are the most important matters that we consider to audit the current financial statements according to our professional judgment. The response to these matters is based on the overall audit of the financial statements and the formation of audit opinions. We will not express separate opinions on these matters.
1. Revenue recognition
Countermeasures in key audit matters
Cosco Shipping Development Company Limited(601866) company's revenue mainly consists of operating lease revenue, financial 1, understanding and evaluating Cosco Shipping Development Company Limited(601866) company's revenue confirmation lease revenue and container sales revenue. Since the design and operation of key internal control related to revenue recognition is one of the company's key business indicators, and the quasi effectiveness of revenue; Confirm the data in the financial statements of Cosco Shipping Development Company Limited(601866) company. 2. Interview the management of Cosco Shipping Development Company Limited(601866) company to understand that leasing and various financial indicators have an important impact. Therefore, our business-related decisions and policies, as well as operating leasing and finance, regard revenue recognition as a key audit matter. Classification principle of asset lease;
3. Select lease contracts for inspection and evaluate whether the classification of leasing business by the management of COSCO Haifa meets the standards of operating lease and financial lease classification in the accounting standards;
4. Check and calculate whether the recognition and accounting of lease income comply with the provisions of accounting standards according to the contract;
5. For the container sales revenue, identify the sales business contract and each individual performance obligation, and evaluate whether the time point when the customer obtains the control right of goods or services judged by the management meets the requirements of the accounting standards for business enterprises;
6. Perform analytical procedures and detail tests, and review the integrity, authenticity, cut-off and accuracy of income accounting.
2. Impairment test of long-term receivables
Countermeasures in key audit matters
Long term receivables (including the part due within one year) mainly include: 1. Understand the management's internal control related to the timely identification of impairment events and the assessment of receivables of financial leasing business and factoring business of hiseas development company, assess and pay the amount, and use the expected credit loss model to withdraw the impairment standard to test the effectiveness of its design and implementation;
Stand by. As of December 31, 2021, Cosco Shipping Development Company Limited(601866) company 2. We evaluated the book balance of long-term receivables of the long-term receivables division with reference to market practices, which was 35.823 billion yuan. The appropriateness of the impairment policy, the evaluation of key indicators and assumptions, the large amount of the project and the long payback period, and the rationality of Cosco Shipping Development Company Limited(601866) company, such as parameter selection, sensitivity of transfer matrix, and the management's use of more forward-looking adjustment information in the impairment test; Assumptions and estimates. Therefore, we measure the impairment of long-term receivables. 3. Sample and recheck the items of long-term receivables as key audit matters. Including paying attention to the solvency of the lessee and the guarantor, the recoverable value of the lease item and the industry situation, so as to evaluate the appropriateness of the management's identification of impairment events;
4. Sample query the customer information of long-term receivables to check whether it may be affected during the lease period
Matters relating to its solvency;
5. For large amount of long-term receivables, send letters to the lessee, confirm the contract amount and balance of long-term receivables, and implement the substitution process for the non reply
Order;
6. For overdue samples, we pay attention to the causes of overdue payments, the Countermeasures of Cosco Shipping Development Company Limited(601866) company and the adequacy of impairment provision.
4、 Other information
Cosco Shipping Development Company Limited(601866) company management (hereinafter referred to as management) is responsible for other information. Other information includes the information covered in the 2021 annual report of Cosco Shipping Development Company Limited(601866) company, but does not include the financial statements and our audit report.
Our audit opinion on the financial statements does not cover other information, and we will not issue any form of assurance conclusion on other information.
In combination with our audit of the financial statements, our responsibility is to read other information and consider whether other information is materially inconsistent with the financial statements or the information we have learned in the audit process, or there seems to be material misstatement.
Based on the work we have performed, if we determine that there is a material misstatement in other information, we should report that fact. In this regard, we have nothing to report.
5、 Responsibilities of management and governance for financial statements
The management is responsible for preparing the financial statements in accordance with the provisions of the accounting standards for business enterprises to achieve a fair reflection, and designing, implementing and maintaining necessary internal control so that the financial statements are free from material misstatement caused by fraud or error.
When preparing the financial statements, the management is responsible for evaluating the sustainable operation ability of Cosco Shipping Development Company Limited(601866) company, disclosing matters related to sustainable operation (if applicable), and applying the assumption of sustainable operation, unless the management plans to liquidate Cosco Shipping Development Company Limited(601866) company, terminate operation or have no other realistic choice.
The management is responsible for supervising the financial reporting process of Cosco Shipping Development Company Limited(601866) company.
6、 Responsibilities of certified public accountants for the audit of financial statements
Our goal is to obtain reasonable assurance on whether the financial statements as a whole are free from material misstatement due to fraud or error, and issue an audit report containing audit opinions. Reasonable assurance is a high-level assurance, but it does not guarantee that the audit performed in accordance with the audit standards will always be found when a major misstatement exists. Misstatement may be caused by fraud or error. If it is reasonably expected that the misstatement alone or in summary may affect the economic decisions made by the users of the financial statements based on the financial statements, the misstatement is generally considered to be significant.
In the process of carrying out the audit work in accordance with the audit standards, we use professional judgment and maintain professional doubt. At the same time, we also carry out the following work:
(1) Identify and assess the risks of material misstatement of financial statements due to fraud or error, design and implement audit procedures to deal with these risks, and obtain sufficient and appropriate audit evidence as the basis for issuing audit opinions. Since fraud may involve collusion, forgery, intentional omission, misrepresentation or override of internal control, the risk of failing to find major misstatement caused by fraud is higher than that caused by error.
(2) Understand the internal control related to audit to design appropriate audit procedures.
(3) Evaluate the appropriateness of accounting policies selected by the management and the rationality of accounting estimates and related disclosures.
(4) Draw conclusions on the appropriateness of management's use of going concern assumptions. At the same time, according to the audit evidence obtained, draw a conclusion on whether there are major uncertainties in the matters or circumstances that may lead to major doubts about the sustainable operation ability of Cosco Shipping Development Company Limited(601866) company. If we conclude that there is significant uncertainty, the auditing standards require us to draw the attention of statement users to the relevant disclosures in the financial statements in the audit report; If the disclosure is insufficient, we should express a non unqualified opinion. Our conclusions are based on the information available as of the date of the audit report. However, the future
