Securities code: Joyvio Food Co.Ltd(300268) securities abbreviation: Joyvio Food Co.Ltd(300268) Announcement No.: 2022019 Joyvio Food Co.Ltd(300268)
Announcement on the provision for credit impairment and asset impairment in 2021
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
1、 Overview of provision for impairment this time
(I) reasons for withdrawing impairment provision
Joyvio Food Co.Ltd(300268) (hereinafter referred to as "the company") in accordance with the accounting standards for business enterprises and the company's accounting policies and other relevant provisions, in order to truly reflect the company's financial situation, the company conducted a comprehensive inventory and impairment test of various assets within the scope of the consolidated financial statements as of December 31, 2021 based on the principle of prudence. According to the analysis and evaluation results, the company withdraws corresponding asset impairment reserves for assets that may be impaired, and withdraws credit impairment reserves for receivables.
(II) scope and total amount of provision for impairment this time
The company's provision for credit impairment and asset impairment of various assets as of December 31, 2021 totaled 14219757682 yuan. The specific composition of this provision for impairment loss is as follows:
Unit: RMB
Amount of provision for impairment in 2021
Provision for credit impairment:
Bad debt provision for accounts receivable (positive number indicates reversal) 124461124
Bad debt provision for other receivables (negative number indicates loss) -70258104
Provision for asset impairment:
Inventory falling price reserves (positive number indicates reversal) 2128137632
Provision for impairment of goodwill (negative number indicates loss) -16402098334
Total -14219757682
2、 Description of provision for asset impairment this time
Joyvio Food Co.Ltd(300268)
(I) in 2021, the provision for impairment of accounts receivable withdrawn, reversed and written off by the company totaled 1244600 yuan, and the provision for bad debts of other accounts receivable was - 702600 yuan. The total amount of credit impairment loss affected by the two items was 542000 yuan. The specific withdrawal methods are as follows:
For accounts receivable, regardless of whether it contains significant financing components or not, the company always measures its loss reserves according to the amount equivalent to the expected credit loss in the whole duration. The increase or reversal amount of the loss reserves thus formed is included in the current profits and losses as impairment losses or gains.
For the receivables with objective evidence indicating impairment and other receivables applicable to single evaluation, the impairment test shall be conducted separately, the expected credit loss shall be recognized, and the single impairment provision shall be withdrawn.
For the receivables without objective evidence of impairment or when the information of expected credit loss cannot be evaluated at a reasonable cost for individual receivables, the company combines the receivables according to similar credit risk characteristics.
The basis for determining the combination of receivables is as follows:
For the accounts receivable divided into portfolio, the company refers to the experience of historical credit loss, and calculates the expected credit loss in combination with the current situation and the prediction of future economic conditions.
The recognition of expected credit loss portfolio is as follows:
1. Receivables with significant single amount and separate provision for bad debts, judgment basis or amount standard for significant single amount, receivables with an amount of more than 2 million yuan and other receivables with an amount of more than 500000 yuan
If there is objective evidence indicating that the impairment test has been carried out separately and the bad debt provision has been withdrawn individually, the bad debt provision shall be withdrawn according to the difference between the present value of the estimated future cash flow and its book value and included in the current profit and loss. Receivables that have not been impaired through independent test shall be classified into the corresponding combination for withdrawing bad debt reserves
2. Accounts receivable with bad debt reserves withdrawn according to the combination of credit risk characteristics
Withdrawal method based on credit risk characteristics
The aging portfolio measures the loss reserve according to the amount equivalent to the expected credit loss in the whole duration
No provision for bad debts will be made for the combination of deposit and reserve fund
No bad debt provision will be made for the combination of related parties within the consolidation scope
For the combination of aging analysis method, based on all reasonable and based information, including forward-looking information, the company estimates the provision proportion of loss reserves for the receivables as follows:
In the portfolio, the expected credit loss rate of the company's aging portfolio
Joyvio Food Co.Ltd(300268)
Aging accrual ratio (%)
0.00-5.00 within 1 year (including 1 year)
1-2 years 0.00-20.00
2-3 years 0.00-50.00
More than 3 years 100.00
(II) in 2021, the company accrued, reversed and written off inventory falling price reserves totaling 212814 million yuan. The specific accrual methods are as follows:
According to the inventory accounting policy, the company measures the inventory according to the lower of cost and net realizable value, and accrues the inventory falling price reserves for the inventory whose cost is higher than net realizable value and obsolete and unsalable.
The impairment of inventories to net realizable value is based on the evaluation of the marketability and net realizable value of inventories. The appraisal of inventory impairment requires the management to make judgment and estimation on the basis of obtaining conclusive evidence and considering the purpose of holding inventory, the impact of events after the balance sheet date and other factors. The difference between the actual result and the original estimate will affect the book value of inventory and the withdrawal or reversal of inventory falling price reserves during the period when the estimate is changed.
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.
(III) provision for impairment of the company's goodwill in the current year is as follows:
The company conducts impairment test at the end of each year for goodwill and intangible assets with uncertain service life, regardless of whether there are signs of impairment.
During the impairment test, the book value of goodwill shall be allocated to the asset group or combination of asset groups expected to benefit from the synergy of business combination. If the test results show that the recoverable amount of the asset group or combination of asset groups containing the amortized goodwill is lower than its book value, the corresponding impairment loss shall be recognized. The amount of impairment loss shall first offset the book value of the goodwill allocated to the asset group or asset group combination, and then offset the book value of other assets in proportion according to the proportion of the book value of other assets other than goodwill in the asset group or asset group combination. Once the impairment loss of goodwill is recognized, it will not be reversed in the subsequent period, and the part worth recovery will not be recovered.
Joyvio Food Co.Ltd(300268)
3、 Review procedures for the provision for asset impairment this time
The provision for asset impairment is made in accordance with the relevant provisions of the accounting standards for business enterprises and the company's accounting policies, and in line with the relevant provisions of the guidelines for self discipline supervision of listed companies on Shenzhen Stock Exchange No. 2 - standardized operation of GEM listed companies, and the guidelines for business handling of GEM listed companies No. 2 - matters related to periodic report disclosure, The provision for impairment does not need to be submitted to the board of directors or the general meeting of shareholders for deliberation.
4、 Explanation of the rationality of the provision for impairment and its impact on the company
The company believes that the provision for impairment is in line with the accounting standards for business enterprises and relevant accounting policies of the company, with sufficient basis, reflects the principle of accounting prudence, conforms to the actual situation of the company, can more fairly reflect the financial status, asset value and operating results of the company as of December 31, 202, and make the accounting information of the company more reasonable. The total amount of the provision for impairment this time is -1421976 million yuan, which will reduce the company's net profit attributable to the shareholders of the listed company by 1247612 million yuan in 2021. The provision for impairment this time has been audited and confirmed by ShineWing Certified Public Accountants (special general partnership).
It is hereby announced.
Board of directors
April 8, 2022
