Stock Code: Sichuan Chuantou Energy Co.Ltd(600674) stock abbreviation: Sichuan Chuantou Energy Co.Ltd(600674) Announcement No.: 2022026
Convertible bond Code: 110061 convertible bond abbreviation: Sichuan investment convertible bond
Sichuan Chuantou Energy Co.Ltd(600674)
Announcement of changes in accounting estimates
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and bear individual and joint liabilities for the authenticity, accuracy and completeness of its contents.
1、 Overview of changes in accounting policies
On April 7, 2022, the company held the first meeting of the 11th board of directors and the first meeting of the 11th board of supervisors, and deliberated and adopted the proposal on changing accounting estimates of the company. The classification and combination scope of aging combination and balance percentage combination applicable to the company's receivables is changed, and the aging combination is changed from the original fixed proportion to the actual estimated expected credit loss rate, so that the changed customer classification and combination is more in line with the market environment and the actual situation of production and operation. The independent directors of the company have expressed their independent opinions on this. This change in accounting estimates does not need to be submitted to the general meeting of shareholders for deliberation.
2、 Details of changes in accounting estimates and their impact on the company
1. Reason for change
(1) Change of category combination scope
When withdrawing the bad debt in the scope of business combination of customers, the risk of withdrawing the bad debt in the scope of business combination method and non customer combination method shall be used respectively. The original aging combination specifically includes the accounts receivable of Jiaotong University Guangming company. Except Jiaotong University Guangming company, the accounts receivable of other companies are divided into the balance percentage combination, and the bad debt provision is withdrawn according to 5% of the balance. Due to the business development of the company in the past two years, the business scope outside the power business has expanded. It is necessary to redefine the division standard of the portfolio and clarify the scope, so as to distinguish the risk characteristics of expected credit loss of different types of customers.
(2) Change of accrual proportion of aging combination
When the company implemented the new financial instrument standards in early 2019, on the basis of calculating the expected credit loss rate at that time, the company maintained the withdrawal proportion of bad debt reserves in different aging segments under the original aging analysis method. In subsequent years, according to the industry characteristics of non electric power business, the company evaluates the actual operation conditions such as the security of customer collection, customer composition, asset scale and credit period over the years, combined with the bad debt write off of its previous receivables, and with reference to the expected credit loss rate calculated by using the migration rate under the expected credit loss model, re evaluates whether the provision proportion of bad debt reserves in different account ages needs to be adjusted, If there is any change, it shall be approved and handled according to the change of accounting estimate.
However, when the market environment and the actual situation of production and operation change, the accounting estimation change of the above bad debt provision proportion appears too frequent and the approval process is cumbersome, which affects the timeliness and accuracy of accounting information disclosure. Therefore, the company plans to directly use the expected credit loss rate (rounded) calculated according to the migration rate to withdraw the bad debt provision. The change of the expected credit loss rate actually calculated at the end of each period will not be treated as the change of accounting estimation.
The company believes that the changed classification combination and accounting estimation are more in line with the actual situation of the company, can more truly and objectively reflect the financial status and operating results of the company, and make the creditor's rights receivable of the company closer to the recovery and risk status of the company.
2. Changes before and after the change of accounting estimates
Basis for determining the combination and comparison of customer classification of applicable aging combination and balance percentage combination before and after change: before change: basis for determining the combination
The combination of companies outside the consolidation scope is based on the relationship between the trading partner and the company. This combination is the company outside the consolidation scope of the group
According to the relationship between the trading partner and the company, the combination of units within the consolidation scope is the internal unit included in the consolidation scope of the group
Withdrawal method of bad debt provision by combination: combination of companies outside the consolidation range
Among them, the aging portfolio takes aging as the main credit risk feature, including the receivables of Jiaotong University Guangguang company
Balance percentage combination: except for Jiaotong University Guangguang company, bad debt reserves are withdrawn for accounts receivable of other companies according to 5% of the balance
The credit risk of the unit portfolio within the consolidation scope is controllable, and the bad debt provision is not withdrawn
After change: basis for determining combination
1. The combination of companies outside the consolidation scope is based on the relationship between the trading partner and the company. This combination is the company outside the consolidation scope of the group
1.1 the customer portfolio of power business includes accounts receivable of power business units within the group
1.2 the customer portfolio of non power business includes accounts receivable of non power business units within the group
2. According to the relationship between the trading partner and the company, the combination of units within the consolidation scope is the internal unit included in the consolidation scope of the group
Withdrawing method of bad debt provision by combination 1 combination of companies outside the consolidation range
1.1 the balance percentage method is adopted for the customer portfolio of power business, and the bad debt provision is withdrawn according to 5% of the balance of accounts receivable.
Using the aging analysis method, calculate the historical migration rate and loss rate according to the aging portfolio, and determine the expected credit loss rate on the basis of the historical loss rate of the customer portfolio of non power business in calendar 1.2, combined with the debtor's economic status, trend and other forward-looking factors.
2. The credit risk of the unit portfolio within the consolidation scope is controllable, and the bad debt provision is not withdrawn
The customer portfolio of non electric business specifically includes: Sichuan Chuantou Energy Co.Ltd(600674) headquarters, Guangguang company of Jiaotong University, Sichuan investment power headquarters, carbon plant of caoyutan company, Tianwan River Jingda company and Tianwan River tourism.
"Withdrawing bad debt provision by single item" in the classification of accounts receivable is still treated according to the original corresponding accounting estimation.
3. The implementation time of this accounting estimate change: from October 1, 2021.
4. Impact of this accounting estimate change on the company
(1) According to the relevant provisions of the accounting standards for Business Enterprises No. 28 - changes in accounting policies, accounting estimates and error correction, this change in accounting estimates adopts the future applicable method and will not have an impact on the financial status and operating results of the company in previous years.
(2) In 2021, due to the change of the withdrawal proportion of bad debt provision according to the aging analysis method to the expected credit loss rate, the bad debt provision of accounts receivable was reduced by 1.07 million yuan and the bad debt provision of other accounts receivable was increased by 30000 yuan, resulting in a total increase of 104 yuan in the net profit of the current year.
According to the estimated amount of accounts receivable and aging forecast for the whole year of 2022, the impact of the change on the total profit in 2022 is expected to be no more than 10 million yuan.
(3) If three years before the date of change of the company's accounting estimate, the application of the accounting estimate will not have a significant impact on the company's total profits, net assets and total assets attributable to the shareholders of the listed company, the specific impact is as follows:
Unit: 10000 yuan
Project 20182019 2020
Total profit increased by 394348 189
Net assets attributable to shareholders of listed companies increased 197174 94
Total assets increased by 394348 189
3、 Concluding comments of the company's independent directors and the board of supervisors
(I) opinions of independent directors
This accounting estimate change of the company can more appropriately reflect the company's financial situation and operating results, provide more reliable and relevant accounting information, and do not damage the interests of the company and shareholders, especially the interests of minority shareholders. (II) opinions of the board of supervisors
The change of accounting estimates is in line with the market environment and the actual situation of production and operation, and in line with the relevant provisions of accounting standards. It is hereby announced.
Sichuan Chuantou Energy Co.Ltd(600674) board of directors April 8, 2022
