Securities code: Guangzhou Jinyi Media Corporation(002905) securities abbreviation: Guangzhou Jinyi Media Corporation(002905) Announcement No.: 2022022 Guangzhou Jinyi Media Corporation(002905)
Announcement on the provision for asset impairment and write off of assets 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.
In accordance with the relevant provisions of the self regulatory guidelines for listed companies of Shenzhen Stock Exchange No. 1 - standardized operation of listed companies on the main board, Guangzhou Jinyi Media Corporation(002905) (hereinafter referred to as "the company") announces the specific conditions of the company's provision for asset impairment and write off of asset losses as follows in accordance with the accounting standards for business enterprises and relevant accounting policies of the company:
1、 Overview of the provision for asset impairment this time
1. Reasons for withdrawing asset impairment provision this time
In accordance with the requirements of the accounting standards for business enterprises and the self regulatory guidelines for listed companies of Shenzhen Stock Exchange No. 1 - standardized operation of listed companies on the main board and other relevant regulations, in order to more truly and accurately reflect the company's financial status, asset value and operating results as of December 31, 2021, based on the principle of prudence, the company has conducted a comprehensive inspection and impairment test on all kinds of assets of the company in accordance with relevant regulations, And withdraw corresponding impairment reserves for relevant assets within the scope of the company's consolidated statements as of December 31, 2021.
2. Asset scope, total amount and reporting period to be included in the provision for asset impairment this time
After the company has conducted a comprehensive inventory and asset value reduction test on the assets with possible signs of impairment as of December 31, 2021, including accounts receivable, other receivables, prepayments, inventory, fixed assets, intangible assets, construction in progress, long-term equity investment, goodwill, etc., the company evaluates and analyzes whether there is impairment of various assets. The asset items for which the company has accrued asset impairment reserves this time are accounts receivable The details of impairment loss of intangible assets and other receivables of the company are as follows:
Unit: Yuan
Proportion in the net profit of shareholders of listed companies of the amount withdrawn in the current period of audited category projects in 2021
1、 Provision for bad debts of accounts receivable for credit impairment loss -535555065 -1.50%
(loss expressed with "-") bad debt provision for other accounts receivable 978948170 2.75%
Subtotal 443393105 1.25%
Bad debt provision for prepayments 1100000000 3.09%
Bad debt provision for other accounts receivable -5000000 -0.01% II. Asset impairment loss (loss)
Provision for impairment of construction in progress 2654563715 7.46% (loss expressed with "-")
Provision for impairment of fixed assets 261369678 0.73%
Provision for impairment of intangible assets 2054283 0.01%
Subtotal 4012987676 11.27%
Total 4456380781 12.52%
The reporting period from January 1, 2021 to December 31, 2021 for the provision of credit impairment loss and asset impairment loss.
2、 Overview of assets written off this time
According to the relevant provisions of the accounting standards for business enterprises, the notice on the preparation of listed companies for various asset impairment and other related matters, and the notice on further improving the quality of financial information disclosure of listed companies, the company clears up and writes off some uncollectible accounts receivable and other accounts receivable. The total amount of accounts receivable, other accounts receivable and construction in progress assets written off this time is 1073400 yuan. The details are as follows: unit: Yuan
Asset category write off asset amount write off reason
Accounts receivable 7000000 were fully recovered by the company and confirmed to be uncollectible
Other accounts receivable 30109780 were fully recovered by the company and confirmed to be uncollectible
The project under construction 70231435 has signed the cancellation agreement and confirmed that it will not be opened
Total 107341215
Note: the customers of the above receivables are not related parties of the company. After the bad debt write off of the above receivables, the company will establish separate accounts for future reference for these customers, continue to implement the person in charge to track at any time, and reserve the right to continue recourse. Once it is found that the other party has the ability to repay, it will be recourse immediately.
3、 Recognition standard and withdrawal method of the provision for asset impairment this time
(I) provision of credit impairment losses
According to the relevant provisions of accounting standards for Business Enterprises No. 22 - recognition and measurement of financial instruments, the expected credit loss is calculated on the basis of combination based on the credit risk characteristics of accounts receivable, other accounts receivable, notes receivable, long-term accounts receivable and interest receivable.
The company determines the expected credit loss rate and estimates the expected credit loss for the whole duration according to the historical credit loss experience and changes, combined with the current situation and the prediction of future economic conditions.
Determination method of credit loss of various financial assets:
1. Accounts receivable
The group calculates the expected credit loss of accounts receivable on the balance sheet date. If the expected credit loss is greater than the carrying amount of the current impairment provision of accounts receivable, the Group recognizes the difference as the impairment loss of accounts receivable, debits the "credit impairment loss" and credits the "bad debt provision". On the contrary, the company recognizes the difference as impairment gains and makes opposite accounting records.
If the group has actually incurred credit losses and determines that the relevant accounts receivable cannot be recovered and is approved to be written off, it will debit the "bad debt provision" and credit the "accounts receivable" according to the approved write off amount. If the write off amount is greater than the accrued loss provision, debit the "credit impairment loss" on a regular basis.
The group takes the actual credit loss of previous years and the forward-looking information of this year as the accounting estimation policy for measuring the expected credit loss.
2. Other receivables
The group measures the provision for loss of other receivables according to the following circumstances: ① the financial assets whose credit risk has not increased significantly since initial recognition are in the first stage, and the group measures the provision for loss according to the amount of expected credit loss in the next 12 months; ② If the credit risk has increased significantly since the initial recognition, but there is no credit impairment, it is in the second stage. The group measures the loss reserves according to the amount equivalent to the expected credit loss of the financial instrument throughout its lifetime; ③ The purchase or origination of financial assets with credit impairment is in the third stage. The group measures the loss reserves according to the amount equivalent to the expected credit loss in the whole duration.
Portfolio based assessment. For other receivables, the group is unable to obtain sufficient evidence of significant increase in credit risk at a reasonable cost at the level of single instrument, but it is feasible to evaluate whether the credit risk increases significantly on the basis of combination. Therefore, the group according to the type of financial instrument, credit risk rating, collateral type, initial recognition date, remaining contract term, industry of the borrower, geographical location of the borrower The loan mortgage rate is a common risk feature. Other receivables are grouped and whether the credit risk increases significantly is considered on the basis of portfolio.
As of December 31, 2021, the company has accrued 4.4339 million yuan of credit impairment loss for accounts receivable and other receivables, accounting for 1.25% of the audited net profit attributable to shareholders of Listed Companies in 2021. (II) provision of asset impairment loss
The group inspects long-term equity investment, fixed assets, construction in progress, intangible assets with limited service life and other items on each balance sheet date. When there are signs of impairment, the group conducts impairment test. For intangible assets with uncertain goodwill and service life, impairment test shall be conducted at the end of each year regardless of whether there are signs of impairment. If it is difficult to test the recoverable amount of a single asset, the test shall be based on the asset group or combination of asset groups to which the asset belongs.
Signs of impairment are as follows:
(1) The market price of assets has fallen sharply in the current period, and the decline is significantly higher than the expected decline due to the passage of time or normal use.
(2) The economic, technical or legal environment in which the enterprise operates and the market in which the assets are located will undergo significant changes in the current period or in the near future, which will have an adverse impact on the enterprise.
(3) The market interest rate or other market investment return rate has increased in the current period, which affects the discount rate for the enterprise to calculate the present value of the expected future cash flow of the asset, resulting in a significant reduction in the recoverable amount of the asset.
(4) There is evidence that the asset has become obsolete or its entity has been damaged.
(5) Assets have been or will be idle, terminated or planned to be disposed in advance.
(6) The evidence in the internal report of the enterprise shows that the economic performance of the assets has been or will be lower than the expectation, such as the net cash flow created by the assets or the operating profit (or loss) realized is far lower (or higher) than the expected amount, etc.
After the impairment test, if the book value of the asset exceeds its recoverable amount, the difference is recognized as impairment loss. Once the impairment loss of the above assets is recognized, it will not be reversed in subsequent accounting periods.
As of December 31, 2021, the company has accrued asset impairment loss of 401299 million yuan for prepayments, other receivables, construction in progress, fixed assets, prepayments and intangible assets, accounting for 11.27% of the audited net profit attributable to shareholders of Listed Companies in 2021.
3、 The company's review procedures for the provision for asset impairment and write off of assets this time
In accordance with the accounting standards for business enterprises, the guidelines for self regulation and supervision of listed companies of Shenzhen Stock Exchange No. 1 - standardized operation of listed companies on the main board and the relevant provisions of the company's accounting policies, the provision for asset impairment and write off of assets need to fulfill the obligation of information disclosure and need not be submitted to the board of directors and the general meeting of shareholders for deliberation.
4、 Explanation on the rationality of the provision for asset impairment and write off of assets this time
The provision of credit impairment loss, asset impairment loss and write off of assets comply with the relevant provisions of the accounting standards for business enterprises. The basis for the provision of impairment loss and write off of assets is sufficient, which reflects the principle of accounting prudence, is conducive to objectively and fairly reflect the company's asset value and financial status, and makes the company's accounting information about asset value more authentic, reliable and reasonable.
5、 The impact of the provision for asset impairment and write off of assets on the company
The company's total provision for credit impairment is 4.4339 million yuan, the total provision for asset impairment is 401299 million yuan, and the total write off assets is 1.0734 million yuan. The provision for asset impairment and write off assets decrease the net profit of the company's consolidated profit statement in 2021 by 445638 million yuan.
The provision for impairment of various assets and write off assets have been audited by accounting firms.
It is hereby announced.
Guangzhou Jinyi Media Corporation(002905) board of directors April 15, 2022
