Securities code: Sinochem International Corporation(600500) securities abbreviation: Sinochem International Corporation(600500) No.: 2022023
Bond Code: 175781 bond abbreviation: 21 Sinochem G1
Bond Code: 188412 bond abbreviation: Sinochem gy01
Bond Code: 185229 bond abbreviation: 22 Sinochem G1
Sinochem International Corporation(600500) (holding) Co., Ltd
Announcement on change of relevant accounting policies
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 Sinochem International Corporation(600500) (holding) Co., Ltd. (hereinafter referred to as “the company”) held the 24th Meeting of the 8th board of directors and the 17th meeting of the 8th board of supervisors on April 14, 2022, deliberated and adopted the proposal on the change of accounting policies of the company in 2021. The change of the company’s accounting policy is made in accordance with the requirements of laws, administrative regulations or the national unified accounting system, and does not need to be submitted to the general meeting of shareholders for deliberation. The specific situation is hereby announced as follows:
1、 Summary of changes in accounting policies
1. Change date
According to the requirements of the interpretation of accounting standards for Business Enterprises No. 15, the company decided to implement the norms on centralized fund management in the interpretation of accounting standards for Business Enterprises No. 15 from January 1, 2021.
2. Reasons for changes in accounting policies
The Ministry of finance of the people’s Republic of China issued the interpretation of accounting standards for Business Enterprises No. 15 on December 31, 2021, in which the “norms on centralized management of funds” stipulates that if the company implements centralized and unified management of the funds of the parent company and member companies through internal settlement centers and financial companies, for the funds collected by subsidiaries to the accounts of the parent company of the group, Member units shall be listed in the “other receivables” item of the balance sheet; The parent company shall be listed in the “other payables” item of the balance sheet. For the funds borrowed from the group’s parent company account by the member unit, the member unit shall list them in the “other payables” item of the balance sheet; The parent company shall be listed in the “other receivables” item of the balance sheet. In the balance sheets of the group’s parent company, member units and financial companies, except in accordance with the provisions on the offset of financial assets and financial liabilities in the accounting standards for Business Enterprises No. 37 – presentation of financial instruments, the items of financial assets and financial liabilities related to centralized fund management shall not offset each other.
2、 Impact of this accounting policy change on the company
The company has carried out accounting treatment in accordance with the above provisions since January 1, 2021. According to the connection provisions, the financial information of the comparable period shall be retroactively adjusted accordingly.
The implementation of Interpretation No. 15 of the accounting standards for business enterprises has no impact on the company’s consolidated balance sheet, consolidated net profit and shareholders’ equity on January 1, 2021. It has no impact on the net profit and shareholders’ equity of the parent company on January 1, 2021, and has the following subject adjustment on the balance sheet items of the parent company: for the funds collected by the subsidiaries to the account of the parent company, the parent company adjusts from “short-term loans” to “other payables”; For the funds borrowed by subsidiaries from the parent company’s account, the parent company shall adjust from “other current assets” to “other receivables”.
3、 Explanation of the board of directors on the rationality of accounting policy change
The board of Directors believes that the change of accounting policy is carried out in accordance with the relevant regulations and requirements issued by the Ministry of finance, and the implementation of the changed accounting policy can more objectively and fairly reflect the company’s financial situation and operating results. The change of accounting policy complies with the provisions of relevant laws, regulations and the articles of association, and there is no damage to the interests of the company and shareholders. The board of directors agreed to the accounting policy change.
4、 Independent opinions of independent directors
The independent directors of the company carefully reviewed the relevant materials and expressed their independent opinions on the changes of the company’s accounting policies as follows: this change of accounting policies is a reasonable change made by the company in accordance with the relevant provisions of the Ministry of finance, in line with the relevant provisions and the actual situation of the company, the decision-making procedures comply with the relevant laws, regulations and the articles of association, and there is no situation that damages the interests of the company and all shareholders, especially the majority of minority shareholders, Agree to the change of the company’s accounting policy.
5、 Opinions of the board of supervisors
After review, the board of supervisors considered that the change of the company’s accounting policy was a reasonable change in accordance with the relevant provisions of the Ministry of finance. The decision-making procedure of the change of accounting policy was in line with the provisions of relevant laws, regulations, normative documents and the articles of association, and there was no damage to the interests of the company and all shareholders. They agreed to the change of the company’s accounting policy.
6、 Documents for future reference
1. Resolution of the 24th Meeting of the 8th board of directors of Sinochem International Corporation(600500) (holding) Co., Ltd; 2. Resolution of the 17th meeting of the 8th board of supervisors of Sinochem International Corporation(600500) (holding) Co., Ltd; 3. Independent due diligence opinions of independent directors of Sinochem International Corporation(600500) (holding) Co., Ltd. on matters related to the 24th Meeting of the eighth board of directors.
It is hereby announced.
Board of directors of Sinochem International Corporation(600500) (holding) Co., Ltd. April 16, 2022
