Announcement on the company's provision for asset impairment
The company and all members of the board of directors guarantee that the contents of this announcement are true, accurate and complete without false records, misleading statements or major omissions.
Utour Group Co.Ltd(002707) (hereinafter referred to as "the company") held the third meeting of the 5th board of directors on April 15, 2022, and deliberated and adopted the proposal on the company's provision for asset impairment. In order to truly reflect the company's financial status, asset value and operation, based on the principle of prudence, in accordance with the accounting law, accounting standards for business enterprises and other laws, administrative regulations, departmental rules The normative documents and the relevant provisions of the Listing Rules of Shenzhen Stock Exchange agree that the company shall withdraw 184596374 yuan of asset impairment reserves for the assets within the scope of the consolidated accounting statements during the reporting period. The asset impairment is included in the financial report of 2021.
The relevant information is hereby announced as follows:
1、 Overview of the provision for asset impairment this time
In accordance with the relevant provisions of 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 accounting policies of the company, in order to more truly and accurately reflect the company's financial status, asset value and operating results, the company conducted an impairment test on the relevant assets in the consolidated statements as of December 31, 2021. According to the test results, Some assets are impaired. Based on the principle of prudence, the company has accrued asset impairment reserves for assets with signs of impairment.
The details of the provision for impairment of various assets withdrawn this time are as follows:
Unit: Yuan
Current amount of the project
Credit impairment loss 14294957613
Asset impairment loss 4164638761
Total 184596374
2、 Description of the specific circumstances of the provision for asset impairment
(I) statement of provision for credit impairment loss
1. Determination method of expected credit loss
On the basis of expected credit loss, the company conducts impairment accounting treatment on financial assets (including receivables) measured at amortized cost, creditor's rights investment (including financing receivables) classified as fair value and whose changes are included in other comprehensive income, and lease receivables, and recognizes loss reserves.
On each balance sheet date, the company assesses whether the credit risk of relevant financial instruments has increased significantly since initial recognition, and divides the process of credit impairment of financial instruments into three stages. There are different accounting methods for the impairment of financial instruments in different stages: 1) in the first stage, if the credit risk of financial instruments has not increased significantly since initial recognition, The company measures the provision for loss according to the expected credit loss of the financial instrument in the next 12 months, and calculates the interest income according to its book balance (i.e. without deducting the provision for impairment) and the effective interest rate; 2) In the second stage, if the credit risk of a financial instrument has increased significantly since the initial recognition, but there is no credit impairment, the company measures the loss provision according to the expected credit loss of the whole duration of the financial instrument, and calculates the interest income according to its book balance and effective interest rate; 3) In the third stage, if credit impairment occurs after initial recognition, the company measures the loss provision according to the expected credit loss of the financial instrument throughout its lifetime, and calculates the interest income according to its amortized cost (book balance minus accrued impairment provision) and the effective interest rate.
1) Method of measuring loss provision for financial instruments with low credit risk
For financial instruments with low credit risk on the balance sheet date, the company can directly assume that the credit risk of the instrument has not increased significantly since the initial recognition without comparing it with the credit risk at the time of initial recognition.
If the default risk of a financial instrument is low, the borrower has a strong ability to perform its contractual cash flow obligations in the short term, and even if there are adverse changes in the economic situation and business environment over a long period of time, it may not necessarily reduce the borrower's ability to perform its contractual cash flow obligations. The financial instrument is considered to have low credit risk.
2) Method for measuring loss provision of receivables and lease receivables
Receivables excluding major financing components
For the receivables without significant financing components formed by the transactions regulated by the accounting standards for Business Enterprises No. 14 - income, the company adopts a simplified method, that is, the loss reserves are always measured according to the expected credit losses throughout the duration.
According to the nature of financial instruments, the company assesses whether the credit risk increases significantly based on single financial assets or financial asset portfolio. According to the characteristics of credit risk, the company divides notes receivable and accounts receivable into several combinations, and calculates the expected credit loss on the basis of the combination. For accounts receivable divided into combinations, the company refers to the experience of historical credit loss, combined with the current situation and the prediction of future economic conditions, prepares the comparison table between the aging of accounts receivable and the expected credit loss rate for the whole duration, and calculates the expected credit loss. For bills receivable divided into portfolios, the company refers to the historical credit loss experience, combined with the current situation and the prediction of future economic conditions, and calculates the expected credit loss through default risk exposure and the expected credit loss rate for the whole duration. The company evaluates the credit risk of financial assets with significantly different credit risks, such as receivables in dispute with the other party or involving litigation and arbitration; Receivables that have obvious signs that the debtor is likely to be unable to perform its repayment obligations. In addition to the financial assets that individually assess the credit risk, the company divides the financial assets into different groups based on the common risk characteristics, and evaluates the credit risk on the basis of combination. The combination basis of accounts receivable is as follows:
Accounts receivable Portfolio 1: Aging
Accounts receivable portfolio 2: current accounts within the consolidation scope
Receivables and lease receivables with significant financing components
For receivables with significant financing components and lease receivables regulated by the accounting standards for Business Enterprises No. 21 - leasing, the company measures the loss provision according to the general method, that is, the "Three-stage" model.
3) For financial assets other than the above, such as creditor's rights investment, other creditor's rights investment, other receivables, long-term receivables other than lease receivables, the company measures the loss provision according to the general method, that is, the "Three-stage" model.
The company divides other receivables into several combinations according to the nature of the payment. On the basis of the combination, the company refers to the experience of historical credit loss, combined with the current situation and the prediction of future economic conditions, calculates the expected credit loss through default risk exposure and the expected credit loss rate for the whole duration of the next 12 months, and determines the basis of the combination as follows:
Other receivables Portfolio 1: business deposit
Other receivables portfolio 2: cooperation deposit, petty cash, office and other deposits
Other receivables portfolio 3: current accounts
Among them, combination 2: reserve fund, office deposit and other deposits, combination 3: no provision for bad debts of current accounts (2) accounting treatment method of expected credit loss
In order to reflect the changes of credit risk of financial instruments since initial recognition, the company remeasures the expected credit loss on each balance sheet date, and the increase or reversal amount of loss reserves shall be included in the current profit and loss as impairment loss or profit, and according to the type of financial instruments, Deduct the book value of the financial asset listed in the balance sheet, or include it in the estimated liabilities (loan commitments or financial guarantee contracts) or other comprehensive income (creditor's rights investment measured at fair value and its changes included in other comprehensive income).
2. Recognition standard and withdrawal method of loan loss reserves
At the end of the reporting period, each single loan is divided into five categories according to its asset quality: normal, concerned, subordinated, suspicious and loss. The main classification criteria and the proportion of loss reserves are as follows:
Asset quality classification standard loss reserve
Accrual proportion
Normal counterparties can perform contracts or agreements without sufficient reasons 1.5%
It is suspected that the principal and interest of the debt cannot be repaid in full and on time
Although the counterparty is currently able to repay, there are some risks
Creditor's rights assets that can adversely affect the repayment;
Pay attention to the obvious problems in the cash repayment ability of the counterparty, but pay 3%
The realizable assets mortgaged or pledged by the counterparty are greater than or equal to the debt
Principal and income
The repayment ability of the counterparty has obvious problems and is completely dependent on
The subordinated company's normal operating income is unable to repay the debt principal in full and collect 30%
Even if the guarantee is executed, some losses may be caused
The suspicious counterparty cannot repay the principal and interest of the debt in full, even if 60%
The execution of the guarantee will certainly cause great losses
Before taking all possible measures or all necessary legal procedures
After the loss, the assets and income still cannot be recovered, or only 100% can be recovered
Few parts
3. According to relevant accounting policies of the company, the company accrued 14294957613 yuan of credit impairment loss during the reporting period.
(II) asset impairment loss
1. Inventory falling price loss
At the end of the reporting period, the company conducts a comprehensive inventory of inventories and accrues or adjusts the inventory falling price reserves according to the lower of the cost and net realizable value of inventories.
The company's inventory is mainly inventory goods. In the normal process of production and operation, its net realizable value is determined by the amount of the estimated selling price of the inventory minus the estimated selling expenses and relevant taxes. After the provision for inventory falling price is made, if the factors affecting the previous write down of inventory value have disappeared, resulting in the net realizable value of inventory being higher than its book value, it shall be reversed from the amount of inventory falling price provision that has been made, and the reversed amount shall be included in the current profit and loss.
It is estimated that the company has accrued 218151835 yuan of inventory falling price reserves in 2021, which is included in the current profit and loss.
2. Provision for impairment of fixed assets, intangible assets and other long-term assets
The company conducts impairment test for long-term assets with signs of impairment on the balance sheet date. If the impairment test results show that the recoverable amount of the asset is lower than its book value, the impairment provision shall be withdrawn according to the difference and included in the impairment loss.
The recoverable amount is the higher one between the net amount of the fair value of the asset minus the disposal expenses and the present value of the expected future cash flow of the asset. The provision for asset impairment is calculated and recognized on the basis of individual assets. If it is difficult to estimate the recoverable amount of individual assets, the recoverable amount of the asset group is determined by the asset group to which the asset belongs. Asset group is the smallest asset portfolio that can generate cash inflow independently.
When the recoverable amount of an asset or asset group is lower than its book value, the company shall write down its book value to the recoverable amount, and the written down amount shall be included in the current profit and loss, and the corresponding asset impairment reserves shall be accrued at the same time.
It is estimated that the company has accrued 3401575607 yuan for impairment of fixed assets and intangible assets in 2021. 3. Provision for impairment of other assets
For the goodwill formed by business combination and intangible assets with uncertain service life, whether there are signs of impairment or not, the impairment test shall be carried out at least at the end of each year.
It is estimated that the company has accrued goodwill impairment loss of 108255876 yuan, held for sale assets impairment loss of -399321774 yuan and long-term equity investment impairment loss of 37333669 yuan in 2021.
3、 The impact of the current provision for asset impairment on the company
The company's provision for asset impairment in the current period totaled 184596374 yuan, reducing the total profit of the company's consolidated statements in 2021 by 184596374 yuan. The above data have been audited by China Securities Tiantong Certified Public Accountants (special general partnership).
4、 Approval procedures of the company
On April 15, 2022, the company held the third meeting of the Fifth Board of directors to consider and pass the proposal on the company's provision for asset impairment. In order to truly reflect the company's financial status, asset value and operation, based on the principle of prudence, in accordance with the accounting law, accounting standards for business enterprises and other laws, administrative regulations, departmental rules, normative documents, stock listing rules of Shenzhen Stock Exchange and other relevant provisions, It is agreed that the company shall withdraw 184596374 yuan of asset impairment reserves for the assets within the scope of consolidated accounting statements during the reporting period. The asset impairment is included in the 2021 annual financial report.
5、 Explanation of the board of directors on the rationality of the company's provision for asset impairment
The provision for asset impairment this time complies with the provisions of the accounting standards for business enterprises and relevant accounting policies of the company, complies with the principle of prudence, and the basis for the provision for asset impairment is sufficient. After the provision for impairment is made, the company's 2021 financial statements can more objectively and fairly reflect the company's financial situation, asset value and operating results in 2021 as of December 31, 2021, so that the company's accounting information is more authentic and reliable, and there is no damage to the interests of the company and all shareholders, especially small and medium-sized shareholders.
6、 Opinions of independent directors
