Zhejiang Busen Garments Co.Ltd(002569)
Financial statement report of 2021
According to the financial situation of Zhejiang Busen Garments Co.Ltd(002569) as of December 31, 2021 and the operating results and cash flow in 2021, and in combination with the specific conditions in the actual operation of the company, we have conducted careful research and analysis, and now report the relevant financial final accounts of the company as follows:
1、 Audit of the company’s financial statements in 2021
（1） The company’s 2021 financial statements have been audited by Asia Pacific (Group) accounting firm (special general partnership) and issued an unqualified audit report with emphasis on sustainable operation ability (akksz (2022) No. 01110728). The audit opinion of the accountant is that the financial statements are prepared in accordance with the accounting standards for business enterprises in all major aspects, and fairly reflect the financial position of BUSEN Co., Ltd. on December 31, 2021 and the operating results and cash flow of BUSEN Co., Ltd. in 2021.
（2） Main financial data and indicators:
During the reporting period, the company achieved an annual operating income of 2790121 million yuan, a year-on-year increase of 9.54%, a total profit of 31.922 million yuan, a year-on-year increase of 120.64%, and a net profit attributable to the owner of the parent company of 325567 million yuan, a year-on-year increase of 121.22%. At the end of the year, the total assets of the company were 382518700 yuan, a year-on-year decrease of 2.08%, including current assets of 2508032 million yuan, a year-on-year increase of 21.83%, and non current assets of 1317155 million yuan, a year-on-year decrease of 28.72%. Total liabilities amounted to 1315988 million yuan, a year-on-year decrease of 32.13%. The net cash flow from operating activities was -318522 million yuan, a year-on-year decrease of 156.11%.
During the reporting period, the shareholders’ equity was 2509199 million yuan, up 27.53% year-on-year, of which the share capital was 144.01 million yuan; Capital reserve: 365761900 yuan; Other comprehensive income -2 million yuan; The surplus reserve is 313962 million yuan; The undistributed profit at the end of the year was -2701445 million yuan, a year-on-year increase of 10.76%. The basic earnings per share was 0.23 yuan, a year-on-year increase of 121.10%; The net asset per share was 1.74 yuan, a year-on-year increase of 28.89%; The net cash flow from operating activities per share was -0.22 yuan, a year-on-year decrease of 144.44%.
Project amount (RMB 10000)
Year on year increase or decrease from December 31, 2021 / December 31, 2020 / 2020
Operating income 27901212547111 9.54%
Total profit 319220 -1546852 120.64%
Net profit attributable to owners of the parent company 325567 -1534386 121.22%
Project amount (RMB 10000)
Year on year increase or decrease from December 31, 2021 / December 31, 2020 / 2020
Basic earnings per share (yuan) 0.23 -1.09 121.10%
Total assets 38251873906446 – 2.08%
Total liabilities 13159881938986 – 32.13%
Owner’s equity 1965399%
Net cash flow from operating activities -318522 -124368 -156.11%
Net assets per share (yuan) 1.74 1.35 28.89%
Cash flow from operating activities per share -0.22 -0.09 -144.44%
Net amount (yuan)
2、 Analysis of financial status, operating results and cash flow
（1） Assets:
Proportion of project amount (RMB 10000) in total assets
December 31, 2021 December 31, 2020 year-on-year increase or decrease 20212020
Monetary capital 681394456114 49.39% 17.81% 11.68%
Notes receivable and accounts receivable 1164794352942 230.02% 30.45% 9.03%
Advance payment 127882167226 – 23.53% 3.34% 4.28%
Other receivables 896.88 368.18 143.60% 2.34% 0.94%
Inventory 352240518753 – 32.10% 9.21% 13.28%
Assets held for sale 678.43472382 – 85.64% 1.77% 12.09%
Other current assets 241.91 544.78 – 55.59% 0.63% 1.39%
Long term equity and other equity instrument investment 760908 600.00116818% 19.89% 1.54%
Investment real estate – 5.48 – 100.00% 0.00% 0.01%
Fixed assets 299362347936 – 13.96% 7.83% 8.91%
Right of use assets 413.70 – 0.00% 1.08% 0.00%
Intangible assets 210715201618 4.51% 5.51% 5.16%
Long term deferred expenses 23.98 41.29 – 41.92% 0.06% 0.11%
Deferred income tax assets 24.02 – 0.00% 0.06% 0.00%
Other non current assets – 1233500 -100.00% 0.00% 31.58%
Total assets 38251873906446 – 2.08% 100.00% 100.00%
explain:
(1) Monetary capital increased by 49.39% over the beginning of the year, mainly due to the recovery of equity transfer funds;
(2) Notes receivable and accounts receivable increased by 230.02% over the beginning of the year, and other receivables increased over the beginning of the year
143.60%, mainly due to the internal offset of subsidiaries in previous years due to the disposal of subsidiaries this year
Internal offset cannot be continued this year;
(3) The inventory decreased by 32.10% compared with the beginning of the year, mainly due to the active disposal of old goods inventory in previous years this year;
(4) Assets held for sale decreased by 85.64% compared with the beginning of the year, mainly due to the disposal of assets held for sale;
(5) Other current assets decreased by 55.59% compared with the beginning of the year, mainly due to the recovery of financial products;
(6) Long term equity investment and investment in other equity instruments increased by 116818% over the beginning of the year, mainly due to increased investment in associated enterprises;
(7) Investment real estate decreased by 100.00% compared with the beginning of the year, mainly due to the disposal of real estate;
(8) Long term deferred expenses decreased by 41.92% compared with the beginning of the year, mainly due to normal amortization;
(9) Other non current assets decreased by 100.00% compared with the beginning of the year, mainly due to the recovery of equity transfer funds.
（2） Liabilities:
Proportion of project amount (RMB 10000) in total liabilities
December 31, 2021 December 31, 2020 year-on-year increase or decrease 20212020
Notes payable and accounts payable 334482547082 – 38.86% 25.42% 28.21%
Advances received and contract liabilities 212331238027 – 10.80% 16.13% 12.28%
Payroll payable 115412128398 – 10.11% 8.77% 6.62%
Taxes payable 694.93 91.85 656.59% 5.28% 0.47%
Other payables 403673412567 – 2.16% 30.67% 21.28%
Liabilities held for sale
