Securities code: Sansheng Intellectual Education Technology Co.Ltd(300282) securities abbreviation: Sansheng Intellectual Education Technology Co.Ltd(300282) Announcement No.: 2022017 Sansheng Intellectual Education Technology Co.Ltd(300282)
Announcement on the provision for asset impairment 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.
On April 27, 2022, the sixth meeting of the Fifth Board of directors and the fourth meeting of the Fifth Board of supervisors of Sansheng Intellectual Education Technology Co.Ltd(300282) (hereinafter referred to as " Sansheng Intellectual Education Technology Co.Ltd(300282) " or "the company") deliberated and adopted the proposal on the provision for asset impairment in 2021. This provision for asset impairment still needs to be submitted to the general meeting of shareholders for deliberation. The relevant information is hereby announced as follows:
1、 Overview of the provision for asset impairment this time
(I) reasons for withdrawing provision for asset impairment
According to the requirements of the accounting standards of Shenzhen Stock Exchange, the inventory and net realizable value of various intangible assets of subsidiaries at the end of the year are fully and accurately analyzed according to the requirements of the accounting standards of Shenzhen Stock Exchange, Provision for impairment shall be made for assets that may suffer from credit impairment losses and asset impairment losses.
(II) provision for impairment of goodwill
1. In September 2019, the company paid 123165000 yuan in cash to acquire 51% equity of Beijing zhongyubeira International Education Technology Co., Ltd. (hereinafter referred to as "zhongyubeira"). The amount of goodwill formed by the company's acquisition of zhongyubeira is 1092246 million yuan.
Due to the covid-19 epidemic and the limited transnational mobility of personnel, the external business environment of zhongyubeira has changed greatly. In February 2021, the company adjusted some terms of the original equity acquisition agreement and signed a supplementary agreement. As the valuation of zhongyubeira was adjusted from 241.5 million yuan to 203 million yuan, the original relevant shareholders of zhongyubeira transferred 9.67% equity to the company free of charge, and the shareholding ratio of the company increased to 60.67%.
2. At the end of 2020, according to the accounting standards for business enterprises and relevant regulations, combined with the actual operation of zhongyubeira, the company conducted an impairment test on the goodwill formed by the acquisition of zhongyubeira. There were signs of goodwill impairment. After evaluation, the impairment loss of goodwill was 244346 million yuan. After accrual, the goodwill balance formed by the company's acquisition of zhongyubeira was 847901 million yuan.
At the end of 2021, according to the accounting standards for business enterprises and relevant regulations, combined with the actual operation of zhongyubeira, the company conducted an impairment test on the goodwill formed by the acquisition of zhongyubeira, and there were signs of goodwill impairment. After evaluation, the recoverable amount of the asset group of zhongyubeira including goodwill is 148 million yuan, and the book value is 189059 million yuan. The difference between the recoverable amount of the relevant asset group or asset group combination including goodwill minus its book value is 41.059 million yuan, which is recognized as goodwill impairment loss, of which the goodwill impairment attributable to Sansheng Intellectual Education Technology Co.Ltd(300282) is 209401 million yuan. After withdrawal, the goodwill balance formed by the company's acquisition of zhongyubeira was 63.85 million yuan.
(III) provision for impairment of intangible assets
The company's subsidiary Hengfeng Information Technology Co., Ltd. (hereinafter referred to as "Hengfeng information") "dcampus smart classroom system" and other five intangible assets and Guangdong smart classroom cloud computing Co., Ltd. (hereinafter referred to as "cloud computing company") "single sign on system" and other three intangible assets show signs of impairment, and corresponding impairment reserves need to be withdrawn. According to the accounting standards for Business Enterprises No. 8 - asset impairment and other relevant provisions, the company determines the recoverable amount of the asset group based on the asset group to which the asset belongs. The asset group takes the present value of the estimated future cash flow as its recoverable amount. When the recoverable amount of the asset group is lower than its book value, the company will write down the book value of the asset to the recoverable amount, and the written down amount is recognized as asset impairment loss, It shall be included in the current profit and loss, and the corresponding asset impairment reserves shall be withdrawn at the same time. The company's intangible assets deviated greatly from the expected market information of the company's intangible assets and the actual development of the market. After the evaluation of the company's intangible assets, the company's intangible assets deviated greatly from the expected market information of the company's intangible assets and the actual development of the market, After evaluation, the recoverable amount of the above five intangible assets including Hengfeng information "dcampus smart classroom system" is 16500 yuan, and the book amount is 133763 million yuan. Based on the principle of prudence, the company has accrued 133763 million yuan for the impairment of intangible assets this time; The recoverable amount of three intangible assets such as "single sign on system" of cloud computing company is 20100 yuan, and the book amount is 264071 million yuan. Based on the principle of prudence, the company has accrued 264071 million yuan for impairment of intangible assets this time.
(IV) provision for inventory falling price
On the balance sheet date, the company's inventory is measured at the lower of cost and net realizable value, and the inventory falling price reserves are withdrawn according to the difference between the cost of inventory category and net realizable value. For the inventory directly used for sale, its net realizable value shall be determined by the amount of the estimated selling price of the inventory minus the estimated selling expenses and relevant taxes in the normal production and operation process; For inventories that need to be processed, the net realizable value is determined by the estimated selling price of finished products minus the estimated cost to be incurred at the time of completion, estimated selling expenses and relevant taxes in the normal process of production and operation; On the balance sheet date, if there is a contract price agreement for one part of the same inventory and there is no contract price for other parts, the net realizable value shall be determined respectively, and compared with its corresponding cost to determine the amount of inventory falling price reserves withdrawn or reversed respectively.
At the end of the period, after the company makes a comprehensive inventory of the inventory, the inventory falling price reserves shall be withdrawn according to the lower of the cost and net realizable value of the inventory and included in the current profit and loss. After inventory and impairment test, there is a falling price. At the end of the current period, the provision for inventory falling price should be 7.0862 million yuan, of which the balance of the provision for inventory falling price at the beginning of the period is 2.1193 million yuan and the provision for inventory falling price in the current period is 4.9669 million yuan.
(V) provision for bad debts of accounts receivable and other receivables
For accounts receivable, the company shall measure the loss reserves according to the expected credit loss of the whole duration in accordance with the accounting standards for business enterprises, whether there is a major financing component or not.
When individual accounts receivable cannot obtain the information to evaluate the expected credit loss at a reasonable cost, the company divides the accounts receivable into several combinations according to the characteristics of credit risk, and calculates the expected credit loss on the basis of the combination. For accounts receivable classified as risk portfolio, 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.
When individual other receivables cannot obtain the information to evaluate the expected credit loss at a reasonable cost, the company divides other receivables into several combinations according to the characteristics of credit risk, and calculates the expected credit loss on the basis of the combination.
For other receivables classified as risk portfolio, 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 the default risk exposure and the expected credit loss rate in the next 12 months or the whole duration.
The bad debt provision is withdrawn according to the expected credit loss rate of the accounts receivable portfolio. The bad debt provision of accounts receivable in the current period is 991307 million yuan, including 519361 million yuan at the beginning of the period and 471946 million yuan at the current period; The bad debt provision of other receivables in the current period is 662466 million yuan, including 343899 million yuan of bad debt provision at the beginning of the period, 186300 yuan of write off in the current period and 32.043 million yuan of provision in the current period.
Among other receivables, the amount of equity repurchase receivable from Wang Jing is 63.34 million yuan. The company has submitted an application for enforcement. At present, the court has sealed up, frozen or auctioned Wang Jing's bank account, equity assets, real estate and other major personal assets in the process of enforcement. According to the progress of the implementation of the arbitration results, the company has withdrawn 247941 million yuan of bad debt reserves in the current period, with a total of 53.34 million yuan.
2、 Impact of the provision for asset impairment on the company
In the current period, the provision for impairment loss of goodwill is 209401 million yuan, impairment loss of intangible assets is 397834 million yuan, provision for inventory depreciation is 4.9669 million yuan, provision for bad debts of accounts receivable is 471946 million yuan and provision for bad debts of other accounts receivable is 32.043 million yuan, totaling 144928 million yuan, which will reduce the profit of the company in 2021 by 144928 million yuan. The impact of the provision for asset impairment on the company has been reflected in the company's financial report in 2021. 3、 Notes of the Audit Committee on the provision for asset impairment this time
After deliberation, the Audit Committee believes that the provision of asset impairment loss this time is in line with the relevant provisions of the accounting standards for business enterprises and the actual situation of the company's assets. After the provision of impairment this time, the financial statements can more fairly reflect the company's asset status and help to provide more authentic and reliable accounting information. It is agreed that the provision for asset impairment shall be withdrawn and reported to the board of directors for deliberation and approval.
4、 Notes of independent directors on the provision for asset impairment this time
The company's provision for asset impairment loss is based on the principle of prudence, in line with the relevant provisions of the accounting standards for business enterprises and the actual situation of the company's assets, and does not harm the interests of the company and minority shareholders. After withdrawing the impairment loss, it can more fairly reflect the company's financial situation and agree to withdraw the asset impairment loss this time.
5、 Opinions of the board of supervisors on the provision for asset impairment this time
After review, the board of directors considered the proposal of withdrawing asset impairment loss, and the procedure was legal. The company's provision for asset impairment loss this time is to ensure the standardized operation of the company, adhere to prudent accounting principles, fairly reflect the company's financial status and operating results, and do not harm the interests of the company and minority shareholders. It is agreed to withdraw asset impairment loss this time.
6、 Documents for future reference
1. Resolutions of the 6th meeting of the 5th board of directors;
2. Resolutions of the 4th meeting of the 5th board of supervisors;
3. Opinions of independent directors signed and confirmed by independent directors.
It is hereby announced.
Sansheng Intellectual Education Technology Co.Ltd(300282) board of directors April 29, 2002
