Securities code: Landocean Energy Services Co.Ltd(300157) securities abbreviation: Landocean Energy Services Co.Ltd(300157) Announcement No.: 2022069 Landocean Energy Services Co.Ltd(300157)
Announcement on the provision for asset impairment and asset write off 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.
1、 Overview of provision for impairment this time
(I) reasons for withdrawing asset impairment provision this time
The provision for asset impairment is mainly based on the requirements of the accounting standards for business enterprises and the Listing Rules of Shenzhen Stock Exchange gem. In order to more truly and accurately reflect the company's asset status and financial status as of December 31, 2021, the company has fully analyzed, tested and evaluated all assets based on the principle of prudence, Provision for impairment shall be made for assets that may suffer from asset impairment losses.
(II) asset scope and total amount of the current provision for asset impairment
The company has accrued a total of 4785807 million yuan for impairment of various assets in 2021, as shown in the following table:
Unit: 10000 yuan
Proportion of the amount withdrawn in the current reporting period to the current amount of the company's 2021 project and the net profit of the previous period attributable to the listed company after audit (absolute value)
Bad debt provision 3734131847275 5.19%
Inventory falling price reserves 390.39--
Provision for impairment of long-term equity investment 3968951125488 5.52%
Provision for impairment of investment real estate 839.41--
Provision for impairment of fixed assets 113677307914 1.58%
Provision for impairment of construction in progress 267342
Provision for impairment of intangible assets 558.33--
Provision for impairment of goodwill 33314912312731 46.33%
Provision for impairment of long-term receivables 4166325--
Provision for impairment of oil and gas assets 570331 0.00 7.93%
Total 478580710205888 66.56%
2、 The recognition standard and withdrawal method of the provision for asset impairment this time
(I) bad debt reserves of the company (including accounts receivable, other receivables and notes receivable)
According to the relevant provisions of the accounting standards for Business Enterprises No. 22 - recognition and measurement of financial instruments, if the credit risk of the financial instrument has increased significantly since the initial recognition, the group measures its loss reserves according to the amount equivalent to the expected credit loss of the financial instrument in the whole duration; If the credit risk of the financial instrument does not increase significantly after initial recognition, the group measures its loss reserves according to the amount equivalent to the expected credit loss of the financial instrument in the next 12 months. The increase or reversal amount of the loss reserves thus formed shall be included in the current profits and losses as impairment losses or gains.
1. Accounts receivable with single provision for bad debts
For the notes receivable, accounts receivable, other receivables, accounts receivable financing and long-term receivables (such as accounts receivable with a single account receivable balance of more than 3 million yuan and other receivables with a single account receivable balance of more than 1 million yuan) that are subject to impairment according to objective evidence, the impairment test shall be conducted separately to confirm the expected credit loss and withdraw the impairment provision.
(1) Accounts receivable of EPC project
Sichuan Chuanyou engineering technology survey and Design Co., Ltd. (hereinafter referred to as "Chuanyou design"), a subsidiary of the company, received 661586 million yuan from Zhaotong Zhaoyang Zhongcheng Gas Co., Ltd., Zhenxiong Zhongcheng Natural Gas Co., Ltd. and Yunnan Zhongcheng gas transmission and Distribution Co., Ltd. due to lack of funds due to customers' inability to recover upstream business funds and other reasons, the corresponding funds were not paid on schedule. Therefore, according to the expected credit loss rules and the principle of prudence, the bad debt provision for the above accounts receivable was 289305 million yuan in 2021.
(2) Accounts receivable of Yonghua petroleum project
The original book value of the accounts receivable from Yonghua Petrochemical Co., Ltd. (hereinafter referred to as "Yonghua petroleum") by the company's subsidiary Sichuan Chuanyou engineering technology survey and Design Co., Ltd. (hereinafter referred to as "Xiyou united") is 14752400 yuan, which is generated by the technical service contract for drilling, logging and directional wells in jiarou oilfield, Republic of Congo signed between Xiyou united and Yonghua petroleum on May 17, 2017. Due to the difficulties of Yonghua Petroleum's funds, it is difficult to return the relevant funds on schedule. The company has provided the company with a five-year repayment plan (20202024). Although the company has collected by telephone, e-mail and collection letter, Yonghua petroleum has not returned the corresponding accounts according to the repayment plan. Therefore, according to the expected credit loss rules and the principle of prudence, the bad debt provision for the above accounts receivable was 3.8417 million yuan in 2021.
2. Accounts receivable with bad debt reserves withdrawn by portfolio
(1) Basis for determining portfolio and withdrawing method of bad debt reserves
Basis for determining combination
Related parties: related parties within the consolidation scope of the combined company
The combination of aging analysis method divides the combination based on the aging of accounts receivable as the credit risk characteristics
Withdrawing method of bad debt provision by portfolio
No provision for bad debts shall be made for the receivables of related parties within the consolidation scope of related party portfolio companies
Aging analysis method combined aging analysis method
(2) Aging analysis
Accrual proportion of aging accounts receivable (%)
Within 1 year (including 1 year, the same below) 5
1-2 years 10
2-3 years 30
3-4 years 50
4-5 years 70
More than 5 years 100
3. The company's specific judgment criteria for the derecognition of notes receivable are as follows:
(1) The bank acceptance bill accepted by a bank with higher credit rating shall be derecognized at the time of endorsement or discount; (2) For bank acceptance bills and commercial acceptance bills accepted by banks with general credit rating, bills receivable shall continue to be recognized during endorsement or discount, and shall be terminated after due payment.
The company's policy on presentation of notes receivable and provision for bad debts:
(1) The bank acceptance bills accepted by banks with higher credit level are derecognized when endorsing and discounting, which belongs to the business model with the goal of both receiving contract cash flow and selling. The company presents bank acceptance bills that have not been endorsed or discounted as receivables financing. The company believes that the bank acceptance bill with high credit rating does not have significant credit risk and will not cause significant losses due to bank default. Therefore, the bad debt provision is not withdrawn.
(2) Commercial acceptance bills and bank acceptance bills with general credit rating still belong to the business model aiming at collecting contract cash flow because they are not derecognized during endorsement and discount. The company presents some commercial acceptance bills in hand on the balance sheet date, endorsed or discounted but not derecognized, and bank acceptance bills accepted by banks with general credit rating as bills receivable. The company believes that there is a certain risk in the due acceptance of the notes receivable, and the company withdraws 1% bad debt provision according to the balance from the perspective of prudence.
(II) the company's long-term equity investment and goodwill impairment reserves
Long term equity investment and goodwill are subject to the asset impairment standard, and the impairment amount is determined according to the difference between the book value of the asset and the recoverable amount. The recoverable amount is determined according to the higher one between the present value of the expected future cash flow of the asset (or asset group) and the net amount of the fair value minus the disposal expenses.
During the impairment test, the book value of goodwill shall be allocated to the asset group or combination of asset groups expected to benefit from the synergy of business combination. If the test results show that the recoverable amount of the asset group or combination of asset groups containing the amortized goodwill is lower than its book value, the corresponding impairment loss shall be recognized. The recoverable amount of the asset group or combination of asset groups including the amortized goodwill is calculated according to the present value of the estimated future cash flow.
According to the above methods, the company has made impairment provision for some long-term equity investments and goodwill. The specific amount of impairment provision is as follows:
Unit: 10000 yuan
Details of goodwill impairment: provision for asset impairment in the current period
Jinzhou xinjinhua Machinery Manufacturing Co., Ltd. 2038624
Beijing Boda Ruiheng Technology Co., Ltd. 825.99
Sichuan Chuanyou engineering technology survey and Design Co., Ltd. 240493
Langfang xinsaipu special equipment Co., Ltd. 969775
Total 3331491
Details of impairment of long-term equity investment and provision for asset impairment in the current period
Beijing Yifeng Hengtai intelligent manufacturing industry M & A fund (limited partnership) 235067
Spartek Systems Inc. 1,308.26
Beijing Zhongying Anxin Technology Service Co., Ltd. 310.01
Total 396894
(III) provision for impairment of fixed assets of the company
At the end of the reporting period, if there is any indication of impairment of fixed assets, the company shall withdraw the corresponding impairment provision according to the difference between the book value and the recoverable amount.
The machinery and equipment subject to impairment in 2021 are the two drilling rigs and their supporting facilities and equipment of West Oil United Congo Brazzaville project. The above projects have been stopped, and the relevant equipment is guarded by the external personnel of Xiyou. Affected by the epidemic situation and considering the transportation cost of equipment, the company has difficulties in managing the above assets. At the same time, the equipment also has the risk of damage and theft caused by long-term idle. Therefore, the provision for impairment of relevant machinery and equipment in 2021
