Securities code: Shenzhen Capstone Industrial Co.Ltd(000038) securities abbreviation: Shenzhen Capstone Industrial Co.Ltd(000038) Announcement No.: 2022026 Shenzhen Capstone Industrial Co.Ltd(000038)
Announcement on the provision for asset impairment
The company and all members of the board of directors guarantee that the contents of the announcement are true, accurate and complete without false records, misleading statements or major omissions.
1、 Overview of the provision for asset impairment this time
Shenzhen Capstone Industrial Co.Ltd(000038) (hereinafter referred to as "the company") in accordance with the accounting standards for business enterprises, the self regulatory guidelines for listed companies of Shenzhen Stock Exchange No. 1 - standardized operation of listed companies on the main board, the self regulatory guidelines for listed companies of Shenzhen Stock Exchange No. 1 - business handling, and the relevant provisions of the company's accounting policies and accounting estimates, After the company and its subsidiaries conducted a comprehensive inventory and asset impairment test on the assets such as accounts receivable, other receivables, loans and advances, fixed assets, construction in progress, intangible assets and goodwill that may have signs of impairment on December 31, 2021, the provision for impairment of various assets in the reporting period amounted to RMB 435621900. See the following table for the specific amount of provision for impairment:
Unit: Yuan
Number of projects in current period
Bad debt provision 13856685197 loan loss provision 3852904287 inventory falling price loss 840317830 impairment loss of construction in progress 72 Heren Health Co.Ltd(300550) 28 intangible assets Property impairment loss 3224857398 goodwill impairment loss 14557366465 total 43562186205
The reporting period to be included in the provision for asset impairment this time is from January 1, 2021 to 2021
December 31.
2、 The recognition standard and withdrawal method of the provision for asset impairment this time
(I) the company conducts accounting treatment for impairment of financial instruments based on expected credit losses and recognizes loss reserves. It refers to the weighted average value of credit loss of financial instruments. Credit loss refers to the difference between all contract cash flows receivable according to the contract discounted at the original effective interest rate and all cash flows expected to be received, that is, the present value of all cash shortages.
The factors reflected in the company's method of measuring the expected credit loss of financial instruments include: the unbiased probability weighted average amount determined by evaluating a series of possible results; Time value of money; Reasonable and reliable information about past events, current situation and prediction of future economic conditions that can be obtained without unnecessary additional costs or efforts on the balance sheet date. The company determines the expected credit loss of relevant financial instruments according to the following methods:
① For financial assets, the credit loss is the present value of the difference between the contract cash flow to be received by the company and the expected cash flow to be received;
② For lease receivables, the credit loss is the present value of the difference between the contract cash flow to be received by the company and the expected cash flow to be received;
③ For undrawn loan commitments, the credit loss is the present value of the difference between the contract cash flow to be received by the company and the expected cash flow to be received when the loan commitment holder withdraws the corresponding loan. The company's estimate of the expected credit loss of the loan commitment is consistent with its expectation of the utilization of the loan commitment; ④ For financial guarantee contracts, the credit loss is the present value of the difference between the estimated payment amount paid by the company to the contract holder for the credit loss incurred by the contract holder minus the amount expected to be collected by the company from the contract holder, debtor or any other party;
⑤ For the financial assets with credit impairment on the balance sheet date but not purchased or generated, the credit loss is the difference between the book balance of the financial assets and the present value of the estimated future cash flow discounted at the original effective interest rate.
For financial instruments purchased or originated without credit impairment, on each balance sheet date, considering reasonable and reliable information (including forward-looking information), evaluate whether their credit risk has increased significantly since initial recognition, and recognize the expected credit loss according to three stages. If the credit risk does not increase significantly after initial recognition, it is in the first stage, and the loss provision is measured according to the expected credit loss of the financial instrument in the next 12 months; If the credit risk has increased significantly since the initial recognition, but there is no credit impairment, it is in the second stage, and the loss provision is measured according to the expected credit loss of the whole duration of the financial instrument; If the credit impairment has occurred since the initial recognition, it is in the third stage, and the loss provision is measured according to the expected credit loss of the whole duration of the financial instrument. For financial instruments in the first and second stages, the interest income shall be calculated according to their book balance and effective interest rate; For financial instruments in the third stage, the interest income shall be calculated and determined according to their amortized cost and effective interest rate.
For the purchased or originated financial assets with credit impairment, on the balance sheet date, only the cumulative changes of expected credit losses in the whole duration after initial recognition are recognized as loss reserves, and its interest income is calculated and determined according to the amortized cost of financial assets and the actual interest rate adjusted by credit.
The increase or reversal of loss reserves shall be included in the current profits and losses as impairment losses or gains.
For the debt instruments held at fair value and whose changes are included in other comprehensive income, the impairment loss or gain shall be included in the current profit and loss, and other comprehensive income shall be adjusted at the same time.
A. For notes receivable and accounts receivable, whether there is a significant financing component or not, the company measures the loss reserves according to the expected credit loss throughout the duration.
When single notes receivable and accounts receivable cannot obtain the information to evaluate the expected credit loss at a reasonable cost, the company divides the notes receivable and 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 bills receivable divided into portfolios, the company refers to the experience of historical credit loss, 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 basis for determining the combination is as follows:
Bills receivable Portfolio 1 commercial acceptance bill
Bills receivable portfolio 2 bank acceptance bill
For the accounts receivable divided into portfolio, the company refers to the historical credit loss experience, 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 throughout the duration, and calculates the expected credit loss. The basis for determining the combination is as follows:
Basis for determining project portfolio
Portfolio 1 takes the aging of receivables as the credit risk feature
Portfolio 2 factoring receivables and interest receivable
Portfolio 3 private capital management receivables and interest receivable
Combination 4 receivables from related parties within the scope of consolidated statements of the company
B. 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. The basis for determining the combination is as follows:
Basis for determining project portfolio
Portfolio 1 takes the aging of receivables as the credit risk feature
Combination 2 accounts receivable from related parties within the scope of consolidated statements of the company
For lease receivables, 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. For other receivables and long-term receivables classified into combinations other than lease receivables, the expected credit loss is calculated through the default risk exposure and the expected credit loss rate in the next 12 months or the whole duration.
(II) after a comprehensive inventory of inventories at the end of the period, the inventory falling price reserves shall be withdrawn or adjusted according to the lower of the inventory cost and net realizable value. The net realizable value of inventories of goods directly for sale, such as finished products and materials for sale, 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 process of production and operation; For the inventory of materials that need to be processed, in the normal production and operation process, the net realizable value is determined by the estimated selling price of the finished products minus the estimated cost to be incurred at the time of completion, estimated selling expenses and relevant taxes; The net realizable value of inventories held for the execution of sales contracts or labor contracts is calculated based on the contract price. If the quantity of inventories held is more than the quantity ordered in the sales contract, the net realizable value of excess inventories is calculated based on the general sales price. At the end of the period, the inventory falling price reserves are accrued according to a single inventory item; However, for the inventory with large quantity and low unit price, the inventory falling price reserves shall be withdrawn according to the inventory category; If the inventories are related to the product series produced and sold in the same region, have the same or similar end use or purpose, and are difficult to be measured separately from other items, the inventory falling price reserves shall be accrued jointly. Unless there is clear evidence that the market price on the balance sheet date is abnormal, the net realizable value of inventory items is determined based on the market price on the balance sheet date. The net realizable value of inventory items at the end of the current period is determined based on the market price on the balance sheet date.
If the cost of the company's inventory at the end of the period is higher than its net realizable value, the provision for inventory falling price shall be withdrawn. The company usually withdraws the inventory falling price reserve according to the category. At the end of the period, if the influencing factors of the previous write down of inventory value have disappeared, the inventory falling price reserve is reversed within the originally withdrawn amount.
(III) for the company's non current and non-financial assets such as fixed assets, construction in progress, intangible assets with limited service life, investment real estate measured in cost mode and long-term equity investment in subsidiaries, joint ventures and associated enterprises, the company judges whether there is any sign of impairment on the balance sheet date. If there are signs of impairment, the recoverable amount shall be estimated and impairment test shall be conducted. Goodwill, intangible assets with uncertain service life and intangible assets that have not yet reached the usable state shall be subject to impairment test every year regardless of whether there are signs of impairment. Provision and included in 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 fair value of assets is determined according to the price of sales agreement in fair transaction; If there is no sales agreement but there is an active asset market, the fair value shall be determined according to the buyer's bid of the asset; If there is no sales agreement and an active asset market, the fair value of the asset is estimated based on the best available information. Disposal expenses include legal expenses related to the disposal of assets, relevant taxes, handling expenses and direct expenses incurred to make the assets marketable. The present value of the estimated future cash flow of an asset is determined by selecting an appropriate discount rate according to the estimated future cash flow generated during the continuous use and final disposal of the asset. The provision for asset impairment shall be 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 shall be determined by the asset group to which the asset belongs. Asset group is the smallest asset portfolio that can generate cash inflow independently.
For the goodwill separately listed in the financial statements, the book value of the goodwill shall be allocated to the asset group or combination of asset groups expected to benefit from the synergy of business combination during the impairment test 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 proportion of the book value of assets other than goodwill or other assets in the group shall be deducted according to the proportion of the book value of the assets in the group.
Once the impairment loss of the above assets is recognized, it will not be reversed in the subsequent period.
3、 Impact of the current provision for impairment on the company
The company's provision for asset impairment from January to December 2021 totaled 4356219 million yuan. The above provision for impairment will reduce the total profit of the company from January to December 2021 by 4356219 million yuan and the owner's equity of the company by 4356219 million yuan.
It is hereby announced.
