Alibaba Group Holding Ltd - 20-F filing on 2023-07-21

Investments in equity method investees

12 Months Ended

Mar. 31, 2023

Investments in equity method investees

14.

Investments in equity method investees


	Amounts
	RMB
	(in millions)

Balance as of March 31, 2021		200,189
Additions		8,964
Share of results, other comprehensive income and other reserves (i)		18,822
Disposals		(1,237	)
Distributions (ii)		(5,329	)
Transfers		5,159
Impairment loss (iii)		(6,201	)
Foreign currency translation adjustments		(725	)
Balance as of March 31, 2022		219,642
Additions		4,990
Share of results, other comprehensive income and other reserves (i)		677
Disposals		(1,192	)
Distributions (ii)		(11,645	)
Transfers		1,046
Impairment loss (iii)		(8,310	)
Foreign currency translation adjustments		2,172
Balance as of March 31, 2023		207,380

(i)

Share of results, other comprehensive income and other reserves include the share of results of the equity method investees, the gain or loss arising from the deemed disposal of the equity method investees and basis differences arising from equity method investees. The amount excludes the expenses relating to the share-based awards underlying the equity of the Company and Ant Group granted to employees of certain equity method investees.

(ii)

Includes dividend declared by Ant Group amounting to RMB3,945 million and RMB10,519 million for the years ended March 31, 2022 and 2023, respectively (Note 13).

(iii)

Impairment loss recorded represents other-than-temporary decline in fair value below the carrying value of the investments in equity method investees. The valuation inputs for the fair value measurement with respect to the impairments include the stock price for equity method investees that are listed, as well as certain unobservable inputs that are not subject to meaningful aggregation.

As of March 31, 2023, equity method investments with an aggregate carrying amount of RMB32,949 million are publicly traded and the total market value of these investments amounted to RMB38,725 million. As of March 31, 2023, the Company’s retained earnings included undistributed earnings from equity method investees of RMB44,076 million.

14.

Investments in equity method investees (Continued)

For the years ended March 31, 2021, 2022 and 2023, equity method investments held by the Company in aggregate have met the significance criteria as defined under Rule 4-08(g) of Regulation S-X. As such, the Company is required to present summarized financial information for all of its equity method investments as a group as follows:


	Year ended March 31,
	2021			2022			2023
	RMB			RMB			RMB
	(in millions)
Operating data:
Revenue		657,065			541,712			441,495
Cost of revenue		(474,123	)		(371,076	)		(297,895	)
Income from operations		55,896			38,006			27,163
Net income (loss)		95,224			113,970			(86,761	)


	As of March 31,
	2022		2023
	RMB		RMB
	(in millions)
Balance sheet data:
Current assets		624,045		591,660
Non-current assets		870,394		803,288
Current liabilities		426,170		409,055
Non-current liabilities		118,575		115,399
Noncontrolling interests and mezzanine equity		16,059		14,023