Consolidated Statement of Cash Flows
¥ in Thousands, $ in Thousands |
12 Months Ended |
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
| Operating activities |
|
|
|
|
| Profit before tax |
¥ 1,625,237
|
$ 256,776
|
¥ 883,878
|
¥ 686,138
|
| Adjustments: |
|
|
|
|
| Amortization of prepaid operating leases |
12,366
|
1,954
|
12,819
|
13,433
|
| Bad debt written off |
10
|
2
|
|
|
| Cost of share-based payments |
1,592
|
252
|
5,301
|
10,275
|
| Depreciation of property, plant and equipment |
431,567
|
68,184
|
465,093
|
456,002
|
| Depreciation of investment property |
248
|
39
|
248
|
|
| Dividend income from held for trading investment |
(2,532)
|
(400)
|
(943)
|
|
| Exchange loss/(gain) |
(8,319)
|
(1,315)
|
(3,407)
|
45,354
|
| Fair value (gain)/loss on foreign exchange forward contract |
|
|
140
|
(15,506)
|
| Fair value loss/(gain) on held for trading investment |
(12,768)
|
(2,017)
|
243
|
10,871
|
| Finance costs |
100,439
|
15,869
|
79,683
|
116,351
|
| (Gain)/loss on disposal of: |
|
|
|
|
| - associate |
(199)
|
(31)
|
|
|
| - joint venture |
(107,976)
|
(17,059)
|
|
|
| - intangibles asset |
(115,235)
|
(18,206)
|
|
|
| - prepaid operating leases |
|
|
|
(2,511)
|
| - property, plant and equipment |
(11,668)
|
(1,843)
|
14,020
|
14,874
|
| - subsidiaries |
(216,115)
|
(34,145)
|
|
13,647
|
| Gain on liquidation of joint venture |
|
|
|
(348)
|
| Government grants |
(28,035)
|
(4,430)
|
(36,533)
|
(19,597)
|
| Interest income |
(105,421)
|
(16,656)
|
(56,983)
|
(41,314)
|
| Impairment losses on intangible asset |
40,000
|
6,320
|
1,131
|
26,700
|
| Impairment losses on property, plant and equipment |
20,845
|
3,293
|
3,297
|
2,873
|
| Impairment losses/(reversal of impairment losses) on trade receivables, net |
(10,854)
|
(1,715)
|
3,696
|
32,938
|
| Loss on dilution of equity interest in joint venture |
|
|
|
2,848
|
| Property, plant and equipment written off |
5,682
|
898
|
5
|
4,931
|
| Share of loss/(profit) of associates and joint ventures, net of tax |
(10,054)
|
(1,589)
|
3,612
|
2,691
|
| Write-down/(reversal of write-down) of inventories, net |
(19,901)
|
(3,144)
|
(5,171)
|
35,260
|
| Write-back of trade and other payables |
(29)
|
(5)
|
|
(9)
|
| Write-back of allowance for anticipated losses on development properties |
|
|
|
(2,976)
|
| Profit before tax after adjustments |
1,588,880
|
251,032
|
1,370,129
|
1,392,925
|
| Changes in working capital |
|
|
|
|
| Decrease/(increase) in inventories |
(897,437)
|
(141,789)
|
55,299
|
168,176
|
| Decrease in trade and other receivables |
31,121
|
4,917
|
122,192
|
700,571
|
| (Decrease)/increase in trade and other payables |
850,201
|
134,326
|
861,488
|
(439,180)
|
| Decrease in development properties |
377
|
60
|
|
|
| Cash flows from operating activities |
1,573,142
|
248,546
|
2,409,108
|
1,822,492
|
| Income taxes paid |
(202,975)
|
(32,069)
|
(133,021)
|
(135,774)
|
| Net cash flows from operating activities |
1,370,167
|
216,477
|
2,276,087
|
1,686,718
|
| Investing activities |
|
|
|
|
| Additional investment in subsidiaries |
(8,279)
|
(1,308)
|
(9,076)
|
(22,499)
|
| Additional investment in associates and joint ventures |
(75,000)
|
(11,849)
|
(1,255)
|
(2,591)
|
| Dividend received from: |
|
|
|
|
| - held for trading investment |
2,532
|
400
|
943
|
|
| - joint ventures |
754
|
119
|
598
|
1,190
|
| Interest received |
108,481
|
17,139
|
56,734
|
46,402
|
| Net cash inflow on liquidation of a joint venture |
|
|
|
1,763
|
| Proceeds from disposal of: |
|
|
|
|
| - associate |
1,832
|
289
|
|
|
| - intangible assets |
50,000
|
7,900
|
|
|
| - joint venture |
182,679
|
28,862
|
|
|
| - prepaid operating leases |
|
|
|
4,505
|
| - property, plant and equipment |
15,640
|
2,471
|
667
|
6,602
|
| - subsidiaries, net of cash disposed |
341,602
|
53,971
|
|
170,703
|
| Proceeds from government grants |
50,095
|
7,915
|
13,639
|
39,558
|
| Purchase of property, plant and equipment |
(289,472)
|
(45,735)
|
(351,472)
|
(397,817)
|
| Withdrawal/(placement) of fixed deposits with banks, net |
(254,294)
|
(40,177)
|
(282,809)
|
126,688
|
| Net cash flows (used in)/from investing activities |
126,570
|
19,997
|
(572,031)
|
(25,496)
|
| Dividends paid to: |
|
|
|
|
| - equity holders of the parent |
(235,947)
|
(37,278)
|
(118,193)
|
(142,007)
|
| - non-controlling interests |
(97,009)
|
(15,327)
|
(87,975)
|
(94,899)
|
| Interest paid and discounting on bills receivable |
(107,246)
|
(16,944)
|
(110,774)
|
(108,279)
|
| Payment of finance lease liabilities |
(38)
|
(6)
|
(61)
|
(85)
|
| Proceeds from: |
|
|
|
|
| - borrowings |
1,814,618
|
286,697
|
1,255,659
|
2,534,384
|
| - issue of bonds |
|
|
|
398,777
|
| - issue of shares |
6,617
|
1,045
|
|
|
| (Placement)/withdrawal of fixed deposits pledged with banks for banking facilities |
|
|
300,564
|
(300,564)
|
| Repayment of borrowings |
(1,100,133)
|
(173,813)
|
(2,793,206)
|
(2,772,862)
|
| Net cash flows (used in)/from financing activities |
280,862
|
44,374
|
(1,553,986)
|
(485,535)
|
| Net increase in cash and cash equivalents |
1,777,599
|
280,848
|
150,070
|
1,175,687
|
| Cash and cash equivalents, beginning balance |
3,653,914
|
577,292
|
3,474,364
|
2,291,345
|
| Effect of exchange rate changes on balances in foreign currencies |
(41,189)
|
(6,507)
|
29,480
|
7,332
|
| Cash and cash equivalents, ending balance |
5,390,324
|
851,633
|
3,653,914
|
3,474,364
|
| Significant non-cash investing and financing transactions |
|
|
|
|
| Settlement of debts with trade bills |
¥ 14,696,000
|
$ 2,322,000
|
¥ 12,203,000
|
¥ 12,032,000
|