Finance Annual Report.Pdf
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Consolidated Financial Statements according to International Financial Reporting Standards CQLT International Investment Company Ltd. Chongqing, People’s Republic of China December 31st, 2016 Sealing the future. 2 IFRS consolidated financial statements. CQLT International Investment Company Ltd. Index Financial highlights 3 Consolidated statement of 5 comprehensive income Consolidated statement of 6 financial position Consolidated statement of 7 cash flows Consolidated statement of 8 changes in equity Notes to the consolidated 9-62 financial statements Group Management report 63-88 (unaudited) Independent auditors’ report 89-90 3 IFRS consolidated financial statements. CQLT International Investment Company Ltd. Financial highlights Revenue EBITDA EBT 522,502 49,552 16,537 12,6% 464,008 7,6% 46,073 114,6% 7,706 2016 2015 2016 2015 2016 2015 Product Sales by Region 2% 5% 10% 6% 11% 13% 2015 2016 74% 78% Europe Europe Asia Asia North America North America South America South America IFRS Consolidated Financial Statements of CQLT International Investment Company Ltd. for the period from January 1 to December 31, 2016 5 IFRS consolidated financial statements. CQLT International Investment Company Ltd. Consolidated statement of comprehensive income Keur Note 2016 2015 Revenues 5.1 522,502 464,008 Changes in inventories of finished and unfinished products 6,706 2,718 Other own work capitalised 9,266 6,357 Other operating income 5.2 13,999 24,648 Other operating income from fair value measurement 149 - Cost of material and sevices purchased 5.3 -289,506 -256,378 Personnel expenses 5.4 -139,370 -120,913 Other operating expenses 5.5 -73,203 -74,367 Other operating expenses of fair value measurement -992 - Depreciation and amortisation 6.1 / 6.2 -27,756 -33,270 Earning before interest and taxes (EBIT) 21,796 12,803 Finnancial income 5.6 290 384 Finnancial expenses 5.7 -5,462 -5,477 Share of profit (loss) of associates accounted 6.3 -87 -4 for using the equity method Earning before income taxes (EBT) 16,537 7,706 income taxes 5.8 -7,208 -544 Net Result for the period 9,329 7,162 Attributable to owners of the parent 8,573 7,3 3 8 Attributable to non-controlling interests 756 -176 Other comprehensive income Items that will not be reclassified to profit or loss: -630 -263 Remeasurements -889 -372 Income tax effect 259 109 Items that may be reclassified subsequently 149 -7,829 to profit or loss: Exchange difference from net investment in foreign entity -2,955 -2,793 Exchange differences on translation of foreign operations -2,806 -5,036 Other comprehensive income, net of tax -481 -8,092 Total comprehensive income for the period 8,848 -930 Attributable to owners of the parent 8,067 -937 Attributable to non-controlling interests 781 7 6 IFRS consolidated financial statements. CQLT International Investment Company Ltd. Consolidated statement of financial positions Keur Note Dec.31, 2016 Dec 31, 2015 Intangible assets 6.1 36,866 36,964 Property, plant and equipment 6.2 209,948 177,875 Equity-method investments 6.3 612 699 Other non-current financial assets 6.4 3,488 3,322 Other non-current receivables 6.4 342 411 Deferred tax assets 5.8 9,049 7,583 Non-current assets 260,305 226,854 Inventories 6.5 37,710 37,342 Trade receivables and other receivables 6.6 98,568 89,809 Prepayments 6.7 2,108 714 Current income tax assets 5.8 1,425 736 Financial instruments measured at fair value 8 149 124 Cash and cash equivalents 6.8 36,371 32,302 Current assets 176,331 161,027 Total assets 436,636 387,881 Equity and Liabilities Keur Note Dec.31, 2016 Dec 31, 2015 Subscribed capital 6.9 126,663 113,234 Additional paid in capital 6.9 1,822 1,822 Retained earnings -19,460 -28,033 Other components of equity 6.9 -17,243 -16,736 Equity attributable to owners of the parent 91,782 70,287 Non-controlling interests 6.9 4,758 4,084 Total equity 96,540 74,37 1 Non-current interest-bearing loans and borrowings 6.10 41,533 31,946 Provisions for pensions 6.11 11,617 10,795 Other non-current provisions 6.12 244 325 Other non-current liabilities 6.13 10,549 7,749 Non-current income tax liabilities 5.8 1,285 1,239 Deferred tax liabilities 5.8 6,011 7,714 Non-current liabilities 71,239 59,768 Trade and other payables 6.14 95,139 78,820 Current interest-bearing loans and borrowings 6.10 160,025 164,349 Financial instruments measured at fair value 8 870 - Other current provisions 6.12 4,036 4,091 Income tax liabilities 5.8 8,787 6,482 Current liabilities 268,857 253,742 Total equity and liabilities 436,636 387,881 7 IFRS consolidated financial statements. CQLT International Investment Company Ltd. Consolidated statement of cash flows Keur Note 2016 2015 Earnings before income taxes (EBT) 16,537 7,706 Adjustments to reconcile profit before tax with net cash flows: Non-cash: Depreciation and impairments on property, plant and equipment 6.2 19,720 25,326 Depreciation and impairments on intangible assets 6.1 8,036 7,944 Unrealised foreign exchange rate gains / losses -3,027 4,270 Net losses from disposal of property, plant and equipment -42 -1,485 Income from interest -127 -212 Interest expenses 5,462 5,477 Share of gain (loss) of associates accounted for using the equity method 6.3 87 4 Movements in provisions, provisions for pensions and similar obligations 6.11 / 6.12 -144 708 Net working capital adjustments: Increase / decrease in trade receivables and other assets -11,148 -20,688 Increase / decrease in inventories 185 -10,235 Increase / decrease in trade and other payables 23,002 7,179 Income taxes paid -9,054 -3,773 Net cash flows from operating activities 49,487 22,221 Investing activities Income from the sale of property, plant and equipment 1,265 1,025 Income from the sale of intangible assets - 5,453 Income from the sale of non-current financial assets - - Acquisition of property, plant and equipment -49,12 3 -30,031 Acquisition of intangible assets -7,635 -6,959 Acquisition of investments - - Interest received 126 212 Acquisition of subsidiary and similiar less cash acquired - - Dividends received 163 172 Net cash flows from investing activities -55,204 -30,128 Financing activities Capital increase 13,429 - Borrowings 166,248 123,531 Repayment of loans -154,280 -124,131 Repayment of / proceeds from finance leases -1,150 501 Interest paid -5,135 -5,466 Dividend paid -107 - Net cash flows from financing activities -19,005 -5,565 Net change in cash and cash equivalents 13,288 -13,472 Fluctuations in cash and cash equivalents on account of changes in -1,644 1,579 exchange rates Cash and cash equivalents at the beginning of the period 17,295 29,188 Cash and cash equivalents at the end of the period 6.8 28,939 17,295 8 IFRS consolidated financial statements. CQLT International Investment Company Ltd. Consolidated statement of changes in equity Attributable to owners of the parent Other components of equity Additional Currency Non Subscribed Retained Remea- Inome Total Keur paid in translation Total controlling Capital earnings surements taxes equity capital differences interests Balance as of Dec 31, 2014 113,234 1,822 -35,371 -6,007 -3,452 997 71,223 4,077 75,300 Net result for the period - - 7,338 - - - 7,338 -176 7,162 Other comprehensive income - - - -8,011 -372 109 -8,274 183 -8,091 Total comprehensive income - - 7,338 -8,011 -372 109 -936 7 -929 Balance as of Dec. 31, 2015 113,234 1,822 -28,033 -14,018 -3,824 -1,106 70,287 4,084 74,371 Net result for the period - - 8,573 - - - 8,573 756 9,329 Other comprehensive income - - - 124 -889 259 -506 25 -481 Total comprehensive income - - 8,573 124 -889 259 8,067 781 8,848 Capital increase 13,429 - - - - - 13,429 - 13,429 Dividend paid - -107 -107 Balance as of Dec. 31, 2016 126,663 1,822 -19,460 -13,895 -4,713 1,365 91,783 4,758 96,540 9 IFRS consolidated financial statements. CQLT International Investment Company Ltd. Notes to the consolidated financial statements 1. Corporate information 1.1 Reporting entity 1.2 Basis of preparation CQLT International Investment Company Ltd. The consolidated financial statements have (the “Company”) is a limited liability company been prepared in accordance and in conformi- domiciled in Chongqing, People’s Republic of ty with all International Financial Reporting China. The address of the Company’s regis- Standards (IFRS) and the publications of the tered office is Chongqing, Huangshan Middle International Financial Reporting Interpreta- Road, High-tech Park of Northern New Area. tions Committee (IFRIC). The consolidated financial statements of the These financial statements cover the business Company as at and for the business year end- year from January 1, 2016 to December 31, ed December 31, 2016 comprise the Company 2016 (comparison period: business year Jan- and its subsidiaries (together referred to as uary 1, 2015 to December 31, 2015) and were “CQLT SaarGummi Group” or the “Group” and authorized for issue by the Executive Board of individually as “Group entities”). the Company on March 16, 2017. The parent company of CQLT Internation- The consolidated statement of comprehensive al Investment Company Ltd. is Chongqing income is prepared based on the nature of Light Industry and Textile Holding Group Co., expense method. Ltd. Chongqing Light Industry and Textile Holding Group Co., Ltd.