Tongxiang 60,000-tonne line cold repair begun in 2012

The project is cold repair and technical upgrading of an existing 60,000-tonne-per-year alkali-free furnace line at Tongxiang. Management records a November 2012 start and March 2013 completion. The financial important-matters note instead states completion and operation in April 2013. Both agree that the repair reached completion, but the one-month difference is retained rather than silently selecting a date. The management table gives CNY 208,060,000 as the project amount, CNY 175,800,000 of annual investment and CNY 180,250,000 cumulatively, using its original CNY 10,000 unit. The intervention restores or upgrades an existing furnace; the 60,000-tonne line scale is not treated as entirely new capacity or measured production. The construction ledger also contains a generic 60,000-tonne technical-upgrade row with different movement amounts. Those ledger amounts are not automatically assigned to this repair solely because the nominal capacity and rounded budget are similar.

Project budget / 2013 / management project table

RMB 208,060,000

Annual project investment / 2013 / management project table

RMB 175,800,000

Cumulative project investment / 2013 / management project table

RMB 180,250,000

The Tongxiang 60,000-tonne alkali-free glass-fiber line was undergoing furnace cold repair and a technical upgrade, rather than being disclosed as a new line adding that capacity. The investment summary reports a CNY 138,680,000 project amount and CNY 4,440,000 invested during the year and cumulatively, using rounded ten-thousand-yuan figures. The financial note gives CNY 4,444,598.43 of actual investment and CNY 355,738,788.62 of existing net fixed assets transferred into construction in progress. Together these reconcile to the CNY 360,183,387.05 closing balance; that balance is not new cash expenditure. The note reports a CNY 208,058,500 budget. A later description includes CNY 69,383,100 for supporting utilities within this total. Subtracting that utility component gives CNY 138,675,400, close to the summary amount at its rounding precision; this arithmetic helps explain the different scope without replacing either source figure. Work began in November 2012, with April 2013 expected completion in the note and the first half of the following year in the summary. These are historical expectations, not confirmation that the work finished by either date.

Project budget / 2012 / management table amount

RMB 138,680,000

Project budget / 2012 / financial note including support

RMB 208,058,500

Reported project annual investment / 2012 / rounded management table

RMB 4,440,000

Reported project cumulative investment / 2012 / rounded management to date

RMB 4,440,000

Reported project annual investment / 2012 / financial note actual

RMB 4,444,598.43

Reported project asset transfer / 2012 / fixed assets to cip net

RMB 355,738,788.62

Reported cip net / 2012 / cold repair

RMB 360,183,387.05

Project budget / 2012 / included supporting utilities

RMB 69,383,100