China Jushi FY2001: Manufacturing bases

At the Jiujiang factory, a 25,000-tonne glass fiber yarn technical upgrade was completed at the end of April 2001 and had reached design capacity by year-end. A separate energy-saving, environmental tank-furnace project remained in pre-construction preparation. The annual report therefore describes both an operating upgrade and a proposed further investment at the same factory. Shared location is useful for relating them to the Jiujiang base, but it is insufficient to merge the two construction projects.

Consolidated construction in progress opened at CNY 165.37653713 million, increased by CNY 221.30891287 million, transferred CNY 247.91376806 million to fixed assets and had CNY 16.00954588 million of other reductions, leaving CNY 122.76213606 million at year-end. Capitalized interest was CNY 0.76863279 million. This ledger movement differs from the cash-flow statement's CNY 205.56899460 million of payments for long-term assets; capitalization, transfers and cash payments must not be combined into a single investment figure. Buildings with original value of CNY 26.4772 million and machinery of CNY 155.2741 million secured CNY 86 million of long-term borrowing. The report also identifies sealed or idle machinery with original value of CNY 7.1233 million and net value of CNY 6.6144 million. Fixed assets therefore include collateralized and idle equipment, and their book value alone does not demonstrate available production capacity.

Reported consolidated construction in progress / 2001 / fy2001 consolidated closing

RMB 122,762,136.06

Transferred to fixed assets / 2001 / fy2001 consolidated transfer

RMB 247,913,768.06