China Jushi FY2004: Subsidiaries and invested companies

The listed company held 56.51% of Jushi Group's registered capital at the end of 2004, after a USD 17 million capital increase brought Jushi's registered capital to USD 46.9516 million. Its other registered owners were Zhenshi at 15.10% and SUREST FINANCE LIMITED at 28.39%. Jushi Group in turn held 99% of Jushi Jiujiang, 57% of Jushi Chengdu and 75% of the Jiaxing glass-fiber composite-materials subsidiary. These are ownership at different levels, rather than four direct holdings of the listed parent. Jushi Chengdu, established in April 2004 with CNY 75 million of registered capital, entered the consolidated income statements for April–December. The report gives Chengdu year-end assets of CNY 316.61986611 million, net assets of CNY 76.69042709 million and profit of CNY 1.69042709 million for that period. BNBM Technology, 95% held by the listed company, also formed Shangmei Home Furnishings in April; Shangmei's income was consolidated for April–December. The new subsidiaries change the perimeter of the group comparison. Their reported assets and profits are already within consolidation and must not be added again to the group's totals.

Reported consolidated total assets / 2004 / jushi chengdu reported assets

RMB 316,619,866.11

Reported net profit / 2004 / jushi chengdu reported profit april december

RMB 1,690,427.09

The parent-company accounts describe the listed company's investment layer separately from the manufacturing group. They record no main-business revenue in 2004, but CNY 4.52657728 million of other-business profit from engineering subcontracting. After administration and finance expenses, the parent reported an operating loss of CNY 9.78890101 million. Investment income of CNY 94.18619347 million was the main support for parent net profit of CNY 84.97013246 million; the profit bridge also includes net non-operating income of CNY 36.13 and a negative income-tax expense of CNY 0.57280387 million. Within the equity-investment notes, the current profit adjustment for Jushi Group was CNY 79.81518747 million. The parent's closing long-term equity-investment carrying value was CNY 674.53340417 million, after impairment and the historical equity-investment differences shown in the filing. These accounting earnings and balances are not equivalent to cash remitted by subsidiaries, and they are not additional consolidated profit.

Operating profit / 2004 / parent only operating profit

RMB -9,788,901.01

Consolidated investment income or loss / 2004 / parent only investment income

RMB 94,186,193.47

Reported net profit / 2004 / parent only net profit

RMB 84,970,132.46

Equity method result / 2004 / parent only jushi profit adjustment

RMB 79,815,187.47

Long term investments net / 2004 / parent only long term equity investments

RMB 674,533,404.17

The business discussion reports Jushi Group assets of CNY 2,276.85 million and annual net profit of CNY 141.24 million. Jushi develops, produces and sells glass fiber and related products; the listed company held 56.51%. The same discussion reports CNY 28.03 million of assets and CNY 0.42 million of net profit for its 80%-held Luxin Home Market, which operated a building-materials market and commercial property. BNBM Technology, 95% held, had CNY 161.57 million of assets and CNY 6.67 million of net profit; its stated activities included new-material development, production and sales, distribution and industrial investment. BNBM Logistics, only 20% held, had CNY 839.58 million of assets and CNY 30.10 million of net profit. Its activities included home-product distribution, chain operations and logistics, commercial property and import/export trade. These are the filing's rounded figures for the named operating companies and investee, not additional listed-shareholder earnings. The discussion does not specify the individual financial-statement perimeter behind each figure. In particular, the full assets and earnings of the 20%-held logistics investee must not be added to consolidated totals. The company's historical business included property and distribution alongside glass fiber; later business boundaries should not be projected back onto 2004.

Reported consolidated total assets / 2004 / jushi group management reported

RMB 2,276,850,000

Reported net profit / 2004 / jushi group management reported

RMB 141,240,000

Reported consolidated total assets / 2004 / luxin home market management reported

RMB 28,030,000

Reported net profit / 2004 / luxin home market management reported

RMB 420,000

Reported consolidated total assets / 2004 / bnbm technology management reported

RMB 161,570,000

Reported net profit / 2004 / bnbm technology management reported

RMB 6,670,000

Reported consolidated total assets / 2004 / bnbm logistics management reported

RMB 839,580,000

Reported net profit / 2004 / bnbm logistics management reported

RMB 30,100,000