China Jushi FY2010: Projects and construction progress

The Jiujiang programme was described as two furnace-drawing lines with nominal annual capacities of 70,000 and 80,000 tonnes, together forming the 150,000-tonne programme. The first, an alkali-free glass-fiber line operated by Jushi Jiujiang, entered production in February 2010. The investment table reports CNY 981,259,600 for this component, converted from CNY 98,125.96 in ten-thousand-yuan units. That reported total investment is not identified as cash paid entirely during FY2010. The component remains linked to its existing project record, rather than becoming a new project because the annual table groups it with the second line. Commissioning during the year does not mean the full nominal capacity was produced or sold that year; this passage supplies no line-specific annual output, utilization, customers or revenue. Its accounting identity must also be checked before attaching a broader factory-construction transfer to this line alone.

Reported project total investment / 2010 / jiujiang 70kt line reported total

RMB 981,259,600

The 80,000-tonne-per-year alkali-free glass-fiber furnace-drawing line was the second component of the Jiujiang 150,000-tonne programme. It entered production in July 2010, after the first component in February. Its disclosed total investment was CNY 991,753,800, converted from the table amount of CNY 99,175.38 in ten-thousand-yuan units. The two component amounts are distinct reported investment totals; neither is an annual operating cost or independently identified annual cash outflow. This project continues the existing Jiujiang component record. The programme total is the sum of the two nominal line capacities, not a third additional line to add again. Annual production, utilization, fiber-grade mix and customer delivery are not separately quantified for this component in the cited project disclosure.

Reported project total investment / 2010 / jiujiang 80kt line reported total

RMB 991,753,800

The Tongxiang energy-saving and environmental glass-fiber furnace-drawing line had a disclosed nominal annual capacity of 35,000 tonnes and entered production in May 2010. The project table reports total investment of USD 73,511,800, expressed as USD 7,351.18 in ten-thousand-dollar units even though the table header generally states yuan. The currency in the individual row governs this amount; it is not silently converted to CNY or added to yuan budgets using an assumed exchange rate. The project stays associated with its existing Tongxiang record. The accounting construction note separately names project 224 as a Tongxiang 30,000-tonne waste-fiber furnace. Similar location and environmental wording do not establish that these are interchangeable names for the same physical project. Until that relationship is evidenced, the 35,000-tonne commissioning claim and the 224 accounting row retain distinct scopes. Neither supplies project-specific annual sales or a quantified environmental saving.

Reported project total investment / 2010 / tongxiang 35kt line reported total

73,511,800 USD

The Jiujiang energy-saving and environmental furnace-drawing line had a nominal annual glass-fiber capacity of 20,000 tonnes and entered production in July 2010. Its disclosed total investment was CNY 242,464,000, converted from CNY 24,246.40 in ten-thousand-yuan units. It is a separate named line from the 70,000- and 80,000-tonne components of the other Jiujiang programme, even though the second large component entered production in the same month. The existing 20,000-tonne project record preserves that distinction. The energy-saving and environmental description is the issuer label; the cited project row does not quantify this line's energy consumption, emissions reduction, annual output, customer deliveries or revenue. Total investment, nominal annual capacity and the disclosed production-start month are retained as different measures rather than combined into an estimate of FY2010 output or earnings.

Management includes an alkali-free glass-fiber furnace-drawing upgrade at Jushi Chengdu, with a stated annual line capacity of 40,000 tonnes, among the five completed and ignited line projects. The asset explanation separately describes four new lines and one upgraded line. The Chengdu upgrade therefore must not automatically be treated as 40,000 tonnes of entirely new group capacity. The financial construction table also names a 40,000-tonne-per-year furnace-drawing line for chopped-strand feedstock, with a CNY 136,010,000 budget, CNY 11,973,752.36 of current-year additions and the same amount still in construction at year-end. It reports investment at 8.80% of budget and own funds as the source. This ratio measures reported expenditure relative to budget, not physical construction completion or utilization. The unfinished accounting project is not equated with the already commissioned Chengdu upgrade solely because both labels contain 40,000 tonnes. The cited disclosure does not locate the unfinished row precisely enough to assign it to a particular Chengdu site or existing line identity.

Reported project budget / 2010 / 40kt chopped strand construction row

RMB 136,010,000

Reported project construction additions / 2010 / 40kt chopped strand construction row

RMB 11,973,752.36

Reported project construction closing balance / 2010 / 40kt chopped strand construction row

RMB 11,973,752.36

Reported project investment budget ratio / 2010 / 40kt chopped strand construction row

8.8%

The major-construction table opens with CNY 824,085,550.67, records CNY 385,086,421.01 of additions and CNY 1,181,105,286.79 transferred to fixed assets, and closes at CNY 28,066,684.89. The broader construction balance is CNY 49,728,071.24 at year-end, compared with CNY 839,647,136.25 at the beginning. A separate fixed-asset note reports CNY 1,214,026,089.85 transferred from construction, a broader total than the major-project table. The difference is not forced into an individual line without a source bridge. Within the major table, Jiujiang new-factory construction transferred CNY 970,314,228.01 and still carried CNY 2,738,604.70 at year-end. That broad factory label does not allocate its balance or transfer between the 70,000-, 80,000- and 20,000-tonne lines. Project 224 transferred CNY 71,138,550.41 and the continuation table explicitly shows a zero closing balance. The coded project 222 also shows a zero closing balance and a 100.00% expenditure-to-budget ratio, but its code alone does not establish a site or product identity. These are accounting and expenditure disclosures, not independent measures of line output, utilization or commercial success.

Reported construction opening balance / 2010 / major project table

RMB 824,085,550.67

Reported construction carrying-value additions / 2010 / major project table

RMB 385,086,421.01

Reported construction transfer to fixed assets / 2010 / major project table

RMB 1,181,105,286.79

Reported construction closing balance / 2010 / major project table

RMB 28,066,684.89

Reported construction closing balance / 2010 / all construction

RMB 49,728,071.24

Reported construction opening balance / 2010 / all construction

RMB 839,647,136.25

Reported construction transfer to fixed assets / 2010 / fixed asset note all construction

RMB 1,214,026,089.85

Reported construction transfer to fixed assets / 2010 / jiujiang new factory accounting row

RMB 970,314,228.01

Reported construction closing balance / 2010 / jiujiang new factory accounting row

RMB 2,738,604.7

Reported construction transfer to fixed assets / 2010 / 224 tongxiang 30kt waste fiber accounting row

RMB 71,138,550.41

The construction note also identifies supporting works for fiber finishing, process control and resource handling. At year-end, it lists CNY 4,275,865.65 for an offline chopped-strand addition to line 202, CNY 999,733.91 for a chopped-strand addition to line 307 and CNY 803,369.85 for a South African chopped-strand-mat unit expansion. It lists CNY 9,764,868.76 for pure-oxygen conversion of a furnace-drawing line and CNY 117,325.50 for waste-fiber recovery treatment. These are closing construction balances, not annual production capacities, budgets or separately identified cash payments. The labels distinguish reinforcement-product finishing, oxygen-process conversion and waste recovery, but the table does not consistently identify the implementing subsidiary, exact physical site or completion date for each entry. They are retained as supporting process and accounting context, without creating new project identities from a line code alone. Domestic process-rollout claims and these residual balances can refer to different scopes or stages; a small remaining balance does not by itself overturn a broader management deployment statement.

Reported construction closing balance / 2010 / 202 offline chopped strand accounting row

RMB 4,275,865.65

Reported construction closing balance / 2010 / 307 chopped strand accounting row

RMB 999,733.91

Reported construction closing balance / 2010 / south africa mat expansion accounting row

RMB 803,369.85

Reported construction closing balance / 2010 / oxygen conversion accounting row

RMB 9,764,868.76

Reported construction closing balance / 2010 / waste fiber recovery accounting row

RMB 117,325.5

Consolidated fixed assets had a closing gross cost of CNY 11,921,846,600.30, compared with CNY 8,727,533,153.63 opening. The note records CNY 3,938,574,064.36 of additions and CNY 744,260,617.69 of reductions. Closing accumulated depreciation was CNY 1,370,950,478.87 and impairment was CNY 1,261,048.39, giving a net carrying amount of CNY 10,549,635,073.04. Management attributes the increase to bringing Panding into consolidation and completed construction transferred into fixed assets. Those changes in accounting perimeter and asset classification are distinct from the amount of cash paid for equipment or construction during the year. Closing gross machinery was CNY 4,838,629,088.69 and buildings were CNY 1,643,893,433.20, alongside the separate precious-metal tooling balance. Neither book value nor an accounting transfer establishes a new physical capacity figure, an operating start date or a site valuation. The reported commissioning narratives remain the source for physical project stages.

Reported gross fixed assets / 2010 / consolidated opening

RMB 8,727,533,153.63

Reported gross fixed assets / 2010 / consolidated closing

RMB 11,921,846,600.3

Reported fixed asset additions / 2010 / consolidated

RMB 3,938,574,064.36

Reported fixed asset reductions / 2010 / consolidated

RMB 744,260,617.69

Reported accumulated fixed asset depreciation / 2010 / consolidated closing

RMB 1,370,950,478.87

Fixed-asset impairment allowance / 2010 / consolidated closing

RMB 1,261,048.39

Reported net fixed assets / 2010 / consolidated closing

RMB 10,549,635,073.04

Reported gross fixed assets / 2010 / consolidated machinery

RMB 4,838,629,088.69

Reported gross fixed assets / 2010 / consolidated buildings

RMB 1,643,893,433.2

Closing intangible assets had CNY 287,193,554.54 of gross cost and CNY 44,883,877.70 of accumulated amortization, giving CNY 242,309,676.84 of carrying value. Land-use rights account for CNY 198,434,404.59 of that net amount; the note also carries trademark-use rights, patent and nonpatent technology, intellectual property and software. These are accounting categories, not a complete count of patents, independently valued technology or ownership of unrestricted freehold land. Annual intangible amortization of CNY 10,850,680.78 is separate from CNY 11,813,204.86 of accumulated amortization brought in through consolidation changes. Carrying land-use rights does not establish every plant's permits or resolve the separate Baoyu title limitation already discussed. The report does not assign this full group asset balance to a particular factory or project; collateral amounts elsewhere retain their financing role.

Reported intangible gross cost / 2010 / consolidated closing

RMB 287,193,554.54

Reported intangible accumulated amortization / 2010 / consolidated closing

RMB 44,883,877.7

Reported intangible carrying value / 2010 / consolidated closing

RMB 242,309,676.84

Reported land use rights carrying value / 2010 / consolidated closing

RMB 198,434,404.59

Reported intangible amortization / 2010 / consolidated annual

RMB 10,850,680.78

Reported intangible accumulated amortization import / 2010 / consolidation change

RMB 11,813,204.86