China Jushi FY2013: Projects and construction progress

Jushi Group Chengdu's packaging-material workshop upgrade was unfinished and under construction. The management table reports a CNY 79,900,000 project amount, rounded annual investment of CNY 26,710,000 and cumulative investment of CNY 55,970,000. The financial construction ledger identifies the same Chengdu packaging-material upgrade and gives CNY 26,705,759.71 of current additions and CNY 55,965,528.68 of closing construction in progress. The latter also reconciles to the opening balance of CNY 29,259,768.97 plus current additions. These precise amounts are consistent with rounding to the management table's CNY 10,000 unit; they are not extra cash expenditure. The project is linked to the existing packaging-workshop entity also described in FY 2014, based on implementing company, workshop scope and the same budget. The legacy entity key contains 2014 but does not claim that the project began that year. Packaging infrastructure is kept distinct from a new glass-fiber furnace; neither extra fiber tonnage nor a measured productivity benefit is disclosed here.

Reported cip additions / 2013 / chengdu packaging workshop

RMB 26,705,759.71

Reported cip net / 2013 / chengdu packaging workshop

RMB 55,965,528.68

Jushi Egypt was building an 80,000-tonne-per-year alkali-free glass-fiber furnace line, started in January 2012. The management project table records November 2013 ignition for trial operation and labels the project as in production. The financial important-matters note gives the precise ignition date, November 27, 2013, and says trial production began in December. That note describes construction as fully completed, while the construction-in-progress explanation says the project was unfinished and retains CNY 1,157,296,145.18 in year-end construction in progress. The report provides no bridge between these statements. Ignition and trial production are retained as disclosed milestones; they do not establish completed accounting acceptance, stable full-year output or sales attributable to this line. Management gives a USD 223,310,000 project amount and rounded annual investment of CNY 772,370,000. The financial movement table separately gives a CNY 1,442,967,879.32 budget and CNY 772,369,345.22 of current additions. The different currencies and table measures are preserved without inferring an exchange rate or treating book additions as cash expenditure.

Project budget / 2013 / management project amount

223,310,000 USD

Annual project investment / 2013 / management project table

RMB 772,370,000

Project budget / 2013 / financial cip budget

RMB 1,442,967,879.32

Reported cip additions / 2013 / egypt first line

RMB 772,369,345.22

Reported cip net / 2013 / egypt first line

RMB 1,157,296,145.18

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

Jushi Group Chengdu was modifying a 60,000-tonne-per-year medium-alkali glass-fiber furnace line. Management states a March 2013 construction start and expected completion in the first half of 2014. The financial important-matters note states an August 2013 start and says the project was still unfinished. The report does not reconcile the start-month difference; neither passage establishes completed operation. Management records a CNY 599,800,000 project amount, CNY 223,230,000 of annual investment and CNY 223,550,000 cumulatively. The line is kept separate from Chengdu packaging works and the 50,000-tonne upgrade. A financial construction row uses an 80,000-tonne line name and a nearby CNY 599,797,200 budget. Similar spending does not resolve the capacity-name mismatch, so that financial row is retained at the unassigned ledger level rather than merged into this 60,000-tonne project.

Project budget / 2013 / management project table

RMB 599,800,000

Annual project investment / 2013 / management project table

RMB 223,230,000

Cumulative project investment / 2013 / management project table

RMB 223,550,000

The 50,000-tonne-per-year Chengdu glass-fiber line upgrade began in August 2013. Management reports ignition for trial operation in December; the financial important-matters note independently describes the start of trial production in that month. The management table still labels the project as under construction. The financial movement table gives a CNY 282,982,100 budget and CNY 88,388,544 of current additions, with the same amount remaining in construction in progress at year end. The management table rounds annual and cumulative investment to CNY 88,390,000 in its CNY 10,000 unit. The rounding difference is retained as presentation precision, not another investment flow. Trial production, accounting transfer, stable output and an incremental increase in furnace capacity are different measures; the report does not quantify an additional 50,000 tonnes of realized production or attribute annual revenue to this line.

Project budget / 2013 / financial cip budget

RMB 282,982,100

Reported cip additions / 2013 / chengdu50kt upgrade

RMB 88,388,544

Reported cip net / 2013 / chengdu50kt upgrade

RMB 88,388,544

The management table describes the energy-saving upgrade to Jushi Group's existing 120,000-tonne-per-year alkali-free furnace line as preparatory and not yet started. It shows a CNY 162,047,600 project amount, zero annual and cumulative investment, and expected completion in the second half of 2014. The financial important-matters note instead says construction began in December 2013 and was expected to finish in July 2014. The construction note identifies this named project among the causes of higher year-end construction in progress. A 120,000-tonne upgrade row in the financial ledger gives the same budget but CNY 291,560,616.23 of current additions and closing balance, accompanied by a printed 0.98% investment-to-budget ratio and 0.98 project progress. Those figures do not provide a consistent arithmetic measure of completion. The preparation description, dated construction statement and ledger values are all retained; the report does not explain their reconciliation. This is an upgrade to an existing line, not an additional 120,000-tonne new furnace, and no realized energy saving is quantified in these passages.

Project budget / 2013 / financial cip budget

RMB 162,047,600

Reported cip additions / 2013 / 120kt upgrade financial row

RMB 291,560,616.23

Reported cip net / 2013 / 120kt upgrade financial row

RMB 291,560,616.23

The proposed automated warehouse supports the Tongxiang glass-fiber base described as having 600,000 tonnes of annual production capacity. That base scale is the warehouse's service perimeter; it is not extra fiber capacity created by storage equipment. The management table records a CNY 192,217,900 project amount, zero annual and cumulative investment, preparation without a construction start, and expected completion in the second half of 2014. The financial important-matters note supplies subsequent-period information: construction started in January 2014, with a two-year planned schedule and expected completion in December 2015. It says the building would be completed as one component and the automated storage installation constructed in two phases. The expected dates therefore differ within the report. The January start is explicitly after the FY 2013 year end, and neither planned finish date is presented as a realized completion. The cited passages do not quantify storage throughput, inventory-cycle improvement or a project return.

Project budget / 2013 / management project table

RMB 192,217,900

Jushi Panding Electronic Substrate Materials was expanding a production line described as capable of 100 million metres of electronic-grade glass-fiber fabric annually. The management table states construction was in progress, with completion expected in the first half of 2014. Metres are the disclosed unit; the capacity is not converted to square metres without a reported fabric width. Management gives a USD 186,140,000 project amount and rounds annual and cumulative investment to CNY 158,370,000 and CNY 158,590,000. The construction ledger separately gives a CNY 1,134,876,966 budget, CNY 158,365,115.48 of current additions and CNY 158,590,115.48 of closing construction in progress. Currency and presentation precision are retained without calculating an assumed exchange rate or adding the rounded and precise figures together. The accounting balance is not cash expenditure or proof of trial production. The report supplies no factory-level output or project revenue in these passages, and a future completion expectation is not treated as achieved.

Project budget / 2013 / management project amount

186,140,000 USD

Project budget / 2013 / financial cip budget

RMB 1,134,876,966

Reported cip additions / 2013 / electronic fabric expansion

RMB 158,365,115.48

Reported cip net / 2013 / electronic fabric expansion

RMB 158,590,115.48

The financial note reports CNY 2,226,702,659.53 of total year-end construction in progress, up 62.40%, and identifies electronic fabric, the 120,000-tonne energy-saving upgrade and Egypt among the major investment drivers. The note's statement that these projects were unfinished is retained alongside the separate Egypt ignition and trial-production statements. Selected construction rows have unresolved perimeter issues. An 80,000-tonne technical-upgrade row has a CNY 599,797,200 budget, CNY 223,227,027.61 of additions, CNY 3,398,905.35 transferred to fixed assets and a closing balance of CNY 220,151,574.66. The movement reconciles, but the row's capacity differs from the 60,000-tonne Chengdu conversion named by management; no project identity is inferred from similar budgets. The 120,000-tonne row prints a 0.98% spending-to-budget ratio although its CNY 291,560,616.23 addition exceeds its CNY 162,047,600 budget. The 308-line electric-assist row has a CNY 13,519,340 budget and much larger opening and closing accounting balances. These discrepancies are exposed rather than silently corrected or used as measured physical completion. The ledger also lists 101-line work, ovens, an additional high-frequency furnace, environmental-verification modifications and small infrastructure works. Their short accounting labels establish recorded investment categories, but not technical specifications, a separately verified plant address or achieved commercial performance.

Reported cip ledger balance / 2013 / consolidated total

RMB 2,226,702,659.53

Reported cip ledger budget / 2013 / unassigned 80kt upgrade row

RMB 599,797,200

Reported cip ledger additions / 2013 / unassigned 80kt upgrade row

RMB 223,227,027.61

Reported cip ledger transfer / 2013 / unassigned 80kt upgrade row

RMB 3,398,905.35

Reported cip ledger balance / 2013 / unassigned 80kt upgrade row

RMB 220,151,574.66

The United States 100,000-tonne alkali-free line remained in preparation. The table retained the USD 331.13 million project amount, with zero annual and cumulative investment and no formal construction start. This is the status stated in the 2013 report. It does not establish the eventual design or completion of the later South Carolina facility, which must be related using further source evidence rather than a shared country alone.

Annual production capacity

100,000 tonnes/year