INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Tables)

12 Months Ended

Dec. 31, 2020

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES

Schedule of information about joint venture

Effective equity

Place of

Registered

interest held

establishment

and paid-in

Principal

Ownership

Voting

Profit

Name

and operation

capital

activities

interest

power

sharing

Guangxi Huayin Aluminum Co., Ltd. *(“Guangxi Huayin”) (廣西華銀鋁業有限公司)

PRC/
Mainland China

2,441,987

Manufacturing

* Guangxi Huayin, which is considered a material joint venture of the Group, is accounted for using the equity method.

Schedule of summarized financial information joint venture


	December 31, 2020		December 31, 2019
Cash and cash equivalents	247,680		261,447
Other current assets	970,096		1,222,290
Current assets	1,217,776		1,483,737

Non-current assets	5,361,592		5,249,101

Financial liabilities	750,000		1,106,593
Other current liabilities	772,700		960,077
Current liabilities	1,522,700		2,066,670

Non-current liabilities	580,419		414,299

Net assets	4,476,249		4,251,869

Reconciliation to the Group’s interest in the joint venture:
Proportion of the Group’s ownership	33.00	%	33.00	%
Group’s share of net assets of the joint venture	1,477,162		1,403,117

Carrying amount of the investment	1,477,162		1,403,117


	For the year ended December 31
	2018	2019	2020
Revenue	5,173,801	5,226,893	4,631,737
Gross profit	979,991	1,303,254	800,965
Interest income	6,365	9,781	7,388
Depreciation and amortization	509,556	525,109	531,512
Interest expenses	77,438	63,351	51,855
Profit before income tax	504,875	621,315	195,189
Income tax	78,827	79,300	21,152

Other comprehensive income	—	—	—

Total comprehensive income for the year	426,048	542,015	174,037

Dividend received	132,000	198,000	99,000

Schedule of information about associate

As of December 31, 2020, particulars of the Group’s material associate is as follows:

Place of

Effective equity interest held

establishment and

Registered and

Principal

Ownership

Voting

Profit

Name

operation

paid-in capital

activities

interest

power

sharing

Yunnan Aluminum

PRC/Mainland China

3,128,207

Manufacturing

10.04

Schedule of summarized financial information associates


	December 31, 2020		December 31, 2019
Cash and cash equivalents	1,186,778		4,052,271
Other current assets	4,848,942		5,081,477

Current assets	6,035,720		9,133,748
Non-current assets	39,960,249		35,706,818

Financial liabilities	5,632,439		8,502,318
Other current liabilities	11,728,170		12,012,348

Current liabilities	17,360,609		20,514,666
Non-current liabilities	10,658,126		7,254,037

Net assets	17,977,234		17,071,863

Non-controlling interests	2,504,346		2,213,934

Reconciliation to the Group’s interest in the associate:
Proportion of the Group’s ownership	10.04	%	10.04	%
Group’s share of net assets of the associate	1,553,478		1,491,736

Carrying amount of the investment	1,553,478		1,491,736


	For the year ended December 31
	2019	2020
Revenue	24,283,623	29,567,864
Gross profit	3,241,005	4,084,535
Interest income	46,865	35,345
Depreciation and amortization	1,381,066	1,571,308
Interest expenses	945,786	649,600
Profit before income tax	596,546	1,032,497
Income tax	51,340	122,384

Other comprehensive income	28,183	(36,602)

Total comprehensive income for the year	573,389	873,511

Dividend received	—	—

Associates

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES

Schedule of movements in investments


	December 31, 2020	December 31, 2019
As of January 1	9,512,401	6,363,462
Investment to Yunnan Aluminum	—	1,491,736
Investment to Heqing Yixin Aluminum Industry Co.,Ltd. (鶴慶溢鑫鋁業有限公司) (“Yixin Aluminum”)	—	941,160
Capital injections, other than to Yunnan Aluminum and Yixin Aluminum	—	729,368
Subsidiaries changed into associates	7,473	16,283
Capital reduction	(14,850)	(20,250)
Share of profits for the year	145,737	48,767
Dividends declared	(480,397)	(50,314)
Share of changes in reserves	3,046	(7,811)

As of December 31	9,173,410	9,512,401

Schedule of summarized financial information associates


	December 31, 2020	December 31, 2019
		(Restated)
Share of the associates’ profits	83,518	48,767
Share of the associates’ total comprehensive income	83,518	48,767

Aggregate carrying amount of the Group’s investments in the associates	7,619,932	8,020,665

Joint venture

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES

Schedule of movements in investments


	2020	2019
As of January 1	3,385,582	3,393,349
Capital injections	4,333	50,000
Disposal	—	(114,604)
Share of profits for the year	180,502	270,115
Share of changes in reserves	1,491	8,746
Dividends declared	(197,355)	(222,024)
Impairment	—	—
As of December 31	3,374,553	3,385,582

Schedule of summarized financial information joint venture


	2020	2019
Share of the joint ventures’ profits for the year	121,120	91,250

Share of the joint ventures’ total comprehensive income	121,120	91,250

Aggregate carrying amount of the Group’s investments in joint ventures	1,897,391	1,870,538