Investments in equity investees

12 Months Ended

Mar. 31, 2020

14.

Investments in equity investees


		Amounts
		(in millions of RMB)
Balance as of April 1, 2018		79,758
Additions (i)		14,360
Share of results, other comprehensive income and other reserves (ii)		1,905
Disposals and distributions received		(1,160)
Transfers (iii)		(10,153)
Impairment loss		(493)
Foreign currency translation adjustments		237
Balance as of March 31, 2019		84,454
Additions (i)		103,832
Share of results, other comprehensive income and other reserves (ii)		5,634
Disposals and distributions received		(912)
Transfers (iii)		8,060
Impairment loss (iv)		(11,824)
Foreign currency translation adjustments		388
Balance as of March 31, 2020		189,632

(i)

Details of the significant additions of the investments in equity investees are set out in Note 4. During the year ended March 31, 2020, additions were primarily related to the 33% equity interest in Ant Group received pursuant to the SAPA (Note 4(l)).

(ii)

Share of results, other comprehensive income and other reserves include the share of results of the equity investees, the gain or loss arising from the deemed disposal of the equity investees and the amortization of basis differences. The amount excludes the expenses relating to the share-based awards underlying the equity of the Company and Ant Group granted to employees of certain equity investees.

(iii)

During the year ended March 31, 2019, transfers were primarily related to the consolidation of Alibaba Pictures (Note 4(c)).

During the year ended March 31, 2020, transfers were primarily related to the deconsolidation of the Company’s AliExpress Russia businesses, which were contributed to the AliExpress Russia Joint Venture (Note 4(k)).

(iv)

Impairment loss recorded represents other-than-temporary decline in fair value below the carrying value of the investments in equity investees. The valuation inputs for the fair value measurement with respect to the impairments include the stock price for equity investees that are listed, as well as certain unobservable inputs that are not subject to meaningful aggregation.

As of March 31, 2020, equity method investments with an aggregate carrying amount of RMB53,352 million that are publicly traded have increased in value and the total market value of these investments amounted to RMB68,105 million. As of March 31, 2020, the Company’s retained earnings included undistributed earnings from equity investees of RMB7,555 million.

14.

Investments in equity investees (Continued)

For the years ended March 31, 2018, 2019 and 2020, equity method investments held by the Company in aggregate have met the significance criteria as defined under Rule 4-08 (g) of Regulation S-X. As such, the Company is required to present summarized financial information for all of its equity method investments as a group as follows:


	Year ended March 31,
	2018	2019	2020

	(in millions of RMB)
Operating data:
Revenue	284,706	488,775	553,387
Cost of revenue	(242,068)	(405,074)	(443,198)
(Loss) Income from operations	(7,072)	3,840	5,274
Net income	195	2,923	30,578


	As of March 31,
	2019	2020

	(in millions of RMB)
Balance sheet data:
Current assets	257,502	602,212
Non-current assets	222,484	513,773
Current liabilities	205,272	451,951
Non-current liabilities	34,191	134,030
Noncontrolling interests and mezzanine equity	10,151	19,958