37. PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Other than the senior perpetual securities issued by a subsidiary of the Group, which is disclosed in note 40, details of the Group’s subsidiaries that have material non-controlling interests are set out below:
|
|
|
2016 |
|
2017 |
|
|
|
|
|
|
|
|
|
Percentage of equity interest held by non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ningxia Energy |
|
29.18 |
% |
29.18 |
% |
|
Shandong Huayu |
|
45.00 |
% |
45.00 |
% |
|
Chalco Shandong |
|
— |
|
30.80 |
% |
|
Zhongzhou Aluminum |
|
— |
|
36.90 |
% |
|
Baotou Aluminum |
|
— |
|
25.67 |
% |
|
Chalco Mining |
|
— |
|
81.14 |
% |
|
|
|
|
|
|
|
|
Profit for the year allocated to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ningxia Energy |
|
53,667 |
|
(5,670) |
|
|
Shandong Huayu |
|
79,621 |
|
13,070 |
|
|
Chalco Shandong |
|
— |
|
— |
|
|
Zhongzhou Aluminum |
|
— |
|
— |
|
|
Baotou Aluminum |
|
— |
|
72,902 |
|
|
Chalco Mining |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
Dividends distributed to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ningxia Energy |
|
7,430 |
|
3,264 |
|
|
Shandong Huayu |
|
— |
|
— |
|
|
Chalco Shandong |
|
— |
|
— |
|
|
Zhongzhou Aluminum |
|
— |
|
— |
|
|
Baotou Aluminum |
|
— |
|
— |
|
|
Chalco Mining |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
Accumulated balances of non-controlling interests at the reporting dates |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ningxia Energy |
|
4,516,727 |
|
4,914,902 |
|
|
Shandong Huayu |
|
822,327 |
|
860,235 |
|
|
Chalco Shandong |
|
— |
|
1,426,620 |
|
|
Zhongzhou Aluminum |
|
— |
|
2,151,713 |
|
|
Baotou Aluminum |
|
700,000 |
|
2,588,831 |
|
|
Chalco Mining |
|
1,101 |
|
5,345,570 |
|
As of December 31, 2017, pursuant to the "Investment Agreements" and the "Debt to Equity Swap Agreements" (note 17), the Investors have already made additional capital contributions of RMB12,600 million to the Target Companies. Subsequent to the completion of the capital increase, the Company's interest in Chalco Shandong, Zhongzhou Aluminum, Baotou Aluminum and Chalco Mining decreased from 100% to 69.20%, 63.10%, 74.33% and 18.86%, respectively. Pursuant to the "Investment Agreements" and the "Debt-to-Equity Swap Agreements", the Investors voluntarily became parties acting in concert with the Company. When voting at the shareholders’ and board meetings of the Target Companies, the Investors and the directors appointed by them undertake to act in accordance with the instructions from the Company and in concert with the Company. Therefore, in the opinion of the directors of the Company, the Group exercises control over the Target Companies; and the equity interest of the Target Companies held by the Investors are accounted for as non-controlling interests.
The following tables illustrate the summarized financial information of the above subsidiaries. The amounts disclosed are before any inter-company eliminations:
|
|
|
Ningxia |
|
Shandong |
|
Chalco |
|
Zhongzhou |
|
Baotou |
|
|
|
2016 |
|
Energy |
|
Huayu |
|
Shandong |
|
Aluminum |
|
Aluminum |
|
Chalco Mining |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
4,170,859 |
|
2,500,353 |
|
5,990,183 |
|
4,716,235 |
|
6,467,152 |
|
2,390,441 |
|
Total expenses |
|
4,064,127 |
|
2,323,417 |
|
5,636,485 |
|
4,700,680 |
|
5,671,676 |
|
2,930,569 |
|
Profit/(loss) for the year |
|
106,732 |
|
176,936 |
|
353,698 |
|
15,555 |
|
795,476 |
|
(540,128) |
|
Total comprehensive income/(loss) for the year |
|
106,732 |
|
176,936 |
|
353,698 |
|
15,555 |
|
795,476 |
|
(540,128) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
4,481,921 |
|
918,043 |
|
2,307,274 |
|
2,658,649 |
|
2,308,282 |
|
2,790,087 |
|
Non-current assets |
|
30,633,509 |
|
2,231,424 |
|
4,795,278 |
|
4,722,540 |
|
8,068,407 |
|
6,060,379 |
|
Current liabilities |
|
6,959,388 |
|
1,331,872 |
|
3,974,857 |
|
3,793,320 |
|
4,851,993 |
|
2,627,715 |
|
Non-current liabilities |
|
17,720,701 |
|
1,100 |
|
300,547 |
|
340,809 |
|
1,060,164 |
|
5,421,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from/(used in) operating activities |
|
1,874,909 |
|
(332,713) |
|
136,934 |
|
368,083 |
|
1,271,670 |
|
212,147 |
|
Net cash flows (used in)/from investing activities |
|
(1,384,059) |
|
32,753 |
|
(200,859) |
|
(373,882) |
|
(2,035,306) |
|
(461,248) |
|
Net cash flows from/(used in) financing activities |
|
291,301 |
|
(68,627) |
|
(62,754) |
|
(40,286) |
|
1,084,462 |
|
157,940 |
|
Effect of foreign exchange rate changes, net |
|
— |
|
— |
|
— |
|
— |
|
12 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
782,151 |
|
(368,587) |
|
(126,679) |
|
(46,085) |
|
320,838 |
|
(91,161) |
|
|
|
Ningxia |
|
Shandong |
|
Chalco |
|
Zhongzhou |
|
Baotou |
|
|
|
2017 |
|
Energy |
|
Huayu |
|
Shandong |
|
Aluminum |
|
Aluminum |
|
Chalco Mining |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
5,624,059 |
|
2,900,693 |
|
8,402,308 |
|
5,831,439 |
|
10,419,392 |
|
4,430,817 |
|
Total expenses |
|
5,691,240 |
|
2,873,755 |
|
8,080,124 |
|
5,653,178 |
|
9,696,225 |
|
4,389,171 |
|
(Loss)/profit for the year |
|
(67,181) |
|
26,938 |
|
322,184 |
|
178,261 |
|
723,167 |
|
41,646 |
|
Total comprehensive (loss)/income for the year |
|
(67,181) |
|
26,938 |
|
322,184 |
|
178,261 |
|
723,167 |
|
41,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
4,538,735 |
|
1,086,854 |
|
2,279,318 |
|
3,058,917 |
|
3,785,165 |
|
2,997,388 |
|
Non-current assets |
|
33,716,269 |
|
2,475,925 |
|
4,741,067 |
|
4,681,807 |
|
12,535,637 |
|
6,108,012 |
|
Current liabilities |
|
7,944,491 |
|
1,612,994 |
|
2,239,052 |
|
1,881,642 |
|
4,591,208 |
|
2,499,653 |
|
Non-current liabilities |
|
19,488,716 |
|
80,489 |
|
148,757 |
|
27,725 |
|
3,894,064 |
|
17,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
|
2,110,801 |
|
195,673 |
|
840,018 |
|
778,375 |
|
1,015,534 |
|
1,205,318 |
|
Net cash flows used in investing activities |
|
(3,933,743) |
|
(186,230) |
|
(496,837) |
|
(630,895) |
|
(4,622,781) |
|
(552,588) |
|
Net cash flows from/(used in) financing activities |
|
1,350,275 |
|
117 |
|
(268,386) |
|
(190,781) |
|
3,447,792 |
|
(603,051) |
|
Effect of foreign exchange rate changes, net |
|
— |
|
— |
|
— |
|
— |
|
(16) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
|
(472,667) |
|
9,560 |
|
74,795 |
|
(43,301) |
|
(159,471) |
|
49,679 |