Century Ginwa Retail : ANNUAL RESULTS ANNOUNCEMENT FOR THE NINE MONTHS ENDED 31 DECEMBER 2020

CENTURY GINWA RETAIL HOLDINGS LIMITED ˰ߏږڀਠุછٰϞࠢʮ̡

(Incorporated in Bermuda with limited liability)

€׵ϵᅉ༺ൗ̅ϓͭʘϞࠢʮ̡ €Stock Code ٰ΅˾໮j162

ANNUAL RESULTS ANNOUNCEMENT

FOR THE NINE MONTHS ENDED

31 DECEMBER 2020

FINANCIAL HIGHLIGHTS

࿚Їɚཧɚཧϋ ɤɚ˜ɧɤɓ˚˟ɘࡈ˜ʘ ϋܓุᐶʮѓ

ৌਕ࿜ࠅ

Nine months ended 31 December 2020

࿚Ї ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ˟ɘࡈ˜

RMB million ɛ͏࿆ϵຬʩ

Year ended

31 March 2020

࿚Ї ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ˟ϋܓ

RMB millionɛ͏࿆ϵຬʩ

Gross revenue (1)

ᐼϗू(1)

1,282.0

1,812.7

Revenue

EBITDA

EBIT (Loss from operations)

Loss attributable to equity shareholders of the Company

ϗू ೼ࢹұᔚʿᛅቖۃлᆗ ೼ࢹۃлᆗ €຾ᐄᑦฦ ͉ʮٰ̡؇ᏐЦᑦฦ

397.0

642.0

(487.0) (1,032.9)

(603.0) (1,169.3)

(635.1) (1,279.1)

Basic loss per share

ӊٰਿ͉ᑦฦ

(27.3) cents ʱ

(55.0) cents ʱ

FINANCIAL HIGHLIGHTS (continued)

ৌਕ࿜ࠅ €ᚃ

At

31 December 2020 ׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚

RMB million ɛ͏࿆ϵຬʩ

At 31 March 2020 ׵ɚཧɚཧϋ ɧ˜ɧɤɓ˚

RMB millionɛ͏࿆ϵຬʩ

Net assets of the Group

NAV per ordinary share (2)

͉ණྠ༟ପଋ࠽ ӊٰ౷ஷٰ༟ପଋ࠽(2)

2,038.0

1.73 yuan ʩ

2,708.7

2.28 yuan ʩ

Notes:

• (1) Gross revenue represents the gross amount arising from the sales of goods, concession sales charged to retail customers, gross rental income and management and administrative service fee income charged to tenants.

• (2) NAV per ordinary share represents the total equity attributable to equity shareholders of the Company per ordinary share.

ڝൗj

• (1) ᐼϗूܸቖਯਠۜeࠇɝཧਯ܄˒ʘत ஢ਖ਼ᓞቖਯeᐼॡږϗɝ˸ʿΣॡ˒ϗ ՟ʘ၍ଣʿБ݁؂ਕ൬ϗɝʘᐼᕘf

• (2) ӊٰ౷ஷٰ༟ପଋ࠽ܸ͉ʮٰ̡؇ᏐЦ ӊ ٰ ౷ ஷ ٰ ᛆ ू ᐼ ᕘf

KEY PERFORMANCE INDEX

ᗫᒟุਕܸᅺ

Nine months ended 31 December 2020

࿚Ї ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ˟ɘࡈ˜

Year ended

31 March 2020

࿚Ї ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ˟ϋܓ

RMB ɛ͏࿆ʩ

RMBɛ͏࿆ʩ

Sales per ticket (1)

ʹ׸ఊᄆ(1)

1,167 1,245

Annualised area efficiency (per m2) (2)

ϋܓʷջࣖ€ӊ̻˙Ϸ

(2)

20,600 21,200

Notes:

ڝൗj

ended 31 December 2020

Note

RMB'000

ڝൗ

࿚Ї ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ˟ɘࡈ˜ ɛ͏࿆ɷʩ

RMB'000

࿚Ї ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ˟ϋܓ ɛ͏࿆ɷʩ

Revenue

ϗू

4

397,021 642,012

Other net income Cost of goods sold

Sales and other taxes and surcharges Staff costs

Depreciation expenses Utilities expenses Advertisement expenses

Expected credit losses on trade and other receivables

Impairment losses on goodwill and intangible assets

Other operating expenses

Չ˼ଋϗɝ ஬ۜቖਯϓ͉ ቖਯʿՉ˼೼ධʿڝ̋೼ ࡰʈϓ͉ ұᔚක˕ ʮ΍ԫุක˕ ᄿѓක˕ ᏐϗሪಛʿՉ˼Ꮠϗಛ ཫಂڦ൲ᑦฦ ਠᚑʿೌҖ༟ପಯ࠽ᑦฦ

Չ˼຾ᐄක˕

5(d)

12,164 10,629

(161,264) (252,183)

(15,334) (19,810)

5(b)

(76,552) (125,151)

(116,028) (165,095)

(21,490) (34,032)

(8,048) (6,361)

(4,905) (604,716)

9 5(c)

(365,855) (470,605)

(242,701) (143,978)

Loss from operations

຾ᐄᑦฦ

(602,992)

(1,169,290)

CONSOLIDATED STATEMENT OF PROFIT OR LOSS (continued)

ၝΥฦूڌ €ᚃ

Nine months ended 31 December 2020

NoteYear ended 31 March 2020

RMB'000

࿚Ї ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ˟ɘࡈ˜

RMB'000

ڝൗ

ɛ͏࿆ɷʩ

࿚Ї ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ˟ϋܓ ɛ͏࿆ɷʩ

Loss from operations

຾ᐄᑦฦ

(602,992)

(1,169,290)

Valuation loss on an investment property Net finance costs

ҳ༟يุП࠽ᑦฦ ৌਕ൬͜ଋᕘ

- (28,700)

5(a)

(115,798) (118,509)

Loss before taxation

ৰ೼ۃᑦฦ

5

(718,790)

(1,316,499)Income tax

ה੻೼

6

53,611

3,909

Loss for the period/year

ಂʫŊϋʫᑦฦ

(665,179)

(1,312,590)

Attributable to:

Equity shareholders of the Company Non-controlling interests

͟˸ɨɛɻᏐЦj ͉ʮٰ̡؇ ڢછٰᛆू

• (635,095) (1,279,095)

(30,084)

(33,495)

Loss for the period/year

ಂʫŊϋʫᑦฦ

(665,179)

(1,312,590)

Basic and diluted loss per share (RMB)

ӊٰਿ͉ʿᛅᑛᑦฦ €ɛ͏࿆ʩ

7

(0.273)

(0.550)

Items that will not be reclassified to profit or loss:

Loss for the period/yearOther comprehensive income for the period/year (after tax and reclassification adjustments):

• - Surplus on revaluation of land and buildings held for own use

• - Equity investments at fair value through other comprehensive income - net movement in fair value reserve (non-recycling)

presentation currency

ಂʫŊϋʫՉ˼Όࠦϗू €຾ϔৰ೼ධʿࠠอʱᗳ ሜ዆j

ਗ਼ʔึࠠอʱᗳЇฦूʘ ධͦj ÑࠠПܵЪІ͜ʘɺήʿᅽ ρޮቱ Ñܲʮʪ࠽ࠇඎ˲Չᜊਗ ࠇɝՉ˼Όࠦϗूʘ ᛆूҳ༟Ñʮʪ࠽Ꮇ௪ €ʔ̙ྌᔷᜊਗଋᕘ

ࢨᕘ

ended 31 December 2020 RMB'000

࿚Ї ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ˟ɘࡈ˜ ɛ͏࿆ɷʩ

࿚Ї ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ˟ϋܓ ɛ͏࿆ɷʩ

Other comprehensive income for the period/year

ಂʫŊϋʫՉ˼Όࠦϗू

(5,959)

(67,494)

Total comprehensive income for the period/year

ಂʫŊϋʫΌࠦϗूᐼᕘ

(671,138)

(1,380,084)

Attributable to:

Equity shareholders of the Company Non-controlling interests

͟˸ɨɛɻᏐЦj ͉ʮٰ̡؇ ڢછٰᛆू

• (634,933) (1,336,970)

(36,205)

(43,114)

Total comprehensive income for the period/year

ಂʫŊϋʫΌࠦϗूᐼᕘ

(671,138)

(1,380,084)

׵

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2020

ၝΥৌਕًرڌ €ᚃ

׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚

At 31 December 2020

Note RMB'000

׵

ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚

At 31 March 2020 RMB'000

ڝൗ

ɛ͏࿆ɷʩ

ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

Non-current liabilities

Long-term provisions

Bank and other borrowings Lease liabilities

Deferred tax liabilities

ڢݴਗࠋව ڗಂᅡ௪ ვБʿՉ˼࠾൲ ॡ༣ࠋව ჈ַ೼ධࠋව

12(b)

288,593 1,349,000 64,078 610,889

94,046 1,241,517 61,911 639,244

2,312,560

2,036,718

NET ASSETS

༟ପଋᕘ

2,037,972

2,708,718

CAPITAL AND RESERVES

Share capital

Reserves

ٰ͉ʿᎷ௪ ٰ͉ Ꮇ௪

199,369 1,787,968

199,369 2,422,509

Total equity attributable to equity shareholders of the Company Non-controlling interests

͉ʮٰ̡؇ᏐЦᛆूᐼᕘ

ڢછٰᛆू

1,987,337 50,635

2,621,878 86,840

TOTAL EQUITY

ᛆूᐼᕘ

2,037,972

2,708,718

(Expressed in RMB unless otherwise indicated)

NOTES

ڝൗ €ৰڢ̤Ϟܸ׼dщۆ˸ɛ͏࿆яΐ

• 1 CORPORATE INFORMATION

  Century Ginwa Retail Holdings Limited (the "Company") was incorporated in Bermuda on 8 August 2000 as an exempted company with limited liability under the Bermuda Companies Act 1981. The shares of the Company were listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 23 October 2000. The consolidated financial statements of the Company for the nine months ended 31 December 2020 comprise the Company and its subsidiaries (collectively referred to as the "Group"). The principal activities of the Group are the operation of department stores, a shopping mall and supermarkets in the People's Republic of China (the "PRC").

  On 1 December 2019, Maritime Century Limited ("MCL", the then substantial shareholder of the Company, and a company wholly-owned by Ginwa Investments Holding Group Limited ("Ginwa Investments"), which in turn is owned as to 96% by Mr. Wu Yijian), Ginwa Investments and Mr. Wu Yijian entered into a sale and purchase agreement (the "SPA") with Xi'an Qujiang Cultural Financial Holdings (Group) Co., Ltd. ("Qujiang Financial Holdings") and Qujiang Cultural Financial International Investment Limited ("Qujiang Investment", and together with Qujiang Financial Holdings, the "Purchasers"), pursuant to which MCL agreed to dispose of, and the Purchasers agreed to purchase, 336,166,156 ordinary shares in the Company each with a nominal value of HK$0.10 (the "Sale Shares") at a consideration of HK$0.2123 per Sale Share, equivalent to an aggregate consideration of HK$71,368,075. On 5 June 2020, all the conditions precedent in the SPA were satisfied or waived, and the sale and purchase of the shares under the SPA was completed (the "Completion"). Following the Completion, Qujiang Investment became a substantial shareholder of the Company, holding 29.24% of the issued ordinary shares of the Company.

  • 1 ʮ̡༟ࣘ ˰ߏږڀਠุછٰϞࠢʮ̡€˜͉ʮ ̡™׵ɚཧཧཧϋɞ˜ɞ˚࣬ኽϵᅉ༺ ɓɘɞɓϋʮ̡ج׵ϵᅉ༺ൗ̅ϓͭމ ᐏᒀеϞࠢʮ̡f͉ʮ̡ʘٰ΅׵ɚཧ ཧཧϋɤ˜ɚɤɧ˚ৎʊί࠰ಥᑌΥʹ ׸הϞࠢʮ̡€˜ᑌʹה™ɪ̹f͉ʮ̡ ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ɘࡈ ˜ʘၝΥৌਕ༟ܼ͉ࣘ̍ʮ̡ʿՉڝ᙮ ʮ̡€ ୕၈˜͉ණྠ™f͉ණྠʘ˴ࠅุ ਕމ׵ʕശɛ͏΍ձ਷€˜ʕ਷™຾ᐄϵ ஬ ਠ ఙeᒅ ي ʕ ː ʿ ൴ ॴ ̹ ఙf ׵ɚཧɓɘϋɤɚ˜ɓ˚d Maritime Century Limited€˜MCL ™d͉ʮ̡຅ࣛ ʘ˴ࠅٰ؇ʿމ͟ږڀҳ༟છٰණྠ Ϟࠢʮ̡€˜ږڀҳ༟™Ό༟ኹϞʘʮ ̡dږڀҳ༟͟юɓ਺΋͛ܵϞ 96%ᛆ ूeږڀҳ༟ʿюɓ਺΋͛ၾГτϜϪ ˖ʷږፄછٰ€ණྠϞࠢʮ̡€˜ϜϪ ږፄછٰ™ʿϜϪ˖ʷږፄ਷ყҳ༟Ϟ ࠢʮ̡€˜ϜϪҳ༟™dၾϜϪږፄછٰ ୕၈މ˜൯˙™ࠈͭ൯ር՘ᙄ€˜൯ር՘ ᙄ™dኽ Ϥ MCL Νจ̈ਯd൯˙Νจᒅ ൯336,166,156ٰӊٰࠦ࠽0.10ಥʩʘ͉ ʮ̡౷ஷٰٰ΅€˜ቖਯٰ΅™d˾ᄆމ ӊٰቖਯٰ΅0.2123 ಥʩd޴຅׵ᐼ˾ ᄆމ 71,368,075 ಥʩf׵ɚཧɚཧϋʬ ˜ʞ˚d൯ር՘ᙄʘהϞ΋Ӕૢ΁ѩᐏ ༺ϓאᒀеdϾ൯ር՘ᙄධɨʘٰ΅ʘ ൯ርʊҁϓ€˜ҁϓ™fҁϓܝdϜϪҳ ༟ʊϓމ͉ʮ̡ʘ˴ࠅٰ؇dܵϞ͉ʮ ̡ʊ೯Б౷ஷٰٰ΅ʘ29.24%f

• 2 BASIS OF PREPARATION

  These financial statements have been prepared in accordance

  with all applicable Hong Kong Financial Reporting Standards

  ("HKFRSs"), which collective term includes all applicable

  individual Hong Kong Financial Reporting Standards, Hong

  Kong Accounting Standards ("HKASs") and Interpretations

  issued by the Hong Kong Institute of Certified Public

  Accountants (the "HKICPA") and accounting principles

  generally accepted in Hong Kong. These consolidated

  financial statements also comply with the applicable disclosure

  requirements of the Hong Kong Companies Ordinance and

  applicable disclosures provisions of the Rules Governing the

  Listing of Securities on the Stock Exchange of Hong Kong

  Limited (the "Listing Rules").

• 2 ᇜႡਿ๟

  Ϥഃৌਕజڌɗ࣬ኽהϞቇ͜ʘ࠰ಥ ৌਕజѓ๟ۆ(˜࠰ಥৌਕజѓ๟ۆ™)ᇜ ႡdϤ୕၈ܼ̍͟࠰ಥึࠇࢪʮึ (˜࠰ ಥึࠇࢪʮึ™)཯̺ʘהϞቇٙ͜ࡈй ࠰ಥৌਕజѓ๟ۆe࠰ಥึࠇ๟ۆ (˜࠰ ಥึࠇ๟ۆ™ ) ʿ༕ᙑd˸ʿ࠰ಥʮႩึ ࠇࡡۆfϤഃၝΥৌਕజڌ͵፭๫࠰ಥ ʮ̡ૢԷʘቇ͜מᚣ஝֛ʿ࠰ಥᑌΥ ʹ׸הϞࠢʮ̡ᗇՎɪ̹஝ۆ(˜ɪ̹஝ ۆ™)ʘ ቇ ͜ מ ᚣ ૢ ˖f

• 2 BASIS OF PREPARATION (continued)

  As at 31 December 2020, the Group had net current liabilities of RMB2,046,659,000 and incurred net loss of RMB665,179,000 and had net cash used in operating activities of RMB241,422,000 for the nine months ended 31 December 2020. However, the directors of the Company do not consider that material uncertainties related to events or conditions exist which, individually or collectively, may cast significant doubt on the Group's ability to continue as a going concern. This is because:

  • - the Group has obtained a financial support letter from Qujiang Financial Holdings (the controlling shareholder of Qujiang Investment), a state-owned enterprise, who has agreed to provide indefinite loan facility of RMB2 billion to the Group and provide guarantees for the loan facilities from banks or any other financial institutions. Also, Qujiang Financial Holdings has agreed to extend its short-term loans granted to the Group of RMB690,000,000 (see Note 12(a)) when they fall due;

    • 2 ᇜႡਿ๟ €ᚃ

      ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ණྠ

      ʘݴਗࠋවଋᕘމɛ͏࿆2,046,659,000

      ʩd˸ʿ׵࿚Їɚཧɚཧϋɤɚ˜

      ɧɤɓ˚˟ɘࡈ˜ପ͛ᑦฦଋᕘɛ͏࿆

      665,179,000ʩʿ຾ᐄݺਗה͜ତږଋᕘ

      ɛ͏࿆ 241,422,000 ʩf್Ͼd͉ʮ̡໨

      ԫႩމdԨʔπίࡈйא዆᜗̙ঐึ˿

      ͉ණྠܵᚃ຾ᐄঐɢிϓࠠɽဲᅇٙԫ

      ΁אઋر޴ᗫٙࠠɽʔᆽ֛׌fϤɗ͟

      ׵j

      • - ͉ණྠІɓග਷ϞΆุϜϪږፄ છٰ€ϜϪҳ༟ʘછٰٰ؇՟ ੻ৌਕ˕ܵՌ΁dՉʊΝจމ͉ ණྠ౤Զɛ͏࿆ 20 ᄂʩʘೌಂ ࠢ൲ಛፄ༟˸ʿމვБഃږፄ ዚ࿴൲ಛፄ༟౤ԶዄڭfϤ̮d ϜϪږፄછٰΝจ׵Ցಂַࣛڗ બʚ͉ණྠʘ೵ಂ൲ಛɛ͏࿆ 690,000,000ʩ€Ԉڝൗ12(a) i

  • - the Group has obtained a long-term loan from a bank of RMB700,000,000 after the end of the reporting period; and

    • - ׵జѓಂ͋ܝd͉ණྠʊІɓ ගვБ՟੻ڗಂ൲ಛɛ͏࿆ 700,000,000ʩiʿ

  • - based on a cash flow forecast of the Group for the twelve months ending 31 December 2021 prepared by the management, the Group would have adequate funds to meet its liabilities as and when they fall due for at least twelve months from the end of the reporting period.

  • - ࣬ኽ၍ଣᄴᇜႡ͉ٙණྠ࿚Їɚ ཧɚɓϋɤɚ˜ɧɤɓ˚˟ɤɚ ࡈ˜ٙତږݴඎཫ಻d͉ණྠਗ਼ Ϟ̂ԑ༟ږd˸Ꮅᒔ׵జѓಂ͋ ܝЇˇɤɚࡈ˜Ցಂࣛٙࠋවf

  Accordingly, the directors of the Company are of the opinion that it is appropriate to prepare the Group's financial statements for the nine months ended 31 December 2020 on a going concern basis.

• 3 CHANGES IN ACCOUNTING POLICIES

  The Group has applied the following amendments to HKFRSs

  issued by the HKICPA to these financial statements for the

  current accounting period:

ΪϤd͉ʮ̡໨ԫႩމdܲܵᚃ຾ᐄਿ ๟ᇜႡ͉ණྠ࿚Їɚཧɚཧϋɤɚ˜ ɧɤɓ˚˟ɘࡈ˜ʘৌਕజڌɗ᙮ቇ ຅f

• 3 ึࠇ݁ഄᜊਗ

  ͉ණྠʊ࿁͉ึࠇಂගʘ༈ഃৌਕజڌ

  Ꮠ͜ɨΐ࠰ಥึࠇࢪʮึ཯бʘ࠰ಥৌ

  ਕ జ ѓ ๟ ۆ ʘ ࡌ ࠈ ͉j

  • • Amendments to HKFRS 3, Definition of a Business

    • • ࠰ಥৌਕజѓ๟ۆୋ3໮ʘࡌࠈ ͉˜ุ ਕ ʘ ֛ ່ ™

  • • Amendment to HKFRS 16, COVID-19-Related Rent Concessions

  • • ࠰ಥৌਕజѓ๟ۆୋ16໮ʘࡌࠈ ͉˜COVID-19޴ᗫॡږಯе™

REVENUE AND SEGMENT REPORTING

4

ϗूձʱ௅జѓ

Revenue from contracts with customers within the scope of

HKFRS 15

Sales of goods

Net income from concession sales Management and administrative service fee income

Revenue from other sources Gross rental income

࠰ಥৌਕజѓ๟ۆୋ15໮ ᇍఖʫʘԸІ܄˒Υߒʘ ϗू ਠۜቖਯ त஢ਖ਼ᓞቖਯଋϗɝ ၍ଣʿБ݁؂ਕ൬ϗɝ

Չ˼Ը๕ϗू ᐼॡږϗɝ

(a)

ended 31 December 2020 RMB'000

࿚Ї ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ˟ɘࡈ˜ ɛ͏࿆ɷʩ

31 March 2020 RMB'000

࿚Ї ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ˟ϋܓ ɛ͏࿆ɷʩ

184,528 302,622

134,913 224,849

33,473 50,164

352,914 577,635

44,107 64,377

397,021

642,012

Disaggregated by timing of revenue recognition

ܲϗूᆽႩࣛගʱᗳ

Point in time Over time

ࣛᓃ ᎇࣛග

319,441 527,471

77,580 114,541

397,021

642,012

4

• (a) Revenue (continued)

  Information on gross revenue

  Gross revenue represents the gross amount arising

  from the sales of goods, concession sales charged to

  retail customers, gross rental income and management

  and administrative service fee income charged to

  tenants.

  • (a) ϗू €ᚃ ၾᐼϗूϞᗫʘ༟ࣘ

    ᐼϗूܸቖਯਠۜeࠇɝཧਯ܄

    ˒ʘत஢ਖ਼ᓞቖਯeᐼॡږϗɝ

    ˸ʿΣॡ˒ϗ՟ʘ၍ଣʿБ݁؂

    ਕ ൬ ϗ ɝ ʘ ᐼ ᕘf

    Nine monthsended 31 December 2020 RMB'000

    ࿚Ї ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ˟ɘࡈ˜ ɛ͏࿆ɷʩ

    Year ended

    31 March 2020 RMB'000

    ࿚Ї ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ˟ϋܓ ɛ͏࿆ɷʩ

    Sales of goods

    Gross revenue from concession sales Gross rental income

    Management and administrative service fee income

    ਠۜቖਯ त஢ਖ਼ᓞቖਯᐼϗू ᐼॡږϗɝ ၍ଣʿБ݁؂ਕ൬ϗɝ

    184,528

    302,622

    1,019,894 1,395,508

    44,107 64,377

    33,473 50,164

    1,282,002

    1,812,671

    Further details regarding the Group's principal activities are disclosed below.

    Ϟᗫ͉ණྠ˴ࠅุਕʘආɓӉ༉ ઋ ׵ ɨ ˖ מ ᚣf

• (b) Segment reporting

  The Group manages its businesses by lines of business. In a manner consistent with the way in which information is reported internally to the Group's most senior executive management for the purposes of resource allocation and performance assessment, the Group has presented the following two reportable segments. No operating segments have been aggregated to form the following reportable segments:

• (b) ʱ௅జѓ ͉ණྠீཀุਕᗳۨ၍ଣՉุ ਕfఱ༟๕ʱৣʿڌତ൙ПϾ ԊdމୌΥΣ͉ණྠʘ௰৷ॴ၍ ଣᄴЪʫ௅జѓ༟ࣘ˙όd͉ණ ྠʊܲ˸ɨՇࡈ̙జѓʱ௅ආБ яజf฿ೌ຾ᐄʱ௅ΥԻ˸࿴ϓ ˸ ɨ ̙ జ ѓ ʱ ௅j

4

(b) Segment reporting (continued)

(i)

(b)

ʱ௅జѓ €ᚃ

4

(b) Segment reporting (continued)

(i)

(b)

ʱ௅జѓ €ᚃ

Disaggregated by timing of revenue recognition

ܲϗूᆽႩࣛගʱᗳ

Nine months ended 31 December 2020

࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ɘࡈ˜

Department stores andshopping mall ϵ஬ਠఙʿ ᒅيʕː

RMB'000 ɛ͏࿆ɷʩ

Point in time Over time

Supermarkets

Total

൴ॴ̹ఙ

Υࠇ

RMB'000 ɛ͏࿆ɷʩ

RMB'000 ɛ͏࿆ɷʩ

ࣛᓃ ᎇࣛග

161,587 62,386

157,854 319,441

15,194 77,580

Revenue and net income from external customers and reportable segment revenue and net income

̮Ը܄˒ʘϗूʿଋϗɝʿ̙జѓ ʱ௅ϗूʿଋϗɝ

223,973

173,048

397,021

Reportable segment (loss)/profit (adjusted EBITDA)

̙జѓʱ௅€ᑦฦŊ๐л €຾ሜ዆EBITDA

(124,888)

1,107

(123,781)

4

(ii)

Disaggregated by timing of revenue recognition

Revenue and net income from external customers ̮Ը܄˒ʘϗूʿଋϗɝʿ̙జѓ and reportable segment revenue and net income ʱ௅ϗूʿଋϗɝ

Reportable segment loss (adjusted EBITDA)

Point in time Over time

Reportable segment loss Other net income Depreciation expenses

̙జѓʱ௅ᑦฦ€຾ሜ዆EBITDA

Impairment losses on goodwill and intangible assets

Valuation loss on an investment property

ࣛᓃ ᎇࣛග

Net finance costs Unallocated head office and corporate administration expenses

Nine months ended 31 December 2020 RMB'000

̙జѓʱ௅ᑦฦ࿁ሪ

࿚Ї ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ˟ɘࡈ˜ ɛ͏࿆ɷʩ

Year ended

31 March 2020 RMB'000

࿚Ї ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ˟ϋܓ ɛ͏࿆ɷʩ

̙జѓʱ௅ᑦฦ Չ˼ଋϗɝ ұᔚක˕ ਠᚑʿೌҖ༟ପಯ࠽ᑦฦ ҳ༟يุП࠽ᑦฦ ৌਕ൬͜ଋᕘ ͊ʱৣᐼ௅ʿʮ̡

(123,781)

(533,199)

12,164

10,629

(116,028) (165,095)

(365,855) (470,605)

- (28,700)

(115,798) (118,509)

Б݁ක˕

(9,492) (11,020)Loss before taxation

ৰ೼ۃᑦฦ

(718,790)

(1,316,499)

• (a) Net finance costs

  Interest expenses on bank and other borrowings

  Interest on lease liabilities

  Bank charges and other finance costsTotal borrowing costs

  Less: interest expense capitalised into prepayments for acquisitions of properties

  Finance income on loan receivables from third parties

  Net foreign exchange loss/(gain)

• (b) Staff costs

Salaries, wages and other benefits Contributions to defined contribution retirement plans

(a)

ॡ༣ࠋවʘлࢹ ვБ൬͜ʿՉ˼ৌਕ൬͜

ᐼ࠾൲ϓ͉ ಯjʊ༟͉ʷɝϗᒅيุཫ˹ ಛධʘлࢹ˕̈ Ꮠϗୋɧ˙൲ಛʘৌਕϗɝ ිгᑦฦŊ€ϗूଋᕘ

(b)

(c) Other operating expenses

LOSS BEFORE TAXATION (continued)

5

ৰ೼ۃᑦฦ €ᚃ (c) Չ˼຾ᐄක˕

Auditors' remuneration - statutory audit service Other professional service fee Provisions for obligation from Cash

Coupon Card (see Note 10(c)) Property management fee

Loss on disposal of property, plant and equipment

ࣨᅰࢪᑚཇ

Ñج֛ࣨᅰ؂ਕ

Չ˼ਖ਼ุ؂ਕ൬ ਠᑌ̔ப΂ᅡ௪ €Ԉڝൗ10(c) يุ၍ଣ൬ ஈໄيุeᅀגʿண௪ʘᑦฦ

Others

Չ˼

(d)Other net income

Nine months

ended

31 December

2020

RMB'000

࿚Ї ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ˟ɘࡈ˜ ɛ͏࿆ɷʩ

Year ended

31 March 2020 RMB'000

࿚Ї ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ˟ϋܓ ɛ͏࿆ɷʩ

4,200 4,200

8,838 5,745

194,547 94,046

3,843 8,409

3,198 403

28,075 31,175

242,701

(d)

Չ˼ଋϗɝ

Nine months ended 31 December 2020 RMB'000

࿚Ї ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ˟ɘࡈ˜ ɛ͏࿆ɷʩ

143,978

Year ended

31 March 2020 RMB'000

࿚Ї ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ˟ϋܓ ɛ͏࿆ɷʩ

Interest income

лࢹϗɝ

Net income on a financial guarantee issued ʊ೯Бږፄዄڭʘଋϗɝ

Dividend income

Write-off of other payables

ٰࢹϗɝ ࿛ቖՉ˼Ꮠ˹ಛධ

11,264 5,795

- 1,415

900 1,200

- 2,219

12,164

10,629

Provision for PRC Corporate Income Tax Deferred taxation

INCOME TAX

• 7 BASIC AND DILUTED LOSS PER SHARE

  The calculation of basic loss per share is based on the loss attributable to equity shareholders of the Company of RMB635,095,000 (year ended 31 March 2020: RMB1,279,095,000) and the weighted average number of 2,326,151,000 ordinary and convertible preference shares (year ended 31 March 2020: 2,323,693,000 ordinary and convertible preference shares) in issue during the period.

  The holder of the convertible preference shares is entitled to receive the same rate of dividends/distributions as the holders of ordinary shares. Accordingly, for the purpose of the calculation of basic loss per share, the convertible preference shares issued have been included in the calculation of the weighted average number of shares in issue.

  • 7 ӊٰਿ͉ʿᛅᑛᑦฦ

    ӊٰਿ͉ᑦฦɗਿ׵͉ʮٰ̡؇ᏐЦ

    ᑦฦɛ͏࿆ 635,095,000 ʩ€࿚Їɚཧ

    ɚཧϋɧ˜ɧɤɓ˚˟ϋܓjɛ͏࿆

    1,279,095,000ʩʿ׵ಂʫʊ೯Б̋ᛆ̻

    ѩᅰ2,326,151,000ٰ౷ஷٰʿ̙౬ٰᎴ

    ΋ٰ€ ࿚Їɚཧɚཧϋɧ˜ɧɤɓ˚˟ϋ

    ܓj2,323,693,000ٰ౷ஷٰʿ̙౬ٰᎴ΋

    ٰࠇၑf

    ̙౬ٰᎴ΋ٰܵϞɛϞᛆܲၾ౷ஷٰܵ

    Ϟɛ޴Νʘˢଟᐏ੻ٰࢹŊʱݼfΪϤd

    ఱࠇၑӊٰਿ͉ᑦฦϾԊdࠇၑʊ೯Б

    ٰ΅̋ᛆ̻ѩᅰࣛʊࠇɝʊ೯Б̙౬ٰ

    Ꮄ ΋ ٰf

    During the nine months ended 31 December 2020 and year ended 31 March 2020, diluted loss per share is calculated on the same basis as basic loss per share.

    ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ɘࡈ ˜ʿ࿚Їɚཧɚཧϋɧ˜ɧɤɓ˚˟ϋ ܓdӊٰᛅᑛᑦฦɗܲၾӊٰਿ͉ᑦฦ ޴ Ν ਿ ๟ ࠇ ၑf

• 8 INTANGIBLE ASSETS

• 8 ೌҖ༟ପ

Trademark-use-right ਠᅺԴ͜ᛆ

RMB'000 ɛ͏࿆ɷʩ

GOODWILL

Cost:

At 1 April 2019, 31 March 2020 and 31 December 2020

9

ਠᚑ

ϓ͉j ׵ɚཧɓɘϋ̬˜ɓ˚eɚཧɚཧϋɧ˜ ɧɤɓ˚ʿɚཧɚཧϋɤɚ˜ɧɤɓ˚

RMB'000 ɛ͏࿆ɷʩ

1,451,814

Less: accumulated impairment losses At 1 April 2019

Impairment losses

ಯjଢ଼ࠇಯ࠽ᑦฦ

׵ɚཧɓɘϋ̬˜ɓ˚ 758,391

ಯ࠽ᑦฦ 470,605

At 31 March 2020 and 1 April 2020

Impairment losses (see note (ii))

׵ɚཧɚཧϋɧ˜ɧɤɓ˚ʿ

ɚཧɚཧϋ̬˜ɓ˚ ಯ࠽ᑦฦ€Ԉڝൗ(ii)

1,228,996 150,689

At 31 December 2020

׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚

1,379,685

Carrying amount: At 31 December 2020

ሪࠦ࠽j ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚

72,129

At 31 March 2020

׵ɚཧɚཧϋɧ˜ɧɤɓ˚

222,818

Impairment tests for cash-generating units containing goodwill and intangible assets with indefinite useful life

Goodwill is allocated to the Group's cash-generating units identified according to the department store and supermarket operations acquired as follows:

༱Ϟਠᚑʿೌಂ̙ࠢԴ͜ϋಂʘೌ Җ༟ପʘତږପ͛ఊЗʘಯ࠽಻༊

ਠᚑ࣬ኽνɨהϗᒅʘϵ஬ਠఙʿ൴ॴ ̹ఙุਕʱৣЇ͉ණྠʘʊᗆйତږପ ͛ ఊ Зj

Country of operation and operating segments

ุਕ਷࢕ʿ຾ᐄʱ௅

At

31 December 2020 RMB'000

׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

At 31 March 2020

RMB'000 ׵ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

Ginwa Bell Tower ږڀᙒᅽ

GCX

Ideal Mix LimitedDepartment stores and shopping mall,

PRC ϵ஬ਠఙʿᒅيʕːdʕ਷

Department stores and shopping mall,

PRC ϵ஬ਠఙʿᒅيʕːdʕ਷

Department stores and shopping mall and supermarkets, PRC ϵ஬ਠఙʿᒅيʕːၾ൴ॴ̹ఙdʕ਷

-

-

-

-

72,129 72,129

222,818 222,818

(i)

(ii)

Key assumptions

At 31 December

2020 ׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚

At 31 March 2020

׵ɚཧɚཧϋ ɧ˜ɧɤɓ˚

Ginwa Bell Tower ږڀᙒᅽ

Annual sales growth rate for the first five-year period ࠯ʞϋಂගٙϋቖਯᄣڗଟ

Annual sales growth rate after the five-year period ʞϋಂගܝٙϋቖਯᄣڗଟ

-10% - 2%

0% - 2%

3% 3%

Discount rate ൨ତଟ

16% 16%GCX

Annual sales growth rate for the first five-year period ࠯ʞϋಂගٙϋቖਯᄣڗଟ

Annual sales growth rate after the five-year period ʞϋಂගܝٙϋቖਯᄣڗଟ

-10% - 2%

-15% - 2%

3% 3%

Discount rate ൨ତଟ

16% 16%Ideal Mix Limited

Annual sales growth rate for the first five-year period ࠯ʞϋಂගٙϋቖਯᄣڗଟ

Annual sales growth rate after the five-year period ʞϋಂගܝٙϋቖਯᄣڗଟ

-10% - 2%

-10% - 2%

3% 3%

Discount rate ൨ତଟ

16% 16%

TRADE AND OTHER RECEIVABLES

Except for deposits of RMB1,816,000 (31 March 2020: RMB1,788,000), all of the trade and other receivables are expected to be recovered or recognised as expenses within one year.

ৰܲږɛ͏࿆ 1,816,000 ʩ€ɚཧɚཧ ϋɧ˜ɧɤɓ˚jɛ͏࿆ 1,788,000ʩ ̮dהϞᏐϗሪಛʿՉ˼Ꮠϗಛཫಂਗ਼ ׵ɓϋʫϗΫאᆽႩމ˕̈f

ᏐϗሪಛʿՉ˼Ꮠϗಛ €ᚃ

(a)Ageing analysis

Included in trade and other receivables are trade receivables (net of loss allowance) with the following ageing analysis (based on the invoice date) as of the end of the reporting period:

(a)

ሪᙧʱؓ ࠇɝᏐϗሪಛʿՉ˼ᏐϗಛʘᏐ ϗሪಛ€ʊϔৰᑦฦᅡ௪׵జ ѓಂ͋ܲ೯ୃ˚ಂʘሪᙧʱؓν ɨj

At

31 December 2020

RMB'000 ׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

At 31 March 2020

RMB'000 ׵ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

Less than 1 month More than 1 month but less than 3 months More than 3 months

ˇ׵ɓࡈ˜ ɓࡈ˜˸ɪ

Шˇ׵ɧࡈ˜ ɧࡈ˜˸ɪ

8,993

102 14,072

9,776

59 25,058

23,167

34,893

• (b) Amounts due from related parties

  The amounts due from related parties are unsecured,

  non-interest bearing and have no fixed terms of

  repayment.

• (c) Other receivables from third parties

  Included in the balance are receivables of RMB185,922,000 at 31 December 2020 (31 March 2020: RMBNil) due from a third party prepaid card management company (the "Prepaid Card Management Company").

Certain subsidiaries of the Company (the "Relevant Subsidiaries") have begun cooperation with the Prepaid Card Management Company since 2009 for its provision of services in managing the issue and usage of Cash Coupon Card (single-use prepaid card) (the "Cash Coupon Card") for the Group's department stores, shopping mall and supermarkets (the "Relevant Stores"). Pursuant to the agreement entered into by the Relevant Subsidiaries and the Prepaid Card Management Company (the "Original Cooperation Agreement"), the Prepaid Card Management Company issues Cash Coupon Card for and provides related management services to the Relevant Stores. The Relevant Subsidiaries shall pay the amount charged for the issue of Cash Coupon Card to the Prepaid Card Management Company, while the Prepaid Card Management Company shall settle the amount consumers have consumed in the Relevant Stores using the Cash Coupon Card to the Relevant Subsidiaries.

ᏐϗሪಛʿՉ˼Ꮠϗಛ €ᚃ (b) Ꮠϗᗫஹɛɻಛධ

Ꮠϗᗫஹɛɻಛධމೌתץeе

ࢹ ʿ Ԩ ೌ ո ֛ ᒔ ಛ ಂf

(c)

Չ˼Ꮠϗୋɧ˙ಛධ ׵ɚཧɚཧϋɤɚ˜ɧɤɓ ˚dഐቱʕ̍ўᏐϗୋɧ˙ཫ ˹̔၍ଣϞࠢʮ̡€˜ཫ˹̔ ၍ଣʮ̡™ʘᏐϗಛධɛ͏࿆ 185,922,000 ʩ€ɚཧɚཧϋɧ ˜ ɧ ɤ ɓ ˚jɛ ͏ ࿆ ཧ ʩ f ͉ʮ̡߰ʍڝ᙮ʮ̡€˜޴ᗫڝ ᙮ʮ̡™Іɚཧཧɘϋක֐ၾཫ ˹̔၍ଣʮ̡ආБΥЪd͟Չఱ ͉ණྠٙਠఙeᒅيʕːʿ൴ॴ ̹ఙ€˜޴ᗫژֳ™ʫ೯БʿԴ ͜ਠᑌ̔€ɓ၇ఊ͜௄ཫ˹̔ €˜ਠᑌ̔™౤Զ၍ଣ؂ਕf࣬ኽ ޴ᗫڝ᙮ʮ̡ၾཫ˹̔၍ଣʮ̡ ࠈͭٙ՘ᙄ€˜ࡡΥЪ՘ᙄ™dཫ ˹̔၍ଣʮ̡މ޴ᗫژֳ೯Бਠ ᑌ̔Ԩ౤Զ޴ᗫ၍ଣ؂ਕf޴ᗫ ڝ᙮ʮ̡Σཫ˹̔၍ଣʮ̡˕˹ ೯Бਠᑌ̔הϗ՟ٙಛධdཫ˹ ̔၍ଣʮ̡Σ޴ᗫڝ᙮ʮ̡ഐၑ ऊ൬٫Դ͜ਠᑌ̔ί޴ᗫژֳऊ ൬ ٙ ږ ᕘf

Based on the assessment of the circumstances and prospect of such cooperation with the Prepaid Card Management Company, the Relevant Subsidiaries entered into a termination agreement with the Prepaid Card Management Company on 31 October 2019 to terminate the Original Cooperation Agreement and the cooperation with the Prepaid Card Management Company in respect of the Cash Coupon Card thereunder, pursuant to which no new Cash Coupon Card will be issued and sold by the Prepaid Card Management Company.

࣬ኽ࿁ၾཫ˹̔၍ଣʮ̡ΥЪઋ رձۃ౻ٙ൙Пd޴ᗫڝ᙮ʮ̡ ׵ɚཧɓɘϋɤ˜ɧɤɓ˚ၾཫ ˹̔၍ଣʮ̡ࠈͭ୞˟՘ᙄd୞ ˟ࡡΥЪ՘ᙄʿՉධɨၾཫ˹̔ ၍ଣʮ̡ఱਠᑌ̔ٙΥЪdኽϤ ཫ˹̔၍ଣʮ̡ਗ਼ʔ೯Бձቖਯ อ ٙ ਠ ᑌ ̔f

At the same time, Ginwa Investments agreed to enter into a guarantee contract with the Relevant Subsidiaries to provide joint and several guarantee for the consumption amount of the issued Cash Coupon Card during the period from 1 November 2019 to 31 October 2022, which will be settled according to actual consumption on an annual basis.

Νࣛdږڀҳ༟ၾ޴ᗫڝ᙮ʮ̡ ՘֛ࠈͭڭᗇΥΝd˸ఱʊ೯Б ਠᑌ̔ίɚཧɓɘϋɤɓ˜ɓ˚ Їɚཧɚɚϋɤ˜ɧɤɓ˚ಂග ऊ ൬ ٙ ږ ᕘ€ ܲ ๫ ྼ ყ ऊ ൬ ӊ ϋ ආ Б ኽ ྼ ഐ ၑ ౤ Զ ஹ ੭ ዄ ڭf

TRADE AND OTHER PAYABLES

Ꮠ˹ሪಛʿՉ˼Ꮠ˹ಛ

At

31 December

2020

RMB'000

׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

At 31 March 2020 RMB'000

׵ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

Trade payables arising from:

- Concession sales - Purchase of inventoriesAmounts due to related parties

(see Note (i))

Other payables and accrued expenses:

• - Payables for staff related costs

• - Payables for interest expenses and transaction costs on borrowings

• - Deposits from concessionaries and customers

• - Dividends payables

• - Amounts due to a third party (see Note (ii))

  Ꮠ˹ሪಛΪ˸ɨ΢ධ ପ͛j Ñत஢ਖ਼ᓞቖਯ Ñᒅ൯π஬

  Ꮠ˹ᗫஹɛɻಛධ €Ԉڝൗ(i)

  Չ ˼ Ꮠ ˹ ಛ ʿ Ꮠ ࠇ ൬ ͜j

  370,413 801,748

  207,230 3,749

  350,556 751,555

  19,857 50,193

  ÑᏐ˹ʘࡰʈ޴ᗫ൬͜ ÑᏐ˹лࢹ˕̈ʿ࠾൲ʘʹ׸ϓ͉

  Ñत஢຾ᐄਠʿ܄˒ܲږ

  ÑᏐ˹ٰࢹ ÑᏐ˹ɓΤୋɧ˙ʘಛධ €Ԉڝൗ(ii)

  28,626 28,633

  10,283 62,954

  26,826 30,154

  3,661 3,661

• - Others

ÑՉ˼

58,812 91,686

- 104,943

219,894

230,345

Financial liabilities measured at amortised cost

Other taxes payable

ܲᛅቖϓ͉ࠇඎʘ ږፄࠋව Ꮠ˹Չ˼೼ධ

797,537 14,585

1,035,842

1,985

812,122

1,037,827

Notes:

TRADE AND OTHER PAYABLES (continued)

Ꮠ˹ሪಛʿՉ˼Ꮠ˹ಛ €ᚃ ڝൗj

• (i) The balances as at 31 December 2020 are unsecured and non-interest bearing, of which an amount of RMB164,000,000 has no fixed term of repayment and the remaining amounts are expected to be settled in 2021.

  • (i) ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚ʘ ഐቱމೌתץʿеࢹdՉʕږᕘ ɛ͏࿆ 164,000,000 ʩԨೌո֛ ᒔಛಂ˸ʿቱᕘཫಂ׵ɚཧɚɓ ϋ ʫ ഐ ˹f

• (ii) The amounts are unsecured, non-interest bearing and are expected to be settled in 2021.

• (ii) ༈ഃಛධމೌתץeеࢹʿཫಂ ׵ ɚ ཧ ɚ ɓ ϋ ʫ ഐ ˹f

At

31 December 2020

RMB'000 ׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

Due within one month or on demand

׵ɓࡈ˜ʫՑಂאܲࠅӋ˕˹

370,413

At 31 March 2020

RMB'000 ׵ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

801,748

At

31 December 2020

RMB'000 ׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

At 31 March 2020

RMB'000 ׵ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

Bank loans:

ვ Б ൲ ಛj

- secured by the Group's bank deposits Ñ˸͉ණྠʘვБπಛЪ

and guaranteed by the Company or a subsidiary of the Group

• - secured by Group's bank deposits

• - secured by the Group's land and buildings and guaranteed by the Company and/or Mr. Wu Yijian (an ex-director of the Company)

• - secured by the Group's land and buildings and guaranteed by Mr. Wu Yijian and/or subsidiaries of the Group

• - secured by the Group's land and buildings and guaranteed by subsidiaries of the Group, a subsidiary of Qujiang Financial Holdings and Mr. Wu Yijian

• - secured by bank deposits of a subsidiary of Qujiang Financial

  ת ץdԨ ͟ ͉ ʮ ̡ א ͉ණྠɓගڝ᙮ʮ̡ዄڭ

  235,455 404,452

  Ñ˸͉ණྠʘვБπಛЪתץ - 18,000 Ñ˸͉ණྠʘɺήʿᅽρЪת ץdԨ͉͟ʮ̡ʿŊאюɓ ਺΋͛€͉ʮ̡ۃ΂໨ԫ

  ዄڭ - 300,000

  Ñ˸͉ණྠʘɺήʿᅽρЪ ת ץdԨ ͟ ю ɓ ਺ ΋ ͛ ʿŊא͉ණྠ

  ڝ᙮ʮ̡ዄڭ - 150,000

  Ñ˸͉ණྠʘɺήʿᅽρЪ ת ץdԨ ͟ ͉ ණ ྠ ڝ ᙮ ʮ ̡eϜ Ϫ ږ ፄ છ ٰ ɓගڝ᙮ʮ̡ʿюɓ਺

  ΋͛ዄڭ - 70,000

  Ñ˸ϜϪږፄછٰɓගڝ᙮ ʮ̡ʘვБπಛЪתץ

  Holdings - 80,000

• - guaranteed by Qujiang Financial

Holdings, subsidiaries of the Group and Mr. Wu Yijian

Ñ͟ϜϪږፄછٰe͉ණྠڝ᙮ ʮ̡ʿюɓ਺΋͛ዄڭ

30,000 30,000

265,455

1,052,452

Other borrowings:

• - secured by the Group's land and buildings and guaranteed by a subsidiary of the Group and

  Չ ˼ ࠾ ൲j Ñ˸͉ණྠʘɺήʿᅽρЪ תץdԨ͉͟ණྠɓගڝ᙮ ʮ̡ʿюɓ਺΋͛ዄڭ

  Mr. Wu Yijian - 10,000

• - secured by the Group's equity securities (see Note 12(c))

• - guaranteed by a subsidiary of the

  Group

• - guaranteed by Qujiang Financial

Holdings

Ñ˸͉ණྠʘᛆूᗇՎЪתץ

€Ԉڝൗ12(c) - 120,800

Ñ͉͟ණྠɓගڝ᙮ʮ̡ዄڭ

Ñ͟ϜϪږፄછٰዄڭ

690,000 110,000 800,000

- -

130,800

Add: current portion of long-term bank loans (see Note 12(b)) Bond payables

̋jڗ ಂ ვ Б ൲ ಛ ʘ у ಂ ௅ ΅

€Ԉڝൗ12(b) Ꮠ˹වՎ

701,000 265,000

- 17,634

1,766,455

1,465,886

Bank loans:

• - secured by the Group's investment property and land and buildings and future income rights and guaranteed by the Company and Mr. Wu Yijian

• - guaranteed by a subsidiary of

Qujiang Financial Holdings

ვ Б ൲ ಛj Ñ˸͉ණྠʘҳ༟يุၾɺήʿ ᅽρʿ͊ԸϗɝᛆЪתץd Ԩ͉͟ʮ̡ʿюɓ਺΋͛ ዄڭ

Ñ͟ϜϪږፄછٰɓගڝ᙮ ʮ̡ዄڭ

- secured by the Group's bank deposits Ñ˸͉ණྠʘვБπಛʿŊא

and/or land and buildings and guaranteed by the Company and/or subsidiary of the Group and/or Mr. Wu Yijian

Other borrowings: - secured by the Group's land and buildings and guaranteed by Qujiang Financial Holdings and subsidiaries of the Group

Less: current portion of long-term bank loans (see Note 12(a))

Bond payables

ɺήʿᅽρЪתץdԨ͉͟ ʮ̡ʿŊא͉ණྠɓගڝ᙮ ʮ̡ʿŊאюɓ਺΋͛ዄڭ

Չ ˼ ࠾ ൲j Ñ˸͉ණྠʘɺήʿᅽρЪת ץdԨ͟ϜϪږፄછٰʿ͉ ණྠڝ᙮ʮ̡ዄڭ

ಯjڗ ಂ ვ Б ൲ ಛ ʘ у ಂ ௅ ΅

€Ԉڝൗ12(a)

At

31 December 2020

RMB'000 ׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

400,000 70,000

880,000

At 31 March 2020

RMB'000 ׵ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

432,000

-

1,350,000

1,074,000 1,506,000

700,000

-

2,050,000

(701,000)

1,506,000

(265,000)

Ꮠ˹වՎ

1,349,000 -

1,241,000 517

1,349,000

1,241,517

The Group's long-term bank and other borrowings are repayable as follows:

Within 1 year

After 1 year but within 2 years After 2 years but within 5 years After 5 years

ɓϋʫ ɓϋܝШՇϋʫ ՇϋܝШʞϋʫ ʞϋܝ

͉ණྠʘڗಂვБʿՉ˼࠾൲඲ ׵ ɨ ΐ ಂ ග Ꮅ ᒔj

At

31 December 2020

RMB'000 ׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

At 31 March 2020

RMB'000 ׵ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

701,000 265,000

465,000 707,000

704,000 315,517

180,000 219,000

2,050,000

1,506,517

• 12 BANK AND OTHER BORROWINGS (continued)

  • (c) The following assets and their respective carrying values as at the end of the reporting period are pledged to secure the Group's bank and other borrowings:

    • 12 ვБʿՉ˼࠾൲ €ᚃ

      • (c) ɨΐ༟ପʿՉ΢Іʘሪࠦ࠽׵͉ జѓಂ͋ʊ஗תץ˸Ъމ͉ණྠ ʘ ვ Б ʿ Չ ˼ ࠾ ൲ ʘ ዄ ڭj

        At

        31 December 2020

        RMB'000 ׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

        At 31 March 2020

        RMB'000 ׵ɚཧɚཧϋ ɧ˜ɧɤɓ˚ ɛ͏࿆ɷʩ

        Property, plant and equipment Investment property

        Other financial assets Cash at bank

        ي ุeᅀ ג ʿ ண ௪ ҳ༟يุ Չ˼ږፄ༟ପ ვБഐπ

        2,743,000 2,857,743

        1,265,300 1,265,300

        - 182,400

        282,897 443,090

        4,291,197

        4,748,533

  • (d) Certain of the Group's bank and other borrowings are subject to the fulfilment of covenants commonly found in lending arrangements with financial institutions. If the Group were to breach the covenants, such borrowings would become repayable on demand. At 31 December 2020, none of the covenants relating to the bank and other borrowings had been breached.

  • (d) ͉ණྠ߰ʍვБʿՉ˼࠾൲඲တ ԑၾږፄዚ࿴ʘ൲ಛτરʕʘ੬ Ԉ۰ፕfࡊ͉ණྠ༼ˀ۰ፕd༈ ഃ࠾൲ਗ਼ᜊϓ඲ܲࠅӋᎵᒔf׵ ɚཧɚཧϋɤɚ˜ɧɤɓ˚d฿ ೌ༼ˀϞᗫვБʿՉ˼࠾൲ٙ۰ ፕf

• 13 DIVIDENDS

  The directors of the Company do not recommend the payment

  of a dividend for the nine months ended 31 December 2020

  (year ended 31 March 2020: RMBNil).

• 13 ٰࢹ

͉ʮ̡໨ԫԨʔܔᙄݼ˹࿚Їɚཧɚཧ

ϋɤɚ˜ɧɤɓ˚˟ɘࡈ˜ʘ΂Оٰࢹ

€ ࿚ Ї ɚ ཧ ɚ ཧ ϋ ɧ ˜ ɧ ɤ ɓ ˚ ˟ ϋ ܓj

ɛ ͏ ࿆ ཧ ʩ f

According to the National Bureau of Statistics of China, the service industry continued to recover steadily in 2020. As a preliminary estimate, the added-value of the service industry was RMB55,397.7 billion, representing an increase of 2.1% as compared to last year. The added-value of the service industry accounted for 54.5% of the gross domestic product ("GDP") of China, representing an increase of 0.2 percentage points as compared to that of last year. The added-value of the service industry in the fourth quarter was RMB15,272.8 billion, representing a year-on-year increase of 6.7%. The modern service industry continuously developed in a fast pace. In 2020, the added-value of the information transmission, software and information technology service industry, the financial industry and the real estate industry increased by 16.9%, 7.0% and 2.9%, respectively, as compared to that of last year, resulting in an increase of 2.7 percentage points in the added-value of the service industry, which strongly supported the recovery of the overall economy. The transformation and enhancement of the service industry was stable. New consumption models such as online shopping, live-stream sales and online take-away ordering achieved robust growth. In 2020, the online retail sales of commodity goods increased by 14.8% from that of last year, which was 18.7 percentage points higher than the growth rate of the total retail sales of consumer goods, and accounted for 24.9% of the total retail sales of consumer goods. The business volume of express delivery amounted to 83.36 billion pieces, representing a growth rate of 31.2% as compared to that of last year. There have been continued demands for various new consumption models, such as online offices, online education and remote diagnosis. From January to November 2020, the cumulative traffic of mobile Internet across the country reached 149.50 billion GB, representing a year-on-year growth rate of 35.1%. The operating income of large-scale enterprises, which were engaged in Internet and related services, and software and information technology services, increased by 20.7% and 15.7%, respectively. In respect of market expectation, the business forecast index for the service sector was 60.1%, having attained a high level for six consecutive months.

ุਕΫᚥ €ᚃ ࣬ኽʕ਷਷࢕୕ࠇ҅୕ࠇdɚཧɚཧϋܓd ؂ਕุܵᚃᖢӉܨూfڋӉࣨၑdɚཧɚཧ ϋ؂ਕุᄣ̋࠽553,977ᄂʩdˢɪϋᄣڗ 2.1Ĉf؂ਕุᄣ̋࠽Цʕ਷਷ʫ͛ପᐼ࠽ ˢࠠމ54.5 Ĉd༰ɪϋ౤৷ 0.2 ࡈϵʱᓃf Չʕd̬֙ܓ؂ਕุᄣ̋࠽152,728ᄂʩd Νˢᄣڗ6.7Ĉfତ˾؂ਕุ೯࢝ݺɢʔᓙ ᙑ׳fɚཧɚཧϋdڦࢹෂ፩eழ΁ձڦࢹ Ҧஔ؂ਕุeږፄุ˸ʿגήପุᄣ̋࠽ ˢɪϋʱйᄣڗ16.9Ĉe7.0Ĉձ2.9ĈdΥ ࠇזਗ؂ਕุᄣ̋࠽ᄣڗ2.7ࡈϵʱᓃdϞ ɢ˕ᅟəᐼ᜗຾᏶ٙܨూf؂ਕุᔷۨʺ ॴ࿒ැᖢ਄fᇞɪᒅيeٜᅧ੭஬eၣɪ̮ ርഃอऊ൬ᅼό੶ැᄣڗdɚཧɚཧϋྼي ਠۜၣɪཧਯᕘˢɪϋᄣڗ14.8Ĉd৷ ׵ ٟึऊ൬ۜཧਯᐼᕘᄣ஺18.7 ࡈϵʱᓃd Цٟึऊ൬ۜཧਯᐼᕘٙˢࠠމ24.9Ĉi Ҟ჈؂ਕΆุุਕඎଢ଼ࠇҁϓ833.6ᄂ΁d ˢɪϋᄣڗ31.2Ĉfίᇞ፬ʮeίᇞ઺ԃe Ⴣ೻ਪൢഃอऊ൬ცӋܵᚃ׶ସdɚཧɚ ཧϋɓЇɤɓ˜dΌ਷୅ਗʝᑌၣଢ଼ࠇݴ ඎ༺1,495.0ᄂ GB dΝˢᄣڗ 35.1Ĉi஝ ᅼ ˸ɪʝᑌၣձ޴ᗫ؂ਕeழ΁ձڦࢹҦஔ ؂ਕุΆุᐄุϗɝΝˢʱйᄣڗ20.7Ĉ ձ15.7Ĉf੽̹ఙཫಂ޶d؂ਕุุਕݺਗ ཫಂܸᅰމ60.1% dஹᚃʬࡈ˜З׵৷З ౻ंਜගf

In 2020, market sales improved every quarter. Total retail sales of consumer goods amounted to RMB39,198.1 billion, representing a year-on-year decrease of 3.9%, which narrowed by 3.3 percentage points as compared to the first three quarters of 2020. Market sales showed a trend of recovery on a quarterly basis, and the consumer market recovery continued. In December 2020, total retail sales of consumer goods kept growing, and market sales achieved a year-on-year increase for five consecutive months. Online consumption has been growing rapidly. Under the epidemic, demand for household consumption increased significantly, and the growth of "stay-at-home economy" has driven the accelerated development of a new consumption model. In 2020, national online retail sales increased by 10.9% as compared to the previous year, which was 1.2 percentage points over the first three quarters of 2020. On the other hand, offline consumption improved significantly. The impact of the epidemic on face-to-face consumption is more obvious. In the first quarter, there were sharp decreases in both physical store traffic and merchandise sales. With the restoration of living order of residents, the going-out consumption activities of the residents increased steadily. As the pedestrian flow among physical stores has obviously rebound, offline consumption showed a trend of recovery. In 2020, the retail sales of supermarket products (above designated size) increased by 3.1% as compared to that of the previous year, which was 0.2 percentage points over the first three quarters of 2020. The decline in retail sales of department stores, specialty stores and exclusive stores narrowed by 6.8, 3.8 and 5.4 percentage points, respectively, from the first three quarters of 2020, and narrowed by 25.1, 19.3 and 27.3 percentage points, respectively, from the first quarter. The growth of resident income was basically in line with economic growth. In 2020, the per capita disposable income of residents nationwide was RMB32,189, representing a nominal increase of 4.7% as compared to the previous year. After excluding the price factor, the per capita disposable income of residents nationwide increased by 2.1%, which was basically in line with the economic growth. In 2020, the per capita disposable income of residents nationwide doubled from that of 2010. As such, after excluding the price factor, the per capita disposable income of residents nationwide actually increased by 7.2% annually on average and by 100.8% on a cumulative basis within ten years from 2011 to 2020, which means that the per capita disposable income of residents nationwide doubled from that of 2010.

ุਕΫᚥ €ᚃ ɚཧɚཧϋܓd̹ఙቖਯ஼֙ҷഛfٟึ ऊ൬ۜཧਯᐼᕘ391,981ᄂʩdˢɪϋɨࠥ 3.9Ĉdࠥషˢ࠯ɧ֙ܓϗ॥3.3ࡈϵʱᓃf ̹ఙቖਯяତ஼֙ܨూ࿒ැfऊ൬̹ఙూ ᘽ࿒ැܵᚃfɚཧɚཧϋɤɚ˜dٟึऊ൬ ۜཧਯᐼᕘᘱᚃڭܵᄣڗd̹ఙቖਯஹᚃ ʞࡈ˜Νˢ͍ᄣڗfᇞɪऊ൬༰Ҟᄣڗfա ޥઋᅂᚤd֢࢕ऊ൬ცӋ׼ᜑᄣڗd˜σ຾ ᏶™੭ਗอۨऊ൬ᅼό̋Ҟ೯࢝fɚཧɚཧ ϋdΌ਷ၣɪཧਯᕘˢɪϋᄣڗ 10.9Ĉd ᄣ஺ˢ࠯ɧ֙ܓ̋Ҟ1.2ࡈϵʱᓃfᇞɨऊ ൬׼ᜑҷഛfޥઋ࿁ટᙃόऊ൬ٙᅂᚤһ މ׼ᜑfɓ֙ܓdྼ᜗ֳ቗܄ݴܢᄌɨࠥd ਠۜቖਯɽషɨࠥfᎇഹ֢͏͛ݺॣҏܨ ూd֢͏̮̈ऊ൬ݺਗᖢӉᄣ̋dྼ᜗ֳ܄ ݴᜑഹΫʺdᇞɨऊ൬׼ᜑూᘽfɚཧɚཧ ϋdࠢᕘ˸ɪ൴̹ਠۜཧਯᕘˢɪϋᄣڗ 3.1Ĉdᄣ஺ˢ࠯ɧ֙ܓ̋Ҟ0.2ࡈϵʱᓃi ϵ஬ֳeਖ਼ֳุձਖ਼ርֳਠۜཧਯᕘࠥష ʱйˢ࠯ɧ֙ܓϗ॥6.8e3.8ձ5.4ࡈϵʱ ᓃdʱйˢɓ֙ܓϗ॥25.1e19.3ձ27.3ࡈ ϵʱᓃf֢͏ϗɝᄣڗၾ຾᏶ᄣڗਿ͉Ν ӉfɚཧɚཧϋdΌ਷֢͏ɛѩ̙˕ৣϗɝ 32,189 ʩdˢɪϋΤ່ᄣڗ 4.7Ĉfϔৰᄆ ࣸΪ९ܝdΌ਷֢͏ɛѩ̙˕ৣϗɝྼყ ᄣڗ2.1 Ĉdၾ຾᏶ᄣڗਿ͉ΝӉfɚཧɚ ཧϋΌ਷֢͏ɛѩϗɝˢɚཧɓཧϋᄣ̋ ɓ࠴fϔৰᄆࣸΪ९ܝdɚཧɓɓϋЇɚཧ ɚཧϋΌ਷֢͏ɛѩ̙˕ৣϗɝϋѩྼყ ᄣڗ7.2Ĉdɤϋଢ଼ࠇྼყᄣڗ100.8Ĉdу Ό਷֢͏ɛѩ̙˕ৣϗɝˢɚཧɓཧϋᄣ ̋əɓ࠴f

In terms of the situation in Xi'an, as the epidemic prevention and control situation has become stable, the results of the policies to expand domestic demand and promote consumption have become apparent, market consumption has gradually become active, and the recovery momentum of the consumer market has continuously gained strength. In 2020, the total output value of Xi'an reached RMB1,002.039 billion, representing a year-on-year increase of 5.2%, based on comparable price. The growth rate was 2.9 percentage points and 3.0 percentage points higher than that of the country and the Shaanxi province, respectively. In terms of industries, the added-value of the primary industry was RMB31.275 billion, representing a year-on-year increase of 3.0%. The added-value of the secondary industry was RMB332.827 billion, representing a year-on-year increase of 7.4%. The added-value of the tertiary industry was RMB637.937 billion, representing a year-on-year increase of 4.2%. In terms of the consumer market, total retail sales of consumer goods of Xi'an for the year reached RMB498.933 billion, representing a decrease of 2.9% as compared to last year. The decline narrowed by 2.7 percentage points compared with the first three quarters of 2020. The retail sales of consumer goods above designated size amounted to RMB251.261 billion, representing a year-on-year decrease of 1.3%, which narrowed by 2.3 percentage points compared with the first three quarters of 2020. In terms of consumption patterns, the income from food and beverage units above designated size was RMB9.394 billion, representing a decrease of 20.7% as compared to last year. The retail sales of consumer goods above designated size were RMB241.867 billion, representing a year-on-year decrease of 0.4%. In terms of operating locations, retail sales of consumer goods above designated size in urban areas amounted to RMB250.793 billion, representing a year-on-year decrease of 1.3% as compared to last year. Retail sales of consumer goods above designated size in rural areas amounted to RMB469 million, representing a decrease of 30.3%. In terms of commodity categories, the sales of consumer-upgraded commodities have grown rapidly. The retail sales of beverages, cosmetics, books, newspapers and magazines, cultural and office supplies, communication equipment, construction and decoration materials above designated size increased by 70.1%, 14.0%, 10.7%, 32.8%, 25.5% and 49.3%, respectively, higher than the growth rate of the retail sales of consumer goods which are above designated size in Xi'an. The retail sales of goods which are above designated size on the Internet was RMB59.275 billion, representing an increase of 37.1% as compared to last year. It also accounted for 23.6% of the retail sales of consumer goods above designated size of Xi'an, representing an increase of 6.7 percentage points as compared to last year.

ุਕΫᚥ €ᚃ ఱГτ̹ઋرԸ޶dίޥઋԣછҖැਿ͉ᖢ ֛ٙɽᐑྤɨdᓒʫცʿڮऊ൬݁ഄࣖ؈ ʊ຾੻Ցᜑତdٟึऊ൬஼နԐΣݺᚔdऊ ൬̹ఙూᘽ࿒ැʔᓙቩոfɚཧɚཧϋܓd ɚཧɚཧϋГτ̹͛ପᐼ࠽ 10,020.39ᄂ ʩd̙ܲˢᄆࣸࠇၑdˢɪϋᄣڗ5.2%dᄣ ஺ ৷ ׵ Ό ਷eΌ ޲2.9ձ3.0ࡈϵʱᓃfʱପ ุ޶dୋɓପุᄣ̋࠽312.75ᄂʩdΝˢᄣ ڗ3.0% iୋɚପุᄣ̋࠽ 3,328.27 ᄂ ʩd Νˢᄣڗ7.4% iୋɧପุᄣ̋࠽ 6,379.37 ᄂʩdΝˢᄣڗ 4.2% f੽ऊ൬̹ఙԸ޶d ΌϋΌ̹ٟึऊ൬ۜཧਯᐼᕘ4,989.33ᄂ ʩdˢɪϋɨࠥ 2.9% dࠥషˢ࠯ɧ֙ܓϗ ॥2.7 ࡈϵʱᓃfՉʕdࠢᕘ˸ɪఊЗऊ൬ ۜཧਯᕘ 2,512.61 ᄂʩdΝˢɨࠥ 1.3%d ࠥషˢ࠯ɧ֙ܓϗ॥2.3ࡈϵʱᓃf੽ऊ൬ Җ࿒޶dࠢᕘ˸ɪఊЗ᎛භϗɝ 93.94ᄂ ʩdˢɪϋɨࠥ20.7%iࠢᕘ˸ɪఊЗਠۜ ཧਯ 2,418.67 ᄂʩdΝˢɨࠥ 0.4% f੽຾ ᐄή޶d۬ᕄࠢᕘ˸ɪఊЗऊ൬ۜཧਯᕘ 2,507.93 ᄂʩdˢɪϋΝˢɨࠥ 1.3%iඊ Ӏࠢᕘ˸ɪఊЗऊ൬ۜཧਯᕘ4.69ᄂʩd ɨࠥ30.3%f੽ਠۜɽᗳ޶dऊ൬ʺॴᗳਠ ۜቖਯ༰Ҟᄣڗfࠢᕘ˸ɪఊЗභࣘᗳe ʷѱۜᗳeࣣజᕏႦᗳe˖ʷ፬ʮۜ͜ᗳe ஷৃኜҿᗳeܔጘʿༀ⤶ҿࣘᗳཧਯᕘʱ йᄣڗ 70.1%e14.0%e10.7%e32.8%e 25.5%e49.3%dѩ৷׵Ό̹ࠢᕘ˸ɪఊЗ ऊ൬ۜཧਯᕘᄣ஺fࠢᕘ˸ɪఊЗஷཀၣ ഖྼତٙਠۜཧਯᕘ592.75 ᄂʩdˢɪϋ ᄣڗ37.1%iЦΌ̹ࠢᕘ˸ɪऊ൬ۜཧਯ ᕘ23.6%dˢɪϋ౤৷6.7ࡈϵʱᓃf

In general, Xi'an's GDP growth remained relatively high in 2020. With the rapid narrowing of the decrease in the total retail sales of consumer goods and the total retail sales of commodities of enterprises above designated size, the growth rate of retail sales of goods increased significantly. The consumption stimulus measures have continued to be effective, with commodity consumption gradually picking up and the wholesale and retail sectors recovering rapidly, leading to a rapid decline in the decrease in commodity retail sales. The overall economic environment has been relatively optimistic as the consumer goods market continues to recover.

ุਕΫᚥ €ᚃ ᐼٙԸႭdɚཧɚཧϋܓdГτ̹͛ପᐼ࠽ ᄣ஺ʥ್༰৷dٟึऊ൬ۜཧਯᐼᕘձࠢ ɪऊ൬ۜཧਯᐼᕘࠥషҞ஺ϗ॥dਠۜཧ ਯᄣ஺׼ᜑ౤৷fऊ൬Րዧણ݄ࣖ؈ʔᓙ ೯ɢdਠۜऊ൬஼နݺᚔdҭ೯ཧਯุܨూ ༰Ҟd੭ਗਠۜཧਯࠥషҞ஺ϗ॥fڌତ̈ ऊ൬̹ۜఙጐ฽ܨూʔᓙΣλd዆᜗຾᏶ ᐑྤ༰މᆀᝈf

The competition among the department store markets in Xi'an remains fierce in the context of the epidemic. According to statistics, more than 20 department stores and shopping centers have opened and will open in Xi'an in 2020 and 2021, including influential companies, such as "Longfor Xiangti Paradise Walk", "Chanba IMIX Park", "Fengxi Wuyue Plaza", "Lifeng Urban Life Plaza", as well as new market entrants including "Xi'an Suning Plaza". On the other hand, traditional department stores in Xi'an such as "Parkson" and "Minsheng" have also accelerated the closure of stores in old commercial districts. It can be seen from this that, as new companies continue to enter and new strong players have continuous access to the commercial retail market of Xi'an, long-established companies and companies that have lost competitiveness are leaving the market one after another, reflecting the growth in the intensity of market competition and elimination rate.

Гτϵ஬̹ఙٙᘩن࿒ැίޥઋٙɽᐑྤ ɨɰʥ್ዧडdኽ୕ࠇdɚཧɚཧʿɚཧ ɚɓϋʊϞʿਗ਼Ϟɚɤቱගϵ஬ਠఙeᒅي ʕːίГτකุdՉʕܼ݅̍˜Ꮂಳ · ࠰Ⳁ ˂൑™e˜⛲ᜢɽፄ۬™e˜㋘Гшࣀᄿఙ™e ˜ͭᔮ̹۬͛ݺᄿఙ™ഃϞᅂᚤɢٙΆุd ɰϞ˜Гτᘽྐྵᄿఙ™ίʫٙอɝ҅٫f̤ ɓ˙ࠦdГτ̹ෂ୕ٙϵ஬ʮ̡˜ϵସ™e ˜͏͛™ഃɰ̋Ҟəϼᔚਠਸ਼ژֳᗫௐٙආ ܓf͟Ϥ̙˸޶̈dГτ̹ٙਠุཧਯ̹ఙ ίอΆุʔᓙɝታeอٙ੶ැِ࢕ʔᓙɝ ఙٙΝࣛdϼΆุeఄ̰ᘩنɢٙΆุɰί ௔ᚃᕎఙd᜗ତ̹̈ఙᘩنዧड೻ܓʿଇ Ӗଟٙ౤৷f

FINANCIAL RESULTS

During the period under review, the performance of the Group was illustrated as follows.

ৌਕุᐶ

׵Ϋᚥಂʫd͉ණྠٙڌତνɨהͪf

• (i) Gross revenue of the Group for the nine months ended 31 December 2020 decreased to RMB1,282.0 million as compared to RMB1,812.7 million for the year ended 31 March 2020. The decline was primarily attributable to a drop in concession sales and sales of goods.

  • (i) ͉ණྠ࿚Їɚཧɚཧϋɤɚ˜ ɧɤɓ˚˟ɘࡈ˜ʘᐼϗूಯˇЇ ɛ͏࿆ 1,282,000,000 ʩdϾ࿚Їɚ ཧɚཧϋɧ˜ɧɤɓ˚˟ϋܓމɛ ͏࿆ 1,812,700,000 ʩfɨ๞˴ࠅ͟ ׵त஢ਖ਼ᓞቖਯʿਠۜቖਯɨࠥf

• (ii) Annualised area efficiency (annualised gross revenue per average operating area of department stores) for the nine months ended 31 December 2020 was RMB20,600 per square meter, as compared to RMB21,200 per square meter for the year ended 31 March 2020.

  • (ii) ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ ɘࡈ˜ʘϋܓʷջࣖ€ϵ஬ਠఙϋ ܓʷᐼϗूৰ˸̻ѩ຾ᐄࠦጐމӊ ̻˙Ϸɛ͏࿆ 20,600 ʩdϾ࿚Їɚ ཧɚཧϋɧ˜ɧɤɓ˚˟ϋܓމӊ ̻˙Ϸɛ͏࿆21,200ʩf

• (iii) Revenue of the Group for the nine months ended 31 December 2020 decreased to RMB397.0 million as compared to RMB642.0 million for the year ended 31 March 2020. The decline was due to a drop in concession sales and sales of goods.

  • (iii) ͉ණྠ࿚Їɚཧɚཧϋɤɚ˜ ɧɤɓ˚˟ɘࡈ˜ʘϗूɨࠥЇɛ ͏࿆397,000,000 ʩdϾ࿚Їɚཧɚ ཧϋɧ˜ɧɤɓ˚˟ϋܓމɛ͏࿆ 642,000,000 ʩfɨ๞˴ࠅ͟׵त஢ ਖ਼ᓞቖਯʿਠۜቖਯɨࠥf

• (iv) The gross rental income and management and administrative service fee income of the Group for the nine months ended 31 December 2020 were RMB77.6 million, as compared to RMB114.5 million for the year ended 31 March 2020.

  • (iv) ͉ණྠ࿚Їɚཧɚཧϋɤɚ˜ ɧɤɓ˚˟ɘࡈ˜ʘᐼॡږϗɝ ʿ၍ଣʿБ݁؂ਕ൬ϗɝމɛ͏ ࿆77,600,000 ʩdϾ࿚Їɚཧɚཧ ϋɧ˜ɧɤɓ˚˟ϋܓމɛ͏࿆ 114,500,000ʩf

• (v) The Group's loss from operations (EBIT) for nine months ended 31 December 2020 was RMB603.0 million as compared to loss of RMB1,169.3 million for the year ended 31 March 2020. The operating profit margin (loss from operations over gross revenue) changed from -64.5% to -47.0%.

  • (v) ͉ණྠ࿚Їɚཧɚཧϋɤɚ˜ ɧɤɓ˚˟ɘࡈ˜ʘ຾ᐄᑦฦ€ ೼ࢹ ۃޮлމɛ͏࿆ 603,000,000ʩd Ͼ࿚Їɚཧɚཧϋɧ˜ɧɤɓ˚˟ ϋܓމᑦฦɛ͏࿆ 1,169,300,000 ʩf຾ᐄ๐лଟ€ ຾ᐄᑦฦৰ˸ᐼϗ ू͟-64.5%ᜊމ -47.0%f

• (vi) Net finance costs of the Group for the nine months ended 31 December 2020 were RMB115.8 million (year ended 31 March 2020: RMB118.5 million).

• (vi) ͉ණྠ࿚Їɚཧɚཧϋɤɚ˜ ɧɤɓ˚˟ɘࡈ˜ʘৌਕ൬͜ଋᕘ މɛ͏࿆115,800,000 ʩ€࿚Їɚཧ ɚཧϋɧ˜ɧɤɓ˚˟ϋܓjɛ͏࿆ 118,500,000ʩf

FINANCIAL RESULTS (continued)

(vii)The Group's loss for the nine months ended 31 December 2020 and loss attributable to shareholders of the Company were RMB665.2 million (year ended 31 March 2020: RMB1,312.6 million) and RMB635.1 million (year ended 31 March 2020: RMB1,279.1 million) respectively. The Group's loss for the nine months ended 31 December 2020 was mainly due to the impairment losses on goodwill and intangible assets of RMB365.9 million (year ended 31 March 2020: RM470.6 million) and an increase in provisions for obligation from Cash Coupon Card (customers' prepaid cards within the Group's department stores, shopping mall and supermarkets) to be consumed of RMB194.5 million (year ended 31 March 2020: RMB94.0 million).

ৌਕุᐶ €ᚃ

(vii) ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ ɘࡈ˜d͉ණྠᑦฦʿ͉ʮٰ̡؇ ᏐЦᑦฦʱйމɛ͏࿆665,200,000 ʩ€࿚Їɚཧɚཧϋɧ˜ɧɤɓ˚ ˟ϋܓjɛ͏࿆ 1,312,600,000ʩ ʿɛ͏࿆635,100,000 ʩ€࿚Їɚཧ ɚཧϋɧ˜ɧɤɓ˚˟ϋܓjɛ͏࿆ 1,279,100,000 ʩf͉ණྠ࿚Їɚ ཧɚཧϋɤɚ˜ɧɤɓ˚˟ɘࡈ˜ ʘᑦฦ˴ࠅ͟׵ਠᚑʿೌҖ༟ପಯ ࠽ᑦฦɛ͏࿆365,900,000 ʩ€࿚Ї ɚཧɚཧϋɧ˜ɧɤɓ˚˟ϋܓj ɛ͏࿆470,600,000 ʩ˸ʿਗ਼ʚऊ ൬ ʘ ਠ ᑌ ̔€ ׵ ͉ ණ ྠ ϵ ஬ ਠ ఙeᒅ يʕːʿ൴ॴ̹ఙʫʘ܄˒ཫ˹̔ ப΂ᅡ௪ᄣ̋ɛ͏࿆194,500,000ʩ € ࿚Їɚཧɚཧϋɧ˜ɧɤɓ˚˟ϋ ܓjɛ͏࿆94,000,000ʩf

LIQUIDITY AND FINANCIAL RESOURCES

As at 31 December 2020, the Group's consolidated net asset value was RMB2,038.0 million (31 March 2020: RMB2,708.7 million). As at 31 December 2020, the Group had cash at bank and on hand amounting to RMB393.6 million (31 March 2020: RMB500.8 million). The current ratio of the Group as at 31 December 2020 was 0.25 (31 March 2020: 0.27). The gearing ratio, being bank and other borrowings and lease liabilities less cash at bank and on hand divided by the total equity, as at 31 December 2020, was 1.38 (31 March 2020: 0.85).

ݴਗ༟ږʿৌ݁༟๕ ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ණྠ ʘၝΥ༟ପଋ࠽މɛ͏࿆ 2,038,000,000 ʩ€ɚཧɚཧϋɧ˜ɧɤɓ˚jɛ͏࿆ 2,708,700,000 ʩf׵ɚཧɚཧϋɤɚ˜ ɧɤɓ˚d͉ණྠʘვБഐπʿ˓᎘ତږ މɛ͏࿆393,600,000ʩ€ ɚ ཧ ɚ ཧ ϋ ɧ ˜ ɧɤɓ˚jɛ͏࿆ 500,800,000 ʩ f׵ ɚ ཧɚཧϋɤɚ˜ɧɤɓ˚d͉ණྠʘݴਗ ˢଟމ0.25 €ɚཧɚཧϋɧ˜ɧɤɓ˚j 0.27 f׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚ʘ ༟͉ࠋවˢଟ€уვБʿՉ˼࠾൲ʿॡ༣ ࠋවಯვБഐπʿ˓᎘ତږܝৰ˸ᛆू ᐼᕘމ 1.38 €ɚཧɚཧϋɧ˜ɧɤɓ˚j 0.85f

CONTINGENT LIABILITIES

As at the end of the reporting period, the Group has issued the following guarantees:

א್ࠋව ׵జѓಂ͋d͉ණྠʊ೯̈˸ɨዄڭj

A guarantee provided by Ginwa Bell Tower in respect of a payable for acquisition of a property by Ginwa Investments in August 2005. Ginwa Investments has defaulted repayment on the above payable.

ږڀᙒᅽఱږڀҳ༟׵ɚཧཧʞϋɞ˜ϗ ᒅɓධيุʘᏐ˹ಛධϾ౤Զʘዄڭfږ ڀҳ༟׮˞Ꮅᒔ༈അᏐ˹ಛධf

As at the end of the reporting period, the directors of the Company did not consider it probable that a claim will be made against the Group under the above guarantee. The maximum liability of the Group at the end of the reporting period under the guarantees issued was the outstanding amount of the liability of RMB9,500,000 (31 March 2020: RMB70,180,000) plus accrued interest.

׵జѓಂ͋d͉ʮ̡໨ԫႩމਗ਼ʔɽ̙ঐ ึ࣬ኽɪࠑዄڭϾ࿁͉ණྠ౤̈॰Ꮅf͉ ණྠ׵జѓಂ͋ʘʊ೯̈ዄڭධɨʘ௰৷ ࠋවމ֠͊Ꮅᒔʘࠋවɛ͏࿆ 9,500,000 ʩ€ɚཧɚཧϋɧ˜ɧɤɓ˚jɛ͏࿆ 70,180,000ʩ̋Ꮠࠇлࢹf

NON-ADJUSTING EVENTS AFTER THE REPORTING PERIOD

Acquisition of trademarks

On 6 January 2021, a resolution for the acquisition of trademarks was passed by the shareholders at the special general meeting of the Company. Reference is made to the circular of the Company dated 18 December 2020 regarding the major and connected transactions in relation to acquisition of trademarks. The Group has acquired trademark-use-right through the acquisitions of department store and supermarket operations in prior years (see Note 8). Upon completion of the acquisition of trademarks, the Group shall enjoy the entire rights, title and interest in and to the trademarks and their respective registrations made and applications for registration in progress to the Group, free and clear of any restriction, which shall result in the Group having the right, for itself and/ or to license to other third parties, to use the trademarks for any other newly opened shopping malls, department stores and supermarkets.

జѓಂܝڢሜ዆ԫධ

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