Financial Performance - The company's operating revenue for Q1 2015 was ¥284,617,834, a decrease of 25.01% compared to ¥379,525,282 in the same period last year[8] - Net profit attributable to shareholders was ¥48,660,227.76, down 29.04% from ¥68,575,469.93 year-on-year[8] - The net cash flow from operating activities was -¥178,583,205.29, a significant decline of 598.91% compared to ¥35,794,315.71 in the previous year[8] - Basic earnings per share decreased by 23.08% to ¥0.10 from ¥0.13 in the same period last year[8] - Operating costs decreased by 34.94% to ¥128,859,089.09 from ¥198,076,889.50 year-on-year, attributed to reduced costs in other business operations[15] - The weighted average return on net assets was 2.65%, down from 4.39% in the same period last year, reflecting a decrease of 1.74%[8] Assets and Cash Flow - The company's total assets at the end of the reporting period were ¥4,822,835,439.56, a slight increase of 0.18% from ¥4,814,283,690.17 at the end of the previous year[8] - Cash and cash equivalents increased by 83.85% to ¥1,241,848,165.98, primarily due to the recovery of ¥700 million in entrusted loans[15] Taxation - The company paid taxes of ¥74,286,207.80, an increase of 116.98% compared to ¥34,236,861.89 in the previous year, mainly due to higher land value-added tax and deed tax[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 44,607[11] Regulatory and Corporate Actions - The company received a notification from the China Securities Regulatory Commission (CSRC) regarding the review of a major asset restructuring on March 12, 2015, leading to a stock suspension starting March 13, 2015[17] - The major asset restructuring proposal was not approved by the CSRC during the meeting on March 19, 2015, resulting in the resumption of trading on March 20, 2015[19] Commitments and Investments - There were no commitments from the company or shareholders holding more than 5% during the reporting period[20] - The company did not engage in any securities investments during the reporting period[21] - The company did not hold any equity in other listed companies during the reporting period[22] - There were no derivative investments made by the company during the reporting period[23] - The company did not conduct any research, communication, or interview activities during the reporting period[24]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2014, representing a year-on-year increase of 15%[21] - The net profit attributable to shareholders was RMB 150 million, which is a 10% increase compared to the previous year[21] - The company achieved operating revenue of CNY 1,283,186,515.92 in 2014, a decrease of 13.73% compared to the previous year[22] - Net profit attributable to shareholders was CNY 280,642,651.95, down 22.22% year-on-year[22] - The net profit after deducting non-recurring gains and losses was CNY 223,540,755.67, a decrease of 18.61% from the previous year[22] - The gross profit margin for the year was reported at 30%, indicating stable profitability despite market fluctuations[21] - Basic earnings per share decreased by 21.43% to CNY 0.55[22] - The weighted average return on equity was 16.81%, down from 26.75% in the previous year[22] - The company reported a total comprehensive income for the period was CNY 432,007,613.22, compared to CNY 551,956,681.76 in the previous period[182] Cash Flow and Investments - The company reported a net cash flow from operating activities of -CNY 468,866,935.44, a decline of 154.14% compared to the previous year[22] - The total cash inflow from investment activities increased by 1,254.17% to CNY 2,994,204.40, while cash outflow surged by 220,900.48% to CNY 700,259,897.47[41] - The company's cash and cash equivalents decreased by 270.16%, totaling negative CNY 1,181,897,509.97[41] - The company reported a financial income of CNY 86,922,309.69, slightly down from CNY 89,465,762.61 in the previous period[181] - The net cash flow from investment activities was -191,886,395.60, compared to -162,399,680.00 previously, indicating increased cash outflow[193] Assets and Liabilities - The company’s total assets as of December 31, 2014, were reported at RMB 3 billion, reflecting a 12% increase from the previous year[21] - Total assets increased by 15.97% to CNY 4,814,283,690.17 at the end of 2014[22] - The total equity attributable to shareholders of the parent company rose to CNY 1,809,933,000.91 from CNY 1,529,264,040.89, an increase of 18.4%[175] - The total current liabilities increased to RMB 1,511,788,686.00 from RMB 1,368,806,715.00, indicating a rise of approximately 10.4%[173] - The company’s accounts payable rose to RMB 427,080,736.18 from RMB 233,458,916.33, marking an increase of approximately 83%[173] Strategic Plans and Market Position - The company plans to expand its market presence by increasing its sales network by 20% in 2015[21] - The company is focusing on the development of new products, particularly in the automatic vending machine sector, which is expected to contribute significantly to future revenue growth[21] - The company anticipates a revenue growth target of 20% for 2015, driven by new product launches and market expansion strategies[21] - The company has identified potential acquisition targets to further enhance its market position and product portfolio[21] - The company plans to enhance its residential real estate, commercial real estate, and energy sectors, aiming for a multi-point layout and collaborative development[113] Shareholder and Governance Matters - No cash dividends or stock bonuses will be distributed to shareholders for the year 2014[5] - The company did not distribute cash dividends or issue bonus shares for the years 2012, 2013, and 2014[68] - The net profit attributable to shareholders for 2014 was CNY 280,642,651.95, with a cash dividend ratio of 0%[70] - The total number of ordinary shareholders at the end of the reporting period was 44,645, with a significant shareholder, Luneng Group, holding 20.82% of the shares[110] - The company has not engaged in any repurchase agreements during the reporting period, indicating a focus on maintaining shareholder value without additional buybacks[112] Internal Control and Management - The company has maintained its management structure with key positions held by individuals with backgrounds in finance and management, ensuring strategic oversight[125] - The company’s governance structure complies with the requirements of the Company Law and the Securities Law, with no discrepancies noted[138] - The company’s internal control system integrates five key elements to ensure effective design and execution[156] - The company’s financial department operates independently, maintaining a separate accounting system and financial management practices[153] - The company’s independent directors attended 4 board meetings and 4 shareholder meetings during the reporting period, with no objections raised against company matters[148] Research and Development - The company has invested RMB 50 million in research and development for new technologies in 2014, aiming to enhance product offerings[21] - The company is focusing on developing clean energy projects, including land-based and offshore wind power, as well as photovoltaic power generation[113]

Financial Performance - The company reported a total operating revenue of CNY 1,283,186,515.92 in 2014, a decrease of 13.73% compared to CNY 1,487,464,057.87 in 2013[22]. - Net profit attributable to shareholders was CNY 280,642,651.95, down 22.22% from CNY 360,802,711.57 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was CNY 223,540,755.67, an 18.61% decrease from CNY 274,645,649.63 in 2013[22]. - The company experienced a significant decline in net cash flow from operating activities, reporting a negative CNY 468,866,935.44 compared to a positive CNY 865,993,187.17 in 2013, a decrease of 154.14%[22]. - Basic earnings per share decreased by 21.43% to CNY 0.55 per share, down from CNY 0.70 in 2013[22]. - The weighted average return on equity was 16.81%, down from 26.75% in the previous year, reflecting a decrease of 9.94%[22]. - The company reported a total revenue of 1,298,926,700 CNY and a net profit of 210,547,860 CNY for the reporting period[60]. - The company reported a total comprehensive income for the year of CNY 551,956,711.76, a significant increase compared to the previous year's CNY 360,802,191.57[192]. Assets and Liabilities - Total assets increased by 15.97% to CNY 4,814,283,690.17 at the end of 2014, up from CNY 4,151,469,156.40 in 2013[22]. - The company's total assets amounted to 4,195,209,800 CNY, with net assets of 803,155,070 CNY[60]. - The total liabilities increased to CNY 2,315,646,485.71 from CNY 2,084,865,873.23[169]. - Total equity attributable to shareholders of the parent company rose to CNY 1,809,933,000.91 from CNY 1,529,264,040.89[169]. - The company's retained earnings increased to CNY 1,143,061,315.20 from CNY 864,574,499.23[169]. - The company's non-current assets totaled RMB 1,176,147,485.75, up from RMB 395,365,548.35, reflecting a substantial increase of approximately 196%[167]. Shareholder Information - The first major shareholder, Tianjin Lida Group, transferred 84.40464 million shares at a price of RMB 2.50 per share, totaling RMB 211.0116 million[18]. - The total number of common shareholders at the end of the reporting period was 44,645, an increase from 42,578[107]. - The largest shareholder, Luneng Group Co., Ltd., holds 106,771,767 shares, representing 20.82% of total shares, with no change during the reporting period[108]. - The second largest shareholder, Gold Group Co., Ltd., holds 7,352,300 shares, accounting for 1.43% of total shares, with no change during the reporting period[108]. - The company did not distribute any cash dividends or issue bonus shares for the years 2012, 2013, and 2014, despite having positive undistributed profits[69]. Business Operations - The company’s main business scope includes real estate development and sales, hotel and restaurant investment, property management, and consulting services[18]. - The company has undergone several changes in its main business scope since its establishment, with the latest change focusing on real estate and property management[18]. - The company acquired land use rights in Chongqing, which is expected to enhance its main business operations and alleviate land reserve shortages[30]. - The company plans to accelerate the development of residential real estate and expand its commercial real estate presence in key cities and tourist destinations[109]. - The company aims to enhance its clean energy portfolio, including land-based and offshore wind power, as well as photovoltaic power generation[109]. Governance and Management - The company’s financial report is guaranteed to be true, accurate, and complete by its management team[3]. - The company has a total of 11 directors and supervisors, with a mix of current and independent members[117]. - The independent director Zhang Shengping has been serving since July 2014, indicating a stable governance structure[119]. - The company’s management team has extensive experience in the energy and real estate sectors, enhancing strategic decision-making capabilities[118]. - The current chairman, Wang Zhihua, has held his position since September 2013 and is set to continue until September 2016[118]. Financial Auditing and Compliance - The company’s accounting firm is Ruihua Certified Public Accountants, with the signing accountants being Lin Jinbing and Zhang Lin[20]. - The company received a standard unqualified audit opinion, affirming the fair presentation of its financial statements[164]. - The audit committee reviewed the 2013 financial statements, confirming they accurately reflect the company's financial status[144]. - The company maintained effective internal control over financial reporting as confirmed by the internal control audit report dated February 2, 2015[160]. - There were no significant internal control deficiencies reported during the evaluation period[155]. Future Outlook and Plans - The company plans to continue expanding its market presence and developing new products to drive future growth[192]. - The company has implemented new accounting policies that may impact future financial reporting and performance metrics[194]. - The company is proceeding with financing plans related to the asset restructuring, as approved in the first extraordinary general meeting of 2014[138]. - The company has initiated a feasibility study for the investment projects related to the funds raised from the financing, which was approved in the first extraordinary general meeting of 2014[139].

Financial Performance - Operating revenue for the current period was CNY 347,093,374.00, representing a 68.11% increase year-on-year[7] - Net profit attributable to shareholders decreased by 52.08% to CNY 65,853,412.70 compared to the same period last year[7] - Basic earnings per share decreased by 51.85% to CNY 0.13[7] - The company does not anticipate significant changes in net profit compared to the same period last year[22] Assets and Liabilities - Total assets increased by 7.64% to CNY 4,468,626,796.91 compared to the end of the previous year[7] - Net assets attributable to shareholders increased by 16.08% to CNY 1,775,222,082.68[7] Cash Flow - Cash flow from operating activities decreased by 96.38% to CNY 20,796,651.39 year-to-date[7] - The company paid other cash related to financing activities amounting to ¥14,838,800, an increase of 1436.60% compared to the same period last year, attributed to increased payments for restructuring intermediary fees[17] Expenses - Sales expenses increased by 32.15% to CNY 33,241,928.91 year-to-date[16] - Income tax expenses increased by 111.89% to CNY 8,167,474.76 year-to-date due to prior year tax adjustments[16] Receivables and Prepayments - Prepayments increased by 107.22% to CNY 24,549,200.00 due to payments for restructuring intermediary fees[15] - Other receivables increased by 150.86% to CNY 42,442,729.79 due to payments made for transactions[15] Regulatory and Corporate Actions - The company received the acceptance notice from the China Securities Regulatory Commission for its application to issue shares for asset acquisition on July 23, 2014[18] - There are no commitments from the company or shareholders holding more than 5% during the reporting period[21] - There were no securities investments during the reporting period[22] - The company did not engage in derivative investments during the reporting period[23] - No research, communication, or interview activities were conducted during the reporting period[24]

Financial Performance - The company achieved operating revenue of CNY 613,671,796.32, a decrease of 34.71% compared to the same period last year[20]. - Net profit attributable to shareholders was CNY 180,078,321.02, an increase of 3.25% year-on-year[20]. - The net profit after deducting non-recurring gains and losses was CNY 126,172,881.78, down 25.71% from the previous year[20]. - The net cash flow from operating activities was CNY 70,682,215.38, a significant decline of 80.81% compared to the same period last year[20]. - Total revenue for the period was CNY 613,671,796.32, a decrease of 34.6% compared to CNY 939,917,724.54 in the previous period[103]. - Net profit for the period reached CNY 275,893,766.45, slightly up from CNY 270,513,201.59 year-over-year, representing a growth of 2.5%[104]. - The net profit for the first half of 2014 was CNY 174,402,530, showing a significant increase compared to the previous year[119]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 4,432,781,720.10, an increase of 6.78% from the end of the previous year[20]. - The company's total liabilities at the end of the reporting period were RMB 2,090,284,670.48, slightly decreased from RMB 2,084,865,873.23 at the beginning of the period, indicating a reduction of about 0.3%[98]. - Cash and cash equivalents at the end of the reporting period were RMB 1,928,461,448.16, up from RMB 1,857,389,728.38, marking an increase of about 3.8%[96]. - Inventory levels rose to RMB 1,989,020,312.19 from RMB 1,869,913,116.67, reflecting an increase of approximately 6.4%[96]. - The company's accounts payable decreased to RMB 217,809,439.62 from RMB 233,458,916.33, showing a decline of about 6.7%[98]. Shareholder Equity - Shareholders' equity attributable to the company was CNY 1,709,342,361.91, up 11.78% from the end of the previous year[20]. - The total equity attributable to shareholders of the parent company increased to RMB 1,709,342,361.91 from RMB 1,529,264,040.89, representing a growth of approximately 11.8%[98]. - The total equity attributable to the parent company at the end of the reporting period was CNY 1,785,159,000, an increase from the previous year's CNY 1,514,646,000[119]. Cash Flow - The net cash flow from operating activities for the first half of 2014 was ¥70,682,215.38, a decrease of 80.8% compared to ¥368,274,930.26 in the same period of 2013[110]. - Total cash inflow from operating activities was ¥758,298,447.13, while cash outflow was ¥687,616,231.75, resulting in a net cash inflow of ¥70,682,215.38[110]. - The cash flow from investment activities showed a net inflow of ¥2,956,304.40, compared to a net outflow of ¥99,400.00 in the previous period[111]. - The company reported a total cash outflow from financing activities of ¥2,566,800.00, resulting in a net cash flow from financing activities of -¥2,558,083.13[111]. Operational Highlights - The ongoing major asset restructuring has been approved by the shareholders' meeting, laying a solid foundation for future development[28]. - The company plans no cash dividends or stock bonuses for this period[6]. - There were no major investments or acquisitions reported during the period[34][35]. - The company did not disclose any significant changes in profit structure or sources during the reporting period[31]. Accounting Policies - The financial statements are prepared based on the going concern assumption and comply with the relevant accounting standards[128]. - The company’s accounting policies are based on historical cost measurement, except for certain financial instruments[128]. - The company has established criteria for recognizing impairment losses on financial assets, including a significant single item threshold of 10% of year-end balances[166]. - The company assesses the impairment of financial assets at each balance sheet date, ensuring that any recoverable value is reflected in the financial statements[163]. Investment and Assets Management - Investment properties are initially measured at cost and subsequently measured using the cost model, with depreciation or amortization applied similarly to buildings or land use rights[178]. - Long-term equity investments from business combinations are initially measured at the book value of the acquired entity's equity on the merger date[174]. - The recoverable amount of assets is determined as the higher of the fair value less costs to sell and the present value of expected future cash flows[179]. - Impairment losses are recognized when the recoverable amount is less than the carrying amount, and these losses cannot be reversed in subsequent periods[186].

Financial Performance - Net profit attributable to shareholders increased by 398.02% year-on-year, amounting to CNY 137,413,779.52 for the reporting period[6]. - Operating revenue for the reporting period was CNY 206,473,607.82, reflecting a growth of 5.87% compared to the same period last year[6]. - Basic earnings per share rose to CNY 0.27, a significant increase of 440.00% year-on-year[6]. - The weighted average return on net assets was 9.73%, an increase of 2.56 percentage points compared to the previous year[6]. - Non-recurring gains and losses totaled CNY 95,911,584.94, with significant contributions from tax refunds and other income[7]. Assets and Investments - Total assets at the end of the reporting period reached CNY 3,725,540,103.46, an increase of 13.44% compared to the end of the previous year[6]. - The company's long-term equity investments increased by 51.05% to CNY 178,155,248.30, primarily due to the profit growth of its associate company[13]. Cash Flow - The net cash flow from operating activities for the year-to-date reached CNY 574,162,218.98, an increase of 17.23%[6]. - Cash received from other operating activities was 74,596,138.39 CNY, an increase of 294.20% year-over-year, mainly due to increased interest income[15]. - Cash received from investment income was 0.00 CNY, a decrease of 100.00% year-over-year, as there were no cash dividends from the associated company this period[15]. - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was 122,099.00 CNY, a decrease of 46.48% year-over-year, due to reduced purchases of fixed assets[15]. - Cash received from other financing activities was 0.00 CNY, a decrease of 100.00% year-over-year, attributed to a reduction in the release of mortgage deposits[15]. - Cash paid for dividends, profits, or interest was 2,295,829.18 CNY, a decrease of 67.27% year-over-year, due to a reduction in bank borrowings and corresponding interest expenses[15]. Shareholder Information - The total number of shareholders at the end of the reporting period was 42,984[9]. Taxation - The company's income tax expense for the year-to-date period was -68,694,292.51 CNY, a decrease of 169.61% compared to the same period last year, primarily due to a reduction in corporate income tax benefits from 2011 and 2012 amounting to 139,345,370.33 CNY[15]. Corporate Actions - The company is currently planning a major asset restructuring, with stock trading suspended since August 15, 2013, to avoid abnormal stock price fluctuations[16]. - The company is actively working on the restructuring plan, but there are uncertainties due to ongoing procedures[16]. - The company disclosed the major asset restructuring plan on August 15, 2013, and provided updates on September 12, 2013[18].

天津广宇发展股份有限公司 2014 年第一季度报告正文 天津广宇发展股份有限公司 2014 年第一季度报告正文 1 天津广宇发展股份有限公司 2014 年第一季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人王志华、主管会计工作负责人周现坤及会计机构负责人(会计主 管人员)周现坤声明：保证季度报告中财务报表的真实、准确、完整。 2 证券代码：000537 证券简称：广宇发展 公告编号：2014-016 天津广宇发展股份有限公司 2014 年第一季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | | | | （%） | | 营业收入（元） | 379,525,282.00 | 149,424,202 ...

Dividend and Shareholder Information - The company plans not to distribute cash dividends, issue bonus shares, or increase capital using reserves[6]. - The first major shareholder is now Shandong Luneng Group Co., Ltd., holding 1,026,329,300 shares, accounting for 20.017% of the total share capital[21]. - The company reported no cash dividends for 2013, 2012, and 2011 due to low distributable profits[50]. - The total number of shareholders at the end of the reporting period is 52,586, a decrease from 53,966 five trading days prior[67]. - The largest shareholder, Luneng Group Co., Ltd., holds 106,771,767 shares, representing 20.82% of the total shares[68]. - The company has no strategic investors or general legal persons becoming the top 10 shareholders due to new share placements[68]. Business Operations and Financial Performance - The company reported significant changes in its main business scope, shifting to real estate development and sales, hotel and restaurant investment, and property management[20]. - The company achieved operating revenue of CNY 1,487,464,057.87 in 2013, a decrease of 16.46% compared to 2012[25]. - Net profit attributable to shareholders increased by 28.79% to CNY 360,802,711.57, compared to CNY 280,155,497.39 in the previous year[25]. - The net profit after deducting non-recurring gains and losses was CNY 274,645,649.63, a decrease of 2.08% from the previous year[25]. - Basic earnings per share rose by 27.27% to CNY 0.70, compared to CNY 0.55 in 2012[25]. - The company reported a total of CNY 1,443,309,279 in main business income, primarily from real estate sales, reflecting an 18.88% decrease from the previous year[33]. - The cost of real estate development was CNY 707,108,605.46, accounting for 98.62% of total operating costs, a decrease of 1.15% from 2012[36]. - The company maintained a weighted average return on equity of 26.75%[25]. - The company reported a total revenue of RMB 13.874 billion and a net profit of RMB 2.734 billion for the year 2013, with a total asset value of RMB 98.699 billion and a debt total of RMB 31.521 billion, resulting in a debt-to-asset ratio of 31.93%[71]. - The company has a diversified business model focusing on real estate, clean energy, mining, and hospitality[71]. Cash Flow and Financial Position - Operating cash inflow totaled approximately $1.93 billion, an increase of 7.43% compared to the previous year[41]. - Net cash flow from operating activities reached approximately $866 million, reflecting a 12.42% year-over-year growth[41]. - Cash and cash equivalents increased by approximately $694.58 million, marking a 34.91% rise year-over-year[41]. - The company reported a significant increase in cash received from other operating activities, totaling CNY 73.34 million, compared to CNY 33.98 million in the previous year[144]. - The company reported a decrease in cash and cash equivalents, with a balance of CNY 287,469,269.21 at year-end, down from CNY 457,458,147.55 at the beginning of the year, a decline of 37.2%[130]. - The total assets at the end of 2013 were approximately $4.15 billion, with cash and cash equivalents accounting for 44.74% of total assets[45]. - The total current liabilities increased to CNY 2,706,000,000.00 from CNY 2,500,000,000.00, indicating a rise of approximately 8.2%[126]. Audit and Compliance - The company’s financial report has been confirmed as true, accurate, and complete by its management[4]. - The company’s accounting firm is Ruihua Certified Public Accountants, with the lead auditors being Lin Jinbing and Shi Wenyu[22]. - The audit opinion issued by Ruihua Certified Public Accountants was a standard unqualified opinion, confirming the fair presentation of the financial statements[118]. - The company has established a system for accountability regarding significant errors in annual report disclosures, ensuring compliance with relevant regulations[115]. - The board of directors confirmed that the internal control system is complete, reasonable, and effective as of December 31, 2013[111]. Management and Governance - The company has maintained a stable management team with no significant changes in the board composition during the reporting period[75]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 93.51 million[82]. - The independent directors attended the board meetings and shareholder meetings, with no objections raised against company matters during the reporting period[100]. - The company successfully appointed new members to the board and supervisory committee during the first and second extraordinary shareholder meetings in 2013[97]. - The company strictly adhered to the corporate governance requirements as per the Company Law and Securities Law, with no discrepancies noted[94]. Future Plans and Strategic Direction - The company has not indicated any plans for market expansion or mergers and acquisitions in the report[24]. - The company plans to invest CNY 66.41 million in training for management and technical personnel in 2014[91]. - The company plans to focus on market expansion and new product development to drive future growth[135]. - The company is focused on expanding its core real estate business while diversifying into renewable energy and international trade[71]. Financial Instruments and Accounting Policies - The company ensures that all transactions are accounted for in accordance with relevant accounting standards, including the treatment of equity investments and foreign currency transactions[185]. - The company recognizes financial assets as non-derivative financial assets that lack active market quotations, including loans and receivables such as notes receivable and accounts receivable[196]. - Financial assets classified as available-for-sale are measured at fair value, with gains or losses recognized in other comprehensive income, except for impairment losses and certain foreign exchange differences[197]. - The company applies the effective interest method for held-to-maturity investments, measuring them at amortized cost[194]. - The company terminates recognition of financial assets when the contractual rights to cash flows expire or when the risks and rewards of ownership are transferred[200].