郴州市金贵银业股份有限公司 2018 年第三季度报告正文 证券代码：002716 证券简称：金贵银业 公告编号：2018-103 郴州市金贵银业股份有限公司 2018 年第三季度报告正文 1 郴州市金贵银业股份有限公司 2018 年第三季度报告正文 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。 公司负责人曹永贵、主管会计工作负责人陈占齐及会计机构负责人(会计主 管人员)谭啸彬声明：保证季度报告中财务报表的真实、准确、完整。 2 郴州市金贵银业股份有限公司 2018 年第三季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 | 项目 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | | 非流动资产处置损益（包括已计提资产减值准备的冲销部分） | -1,679,104.79 | | | 计入当期损益的政府补助（与企业业务密切相关，按照国家统 | 5,616,500.00 | | | 一标准定额或定量享受 ...

Financial Performance - The company's operating revenue for the reporting period was ¥5,484,405,934.57, representing a 24.03% increase compared to ¥4,421,675,115.11 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was ¥131,397,206.30, an increase of 11.59% from ¥117,752,420.85 in the previous year[18]. - The net cash flow from operating activities reached ¥267,874,549.95, showing a significant increase of 219.76% compared to ¥83,773,707.39 in the same period last year[18]. - The basic earnings per share were ¥0.23, up 4.55% from ¥0.22 in the previous year[18]. - Total assets at the end of the reporting period were ¥9,919,415,542.17, a 3.59% increase from ¥9,576,023,778.01 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company increased by 6.17% to ¥3,754,699,210.55 from ¥3,536,436,990.08 at the end of the previous year[18]. - The weighted average return on net assets was 3.65%, a decrease of 0.95% from 4.60% in the previous year[18]. - The net profit after deducting non-recurring gains and losses was ¥132,498,632.67, which is a 21.75% increase from ¥108,832,600.37 in the same period last year[18]. Investment and Projects - The company has a significant increase in construction projects, with a year-on-year growth of 102.57%, attributed to new resource utilization projects[28]. - The "5万吨铅冰铜渣资源综合利用项目" was completed with an investment of 18,174.60 million yuan, utilizing a globally innovative "oxygen pressure acid leaching - swirling electrolysis" technology, enhancing resource utilization and environmental benefits[43]. - The "白银升级技改工程" project has been completed with an investment of 27,627.01 million yuan, significantly increasing the company's clean silver production capacity and market share[43]. - The "2000t/a高纯银清洁提取扩建项目" is expected to be operational by 2019, further increasing silver production capacity and enhancing profitability[34]. - The company is actively acquiring mining resources to secure raw material safety, having acquired 100% of Junlong Mining and 66% of Jinhua Mining, with further acquisitions planned[33]. Market and Product Development - The company aims to become a global leader in the silver industry by integrating its operations and leveraging technological advancements[27]. - The company is focused on expanding its market presence and enhancing its resource recovery capabilities through innovative processes[26]. - The company has developed a clean arsenic-free silver smelting technology, addressing long-standing environmental issues in silver production[26]. - The company has established a comprehensive industrial chain centered on silver, enhancing its market competitiveness and operational efficiency[27]. - The company’s main products include silver and electrolytic lead, with silver production ranking among the top in the country[26]. Environmental and Social Responsibility - The company has invested in clean production technologies, including a "non-arsenic silver refining" process, to mitigate environmental pollution and comply with stricter regulations[87]. - The company has implemented a detailed hazardous waste management strategy, enhancing the management of hazardous waste storage and treatment[117]. - The company allocated a total of 986,000 RMB for poverty alleviation efforts in the first half of 2018, including donations for infrastructure and support for disabled individuals[124]. - The company has reinforced its environmental emergency response plans, conducting drills for hazardous waste incidents and chemical leaks[119]. - The company has committed to enhancing its social responsibility awareness and will continue to focus on targeted poverty alleviation initiatives[126]. Financial Management and Capital Structure - The company reported a significant reduction in financial liabilities, with a decrease in long-term borrowings from ¥763.28 million to ¥811.04 million[58]. - The company raised a total of RMB 1,219,740,912.12 through a non-public offering of 61,696,556 shares at a price of RMB 19.77 per share[70]. - The total amount of external guarantees approved by the company at the end of the reporting period is RMB 148 million, with an actual guarantee balance of RMB 148 million[110]. - The company has issued 250 million RMB in corporate bonds with a coupon rate of 8.7% and a term of 3 years[127]. - The company has a loan repayment rate of 100.00% and an interest payment rate of 100.00%[163]. Risks and Challenges - The company faces risks including industry cycle fluctuations, inventory impairment risks, and environmental risks[6]. - The company faced risks related to industry cycle fluctuations and product price declines, particularly sensitive to the prices of silver, lead, and gold[84]. - The company’s performance is expected to continue growing, although there is uncertainty due to fluctuations in non-ferrous metal prices[83]. Shareholder Structure and Governance - The total number of shares outstanding is 564,987,172, with 64.88% being unrestricted shares[136]. - Major shareholder Cao Yonggui holds 32.65% of the shares, amounting to 184,472,500 shares, with 3,787,150 shares pledged[141]. - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[144]. - The company is actively managing its shareholder structure to optimize capital and support growth initiatives[141]. - The report indicates that the company is maintaining its current shareholder structure without any significant changes[144].

郴州市金贵银业股份有限公司 2017 年年度报告全文 郴州市金贵银业股份有限公司 2017 年年度报告 2018 年 04 月 1 郴州市金贵银业股份有限公司 2017 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人曹永贵、主管会计工作负责人陈占齐及会计机构负责人(会计主 管人员)谭啸彬声明：保证年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告中涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资 者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当 理解计划、预测与承诺之间的差异，敬请投资者注意投资风险。 公司存在行业周期波动风险、存货跌价风险、环保风险等风险，敬请广大 投资者注意投资风险。关于公司经营中可能面临的风险因素，详见本报告第四 节经营情况讨论与分析第九项公司未来发展的展望之"公司可能面对的风险"。 公司经本次董事会审议通过的利润分配预案为：以公司 2017 年 12 月 31 ...

2017 年第三季度报告 2017 年 10 月 郴州市金贵银业股份有限公司 2017 年第三季度报告全文 郴州市金贵银业股份有限公司 1 郴州市金贵银业股份有限公司 2017 年第三季度报告全文 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。 公司负责人曹永贵、主管会计工作负责人陈占齐及会计机构负责人(会计主 管人员)谭啸彬声明：保证季度报告中财务报表的真实、准确、完整。 2 郴州市金贵银业股份有限公司 2017 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 9,145,176,763.47 | | 7,800,131,347.36 | 17.24% | | 归属于上市公司股东的净资产 | 3,463,2 ...

郴州市金贵银业股份有限公司 2017 年半年度报告全文 郴州市金贵银业股份有限公司 2017 年半年度报告 2017 年 08 月 所有董事均已出席了审议本报告的董事会会议。 本半年度报告所涉及的经营业绩的预计等前瞻性陈述均属于公司计划性事 项，存在一定的不确定性，不构成公司对投资者的实质性承诺，敬请投资者注 意投资风险。 公司存在行业周期波动风险、存货跌价风险、环保风险等风险，敬请广大 投资者注意投资风险。详细内容见本报告第四节经营情况讨论与分析之"十、公 司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | 1 郴州市金贵银业股份有限公司 2017 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人曹永贵、主管会计工作负责人陈占齐及会计机构负责人(会计主 管人员)谭啸彬声明：保证本半年度报告中财务报告的真实、准确、完整。 二、联系人和联系方式 | | 董事会秘书 | 证券事务代表 | ...

郴州市金贵银业股份有限公司 2016 年年度报告全文 郴州市金贵银业股份有限公司 2016 年年度报告 2017 年 04 月 1 郴州市金贵银业股份有限公司 2016 年年度报告全文 第一节 重要提示、目录和释义 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人曹永贵、主管会计工作负责人陈占齐及会计机构负责人(会计主 管人员)谭啸彬声明：保证年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司存在行业周期波动风险、存货跌价风险、环保风险等风险，敬请广大 投资者注意投资风险。关于公司经营中可能面临的风险因素，详见本报告第四 节管理层讨论与分析第九项公司未来发展的展望之 4"公司可能面对的风险"。 | 释义项 | 指 | 释义内容 | | --- | --- | --- | | 本公司、公司、金贵银业 | 指 | 郴州市金贵银业股份有限公司 | | 贵龙公司 | 指 | 郴州市贵龙再生资源回收有限公司，系本公司的子公司 | | 金贵贸易 | 指 | 郴州市金贵贸 ...

Financial Performance - The company's operating revenue for Q1 2017 was ¥2,230,568,220.61, representing a 68.73% increase compared to ¥1,321,992,481.13 in the same period last year[8] - Net profit attributable to shareholders was ¥47,857,429.29, up 48.76% from ¥32,169,842.30 year-on-year[8] - The net profit after deducting non-recurring gains and losses was ¥45,645,929.49, reflecting a 22.32% increase from ¥37,316,190.98 in the previous year[8] - Basic and diluted earnings per share were both ¥0.10, a 66.67% increase from ¥0.06 in the previous year[8] - Net profit rose by 48.12% to CNY 47,650,108.34 from CNY 32,169,842.30, attributed to higher revenue[16] - The net profit attributable to shareholders for the first half of 2017 is expected to increase by 30.00% to 70.00%, ranging from 10,408.26 to 13,610.8 million yuan[24] - The net profit for the first half of 2016 was 8,006.35 million yuan, indicating a significant year-over-year growth[24] - The increase in net profit is attributed to the rise in non-ferrous metal prices and the positive impact of ongoing investment projects coming into production[24] Cash Flow and Assets - The net cash flow from operating activities increased by 78.42% to ¥271,347,841.28, compared to ¥152,084,162.21 in the same period last year[8] - Cash inflow from operating activities surged by 105.23% to CNY 2,960,602,034.89, primarily due to increased cash received from sales and customer prepayments[17] - Cash and cash equivalents increased by 415.57% to CNY 170,828,925.11, driven by improved net cash flow from operating activities[17] - Total assets at the end of the reporting period were ¥7,865,717,589.04, a slight increase of 0.84% from ¥7,800,131,347.36 at the end of the previous year[8] - Net assets attributable to shareholders increased by 2.49% to ¥2,151,912,423.80 from ¥2,099,713,472.22 at the end of the previous year[8] Liabilities and Expenses - Accounts payable rose by 52.26% to CNY 200,884,571.94, reflecting an increase in raw material payments[16] - The company reported a significant increase in tax expenses, with a 614.32% rise in taxes paid to CNY 56,515,353.96 due to higher income[17] - Investment income decreased by 33.78% to CNY 3,482,868.73, mainly due to reduced returns from hedging investments[16] Shareholder Commitments and Corporate Governance - The company has committed to stabilizing its stock price if the closing price falls below the net asset value per share for 20 consecutive trading days, with measures to be initiated within 10 trading days[21] - The company has not violated any commitments regarding the accurate and complete disclosure of information in the prospectus during the reporting period[21] - The controlling shareholder has pledged not to transfer or manage their shares for 16 months post-listing, with a limit on annual transfers during their tenure as directors or senior management[22] - The company will strictly use the funds raised from the stock listing according to the approved management measures, ensuring no investment in real estate or other unrelated businesses[22] - The company has guaranteed to assume all responsibilities related to employee social insurance and housing fund issues from January 1, 2008, to December 31, 2010[22] - There have been no violations of commitments regarding non-competition and related transactions during the reporting period[22] - The company has committed to not establishing or acquiring any competing businesses that may affect its operations[22] - The controlling shareholder's stock reduction commitment includes a restriction on selling more than 50% of their shares within 12 months after leaving their position[22] - The company has not violated any commitments related to the lock-up period for shares during the reporting period[21] - The company has ensured that all commitments made regarding the use of raised funds and employee obligations are fulfilled without any breaches[22] Future Outlook - The company anticipates continued revenue growth, although future performance may face uncertainties due to the volatility of non-ferrous metal prices[24]

郴州市金贵银业股份有限公司 2016 年年度报告全文 郴州市金贵银业股份有限公司 2016 年年度报告 2017 年 04 月 1 郴州市金贵银业股份有限公司 2016 年年度报告全文 第一节 重要提示、目录和释义 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人曹永贵、主管会计工作负责人陈占齐及会计机构负责人(会计主 管人员)谭啸彬声明：保证年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司存在行业周期波动风险、存货跌价风险、环保风险等风险，敬请广大 投资者注意投资风险。关于公司经营中可能面临的风险因素，详见本报告第四 节管理层讨论与分析第九项公司未来发展的展望之 4"公司可能面对的风险"。 公司经本次董事会审议通过的利润分配预案为：以 2017 年 4 月 27 日的公 司总股本 564,987,172 股为基数，向全体股东每 10 股派发现金红利 0.50 元（含 税），送红股 0 股（含税），不以公积金转增股本。 2 | 目录 | | --- | | ...

Financial Performance - Total assets increased to ¥7,896,953,678.86, a growth of 27.70% compared to the previous year[8] - Net profit attributable to shareholders reached ¥52,495,111.05, up 57.64% year-on-year[8] - Operating revenue for the period was ¥1,832,384,377.22, reflecting a 24.58% increase compared to the same period last year[8] - The net profit after deducting non-recurring gains and losses was ¥50,693,546.17, a significant increase of 92.31% year-on-year[8] - Basic earnings per share rose to ¥0.10, representing a 42.86% increase compared to the same period last year[8] - The weighted average return on net assets improved to 2.59%, an increase of 0.84% from the previous year[8] - The company's net profit for the period was ¥153,561,279.26, reflecting a significant increase of 199.56% from ¥51,262,883.14 in the previous year, primarily due to higher silver prices and increased production and sales[16] - The estimated net profit attributable to shareholders for 2016 is expected to range from ¥141.35 million to ¥176.68 million, representing a year-on-year increase of 20.00% to 50.00%[28] - The net profit for 2015 attributable to shareholders was ¥117.79 million[28] Revenue and Sales - Total revenue for the reporting period reached ¥5,407,152,726.29, an increase of 32.69% compared to ¥4,074,981,711.23 in the same period last year, driven by increased production and sales volumes as well as rising silver and lead prices[16] - The growth in silver and lead production and sales is anticipated to continue in Q4 2016, positively impacting the company's performance[28] - The current market prices for silver and lead are on an upward trend, which is expected to benefit the company's operational results[28] Shareholder Information - The total number of shareholders at the end of the reporting period was 76,471[12] - The largest shareholder, Cao Yonggui, holds 33.73% of the shares, with 169,780,644 shares pledged[12] - The company’s controlling shareholder has committed to not transferring or entrusting the management of shares held prior to the IPO for 36 months from the date of listing[26] - The company’s stockholders are restricted from selling more than 25% of their shares annually while serving as directors or senior management[26] Investments and Acquisitions - The company completed the cash acquisition of a 66% stake in Tibet Jinhui Mining Co., Ltd., which has been registered as a subsidiary[21] - The company completed the cash acquisition of 66% of Tibet Jinhua Mining Co., Ltd. on July 30, 2016[24] - The acquisition of Jin and Mining during the reporting period is projected to have a positive effect on the company's performance[28] Cash Flow and Financial Position - The net cash flow from operating activities for the year-to-date was ¥12,278,613.29, down 97.90% compared to the previous year[8] - Cash and cash equivalents at the end of the period increased by 413.33% to ¥407,747,157.69, mainly due to increased company debt and borrowings[17] - Long-term borrowings rose by 322.45% to ¥414,000,000.00, reflecting an increase in long-term financing[16] - Other receivables increased by 316.89% to ¥197,052,219.80, mainly due to payments for hedging and financing lease deposits[16] - Prepayments increased by 40.92% to ¥816,723,641.03, primarily due to customer advance payments[16] Commitments and Compliance - The company has commitments regarding stock price stabilization, which will be activated if the stock price falls below the net asset value per share for 20 consecutive trading days[25] - The company has made a commitment to disclose information accurately and completely in the prospectus, which is valid indefinitely[25] - The company has made commitments regarding the use of funds raised from the stock market, which will be strictly followed[26] - The company has not violated any commitments during the reporting period[25] - There were no violations regarding external guarantees during the reporting period[29] - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[30] Operational Activities - The company reported a significant decrease in operating income from non-operating activities, down 81.20% to ¥11,528,863.02, due to reduced government subsidies[17] - The company received government subsidies amounting to ¥8,396,810.00 during the reporting period[9] - The company did not engage in any research, communication, or interview activities during the reporting period[31] - The company has committed to not investing in real estate or similar businesses with the raised funds[28] Employee Stock Ownership - The company launched an employee stock ownership plan, purchasing 10,389,722 shares for a total of ¥184,969,567.24, representing 2.0644% of the total share capital[20] - The company’s employee stock ownership plan was disclosed on August 31, 2016[24]

Financial Performance - The company's operating revenue for the reporting period reached ¥3,574,768,349.07, representing a 37.27% increase compared to ¥2,604,177,310.23 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was ¥80,063,525.37, up 10.88% from ¥72,207,691.86 in the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 233.86% to ¥98,023,328.67 from ¥29,360,650.78[21]. - Basic earnings per share increased by 14.29% to ¥0.16 from ¥0.14[21]. - The diluted earnings per share also rose by 14.29% to ¥0.16 from ¥0.14[21]. - The company's operating profit increased by 310.22% to CNY 99,883,028.83, driven by rising silver prices and increased production and sales volume[34]. - Sales revenue reached CNY 4,185,445,525.19, a growth of 43.01% compared to the previous year[34]. - The company reported a significant increase in other receivables, which rose to RMB 144,860,291.04 from RMB 47,267,565.87, reflecting a growth of approximately 206.5%[147]. - The total operating revenue for the first half of 2016 was CNY 3,574,768,349.07, an increase of 37.3% compared to CNY 2,604,177,310.23 in the same period last year[156]. - The net profit for the first half of 2016 reached CNY 80,063,525.37, representing a 10.2% increase from CNY 72,207,691.86 in the previous year[158]. Cash Flow and Financial Position - The net cash flow from operating activities decreased by 32.29% to ¥233,148,055.14, down from ¥344,307,877.12[21]. - Cash flow from operating activities decreased by 32.29% to CNY 233.15 million, primarily due to a reduction in government subsidies received compared to the previous year[33]. - The company's cash and cash equivalents increased by 202.34% to CNY 185.82 million, mainly due to the receipt of special construction funds and bond proceeds[33]. - The company's cash flow from operating activities was not detailed in the provided documents, indicating a need for further analysis[163]. - The cash inflow from operating activities was CNY 4,197,506,965.57, an increase from CNY 2,984,580,866.20 in the previous period[164]. - The net cash flow from operating activities was CNY 233,148,055.14, down from CNY 344,307,877.12 in the previous period[165]. - The ending cash and cash equivalents balance was CNY 654,900,630.10, significantly up from CNY 171,032,554.07 in the previous period[166]. - The total liabilities increased to CNY 4,828,720,573.88, up from CNY 4,242,924,580.02, indicating a growth of 13.8%[156]. - The total equity of the company was CNY 2,029,211,686.67, compared to CNY 1,974,037,273.29, marking an increase of 2.8%[156]. Investments and Acquisitions - The company successfully acquired a 66% stake in Tibet Jinhui Mining, enhancing its upstream resource capabilities and mitigating raw material price fluctuations[30]. - The company completed the cash acquisition of a 66% stake in Tibet Jinhui Mining Co., Ltd., with all relevant business registration procedures finalized[36]. - The company has invested CNY 268.2 million in external equity investments, marking a 100% increase compared to the previous year[44]. - The company has not engaged in any securities investments or derivative investments during the reporting period[45][49]. - The company acquired a 66% stake in Tibet Jinhua Mining, securing quality upstream resources and reducing procurement risks[43]. Projects and Developments - The company achieved a historical high in silver production, producing 506.71 tons, a year-on-year increase of 46.62%[29]. - The company initiated a non-public stock issuance to raise funds for three projects, including a 2,000 tons/year high-purity silver clean extraction expansion, which will significantly enhance silver production capacity[30]. - The "Silver Technology Upgrade Project" and the first phase of the "50,000 tons/year Lead-Acid Copper Slag Resource Comprehensive Utilization" project have been completed and put into production[35]. - Three fundraising projects focused on silver and resource recycling are set to be fully operational, enhancing the company's position in the precious metals industry and increasing product value[42]. - The company has developed 66 patent technologies, including 50 invention patents, enhancing its technological advantage in clean silver production and resource recycling[41]. Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, ensuring independent operation from its controlling shareholder[74]. - The board of directors consists of 9 members, including 3 independent directors, and has established four specialized committees to provide professional opinions and references for decision-making[75]. - The company has a supervisory board with 3 supervisors, ensuring effective oversight of major matters, financial status, and the performance of directors and senior management[76]. - The company maintains a transparent information disclosure system, ensuring timely and accurate communication with investors[76]. - The company has not faced any penalties or rectification issues during the reporting period[104]. Shareholder Information - The largest shareholder, Cao Yonggui, holds 33.73% of the shares, totaling 169,780,644 shares, with 169,125,744 shares under pledge[134]. - The second-largest shareholder, Cao Yongde, holds 2.38% of the shares, totaling 11,982,268 shares, with 11,952,268 shares under pledge[134]. - The total number of ordinary shareholders at the end of the reporting period was 38,899[134]. - The top ten shareholders did not engage in any repurchase transactions during the reporting period[135]. - The company’s management team includes several members with significant shareholdings, such as Cao Yonggui and Zhang Pingxi, who hold 169,780,644 and 10,088,351 shares respectively[140]. Legal and Regulatory Matters - The company is involved in a lawsuit regarding a financial loan dispute, with a claim for 30 million CNY in principal and 2.295 million CNY in penalties, impacting its net profit[110]. - The company reported a provision for liabilities of approximately 27.29 million CNY related to the ongoing lawsuit, affecting its financial statements[110]. - There were no significant related party transactions during the reporting period[86]. - The company has not experienced any major litigation or arbitration matters during the reporting period[79].