泰豪科技(600590) - 2018 Q2 - 季度财报

Glossary This section provides definitions of key terms used throughout the report Company Profile and Key Financial Indicators This section presents the company's core financial performance and key indicators for the reporting period Company's Key Accounting Data and Financial Indicators The company achieved operating revenue of 2.104 billion Yuan, a 55.00% year-over-year increase, and net profit attributable to shareholders of 115 million Yuan, a 70.69% year-over-year increase, with core business profitability significantly enhanced by a 392.84% increase in net profit after deducting non-recurring gains and losses Key Accounting Data (January-June 2018) | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,104,165,288.21 | 1,357,541,430.61 | 55.00% | | Net Profit Attributable to Shareholders of Listed Company | 115,343,463.78 | 67,573,110.88 | 70.69% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 102,960,617.19 | 20,891,316.57 | 392.84% | | Net Cash Flow from Operating Activities | -535,042,760.00 | -819,608,749.81 | N/A | | Indicator | End of Current Period (Yuan) | End of Prior Year (Yuan) | YoY Change (%) | | Net Assets Attributable to Shareholders of Listed Company | 3,781,663,691.73 | 3,730,376,086.18 | 1.37% | | Total Assets | 10,590,646,176.20 | 10,513,954,247.14 | 0.73% | Key Financial Indicators (January-June 2018) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change Explanation | | :--- | :--- | :--- | :--- | | Basic EPS (Yuan/share) | 0.17 | 0.10 | Growth of 70.00% | | Basic EPS After Non-Recurring Gains/Losses (Yuan/share) | 0.15 | 0.03 | Growth of 400.00% | | Weighted Average ROE (%) | 3.03% | 1.76% | Increased by 1.27 percentage points | | Weighted Average ROE After Non-Recurring Gains/Losses (%) | 2.71% | 0.54% | Increased by 2.17 percentage points | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 12.38 million Yuan, primarily from government grants (10.78 million Yuan) and gains from entrusted loans (4.86 million Yuan) Non-Recurring Gains and Losses Items (January-June 2018) | Non-Recurring Gains and Losses Items | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 2,150,173.13 | | Government Grants Included in Current Period Profit/Loss | 10,778,244.10 | | Gains/Losses from Entrusted Loans | 4,864,779.88 | | Other Non-Operating Income and Expenses | -1,691,846.14 | | Impact on Minority Interests | -754,373.40 | | Income Tax Impact | -2,964,130.98 | | Total | 12,382,846.59 | Company Business Overview This section provides an overview of the company's main business segments, operational model, and core competitive advantages Main Business, Operating Model, and Industry Overview The company's main businesses are military equipment and smart energy, with military equipment benefiting from increased defense spending and smart energy from grid upgrades, positioning the company as a leader in key product areas - The company primarily operates in two major industries: military equipment and smart energy, with products ranging from vehicle-mounted communication command systems and military power stations to power information technology products and smart emergency power supplies - The military industry benefits from 8.1% year-over-year growth in defense spending in 2018 and accelerated equipment upgrades, giving the company a leading edge in vehicle-mounted communication command systems, shipborne combat command systems, and military power stations[26][27] - The smart energy industry benefits from over 1.7 trillion Yuan in distribution network upgrade investments during the '13th Five-Year Plan' period and energy internet policies, positioning the company as a market leader in power dispatching software alongside NARI Group and a second-tier player in smart emergency power supplies[27][29] Significant Changes in Major Assets During the reporting period, significant asset changes included a 48.92% increase in prepayments and a 28.98% increase in inventory due to increased procurement, alongside a 33.56% rise in long-term equity investments from acquisitions Major Asset Changes | Item | Amount at End of Current Period (Yuan) | Amount at End of Prior Period (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Prepayments | 476,091,562.16 | 319,700,666.20 | 48.92 | Increase in procurement prepayments | | Inventory | 1,199,846,374.65 | 930,246,593.52 | 28.98 | Increase in production inventory | | Long-term Equity Investments | 386,278,456.99 | 289,216,397.21 | 33.56 | Acquisition of AVIC Bit and Hunan Jishi equity | | Construction in Progress | 64,484,337.41 | 44,116,394.13 | 46.17 | Intelligent production line transformation | Core Competitiveness Analysis The company's core competitiveness is continuous R&D innovation, advancing military equipment projects and entering unmanned platform power sources, while in smart energy, it focuses on microgrids and distributed energy trading, with its blockchain-based technology filling a domestic gap, resulting in 168 patent applications and 139 granted patents - The company has established a Military Equipment Research Institute and a Smart Energy Research Institute to focus on strategic and forward-looking R&D initiatives[33] - During the reporting period, the company received 168 patent applications, was granted 139 patents (including 10 invention patents), and developed over 120 new products and technologies[34] - The 'Research and Application of Blockchain-based Distributed Energy Trading Technology' project in the smart energy industry filled a domestic gap and was included in Shanghai's scientific research plan[34] Discussion and Analysis of Operations This section provides a comprehensive analysis of the company's operational performance, financial position, investment activities, and key risks during the reporting period Overview of Operations In the first half of 2018, the company maintained rapid business development and improved profitability, with military equipment contract value increasing by 186.34% and smart energy maintaining strong momentum, resulting in overall operating revenue of 2.104 billion Yuan (55.00% year-over-year growth) and net profit attributable to the parent company of 115 million Yuan (70.69% year-over-year growth) Key Operating Performance H1 2018 | Indicator | Amount (Ten Thousand Yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 210,417 | 55.00% | | Net Profit | 11,142 | 61.16% | | Net Profit Attributable to Parent Company | 11,534 | 70.69% | - Military equipment industry contract value increased by 186.34% year-over-year, expanding equipment informatization business through investments in Hunan Jishi and AVIC Bit[36] (I) Analysis of Principal Activities During the reporting period, the company's operating revenue and costs grew by approximately 55%-56%, while financial expenses surged by 123.87% due to increased borrowing; asset impairment losses significantly decreased by 250.28% due to accounts receivable recovery, and investment income sharply declined by 97.00% due to reduced equity disposal gains Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,104,165,288.21 | 1,357,541,430.61 | 55.00 | | Operating Cost | 1,675,840,695.08 | 1,074,315,252.13 | 55.99 | | Financial Expenses | 95,119,196.73 | 42,487,702.00 | 123.87 | | Asset Impairment Losses | -10,328,831.91 | 6,872,983.45 | -250.28 | | Investment Income | 1,273,777.97 | 42,458,760.82 | -97.00 | (III) Analysis of Assets and Liabilities As of the end of the reporting period, total assets were 10.591 billion Yuan, a slight 0.73% increase from the beginning of the period, with significant increases in prepayments (48.92%), long-term equity investments (33.56%), and construction in progress (46.17%), while taxes payable decreased by 56.20%, and 898 million Yuan in assets were restricted Major Asset and Liability Item Changes | Item | Amount at End of Current Period (Yuan) | Amount at End of Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Prepayments | 476,091,562.16 | 319,700,666.20 | 48.92 | | Long-term Equity Investments | 386,278,456.99 | 289,216,397.21 | 33.56 | | Construction in Progress | 64,484,337.41 | 44,116,394.13 | 46.17 | | Taxes Payable | 78,737,899.39 | 179,775,374.37 | -56.20 | - As of the end of the reporting period, the company's major restricted assets totaled 898 million Yuan in book value, primarily comprising fixed assets and intangible assets mortgaged for bank loans, and pledged long-term equity investments[45][46] (IV) Analysis of Investment Status During the reporting period, the company's external equity investments primarily focused on military equipment, with 96 million Yuan invested for a 24% stake in AVIC Bit and 40.8 million Yuan for a 51% stake in Hunan Jishi to expand communication equipment product lines, while also continuing non-equity investments in smart manufacturing and EV charging stations - To expand its communication equipment product line, wholly-owned subsidiary Jiangxi Taihao Military Group invested 96 million Yuan to acquire a 24% equity stake in Shenzhen AVIC Bit Communication Technology Co., Ltd[48][49] - To promote the development of the military industry, Jiangxi Taihao Military Group invested 40.8 million Yuan to acquire a 51% equity stake in Hunan Jishi Communication Technology Co., Ltd[48][49] - The company made significant investments in smart manufacturing technological transformation projects and EV charging station projects, with 10.47 million Yuan and 5.96 million Yuan invested respectively during the reporting period[52] (V) Significant Asset and Equity Sales To optimize its industrial layout, the company transferred 100% equity of its wholly-owned subsidiary Guizhou Taihao Electric Power Technology Co., Ltd. to Taihao Group Guizhou Investment Co., Ltd. for 20 million Yuan, exiting lower value-added medium and low-voltage power distribution equipment manufacturing, with all proceeds received - The company transferred 100% equity of its wholly-owned subsidiary Guizhou Taihao Electric Power Technology Co., Ltd. to Taihao Group Guizhou Investment Co., Ltd. for 20 million Yuan, with all transfer proceeds fully recovered[53] (VI) Analysis of Major Holding and Participating Companies During the reporting period, several core subsidiaries demonstrated strong performance and significant contributions to the company's net profit, with Jiangxi Taihao Military Group, Taihao Software, Shanghai Boyuan Information, and Shanghai Hongsheng System Engineering each contributing over 13% of net profit, and Jiangxi Taihao Military Group's net profit growing by 547.59% Major Subsidiaries Contributing Over 10% to Company Net Profit | Company Name | Current Period Operating Revenue (Yuan) | Current Period Net Profit (Yuan) | Proportion of Investment Income Contributed to Listed Company's Net Profit (%) | | :--- | :--- | :--- | :--- | | Jiangxi Taihao Military Group Co., Ltd. | 442,044,802.50 | 33,152,025.19 | 27.41 | | Taihao Software Co., Ltd. | 269,295,762.63 | 27,462,868.33 | 24.89 | | Shanghai Boyuan Information Technology Service Co., Ltd. | 250,000,179.78 | 15,025,054.30 | 13.19 | | Shanghai Hongsheng System Engineering Co., Ltd. | 22,398,920.48 | 14,990,651.19 | 13.00 | | Taihao International Investment Co., Ltd. | 55,470,236.43 | 13,844,807.86 | 12.00 | Major Subsidiaries with Performance Fluctuations Exceeding 30% | Company Name | Operating Revenue Change (%) | Net Profit Change (%) | Explanation | | :--- | :--- | :--- | :--- | | Jiangxi Taihao Military Group Co., Ltd. | 74.07% | 547.59% | Growth in revenue from principal activities | | Taihao Software Co., Ltd. | 28.80% | 130.23% | Growth in revenue from principal activities | | Shanghai Boyuan Information Technology Service Co., Ltd. | 161.74% | 85.74% | Growth in revenue from principal activities | | Taihao International Investment Co., Ltd. | 23.90% | 204.83% | Recovery of accounts receivable, reduction in asset impairment losses | | Taihao Power Technology Co., Ltd. | 160.94% | 248.79% | Growth in revenue from principal activities | (II) Potential Risks The company faces macro-policy and market competition risks, including the ongoing impact of military system reforms on defense business and potential delays in smart energy policy implementation, alongside intense competition in military equipment technological upgrades and smart energy sectors, which the company addresses through continuous R&D, market expansion, and business model innovation - Macro-policy risks include the potential for ongoing impact of military system reforms on the military equipment industry and the risk of smart energy industry policies related to power system reform not being implemented as expected[64] - Market competition risks include market size bottlenecks, new technology impacts, and product upgrade pressures in the military equipment industry, as well as intense competition in power information technology operations and maintenance, power supply products, and energy internet sectors within the smart energy industry[65][67] Significant Matters This section details the company's fulfillment of commitments, significant related-party transactions, and major contracts, including external guarantees Fulfillment of Commitments During the reporting period, the company and related parties continued to fulfill commitments related to major asset restructuring, refinancing, and equity incentives, including performance undertakings and compensation arrangements for acquired companies like Boyuan Information, Haidexin, and Shanghai Hongsheng, as well as share lock-up commitments by relevant shareholders, all of which are being normally performed - Boyuan Information's relevant shareholders committed to their net profit after deducting non-recurring gains and losses for 2015-2020, with compensation required per agreement if targets are not met[72] - Haidexin's relevant shareholders committed to their net profit after deducting non-recurring gains and losses for 2015-2017, with compensation required per agreement if targets are not met[75] - Shanghai Hongsheng's relevant shareholders committed to their net profit for 2017-2019, with compensation required per agreement if targets are not met[75] Significant Related-Party Transactions During the reporting period, the company engaged in two significant asset acquisition-related party transactions: the completed 20 million Yuan transfer of 100% equity in wholly-owned subsidiary Guizhou Taihao Electric Power Technology Co., Ltd. to an affiliate, and the pending 70 million Yuan cash acquisition of a 60% stake in Beijing Taihao Equipment Technology Co., Ltd. from an affiliate, which will result in 100% ownership - The company transferred 100% equity of its wholly-owned subsidiary Guizhou Taihao Electric Power Technology Co., Ltd. to Taihao Group Guizhou Investment Co., Ltd. for 20 million Yuan, with all transfer proceeds fully recovered[84] - The company plans to acquire a 60% equity stake in Beijing Taihao Equipment Technology Co., Ltd. from Taihao Group for 70 million Yuan in cash, which will result in 100% control upon completion; as of the end of the reporting period, this transaction was not yet finalized[85] Major Contracts and Their Performance As of the end of the reporting period, the company's total external guarantees amounted to 1.179 billion Yuan, representing 31.17% of its net assets, including 929 million Yuan for subsidiaries and 250 million Yuan for non-subsidiaries, with 763 million Yuan provided for entities with an asset-liability ratio exceeding 70% Company's Total Guarantee Status | Item | Amount (Ten Thousand Yuan) | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at End of Reporting Period (B) | 92,871.00 | | Total Guarantee Balance at End of Reporting Period (A) (Excluding Guarantees for Subsidiaries) | 25,000.00 | | Total Guarantees (A+B) | 117,871.00 | | Proportion of Total Guarantees to Company's Net Assets (%) | 31.17 | Changes in Ordinary Shares and Shareholder Information This section details changes in the company's ordinary share capital and provides an overview of its shareholder structure Changes in Share Capital During the reporting period, the company's total share capital increased from 667 million shares to 866 million shares due to the implementation of the 2017 equity distribution plan, which involved a 3-for-10 share bonus issue from capital reserves to all shareholders, leading to a proportional increase in both restricted and unrestricted tradable shares - The company implemented its 2017 equity distribution plan, issuing 3 bonus shares for every 10 shares to all shareholders, increasing total share capital from 666,960,584 shares to 866,298,784 shares[99][103] Share Capital Change Table | Share Class | Quantity Before Change | Change in This Period | Quantity After Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 154,498,812 | +46,349,644 | 200,848,456 | | II. Unrestricted Tradable Shares | 512,461,772 | +152,988,556 | 665,450,328 | | III. Total Shares | 666,960,584 | +199,338,200 | 866,298,784 | Shareholder Information As of the end of the reporting period, the company had 37,595 shareholders, with the top three being Tsinghua Tongfang Co., Ltd. (19.31%), Taihao Group Co., Ltd. (14.84%), and China Overseas Holdings Group Co., Ltd. (6.00%) Top Ten Shareholders' Holdings as of End of Reporting Period | Shareholder Name | Shares Held at Period End | Proportion (%) | | :--- | :--- | :--- | | Tsinghua Tongfang Co., Ltd. | 167,315,574 | 19.31 | | Taihao Group Co., Ltd. | 128,569,272 | 14.84 | | China Overseas Holdings Group Co., Ltd. | 51,996,672 | 6.00 | | Pan Hongsheng | 26,620,623 | 3.07 | | Hu Jian | 18,631,655 | 2.15 | | Nanjing Ruison Investment Management Partnership | 17,323,488 | 2.00 | | Huaao International Trust - Taihao Technology Phase I Employee Stock Ownership | 15,660,293 | 1.81 | | Xinjiang Silicon Valley Paradise Jiahong Equity Investment Partnership | 12,999,168 | 1.50 | | Tianjin Silicon Valley Paradise Sunshine Equity Investment Fund Partnership | 12,999,168 | 1.50 | | Ningbo Jiebao Investment Partnership | 8,879,662 | 1.03 | Preferred Shares Information This section provides information regarding the company's preferred shares Preferred Shares Information During the reporting period, the company had no preferred shares - The company has no preferred shares[115] Information on Directors, Supervisors, and Senior Management This section outlines changes in shareholdings and personnel for the company's directors, supervisors, and senior management Changes in Shareholdings and Equity Incentive Plans During the reporting period, several directors and senior executives saw their shareholdings increase due to the 2017 restricted stock incentive plan and the 2017 annual equity distribution (bonus shares), with Director Yang Jian's holdings increasing to 7.54 million shares, of which 3.9 million shares are unvested restricted stock - Several directors, supervisors, and senior executives experienced an increase in shareholdings due to the 2017 restricted stock grant and annual equity distribution[116] Directors' and Senior Executives' Restricted Stock Grant Information | Name | Position | Number of Restricted Shares Newly Granted in Reporting Period | Number of Restricted Shares Held at Period End | | :--- | :--- | :--- | :--- | | Yang Jian | Director | 3,000,000 | 3,900,000 | | Tu Yanbin | Director | 500,000 | 650,000 | | Yang Jun | Senior Executive | 500,000 | 650,000 | | Zeng Zhijie | Senior Executive | 500,000 | 650,000 | Changes in Directors, Supervisors, and Senior Management Personnel From June to July 2018, the company completed the re-election of its Board of Directors and Board of Supervisors, electing members for the seventh term and appointing a new cohort of senior management - Between June and July 2018, the company completed the re-election of its Seventh Board of Directors and Board of Supervisors, and the appointment of senior management, through resolutions passed by the Board of Directors, Board of Supervisors, Employee Representative Assembly, and Shareholders' Meeting[118][119] Corporate Bonds Information This section provides details on the company's corporate bonds, including their basic information, use of proceeds, credit ratings, and solvency Basic Information on Corporate Bonds The company has two outstanding publicly issued bonds, '16 Taihao 01' and '16 Taihao 02', each with a total issuance of 500 million Yuan and a 5-year term, including an option to adjust coupon rates and an investor put option at the end of the third year, with interest paid in full and on time during the reporting period Basic Corporate Bond Information | Bond Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (Billion Yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | 16 Taihao 01 | 136332 | March 23, 2016 | March 23, 2021 | 5 | 4.20 | | 16 Taihao 02 | 136602 | August 2, 2016 | August 2, 2021 | 5 | 4.19 | Use of Proceeds and Rating Information The total 1 billion Yuan raised from both corporate bond issuances has been fully utilized in accordance with the prospectus, and according to China Chengxin Securities Rating Co., Ltd.'s April 2018 follow-up rating, the company's corporate credit rating and both bond ratings are AA with a stable outlook - The two corporate bond issuances raised a total of 1 billion Yuan, which, after deducting issuance expenses, has been fully utilized in accordance with the planned use outlined in the prospectus[125][126] - According to China Chengxin Securities Rating Co., Ltd.'s rating report on April 19, 2018, the company's corporate credit rating is AA (stable), and the latest ratings for '16 Taihao 01' and '16 Taihao 02' are both AA (stable)[127] Solvency and Bank Credit Lines As of the end of the reporting period, the company's asset-liability ratio was 61.44%, a 1.65 percentage point decrease from the prior year-end, indicating improved solvency, with total bank credit lines of 5.031 billion Yuan and 2.992 billion Yuan utilized, demonstrating strong financing capability and liquidity support Key Solvency Financial Indicators | Key Indicator | End of Current Period | End of Prior Year | Reason for Change | | :--- | :--- | :--- | :--- | | Current Ratio | 1.40 | 1.36 | Enhanced asset liquidity | | Quick Ratio | 1.15 | 1.17 | Weakened quick asset liquidity | | Asset-Liability Ratio (%) | 61.44 | 63.09 | Enhanced company solvency | | EBITDA Interest Coverage Ratio | 3.42 | 3.75 | Increased interest expenses | - As of the end of the reporting period, the company had total bank credit lines of 5.031 billion Yuan, with 2.992 billion Yuan utilized[132][133] Financial Report This section presents the company's unaudited consolidated and parent company financial statements, including detailed notes on key accounts and supplementary information Financial Statements This section includes the company's unaudited 2018 semi-annual consolidated and parent company financial statements, specifically the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity Scope of Consolidated Financial Statements A total of 39 entities were included in the scope of consolidated financial statements for this reporting period, including wholly-owned and controlled subsidiaries such as Jiangxi Taihao Military Group, Taihao Power Technology, and Shanghai Hongsheng System Engineering - A total of 39 entities were included in the scope of consolidated financial statements for this period[171] Revenue Recognition Accounting Policy The company's revenue recognition policy varies by business type: software product sales are recognized upon customer acceptance, software development and system integration projects use the percentage-of-completion method, and military equipment business revenue is recognized after buyer acceptance - Revenue from software product sales is recognized upon obtaining customer delivery or installation acceptance certificates[223] - Revenue from software development projects and system integration projects is recognized using the percentage-of-completion method[224][225] - Revenue from military equipment and other businesses is recognized after buyer acceptance[226] Notes to Consolidated Financial Statement Items This section details the composition and changes of major consolidated financial statement items, including accounts receivable of 3.731 billion Yuan with 224 million Yuan in bad debt provisions, inventory of 1.200 billion Yuan, and goodwill of 1.240 billion Yuan, with smart energy business accounting for approximately 78% and military equipment business for 22% of principal operating revenue Top Five Accounts Receivable by Debtor at Period End | Debtor Name | Balance at Period End (Yuan) | Proportion of Total (%) | | :--- | :--- | :--- | | **Institute | 270,578,424.60 | 7.25% | | Zhongzi Guoben Energy Technology Co., Ltd. | 126,250,000.00 | 3.38% | | Nanjing NARI Group Co., Ltd. Information and Communication Technology Branch | 72,526,491.01 | 1.94% | | Nanchang Xinding Building Materials Co., Ltd. | 65,919,164.04 | 1.77% | | SUNISLAND HOLDING CO., LIMITED | 50,902,455.44 | 1.36% | Composition of Revenue from Principal Activities | Business Segment | Amount Incurred in Current Period (Yuan) | Proportion | | :--- | :--- | :--- | | Smart Energy Business | 1,615,075,339.24 | ~77.7% | | Military Equipment Business | 462,632,849.76 | ~22.3% | | Total Principal Activities | 2,077,708,189.00 | 100% | Supplementary Information During the reporting period, the company's total non-recurring gains and losses amounted to 12.38 million Yuan, with net profit attributable to ordinary shareholders after deducting non-recurring gains and losses at 103 million Yuan, a weighted average return on net assets of 2.71%, and basic earnings per share of 0.15 Yuan Current Period Non-Recurring Gains and Losses Details | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 2,150,173.13 | | Government Grants Included in Current Period Profit/Loss | 10,778,244.10 | | Gains/Losses from Entrusted Loans | 4,864,779.88 | | Net Other Non-Operating Income and Expenses | -1,691,846.14 | | Income Tax Impact | -2,964,130.98 | | Impact on Minority Interests | -754,373.40 | | Total | 12,382,846.59 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average ROE (%) | Basic EPS (Yuan) | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 3.03 | 0.17 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 2.71 | 0.15 | Reference Documents Directory This section lists all supplementary documents available for reference