张裕B:2021年年度财务报告(英文版).PDF
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1、 YANTAI CHANGYU PIONEER WINE COMPANY LIMITED ENGLISH TRANSLATION OF FINANCIAL STATEMENTS FOR THE YEAR 1 JANUARY 2021 TO 31 DECEMBER 2021 IF THERE IS ANY CONFLICT BETWEEN THE CHINESE VERSION AND ITS ENGLISH TRANSLATION,THE CHINESE VERSION WILL PREVAIL Page 1 of 6 AUDITORS REPORT KPMG Huazhen Shen Zi
2、No.2205034 All Shareholders of Yantai Changyu Pioneer Wine Company Limited:Opinion We have audited the accompanying financial statements of Yantai Changyu Pioneer Wine Company Limited(“Yantai Changyu”),which comprise the consolidated balance sheet and company balance sheet as at 31 December 2021,the
3、 consolidated income statement and company income statement,the consolidated cash flow statement and company cash flow statement,the consolidated statement of changes in shareholders equity and company statement of changes in shareholders equity for the year then ended,and notes to the financial sta
4、tements.In our opinion,the accompanying financial statements present fairly,in all material respects,the consolidated financial position and company financial position of Yantai Changyu as at 31 December 2021,and of its consolidated financial performance and company financial performance and its con
5、solidated cash flows and company cash flows for the year then ended in accordance with Accounting Standards for Business Enterprises issued by the Ministry of Finance of the Peoples Republic of China.Basis for Opinion We conducted our audit in accordance with China Standards on Auditing for Certifie
6、d Public Accountants(“CSAs”).Our responsibilities under those standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report.We are independent of Yantai Changyu in accordance with the China Code of Ethics for Certified Public Account
7、ants(“the Code”),and we have fulfilled our other ethical responsibilities in accordance with the Code.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Page 2 of 6 AUDITORS REPORT(continued)KPMG Huazhen Shen Zi No.2205034 Key Audit M
8、atters Key audit matters are those matters that,in our professional judgement,were of most significance in our audit of the financial statements for the year.These matters were addressed in the context of our audit of the financial statements as a whole,and in forming our opinion thereon,and we do n
9、ot provide a separate opinion on these matters.Recognition of Sales Revenue from Distributors Refer to the accounting policies set out in the notes to the financial statements“III.Significant accounting policies and accounting estimates”22 and“V.Notes to the consolidated financial statements”37.Key
10、Audit Matters How the Matter was Addressed in Our Audit The principal activities of Yantai Changyu and its subsidiaries(hereinafter referred to as“Yantai Changyu Group”)include manufacture and sales of wine,brandy and sparkling wine.The revenue of Yantai Changyu Group is mainly derived from sales of
11、 distributors.All distributor transaction terms adopt the unified transaction terms formulated by Yantai Changyu Group.Based on the contractual agreement and the business arrangement,Yantai Changyu sells products to distributors and the transfer of product ownership is completed and the revenue is r
12、ecognised when the goods are delivered to distributors and signed for acceptance.As revenue is one of the key performance indicators of Yantai Changyu Group,there is a risk that management may recognise revenue earlier or later in order to meet specific performance targets or expectations,therefore,
13、the risk of cut-off misstatement arising from distributors sales revenue is identified as a key audit matter.Our audit procedures to evaluate revenue recognition of sales revenue from distributors included the following:Understand and evaluate the Managements design and operation effectiveness of ke
14、y internal controls related to distributor sales revenue recognition;Selecting the sales contracts Yantai Changyu signed with distributors in order to examine whether Yantai Changyu has adopted the unified transaction terms,and evaluate whether the accounting policy of revenue recognition meets the
15、requirements of the Accounting Standards for Business Enterprises;On a sampling basis,reconcile the revenue recorded for the year to relevant supporting files such as relevant orders and signed delivery notes,etc.to evaluate whether revenue is recognised in accordance with the accounting policy of Y
16、antai Changyu;Page 3 of 6 AUDITORS REPORT(continued)KPMG Huazhen Shen Zi No.2205034 Key Audit Matters(continued)Recognition of Sales Revenue from Distributors(continued)Refer to the accounting policies set out in the notes to the financial statements“III.Significant accounting policies and accountin
17、g estimates”22 and“V.Notes to the consolidated financial statements”37.The Key Audit Matters How the matter was addressed in our audit On a sampling basis,reconcile the sales transaction before and after balance sheet date to relevant supporting files such as relevant orders,signed delivery notes,et
18、c.to evaluate whether revenue is recognised in appropriate accounting period;Check the sales record after the balance sheet date to identify significant sales returns and check relevant supporting files(If applicable)in order to evaluate whether relevant revenue is recorded in the appropriate accoun
19、ting period;Select revenue accounting entries that meet specific risk criteria and check related supporting documents.Page 4 of 6 AUDITORS REPORT(continued)KPMG Huazhen Shen Zi No.2205034 Other Information Management of Yantai Changyu is responsible for the other information.The other information co
20、mprises all the information included in the 2021 annual report,other than the financial statements and our auditors report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.In connection with our audit
21、of the financial statements,our responsibility is to read the other information and,in doing so,consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.If,based on the work
22、we have performed,we conclude that there is a material misstatement of this other information,we are required to report that fact.We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the p
23、reparation and fair presentation of the financial statements in accordance with the Accounting Standards for Business Enterprises,and for the design,implementation and maintenance of such internal control necessary to enable that the financial statements are free from material misstatement,whether d
24、ue to fraud or error.In preparing the financial statements,management is responsible for assessing Yantai Changyus ability to continue as a going concern,disclosing,as applicable,matters related to going concern and using the going concern basis of accounting unless management either intends to liqu
25、idate Yantai Changyu or to cease operations,or has no realistic alternative but to do so.Those charged with governance are responsible for overseeing Yantai Changyus financial reporting process.Auditors Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonabl
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