Fu Neng Shares (600483): South Textile New Material Received Land Disposal Income 130 Million Yuan

According to the summary of the minutes of the special meeting of the Nanping municipal government of Fujian Province, "the summary of the work on the study of Nanfang spinning needle factory" ([2016]1), the 600483.SH, a wholly owned subsidiary of Fujian municipal government, has signed the agreement on the recovery of the right to use state-owned construction land in Nanfang spinning needle No. 34, Yang Zhen Road No. 34, Yancheng Road, Nanping, with the Nanping's land purchase and reserve center. The Nanping textile land acquisition center has recovered the use of state-owned land for construction of 23621.67 square meters of the original Nanfang needle factory in Yancheng Road, Yanping District, Nanping. In September 16, 2019, Nanfang new material received 130 million 465 thousand and 400 yuan of land disposal income.

In January 31, 2019, Fuzhou Sanyou Garments Co., Ltd., a new subsidiary of Nanfang Textile Co., received its 48 million 709 thousand and 600 yuan land disposal income to deal with the land on the north side of Hutang Road, Fuzhou Fuxing Investment Zone. Within 12 months, the new textile material has received 179 million 175 thousand yuan from land disposal.

After preliminary calculation by the finance department, the above two land disposal income is expected to increase the net profit of the company attributing to the parent company's owner is about 95 million yuan, and the specific accounting treatment and the effect of the annual accounting confirmation will be the result.