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Investments in equity method investees | 12 Months Ended
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Mar. 31, 2022
Investments in equity method investees |
Investments in equity method investees |
14. | Investments in equity method investees
​
​ | ​ | ​
​ |  | Amounts
​ | ​ | (in millions of RMB)
Balance as of March 31, 2020 |  | 189,632
Additions |  | 17,731
Share of results, other comprehensive income and other reserves (i) |  | 14,014
Disposals |  | (1,386)
Distributions | ​ | (1,976)
Transfers (ii) | ​ | (9,122)
Impairment loss (iii) |  | (7,256)
Foreign currency translation adjustments |  | (1,448)
Balance as of March 31, 2021 |  | 200,189
Additions |  | 8,964
Share of results, other comprehensive income and other reserves (i) |  | 18,822
Disposals |  | (1,237)
Distributions (iv) | ​ | (5,329)
Transfers | ​ | 5,159
Impairment loss (iii) |  | (6,201)
Foreign currency translation adjustments |  | (725)
Balance as of March 31, 2022 |  | 219,642
​
| (i) | Share of results, other comprehensive income and other reserves include the share of results of the equity method investees, the gain or loss arising from the deemed disposal of the equity method investees and the amortization of basis differences. The amount excludes the expenses relating to the share-based awards underlying the equity of the Company and Ant Group granted to employees of certain equity method investees.
| (ii) | During the year ended March 31, 2021, transfers were primarily related to the consolidation of Sun Art (Note 4(a)) and additional investments in YTO Express (Note 4(h)) and STO Express (Note 4(e)).
| (iii) | Impairment loss recorded represents other-than-temporary decline in fair value below the carrying value of the investments in equity method investees. The valuation inputs for the fair value measurement with respect to the impairments include the stock price for equity method investees that are listed, as well as certain unobservable inputs that are not subject to meaningful aggregation.
| (iv) | Includes dividend declared by Ant Group amounting to RMB 3,945 million (Note 13).
As of March 31, 2022, equity method investments with an aggregate carrying amount of RMB42,595 million are publicly traded and the total market value of these investments amounted to RMB38,244 million. As of March 31, 2022, the Company’s retained earnings included undistributed earnings from equity method investees of RMB46,149 million. ​
14. | Investments in equity method investees (Continued)
For the years ended March 31, 2020, 2021 and 2022, equity method investments held by the Company in aggregate have met the significance criteria as defined under Rule 4-08(g) of Regulation S-X. As such, the Company is required to present summarized financial information for all of its equity method investments as a group as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year ended March 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | (in millions of RMB)
Operating data: | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | 553,387 | ​ | 657,065 | ​ | 541,712
Cost of revenue |  | (443,198) |  | (474,123) |  | (371,076)
Income from operations |  | 5,274 |  | 55,896 |  | 38,006
Net income |  | 30,578 |  | 95,224 |  | 113,970
​
​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31,
​ |  | 2021 |  | 2022
​ |  | (in millions of RMB)
Balance sheet data: | ​ | ​ | ​ | ​
Current assets |  | 668,838 |  | 624,045
Non-current assets |  | 586,434 |  | 870,394
Current liabilities |  | 464,257 |  | 426,170
Non-current liabilities |  | 129,985 |  | 118,575
Noncontrolling interests and mezzanine equity |  | 22,997 |  | 16,059
​

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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