Yunnan Tourism(002059)2016-04-20 16:00Financial Performance - The company's operating revenue for 2015 was CNY 1,426,497,461.04, representing a 51.52% increase compared to CNY 941,476,399.14 in 2014[19]. - The net profit attributable to shareholders for 2015 was CNY 83,454,749.75, an increase of 28.35% from CNY 65,021,489.48 in 2014[19]. - The net cash flow from operating activities improved significantly to CNY 89,668,954.81, a 232.28% increase from a negative CNY 67,785,124.89 in 2014[19]. - The basic earnings per share for 2015 was CNY 0.1142, up 11.20% from CNY 0.1027 in 2014[19]. - The company reported a quarterly revenue of CNY 597,796,450.04 in Q4 2015, which was the highest among the four quarters[24]. - The net profit attributable to shareholders in Q4 2015 was CNY 37,805,835.03, showing a strong performance in the last quarter[24]. - The company experienced a significant increase in net profit after deducting non-recurring gains and losses, reaching CNY 78,860,716.89, a 54.53% increase from CNY 51,033,974.89 in 2014[19]. - The tourism real estate segment generated revenue of CNY 254.82 million, a year-on-year increase of 25.35%[37]. - The garden and horticulture segment saw a significant revenue increase of 370.93%, reaching CNY 596.53 million[37]. Assets and Liabilities - Total assets at the end of 2015 were CNY 4,040,532,673.71, a 4.28% increase from CNY 3,874,874,155.74 at the end of 2014[19]. - The net assets attributable to shareholders increased by 5.34% to CNY 1,675,578,732.81 from CNY 1,590,606,686.88 in 2014[20]. - The fixed assets increased by 830,990, representing a growth of 1.45%, due to the replacement of 630 taxis by a wholly-owned subsidiary[32]. - The intangible assets decreased by 3,533,430.00, a decline of 9.11%, attributed to normal asset amortization[32]. - The construction in progress increased by 424,420, reflecting a growth of 26.88% due to additional investments in the Yunnan Tourism Service Complex project[32]. - The company reported a drastic reduction in investment from 656,603,457.40 CNY in the previous year to 4,000,000.00 CNY in 2015, marking a 99.39% decrease[64]. - The company’s long-term borrowings decreased significantly from 340,000,000.00 CNY (8.77%) in 2014 to 8,500,000.00 CNY (0.21%) in 2015, a decline of 8.56%[61]. - The company’s cash and cash equivalents decreased from 490,862,204.20 CNY (12.67%) in 2014 to 446,762,109.53 CNY (11.06%) in 2015, a drop of 1.61%[61]. Investment and Financing - The company completed a public bond issuance of CNY 400 million in June 2015 and initiated a private placement to raise up to CNY 1.37 billion in December 2015[38]. - The company raised a total of 39,500 million CNY in 2015 through bond issuance, with 38,256.28 million CNY already utilized for working capital[66]. - The company has committed to several investment projects, with a total promised investment of 97,097.3 million CNY, of which 50,135.5 million CNY has been invested by the end of the reporting period[68]. - The company reported a total investment income of ¥2,779,746.93, accounting for 2.05% of total profit[60]. - The company recorded an asset impairment of ¥39,529,524.05, which constituted 29.17% of total profit[60]. - The company issued bonds with a total balance of 40,000 million yuan at an interest rate of 5.90%, with annual interest payments scheduled[145]. - The company utilized 38,256.28 million yuan of the raised funds for working capital, leaving a balance of 1,289.99 million yuan as of the end of 2015[145]. Profit Distribution and Dividends - The company plans not to distribute cash dividends or issue bonus shares for the year[6]. - The company has established a stable cash dividend policy, aiming for a minimum of 30% of the average distributable profit over the last three years to be distributed in cash[93]. - The cash dividend conditions include achieving positive distributable profits and having sufficient cash flow, with no major investment plans exceeding 30% of the latest audited net assets[93]. - The company did not distribute cash dividends in 2015, 2014, and 2015, with a total of 0.00% of net profit allocated for dividends during these years[101]. - The profit distribution plan for 2014 involved a capital reserve conversion, with no cash dividends distributed, and a total of 365,396,288 shares were increased by 100%[99]. - The company reported a net profit of 83,454,749.75 CNY in 2015, with no cash dividends proposed despite positive distributable profits[101]. Corporate Governance and Management - The company has a diverse board with members holding various professional qualifications, including advanced degrees and senior economic titles[187]. - The management team is committed to maintaining high standards of corporate governance and transparency in financial reporting[194]. - The company has established a performance-based incentive system for its executives, linking compensation to the achievement of specific business goals[194]. - The board includes members with diverse backgrounds, including economics, law, and engineering, contributing to a well-rounded strategic direction[188][190]. - The company has appointed several independent directors and supervisors with extensive experience in finance and management, enhancing governance and oversight[188][189]. - The company has maintained a stable management team with no significant changes in shareholding or ownership stakes[183]. Employee and Workforce - The total number of employees in the company is 2,192, with 1,677 in production, 83 in sales, 179 in technical roles, 88 in finance, and 165 in administration[197]. - The company has a total of 3,298 employees receiving compensation during the reporting period[197]. - The company has established a comprehensive vocational training system to enhance employee skills and support sustainable development[199]. - The educational background of employees includes 36 with postgraduate degrees, 871 with bachelor's or associate degrees, 531 with technical secondary education, and 754 with education below technical secondary[197]. Related Party Transactions - The total amount of related party transactions was 18,037.92 million RMB, with the largest transaction being 17,066.93 million RMB for purchasing goods[126]. - The company provided property services worth 111.53 million RMB and 92.01 million RMB to related parties[126]. - The company rented properties from related parties with a total value of 516.80 million RMB[127]. - The company has established a commitment to fair pricing in transactions with its subsidiaries[109]. - The company will ensure timely and detailed disclosure of any potential related party transactions in accordance with regulations[109]. Strategic Initiatives and Future Plans - The company aims to enhance its brand effect by providing quality leisure services and establishing a strong reputation in the tourism market[33]. - The company is positioned as a comprehensive tourism operator, integrating various business segments to create a synergistic effect across its operations[33]. - The company is actively pursuing the development of the "Kunming Story" project and establishing a wedding industry company as part of its expansion strategy[38]. - The company plans to invest 16 billion yuan in the Expo core area over the next five years, focusing on 22 key projects and infrastructure improvements[86]. - The "Kunming Story" large-scale performance and cultural street project is set to start construction in 2016, showcasing the unique cultural heritage of Kunming[86].