2018-04-27 16:00Financial Performance - Operating revenue for the reporting period was CNY 2.40 billion, down 9.87% year-on-year [7]. - Net profit attributable to shareholders was a loss of CNY 84.88 million, a decline of 115.07% compared to the same period last year [7]. - Basic and diluted earnings per share were both CNY -0.0211, a decrease of 115.10% year-on-year [7]. - EBITDA for the reporting period was 577 million RMB, a decline of 58.5% compared to the previous year [14]. - Total operating revenue for Q1 2018 was CNY 2,401,635,061.19, a decrease of 10.8% compared to CNY 2,664,732,283.50 in the same period last year [37]. - Net profit for Q1 2018 was a loss of CNY 48,784,263.24, compared to a profit of CNY 594,913,911.86 in the previous year [38]. - The total operating profit for Q1 2018 was CNY 102,952,121.09, an increase from CNY 61,177,392.85 in the same period last year, representing a growth of approximately 68.5% [41]. - The net profit for Q1 2018 was CNY 103,025,128.44, compared to CNY 61,177,392.85 in Q1 2017, indicating a year-over-year increase of about 68.5% [41]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 59.07 billion, a decrease of 2.18% compared to the end of the previous year [7]. - The company's total assets amounted to CNY 31,884,108,076.89, slightly down from CNY 32,030,787,689.67 at the end of the previous period [34]. - The company's total liabilities decreased to CNY 30,827,061,190.75 from CNY 32,122,841,643.90 at the beginning of the year, indicating a reduction in financial obligations [31]. - Total liabilities decreased to CNY 7,644,347,408.78 from CNY 7,894,052,150.00 year-over-year [34]. - The total equity attributable to shareholders decreased to CNY 27,538,048,584.45 from CNY 27,919,639,799.85, reflecting a decline of approximately 1.37% [31]. Cash Flow - Cash flow from operating activities was CNY 151.74 million, a significant decrease of 80.53% compared to the previous year [7]. - The net cash flow from operating activities for Q1 2018 was CNY 151,736,905.60, significantly lower than CNY 779,242,880.68 in Q1 2017, a decline of approximately 80.5% [43]. - Cash inflows from operating activities totaled CNY 2,442,152,456.15, down from CNY 2,878,995,986.01 in the previous year, a decrease of about 15.2% [43]. - The net cash flow from investing activities for Q1 2018 was CNY 914,153,068.81, a significant improvement from a negative cash flow of CNY 958,997,261.06 in Q1 2017 [44]. - The net cash flow from financing activities was negative CNY 1,425,052,631.87, compared to a positive cash flow of CNY 204,218,405.00 in the same period last year [44]. Shareholder Information - The total number of shareholders at the end of the reporting period was 117,971 [10]. - The largest shareholder, China Ocean Shipping (Group) Company, held 1.54 billion shares, accounting for 38.12% of total shares [10]. Market and Operational Metrics - The average freight rate for VLCC on the Middle East to China route was WS 41.04, down 29.4% year-on-year [12]. - The average daily earnings for VLCC on the Middle East-China route (TD3C) were $8,147, a decrease of 73.8% compared to the same period last year [13]. - The company's transportation volume reached 34.91 million tons, an increase of 27.8% year-on-year, while the turnover volume was 1.26871 billion ton-miles, up 34.3% [14]. Inventory and Receivables - Accounts receivable increased by 47.84% compared to the beginning of the period, primarily due to the merger with Dalian PetroChina Shipping Co., Ltd. [15]. - The company's non-current assets totaled CNY 51,426,019,478.38, down from CNY 53,135,242,501.24, indicating a decrease in long-term investments [30]. - The company reported a significant increase in inventory, which rose to CNY 734,695,150.75 from CNY 656,218,655.52, an increase of about 11.93% [29]. Future Plans and Approvals - The company plans to raise 5.4 billion RMB through a non-public issuance of A-shares to purchase 14 new oil tankers and 2 Panama-type oil tankers [20]. - The company has received approval from the State-owned Assets Supervision and Administration Commission for its stock option incentive plan, which is pending shareholder approval [22][23].