Chutian Expressway(SH:600035)2014-03-25 16:00Financial Performance - The company's operating revenue for 2013 was CNY 1,010,872,885, representing a 5.93% increase compared to CNY 954,243,368 in 2012[16]. - The net profit attributable to shareholders for 2013 was CNY 255,333,155.93, a 30.71% increase from CNY 195,347,859.21 in 2012[16]. - The total assets at the end of 2013 reached CNY 13,100,885,876.31, reflecting a 10.95% increase from CNY 11,808,728,373.53 in 2012[16]. - The basic earnings per share for 2013 was CNY 0.27, up 28.57% from CNY 0.21 in 2012[16]. - The weighted average return on equity increased to 7.44% in 2013, up from 5.96% in 2012, an increase of 1.48 percentage points[16]. - The net cash flow from operating activities for 2013 was CNY 629,800,169.94, a decrease of 4.74% from CNY 661,137,264.80 in 2012[16]. - The company's operating costs increased to 370 million RMB, a rise of 3.16% compared to the previous year[22]. - The company reported a total revenue of 1.5 billion RMB for the year 2013, representing a year-on-year increase of 10%[79]. - The net profit for the year was CNY 255,218,687.34, representing a 30.7% increase from CNY 195,286,584.61 in the prior year[119]. Shareholder Returns - The company proposed a cash dividend of CNY 0.90 per 10 shares, totaling CNY 83,848,724.55, which accounts for 32.84% of the net profit attributable to shareholders[4]. - The company distributed a cash dividend of CNY 0.70 per 10 shares in 2012, totaling CNY 65,215,674.65, representing 23.94% of the distributable profit for that year[45]. - The company has a cash dividend policy that emphasizes reasonable returns to investors, with a commitment to maintain continuity and stability in profit distribution[44]. Capital Structure - The company proposed a capital increase of 279,495,748 shares, resulting in a total share capital of 1,211,148,243 shares after the increase[4]. - The total number of shareholders at the end of the reporting period was 46,504, with the top two shareholders holding 63.39% of the shares[64]. - The largest shareholder, Hubei Provincial Transportation Investment Co., Ltd., holds 40.37% of the shares, totaling 376,066,930 shares[64]. - The total capital (or stock) at the end of the period remains at RMB 931,652,495.00, consistent with the previous year[140]. Assets and Liabilities - The total liabilities were reported at CNY 9,158,087,289.90, compared to CNY 8,056,074,137.92 at the beginning of the year, indicating an increase of about 13.7%[115]. - The company's total equity was CNY 3,942,798,586.41, reflecting an increase from CNY 3,752,654,235.61 at the beginning of the year, which is an increase of about 5.1%[115]. - The company's cash and cash equivalents decreased by 58.80% to ¥695,132,900, accounting for 5.31% of total assets[29]. - The company's short-term borrowings reached ¥500,000,000, marking a 100% increase compared to the previous period[29]. Investment and Growth - The company aims to achieve an operating revenue target of 1.045 billion RMB in 2014[38]. - The company reported a total investment of 42.67 billion RMB in the Hubei province's highway construction, with a year-on-year increase of 26.6%[40]. - The company plans to expand its highway network by 200 kilometers over the next three years, focusing on underserved regions[79]. - Investment in research and development for smart traffic management systems is projected to reach 50 million RMB in 2014[79]. Operational Challenges - The company has experienced a significant impact on its toll revenue due to government policies, including the free passage policy during major holidays[40]. - The company is facing competition from the newly completed Han-Yi high-speed railway, which has affected passenger transport volumes along its highways[41]. - The net profit of the subsidiary managing the Ma-Cheng to Zhu-Xi Expressway was reported at -¥127,932,058.21, indicating operational challenges[33]. Governance and Compliance - The company has maintained independent operations from its controlling shareholder, ensuring no interference in business decisions[95]. - The company has a clear structure for the remuneration of directors and supervisors, which is determined by the board and approved by the shareholders' meeting[92]. - The company strictly adheres to laws and regulations for information disclosure, ensuring that all stakeholders receive accurate and timely information[98]. - The company has implemented a governance structure that complies with the requirements of the Company Law and the Securities Law, ensuring fair treatment of all shareholders[95]. Social Responsibility - The company emphasizes its commitment to social responsibility, focusing on economic and social benefits while promoting sustainable development[47]. - The company is committed to environmental protection and public welfare as part of its corporate social responsibility[98]. Financial Reporting and Audit - The financial statements were approved by the board on March 24, 2014[145]. - The company adheres to the Chinese Accounting Standards, ensuring that financial reports accurately reflect its financial status and operating results[147]. - The internal control audit was conducted by Zhonghuan Haihua Accounting Firm, resulting in a standard unqualified audit report[109].