SAC(SH:600268)2014-04-25 16:00Financial Performance - Operating revenue for the first quarter was CNY 517,429,682.02, a decrease of 5.76% year-on-year[9] - Net profit attributable to shareholders was CNY -120,915,736.61, a decrease of 137.76% compared to the same period last year[9] - Basic earnings per share were CNY -0.1903, a decrease of 137.5% year-on-year[9] - The company's net profit for 2013 was -8,080,944.73 RMB, leading to a cash dividend distribution proposal of 0.90 RMB per 10 shares, totaling 57,172,179.06 RMB[18] - The company's operating revenue for Q1 2014 was CNY 328,891,053.20, a decrease of 9.8% compared to CNY 364,601,679.68 in the same period last year[36] - The net profit for Q1 2014 was a loss of CNY 132,290,261.27, compared to a loss of CNY 57,934,531.43 in Q1 2013, representing an increase in loss of 128.5%[34] - The basic and diluted earnings per share for Q1 2014 were both -0.1903, compared to -0.0801 in the previous year[34] Assets and Liabilities - Total assets decreased by 2.03% to CNY 10,011,764,724.06 compared to the end of the previous year[9] - The company's current assets decreased to CNY 7,423,892,554.71 from CNY 7,702,222,805.96 at the beginning of the year, reflecting a decline of 3.6%[28] - The total liabilities decreased to CNY 6,958,500,335.94 from CNY 7,033,644,051.54, a reduction of 1.1%[29] - The company's cash and cash equivalents decreased to CNY 708,826,137.36 from CNY 859,470,397.04, a decline of 17.5%[28] - Accounts receivable decreased to CNY 3,969,821,858.65 from CNY 4,186,890,651.18, a decrease of 5.2%[28] - Inventory increased to CNY 1,360,086,763.55 from CNY 1,218,432,323.10, an increase of 11.6%[28] - The total non-current assets increased to CNY 2,587,872,169.35 from CNY 2,516,975,894.97, an increase of 2.8%[28] - The company's equity attributable to shareholders decreased to CNY 2,226,785,840.03 from CNY 2,347,701,576.64, a decline of 5.1%[29] - The company reported a net profit decrease in retained earnings to CNY 401,927,302.03 from CNY 522,843,038.64, a decrease of 23.1%[29] Cash Flow - Cash flow from operating activities was CNY -506,877,241.23, a decrease of 14.84% compared to the previous year[9] - The total cash inflow from operating activities was CNY 847,389,221.22, while the total cash outflow was CNY 1,354,266,462.45, resulting in a significant cash outflow[38] - The net cash flow from operating activities was -CNY 506,877,241.23, worsening from -CNY 441,370,055.73 in Q1 2013[39] - The company reported an investment cash outflow of CNY 87,832,541.88, a decrease from CNY 99,871,144.03 in the previous year[39] - The financing cash inflow for Q1 2014 was CNY 1,059,600,000.00, slightly up from CNY 1,032,800,000.00 in Q1 2013[39] - The net cash flow from financing activities was CNY 422,674,450.73, down from CNY 523,552,396.49 in the previous year[39] - The company's cash and cash equivalents at the end of Q1 2014 were CNY 559,086,361.34, down from CNY 748,411,531.48 at the end of Q1 2013[39] - The net cash flow from investment activities was -22,639,424.88 CNY, a decrease compared to -46,504,292.87 CNY in the previous period[42] - Cash inflow from financing activities totaled 459,000,000.00 CNY, down from 630,000,000.00 CNY in the prior period[42] - The net cash flow from financing activities was 186,868,287.54 CNY, compared to 337,544,689.26 CNY previously[42] - The total cash and cash equivalents at the end of the period were 237,836,123.46 CNY, a decrease from 77,389,487.36 CNY in the previous year[42] - The cash outflow for investing activities was 32,024,524.88 CNY, compared to 46,504,292.87 CNY in the prior period[42] - The cash outflow for financing activities was 272,131,712.46 CNY, down from 292,455,310.74 CNY in the previous period[42] - The initial cash and cash equivalents balance was 275,844,208.62 CNY, compared to 138,292,990.84 CNY in the previous year[42] - The net increase in cash and cash equivalents was -38,008,085.16 CNY, compared to -60,903,503.48 CNY in the prior period[42] - The cash inflow from the disposal of fixed assets was 9,385,100.00 CNY[42] - The cash paid for the acquisition of fixed assets was 22,120,524.88 CNY[42] Shareholder Information - The total number of shareholders was 34,106 at the end of the reporting period[12] - The largest shareholder, State Power Corporation of Nanjing Electric Automation Equipment Factory, holds 51.09% of the shares[12] Government Support and Investments - The company received government subsidies amounting to CNY 661,843.00 during the reporting period[11] - The company received 3.8 billion RMB from the central government to support its smart grid and control system projects[21] - The company experienced increased profits from its joint venture, Shanghai Kelu Environmental Technology Co., Ltd., compared to the same period last year[16] - Management and financial expenses increased compared to the previous year, impacting overall profitability[16] - The company is exploring the feasibility of an equity incentive plan for its management team[24] - The company has seen an increase in external investments compared to the previous year[17] Cost and Expense Management - Cash paid for purchasing goods and services rose by 42.20% to 820,841,599.73 RMB[19] - The total operating costs for Q1 2014 were CNY 668,275,997.36, an increase of 7.3% from CNY 622,847,352.62 in the previous period[33] - The company experienced a significant increase in sales expenses, which rose to CNY 79,629,483.90 from CNY 81,231,017.06 in the previous year[34]