CC GAS(SH:600333)2014-08-27 16:00Financial Performance - The company achieved operating revenue of CNY 835.24 million, a decrease of 6.70% compared to the same period last year[15]. - Net profit attributable to shareholders was CNY 86.42 million, an increase of 86.86% year-on-year[15]. - Basic earnings per share rose to CNY 0.02, doubling from CNY 0.01 in the previous year[15]. - The weighted average return on net assets increased to 0.46%, up by 0.18 percentage points from the previous year[15]. - Operating cash flow turned negative at CNY -103.40 million, a decline of 360.35% compared to the previous year[15]. - The company’s net assets attributable to shareholders decreased slightly by 0.38% to CNY 1.89 billion[15]. - The net profit attributable to the parent company increased due to higher gross margins from core business products[20]. - The revenue from gas sales was approximately 415 million RMB, with a gross margin of 27.98%, an increase of 9.66 percentage points year-on-year[23]. - The revenue from the installation segment was approximately 127 million RMB, with a gross margin of 57.96%, an increase of 2.62 percentage points year-on-year[23]. - The company reported a significant reduction in financial expenses by 89.24% to CNY 1.16 million[19]. Operational Highlights - The company completed the replacement of 47,800 households with natural gas, with a target of 150,000 households for the year[17]. - The company added 50,000 new users, achieving 71% of the annual target[21]. - The gas sales volume reached 135 million cubic meters, completing 60% of the annual plan[21]. - The company completed 78 kilometers of pipeline renovation, which is 52% of the annual target[21]. - The company plans to continue accelerating the replacement of artificial coal gas with natural gas[17]. - The company plans to accelerate the adjustment of its product structure and increase efforts in the vehicle gas market in the second half of the year[21]. Asset and Liability Management - Total assets increased by 1.83% to CNY 3.82 billion compared to the end of the previous year[15]. - Total current assets decreased from CNY 1,091,238,001.33 at the beginning of the year to CNY 1,034,920,810.74, a decline of approximately 5.1%[56]. - Cash and cash equivalents dropped significantly from CNY 383,546,709.67 to CNY 198,739,690.36, representing a decrease of about 48.2%[56]. - Accounts receivable increased from CNY 90,256,715.49 to CNY 154,760,684.73, marking a rise of approximately 71.4%[56]. - Total liabilities increased from CNY 1,819,317,994.56 to CNY 1,895,598,674.71, reflecting a growth of approximately 4.2%[58]. - Short-term borrowings increased from CNY 100,000,000.00 to CNY 150,000,000.00, a rise of 50%[57]. - Total non-current assets grew from CNY 2,656,601,921.70 to CNY 2,781,416,501.12, an increase of about 4.7%[57]. Shareholder and Equity Information - The company distributed a cash dividend of RMB 0.30 per share, totaling RMB 15,888,594.24, based on a total share capital of 529,619,808 shares as of December 31, 2013[34]. - The total number of shares before the change was 529,619,808, with 34,500,000 shares reduced during the period, resulting in a total of 496,019,808 shares after the change[43]. - The largest shareholder, Changchun Gas Holdings Co., Ltd., holds 52.57% of the shares, totaling 278,400,000 shares, with no changes during the reporting period[49]. - The total number of shareholders at the end of the reporting period was 62,859[49]. - The report indicates that there were no changes in the controlling shareholder or actual controller during the reporting period[51]. - The total equity attributable to the parent company at the end of the reporting period was CNY 1,796,796,316.84, an increase from CNY 1,422,469,812.72 at the end of the previous year, representing a growth of approximately 26.4%[80]. Regulatory and Compliance - The company has implemented governance measures in response to regulatory feedback, enhancing its operational compliance and sustainability[40]. - The company has not faced any penalties or administrative actions from the China Securities Regulatory Commission during the reporting period[39]. - There were no significant lawsuits, arbitrations, or media controversies reported during the period[36]. - The company has not undergone any bankruptcy restructuring or significant asset transactions during the reporting period[36]. Investment and Development - The company invested RMB 229.8 million in the new gas distribution network project, achieving a progress rate of 70.07% with a cumulative investment of RMB 161,012,592.58[35]. - The company also allocated RMB 600 million for the high-pressure ring network project, with a progress rate of 18.15% and a cumulative investment of RMB 108,914,937.41[35]. - The company is involved in the research and development of new technologies related to gas utilization and energy services[162]. - The company plans to expand its market presence through the establishment of new subsidiaries, including those focused on distributed energy projects with a registered capital of 3,000 million RMB[162]. Cash Flow and Financial Position - The net cash flow from operating activities decreased primarily due to a reduction in cash received from sales of goods and services[20]. - The total cash inflow from operating activities was 997,008,612.66 RMB, an increase from 950,330,195.01 RMB year-on-year[74]. - Cash outflow from operating activities totaled 1,088,104,322.79 RMB, up from 935,853,498.12 RMB in the previous period[74]. - The ending balance of cash and cash equivalents was 198,739,690.36 RMB, compared to 257,620,761.28 RMB in the previous period[72]. Inventory and Receivables - The company's inventory at the end of the period is valued at CNY 479,977,544.46, with a provision for inventory depreciation of CNY 9,705,151.12[181]. - The aging analysis shows that 60.65% of receivables are within one year, while 34.30% are between one to two years[178]. - The total amount of other receivables is CNY 364,252,741.93, with the largest portion from Changchun Gas Company at CNY 344,326,400.00, accounting for 86.36% of the total[178]. Accounting Policies and Practices - The company’s financial statements comply with the requirements of enterprise accounting standards, ensuring a true and complete reflection of its financial status[93]. - The company does not change its accounting policies or estimates during the reporting period[154]. - The company assesses for asset impairment when there are indications such as significant market value declines or adverse changes in the economic environment[155]. - The company uses the lower of the carrying amount or fair value less costs to sell for measuring held-for-sale assets[153].