CRE(SH:600217)2014-03-24 16:00Financial Performance - In 2013, the company's operating revenue was CNY 797,539,698.41, an increase of 4.92% compared to CNY 760,165,621.03 in 2012[23]. - The net profit attributable to shareholders was a loss of CNY 117,030,465.71, a significant decline from a profit of CNY 11,126,081.09 in 2012, representing a decrease of 1,151.86%[23]. - The company's net assets attributable to shareholders decreased by 66.88% to CNY 40,495,357.13 from CNY 122,279,663.21 in 2012[23]. - The total assets remained relatively stable at CNY 2,232,083,219.87, a slight increase of 0.09% from CNY 2,230,029,931.83 in 2012[23]. - The basic earnings per share for 2013 was -CNY 0.1771, compared to CNY 0.0168 in 2012, marking a decrease of 1,154.17%[24]. - The weighted average return on equity was -161.25% in 2013, a decrease of 170.79 percentage points from 9.5401% in 2012[24]. - The company reported a net cash flow from operating activities of -CNY 73,785,861.66, worsening from -CNY 47,567,513.65 in 2012[23]. - The company proposed not to distribute profits for the year 2013 due to a net loss[7]. - The company reported a net loss of CNY 973,780,287.63 for the year, compared to a loss of CNY 856,749,821.92 in the previous year[110]. - The company incurred a net loss of 117,030,465.71 RMB for the year, which negatively impacted the equity attributable to shareholders[126]. Operational Highlights - In 2013, the company produced 3.48 million tons of cement, an increase of 630,000 tons or 22.11% year-on-year[29]. - The average selling price of cement decreased year-on-year, leading to an operating loss of 127.52 million yuan, a decrease of 109.94 million yuan compared to the previous year[29]. - The company’s sales volume of cement reached a historical high, with sales of 3.46 million tons, an increase of 650,000 tons or 23.13% year-on-year[29]. - The company aims to produce 4.32 million tons of cement and achieve sales of 4.30 million tons, targeting a revenue of ¥998 million[44]. - The company has been involved in the production and sales of cement since its listing, with no significant changes in its main business[20]. Financial Position - Total assets as of December 31, 2013, were 2.232 billion yuan, with total liabilities of 2.195 billion yuan, resulting in a debt-to-asset ratio of 98.32%, an increase of 3.65 percentage points from the beginning of the year[30]. - The company’s total liabilities increased to CNY 2,190,853,787.58, up from CNY 2,107,501,309.50 in 2012[112]. - The company's total liabilities reached CNY 2,194,660,408.30, compared to CNY 2,111,353,577.28 at the start of the year, indicating an increase in liabilities[109]. - The total equity attributable to shareholders decreased to CNY 40,495,357.13 from CNY 122,279,663.21, reflecting a significant decline in retained earnings[110]. - The total number of shares as of the end of the reporting period is 660,800,000, with 100% being unrestricted shares[68]. Shareholder Information - The largest shareholder, Tangshan Jidong Cement Co., Ltd., holds 185,380,000 shares, accounting for 28.05% of the total shares, with a decrease of 6,252,000 shares during the reporting period[71]. - The total number of shareholders at the end of the reporting period is 67,882[70]. - Shaanxi Yao County Cement Production Technology Service Company holds 35,285,616 shares, representing 5.34% of the total shares, with a decrease of 1,113,051 shares during the reporting period[71]. - The company has not experienced any changes in restricted shares during the reporting period[68]. Management and Governance - The management team includes experienced professionals with significant industry backgrounds, such as the current general manager who has been in position since March 2013[78]. - The board of directors has seen changes, including the resignation of the general manager due to work relocation and the appointment of a new general manager[82]. - The company is actively involved in the nomination process for new board members and supervisors[83]. - The total remuneration for the board members and senior management during the reporting period amounted to 153.2 million RMB[77]. - The company has maintained a consistent approach to determining the remuneration of its directors and senior management, based on shareholder and board decisions[85]. Legal and Compliance - The company has not reported any significant litigation or arbitration cases during the reporting period, indicating a stable legal standing[50]. - The company has not experienced any administrative penalties or public reprimands from the China Securities Regulatory Commission during the year[63]. - The annual financial report has been audited by Xinyong Zhonghe Accounting Firm, which issued a standard unqualified audit opinion[102]. - The company has a comprehensive internal control system, which has been evaluated as effective in maintaining financial reporting controls[99]. Strategic Initiatives - The controlling shareholder, Jidong Cement, is planning a major asset restructuring, which may lead to a change in the company's largest shareholder[11]. - The company is actively communicating regarding a major asset restructuring involving the injection of assets from Jidong Cement, which aims to resolve industry competition issues and enhance profitability[61]. - The company plans to enhance operational efficiency and reduce costs to improve market share and profitability[44]. - The company has been actively involved in mergers and acquisitions to strengthen its market position[76]. Cash Flow and Investments - The company reported a total cash inflow from financing activities of 750,000,000.00 RMB, while cash outflow was 664,195,856.52 RMB, resulting in a net cash flow of 85,804,143.48 RMB[121]. - The cash flow from operating activities showed a net outflow of CNY 73,785,861.66, worsening from a net outflow of CNY 47,567,513.65 in the previous year[119]. - The company paid 570,000,000.00 RMB in debt repayments during the year, compared to 945,000,000.00 in the previous year, reflecting a reduction of approximately 39.6%[124]. - The company’s cash flow statements included profits from the newly consolidated Baoji Storage and Transportation Co., Ltd. for the period from January 1 to October 17, 2013[196]. Asset Management - The company has a stable core technology team with no loss of key technical personnel reported[85]. - The company’s financial report indicates a strategic focus on optimizing asset management through the divestiture of non-core subsidiaries[195]. - The company transferred its entire stake in Qinling Cement Baoji Storage and Transportation Co., Ltd. for a total consideration of CNY 334,445.64[195]. - The company has outstanding discounted but not yet due receivables amounting to CNY 13,148,362.50 as of the reporting date[200].