AECC AST(SH:600391)2014-03-21 16:00Dividend Distribution and Retained Earnings - The company plans to distribute a cash dividend of 0.30 CNY per 10 shares, totaling 9,903,881.01 CNY, which represents 31.06% of the net profit attributable to the parent company for 2013[7]. - The undistributed profits carried forward to future years amount to 228,033,334.15 CNY, indicating a strong retained earnings position[7]. - The cash dividend distribution over the last three years has reached 126.43% of the average annual distributable profits during that period[7]. - The company plans to implement a cash dividend policy that ensures stable returns for investors, with a focus on maintaining continuity and stability in profit distribution[77]. - For the fiscal year 2013, the company plans to distribute a cash dividend of CNY 0.30 per share, totaling CNY 9,903,881.01, which is 31.06% of the net profit attributable to the parent company[80]. - The cash dividends distributed over the last three years amount to 126.43% of the average annual distributable profits during that period[80]. - The company adjusted its profit distribution policy to enhance transparency and align with regulatory requirements, effective after approval at the 2013 annual shareholders' meeting[78]. - The company has not proposed a cash dividend distribution plan for the reporting period despite having positive undistributed profits, as it aligns with its strategic objectives[79]. Financial Performance - The company's operating revenue for 2013 was CNY 1,815,046,029.70, representing a 15.39% increase compared to CNY 1,573,020,698.48 in 2012[23]. - The net profit attributable to shareholders decreased by 14.88% to CNY 31,889,851.46 from CNY 37,462,539.70 in the previous year[23]. - The net cash flow from operating activities improved significantly to CNY 42,550,304.55, compared to a negative cash flow of CNY -74,618,241.26 in 2012[23]. - The company achieved a total operating income of 1.776 billion yuan in 2013, completing 97.6% of the annual operating plan of 1.82 billion yuan[39]. - The company reported a basic earnings per share of CNY 0.1, down 9.09% from CNY 0.11 in 2012[23]. - The company achieved a total revenue of 1.7 billion USD in foreign trade aviation engines in 2013, representing a 9.0% increase from 1.56 billion USD in the previous year[63]. - The company expects to achieve a main business income of 1.9 billion CNY in 2014, with expenses of 352 million CNY and costs of 1.486 billion CNY[67]. - The company reported a net profit increase, with retained earnings rising to CNY 237,937,215.16 from CNY 221,186,189.21, reflecting an increase of approximately 7.6%[154]. Assets and Liabilities - The total assets of the company rose by 17.74% to CNY 4,225,919,953.04 at the end of 2013, compared to CNY 3,589,102,974.46 in 2012[23]. - As of December 31, 2013, the total assets of the company amounted to 5.661 billion RMB, with total liabilities of 2.242 billion RMB, resulting in an asset-liability ratio of 39.06%[110]. - The company's total liabilities increased to CNY 2,271,262,015.38 from CNY 1,664,413,390.00, reflecting a rise of about 36.5%[154]. - The total equity attributable to shareholders reached CNY 1,653,286,617.19, up from CNY 1,628,926,076.86, indicating a growth of approximately 1.5%[154]. - The company maintained a stable capital structure with a capital reserve of CNY 1,011,534,193.57, slightly down from CNY 1,011,633,648.40[154]. Research and Development - Research and development expenses decreased by 15.97% to CNY 71,353,415.59 from CNY 84,915,355.60 in the previous year[26]. - The company has increased its research projects to 17, reflecting a commitment to innovation and development[24]. - Investment in R&D increased by 30%, focusing on the development of advanced aviation technologies and new engine models[121]. - The company is actively engaged in R&D for new products and technologies, which is crucial for maintaining competitive advantage in the aerospace sector[111]. Operational Efficiency and Management - The company plans to enhance its internal management and adopt market-oriented reforms to improve efficiency and competitiveness[25]. - The company aims to reduce operational costs by 15% through efficiency improvements and automation in production processes[121]. - The company has implemented a strict governance structure in compliance with relevant laws and regulations, ensuring effective operation and protection of investor interests[134]. - The company established a performance-based salary system linked to economic benefits and individual performance, promoting efficiency in labor cost input-output[129]. Market and Product Development - The company is focusing on new product development and market tracking to enhance product value and adapt to market demands[64]. - The company is actively developing new high-value products, including large engine fan casing units and low-pressure turbine units[49]. - The company launched 415 new foreign trade products during the reporting period, with 260 successfully delivered, representing a year-on-year increase of 96.7% and 106% respectively[30]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[121]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in its reports, advising investors to consider potential risks[8]. - The company faces significant legal, financial, and exchange rate risks due to its global operations and market conditions[69][70]. - The company reported a net loss of over 6.7 million CNY due to exchange rate fluctuations in 2013, which was significantly higher than the previous year[70]. Corporate Governance and Compliance - The company has ensured compliance with regulatory requirements regarding its accounting practices and auditor appointments[95]. - The audit committee fulfilled its responsibilities diligently, with detailed performance reports available on the Shanghai Stock Exchange website[139]. - The company has not identified any violations regarding insider trading by individuals with access to confidential information during the reporting period[135]. - The company’s internal control system was audited, and no significant errors in annual report disclosures were found during the reporting period[145]. Shareholder Structure and Capital Changes - The company has a total share capital of 330,129,367 shares, with no changes in share structure during the reporting period[101]. - The company completed a capital increase through a bonus share issue, increasing its total shares from 183,405,204 to 330,129,367[106]. - The company has not issued any new shares or conducted any public offerings in the last three years[104]. - The top shareholder, Chengdu Engine (Group) Co., Ltd., holds 36.02% of the shares, totaling 118,907,305 shares[108]. Employee Development and Training - The company employed a total of 4,620 staff, including 3,383 in the parent company and 1,237 in major subsidiaries[129]. - A total of 822 employees participated in various training programs throughout 2013, focusing on advanced management and technical skills[130]. - The company conducted 372 training sessions in 2013, with a total of 11,534 participants, enhancing employee skills and knowledge[131]. - The company’s training budget is set at 2.5% of the total salary expenditure for the year, ensuring adequate investment in employee development[130]. Financial Reporting and Accounting Practices - The financial statements are prepared based on the principle of going concern and comply with the requirements of enterprise accounting standards, reflecting the company's financial position and operating results accurately[185][186]. - The company's accounting currency is Renminbi (RMB)[188]. - The consolidated financial statements include all subsidiaries controlled by the company, with adjustments made for any inconsistencies in accounting policies or periods[191][192]. - The company must ensure that all transactions involving foreign currency are accurately reflected in the financial statements to maintain compliance with accounting standards[196].