Airport Corp(SH:600463)2015-08-07 16:00Financial Performance - The company reported a revenue of CNY 262,970,037.31 for the first half of 2015, a decrease of 30.66% compared to the same period last year[17]. - The net profit attributable to shareholders was CNY 11,621,250.99, down 59.98% year-on-year[17]. - The total profit for the period was CNY 21,546,800, a decline of 46.32% year-on-year[21]. - Operating revenue for the first half of 2015 was 262,970,037.31 RMB, a decrease of 30.66% year-on-year, attributed to declines in the construction and real estate sales sectors[33]. - The net profit for the first half of 2015 was 15,930,152.59 RMB, down 45.70% from the previous year, primarily due to reduced operating revenue[33]. - The basic earnings per share were CNY 0.05, down 59.98% from CNY 0.12 in the same period last year[18]. - The weighted average return on net assets was 1.46%, a decrease of 2.21 percentage points compared to the previous year[18]. - The company's financial expenses increased by 7.09% to ¥19.90 million due to a longer average time of interest-bearing debt compared to the previous year[26]. - The company reported a significant increase in short-term borrowings, rising by 148.15% to 1,005,000,000.00 RMB, reflecting new short-term loans taken[32]. - The total profit for the first half of 2015 was 21,546,761.84 RMB, down 46.32% year-on-year, mainly due to lower operating revenue[33]. Cash Flow and Liquidity - The net cash flow from operating activities was negative CNY 64,188,863.23, representing a decline of 179.50% compared to the previous year[17]. - The company’s cash and cash equivalents decreased by 35.06% from the beginning of the year, primarily due to significant payments made during the period[32]. - The company experienced a net cash outflow from operating activities of -64,188,863.23 RMB, a decline of 179.50% compared to the previous year[33]. - The company generated 257,420,952.85 yuan in cash from sales of goods and services, a decrease of 36.2% compared to 403,571,544.47 yuan in the same period last year[102]. - The company raised 819,950,000.00 yuan through financing activities, an increase from 410,000,000.00 yuan in the previous year, representing a growth of approximately 100%[104]. - The company paid 810,100,000.00 yuan in debt repayment during the first half of 2015, which is consistent with the previous year's payment of 410,500,000.00 yuan[104]. - The net increase in cash and cash equivalents was -84,259,306.97, compared to -56,267,298.95 in the previous period, showing a worsening cash position[107]. - The ending balance of cash and cash equivalents decreased to 158,444,807.79 from 221,032,356.96, a decline of 28.3%[107]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,670,319,075.51, a decrease of 3.65% from the end of the previous year[17]. - The company's current assets totaled CNY 1,951,504,936.19, down from CNY 2,045,083,278.73, indicating a decrease of about 4.57%[88]. - Total liabilities decreased to CNY 1,825,784,657.65 from CNY 1,922,686,501.91, a reduction of approximately 5.05%[90]. - The company's equity attributable to shareholders decreased to CNY 785,204,699.52 from CNY 798,783,448.53, reflecting a decline of about 1.7%[90]. - The accounts receivable increased to CNY 167,405,223.97 from CNY 98,461,924.51, representing an increase of about 69.9%[88]. - The company's inventory stood at CNY 1,495,018,301.77, slightly down from CNY 1,514,428,476.14, indicating a decrease of approximately 1.3%[88]. Business Operations and Strategy - The company is committed to implementing an internal control system to ensure effective operation[21]. - The company is actively promoting the Airport Enterprise Park sales by partnering with five well-known real estate agencies and increasing advertising efforts[23]. - The company has made significant progress in the first phase of the high-end manufacturing base development, covering approximately 261.99 acres[22]. - The company has implemented a project tracking system to enhance proactive marketing efforts for its properties[23]. - The company aims to enhance its competitive advantage in the air transport real estate sector through sustainable development strategies[39]. - The company has formed four major business modules: park development, industrial real estate, construction, and property management[39]. Corporate Governance and Compliance - The company has committed to not engaging in illegal activities such as land hoarding or price manipulation since January 1, 2012, and has adhered to relevant government regulations[68]. - The company has maintained a strict governance structure, ensuring that all shareholders, especially minority shareholders, have equal rights and opportunities[70]. - The board of directors operates independently, with a focus on maximizing shareholder value and adhering to legal requirements[71]. - The company has established a robust internal management system to enhance operational efficiency and compliance with regulations[71]. - The company has committed to transparency in information disclosure, ensuring timely and accurate communication with shareholders[71]. Shareholder Information - The total number of shareholders at the end of the reporting period was 11,606[78]. - The largest shareholder, Beijing Tianzhu Airport Economic Development Company, held 146,781,790 shares, representing 58.25% of the total shares[80]. - The second-largest shareholder, Anxin Qiansheng Wealth - Pudong Development Bank, increased its holdings by 9,900,000 shares, totaling 9,900,000 shares or 3.93%[80]. - The company reported no changes in its share capital structure during the reporting period[77]. Accounting Policies and Financial Reporting - The financial report was approved by the board of directors on August 7, 2015[118]. - The financial statements are prepared based on actual transactions and events in accordance with the relevant accounting standards and regulations[120]. - The company confirms that there are no significant doubts regarding its ability to continue as a going concern in the foreseeable future[121]. - The financial statements accurately reflect the company's financial position as of June 30, 2015, and its operating results and cash flows for the first half of 2015[122]. - The company uses Renminbi as its functional currency for accounting purposes[125]. Investment and Asset Management - The company has invested 5 million RMB in a bank wealth management product, yielding a return of 22,684.93 RMB[42]. - The company recognizes goodwill when the purchase price exceeds the fair value of identifiable net assets acquired in a non-common control merger[129]. - The company assesses impairment indicators for long-term equity investments, fixed assets, and intangible assets at each balance sheet date, and recognizes impairment losses when necessary[199]. - The company capitalizes borrowing costs related to assets that require a significant amount of time to be constructed or produced, including fixed assets, investment properties, and inventory[190].