涪陵电力(600452) - 2014 Q1 - 季度财报

Important Notes This section covers board and management declarations, unaudited financial statements, and significant investment risks Board, Supervisory Board, and Senior Management Declaration The board, supervisory board, and senior management guarantee the quarterly report's truthfulness and completeness, assuming legal responsibility - The company's Board of Directors, Supervisory Board, and senior management commit to the truthfulness, accuracy, and completeness of the quarterly report content and assume legal responsibility[3] - All company directors attended the Board of Directors meeting to review the quarterly report[4] - Company head Zhang Bo, chief accountant Jia Jiehong, and head of accounting department Yang Xinyu guarantee the truthfulness, accuracy, and completeness of the financial statements[5] Unaudited Financial Statements The financial statements in this company's first quarterly report are unaudited - The financial statements in the company's first quarterly report are unaudited[6] Other Important Matters Associate Chongqing Pengwei Petrochemical Co., Ltd. continues to incur losses, with CNY 40.5784 million impairment in 2013, prompting investor risk warnings - Associate company Chongqing Pengwei Petrochemical Co., Ltd. has incurred continuous losses for the past two years, with an impairment provision of CNY 40.5784 million for long-term equity investment in 2013[7] - Pengwei Petrochemical continued to incur operating losses in Q1 2014, and the company will closely monitor and advise investors to be aware of investment risks[7] Company's Key Financial Data and Shareholder Changes This section details the company's Q1 2014 financial improvements, including revenue and net profit growth, and shareholder structure Key Financial Data Q1 2014 financial performance significantly improved, with revenue up 12.15% and net profit surging 156.08% to CNY 19.0471 million Overview of Key Financial Data for Q1 2014 | Metric | Current Period End/Year-to-Date (Jan-Mar) | Prior Year End/Year-to-Date (Jan-Mar) | Change (%) | | :--- | :--- | :--- | :--- | | Balance Sheet (Period-End): | | | | | Total Assets | 745,483,552.51 Yuan | 735,579,804.71 Yuan | 1.35 | | Net Assets Attributable to Shareholders | 448,006,984.23 Yuan | 428,880,870.72 Yuan | 4.46 | | Net Assets Per Share Attributable to Shareholders | 2.80 Yuan/share | 2.68 Yuan/share | 4.46 | | Share Capital | 160,000,000 shares | 160,000,000 shares | 0 | | Income Statement (Jan-Mar): | | | | | Operating Revenue | 266,243,397.72 Yuan | 237,390,642.13 Yuan | 12.15 | | Net Profit Attributable to Shareholders | 19,047,113.51 Yuan | 7,438,094.12 Yuan | 156.08 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 18,924,650.47 Yuan | 7,108,287.49 Yuan | 166.23 | | Weighted Average Return on Net Assets | 4.34 % | 2.03 % | Increased by 2.31 percentage points | | Basic Earnings Per Share | 0.12 Yuan/share | 0.05 Yuan/share | 140 | | Diluted Earnings Per Share | 0.12 Yuan/share | 0.05 Yuan/share | 140 | | Cash Flow Statement (Jan-Mar): | | | | | Net Cash Flow from Operating Activities | 29,869,113.42 Yuan | 34,168,713.54 Yuan | -12.58 | | Net Cash Flow from Operating Activities Per Share | 0.19 Yuan/share | 0.21 Yuan/share | -9.52 | Non-Recurring Gains and Losses for Q1 2014 | Item | Current Period Amount (Jan-Mar) | | :--- | :--- | | Government grants included in current profit/loss (excluding regular) | 81,571.52 Yuan | | Other non-operating income and expenses apart from the above | 62,502.65 Yuan | | Income tax impact | -21,611.13 Yuan | | Total | 122,463.04 Yuan | Shareholder Information As of period end, the company had 12,860 shareholders, with Chongqing Chuandong Electric Power Group Co., Ltd. holding 51.64% as controlling shareholder - As of the end of the reporting period, the company had a total of 12,860 shareholders[11] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Ratio (%) | Total Shares Held (shares) | Number of Restricted Shares Held (shares) | Pledged or Frozen Shares | | :--- | :--- | :--- | :--- | :--- | :--- | | Chongqing Chuandong Electric Power Group Co., Ltd. | State-owned Legal Person | 51.64 | 82,630,044 | 0 | None | | Wang Yushi | Unknown | 1.13 | 1,809,809 | 0 | None | | Haitong Securities Co., Ltd. Client Credit Trading Guarantee Securities Account | Unknown | 0.99 | 1,587,313 | 0 | None | | Li Huaiyi | Unknown | 0.77 | 1,239,113 | 0 | None | | Chang'an Fund - Agricultural Bank - Chang'an Bairui No. 2 Flexible Allocation Graded Asset Management Plan | Unknown | 0.70 | 1,117,217 | 0 | None | | Chang'an Fund - Agricultural Bank - Chang'an Bairui No. 1 Flexible Allocation Graded Asset Management Plan | Unknown | 0.63 | 1,011,951 | 0 | None | | Yang Peiming | Unknown | 0.58 | 923,929 | 0 | None | | Zheng Aihua | Unknown | 0.50 | 793,607 | 0 | None | | Zhou Tao | Unknown | 0.48 | 772,416 | 0 | None | | Liao Zhimin | Unknown | 0.46 | 735,946 | 0 | None | - Chongqing Chuandong Electric Power Group Co., Ltd. has no related party relationship or concerted action with the other top ten shareholders; related party relationships and concerted action among other shareholders are unknown[11] Significant Matters This section details significant changes in key financial statement items and indicators, and other important disclosures Significant Changes and Reasons for Key Financial Statement Items and Indicators Q1 2014 saw significant financial shifts, including a 34.61% increase in monetary funds, 51.94% decrease in financial expenses, and improved investment income Balance Sheet Items with Changes Exceeding 30% | Item | March 31, 2014 (Yuan) | December 31, 2013 (Yuan) | Change (%) | Notes | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 71,629,432.86 | 53,214,497.39 | 34.61 | Increased profitability and better recovery of electricity fees led to higher deposits | | Notes Receivable | 500,000.00 | 1,134,475.77 | -55.93 | Used bank acceptance bills to pay for goods, reducing notes receivable balance | | Accounts Receivable | 984,085.43 | 1,555,145.43 | -36.72 | Recovered engineering payments, reducing accounts receivable | | Notes Payable | 0 | 10,000,000.00 | -100.00 | Repaid matured bank acceptance bills | | Taxes Payable | 6,492,512.25 | 3,487,318.69 | 86.17 | Taxes realized in March are paid in the following month, causing an increase in period-end taxes | | Undistributed Profits | 11,881,114.65 | -7,165,998.86 | — | Realized profit in Jan-Mar, increasing undistributed profits | Income Statement Items with Changes Exceeding 30% | Item | Jan-Mar 2014 (Yuan) | Jan-Mar 2013 (Yuan) | Change (%) | Notes | | :--- | :--- | :--- | :--- | :--- | | Financial Expenses | 725,537.68 | 1,509,670.30 | -51.94 | Reduced loans in the same period led to lower interest expenses and financial costs | | Investment Income | 1,149,657.47 | -634,563.37 | — | Improved profitability of associate Chongqing Xinjianan Building Materials Co., Ltd | | Non-Operating Income | 67,002.65 | 516,487.90 | -87.03 | Decreased insurance claims and liquidated damages income | | Non-Operating Expenses | 4,500.00 | 128,478.73 | -96.50 | Reduced traffic accident compensation payments | Cash Flow Statement Items with Changes Exceeding 30% | Item | Jan-Mar 2014 (Yuan) | Jan-Mar 2013 (Yuan) | Change (%) | Notes | | :--- | :--- | :--- | :--- | :--- | | Cash Paid for Other Operating Activities | 26,792,872.62 | 46,062,496.32 | 41.83 | Reduced payments for funds, deposits, and expenses | | Cash Received from Other Financing Activities | 1,000,000.00 | 3,000,000.00 | -66.67 | Reduced recovery of bank acceptance bill deposits | | Cash Paid for Debt Repayment | 50,000,000.00 | 95,000,000.00 | -47.37 | Reduced loan repayments | | Cash Paid for Dividends, Profits, or Interest | 112,500.00 | 4,801,288.19 | -97.66 | Repayment of a CNY 70 million principal and interest loan in March 2013 led to higher interest expenses in Jan-Mar 2013 | Other Important Matters This period saw no significant event updates, no major shareholder commitment fulfillments, and no warnings of potential net profit losses - During this reporting period, the company had no analysis or explanation of the progress, impact, or solutions for significant matters[18] - The company and shareholders holding 5% or more of its shares have no unfulfilled commitments[18] - The company has no warnings or explanations regarding potential cumulative net profit losses or significant changes from the beginning of the year to the end of the next reporting period[18] Appendix This appendix provides detailed financial statements, including the balance sheet, income statement, and cash flow statement Balance Sheet As of March 31, 2014, total assets were CNY 745.48 million, up 1.35%, with undistributed profits turning positive Key Balance Sheet Items as of March 31, 2014 | Item | Period-End Balance (Yuan) | Year-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Assets: | | | | Monetary Funds | 71,629,432.86 | 53,214,497.39 | | Notes Receivable | 500,000.00 | 1,134,475.77 | | Accounts Receivable | 984,085.43 | 1,555,145.43 | | Long-Term Equity Investments | 129,043,670.29 | 127,894,012.82 | | Fixed Assets | 420,709,292.68 | 430,977,008.71 | | Total Assets | 745,483,552.51 | 735,579,804.71 | | Liabilities: | | | | Short-Term Borrowings | 50,000,000.00 | 50,000,000.00 | | Notes Payable | 0 | 10,000,000.00 | | Accounts Payable | 62,155,856.09 | 69,724,186.22 | | Taxes Payable | 6,492,512.25 | 3,487,318.69 | | Total Liabilities | 297,476,568.28 | 306,698,933.99 | | Owners' Equity: | | | | Paid-in Capital (or Share Capital) | 160,000,000.00 | 160,000,000.00 | | Undistributed Profits | 11,881,114.65 | -7,165,998.86 | | Total Owners' Equity | 448,006,984.23 | 428,880,870.72 | | Total Liabilities and Owners' Equity | 745,483,552.51 | 735,579,804.71 | Income Statement Jan-Mar 2014 revenue reached CNY 266.24 million (up 12.15%), with net profit surging 156.08% to CNY 19.0471 million, driven by investment income and lower financial expenses Key Income Statement Items for Jan-Mar 2014 | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 266,243,397.72 | 237,390,642.13 | | Operating Costs | 232,052,051.65 | 212,911,825.45 | | Administrative Expenses | 10,546,346.81 | 11,365,627.18 | | Financial Expenses | 725,537.68 | 1,509,670.30 | | Investment Income | 1,149,657.47 | -634,563.37 | | Operating Profit | 22,345,866.19 | 9,325,051.86 | | Total Profit | 22,408,368.84 | 9,713,061.03 | | Income Tax Expense | 3,361,255.33 | 2,274,966.91 | | Net Profit | 19,047,113.51 | 7,438,094.12 | | Basic Earnings Per Share | 0.12 | 0.05 | | Diluted Earnings Per Share | 0.12 | 0.05 | Cash Flow Statement Q1 2014 operating cash flow was CNY 29.8691 million (down 12.58%), while financing cash flow turned positive to CNY 0.8875 million due to reduced debt and interest payments Key Cash Flow Statement Items for Jan-Mar 2014 | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Operating Activities: | | | | Cash Received from Sales of Goods and Services | 311,952,630.71 | 310,507,680.78 | | Subtotal of Cash Inflows from Operating Activities | 342,795,388.47 | 350,330,494.12 | | Cash Paid for Goods and Services | 231,967,175.78 | 208,897,129.52 | | Cash Paid for Other Operating Activities | 26,792,872.62 | 46,062,496.32 | | Net Cash Flow from Operating Activities | 29,869,113.42 | 34,168,713.54 | | Investing Activities: | | | | Subtotal of Cash Inflows from Investing Activities | 27,376.00 | 638,500.00 | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 11,369,053.95 | 10,568,210.11 | | Net Cash Flow from Investing Activities | -11,341,677.95 | -13,793,770.11 | | Financing Activities: | | | | Cash Received from Borrowings | 50,000,000.00 | 50,000,000.00 | | Cash Paid for Debt Repayment | 50,000,000.00 | 95,000,000.00 | | Cash Paid for Dividends, Profits, or Interest | 112,500.00 | 4,801,288.19 | | Net Cash Flow from Financing Activities | 887,500.00 | -50,601,288.19 | | Period-End Cash and Cash Equivalents Balance: | | | | Net Increase in Cash and Cash Equivalents | 19,414,935.47 | -30,226,344.76 | | Period-End Cash and Cash Equivalents Balance | 71,629,432.86 | 68,743,704.00 |