SHANGHAI ENERGY(SH:600508)2014-03-18 16:00Financial Performance - The company's operating revenue for 2013 was CNY 8,461,012,971.48, a decrease of 12.98% compared to CNY 9,722,984,057.97 in 2012[19]. - The net profit attributable to shareholders for 2013 was CNY 152,645,188.31, representing an 83.45% decline from CNY 922,189,442.64 in 2012[20]. - The basic earnings per share for 2013 was CNY 0.21, down 83.59% from CNY 1.28 in 2012[21]. - The company's total revenue was CNY 8,461,012,971.48, a decrease of 12.97% compared to CNY 9,722,984,057.97 in 2012[169]. - The net profit for 2013 was CNY 135,233,746.70, down 85.48% from CNY 935,267,293.80 in 2012[169]. - The company's total assets increased to CNY 13,117,421,317.03 in 2013, up from CNY 11,297,999,514.99 in 2012, representing a growth of 16.09%[166]. - The total liabilities rose to CNY 4,752,340,673.73 in 2013, an increase of 62.55% from CNY 2,924,581,620.79 in 2012[166]. - The company's cash and cash equivalents increased to CNY 437,635,370.16 in 2013, compared to CNY 263,707,564.28 in 2012, marking a growth of 66.00%[165]. - The company's inventory decreased to CNY 587,933,122.39 in 2013, down 19.06% from CNY 726,552,395.67 in 2012[165]. - The company's total equity as of December 31, 2013, was CNY 8,365,080,643.30, slightly down from CNY 8,373,417,894.20 in 2012[166]. Cash Flow - The net cash flow from operating activities for 2013 was CNY 787,156,329.93, a decrease of 46.59% compared to CNY 1,473,723,052.36 in 2012[20]. - The net cash flow from investing activities was a net outflow of CNY 1,848,058,638.99, an increase of 9.71% compared to the previous year[41][42]. - The net cash flow from financing activities was a net inflow of CNY 1,096,494,911.22, primarily due to an increase in short-term loans compared to the previous year[41][42]. - Total cash inflow from operating activities was CNY 9,514,740,012.52, down from CNY 12,841,149,387.41 in 2012, representing a decline of 25.5%[171]. - Cash outflow from operating activities totaled CNY 8,727,583,682.59, compared to CNY 11,367,426,335.05 in 2012, a decrease of 23.2%[171]. - The total cash balance at the end of 2013 was CNY 291,740,437.73, an increase from CNY 256,147,835.57 at the end of 2012[171]. Production and Operations - In 2013, the company achieved a total coal production of 9.55 million tons, exceeding the annual plan, with a year-on-year increase in single production of raw coal by 6%[24]. - The company reported a total sales revenue of approximately 6.38 billion yuan from coal sales, accounting for 76.35% of the annual sales revenue[28]. - The company completed a total of 39,745 meters in tunneling and 1,809 meters in development during the reporting period[29]. - The average purchase price for externally sourced raw coal was 549.66 yuan per ton, with a sales price of 550.72 yuan per ton, resulting in a gross profit of 1.06 yuan per ton[30]. - The company maintained a continuous safety production record for 20 months, with no light injuries or above in six production and construction mines[24]. Investments and Projects - The company has two coal mining projects under construction in Xinjiang and one in Shanxi, with a total production capacity of 9.45 million tons[29]. - The company provided entrusted loans totaling CNY 5.20 billion to its subsidiary, China Coal Energy Xinjiang Tianshan Coal and Electricity Co., Ltd., with a loan term of 3 years[57]. - The company also provided entrusted loans of CNY 3.25 billion to another subsidiary, China Coal Energy Xinjiang Hongxin Coal Industry Co., Ltd., under similar terms[58]. - The total investment for the Kongzhuang Mine Phase III expansion project is CNY 53.173 million, with cumulative investment completed reaching CNY 55.276 million by the end of the reporting period[61]. - The Wei Zigou Coal Mine project has a total investment of CNY 151.736 million, with cumulative investment completed reaching CNY 44.938 million[63]. Market Conditions and Challenges - The company is facing risks related to safety production accidents, which could impact operations[74]. - The coal market is experiencing oversupply and declining prices, exacerbated by increased imports, which has intensified competition[76]. - The aluminum processing market has also seen a sharp decline in demand since 2012, leading to severe losses across the industry[76]. - The company has implemented measures to optimize customer structure and adjust marketing strategies in response to market changes[76]. Corporate Governance and Compliance - The company has a governance structure that complies with the Company Law and relevant regulations, ensuring effective checks and balances[142]. - There were no changes in the board of directors, supervisors, or senior management during the reporting period[134]. - The supervisory board found no risks in the company's operations, confirming compliance with laws and regulations[147]. - The internal control evaluation report indicated no significant deficiencies in financial reporting controls as of the evaluation date[151]. - The company received a standard unqualified opinion from PwC on its internal control effectiveness for the financial report as of December 31, 2013[153]. Research and Development - Research and development expenses totaled CNY 87,993,324.04, representing 1.04% of operating revenue and 1.05% of net assets[39]. - The company has made progress in technology innovation, obtaining 31 national patents and 5 invention patents in 2013[53]. - The company is investing CNY 50 million in R&D for new technologies aimed at enhancing operational efficiency[115]. Shareholder Information - The total number of shareholders as of the end of the reporting period was 78,212[100]. - The largest shareholder, China Coal Energy Co., Ltd., holds 62.43% of the shares, totaling 451,191,333 shares[100]. - The company has not issued any securities or undergone any changes in share structure in the past three years[98]. - The company has maintained a stable shareholding structure with no changes in restricted shares during the reporting period[97].