天富能源(600509) - 2018 Q3 - 季度财报

Important Notice Statement on Report Authenticity The Board of Directors, Supervisory Committee, and senior management affirm the truthfulness, accuracy, and completeness of this unaudited quarterly report - Company management confirmed the truthfulness, accuracy, and completeness of the 2018 third-quarter report[7] - This company's third-quarter report is unaudited[7] Company Overview Key Financial Data For the first three quarters of 2018, revenue grew by 21.64%, while net profit attributable to shareholders significantly declined by 77.48%, with basic EPS decreasing by 82.39%, though operating cash flow remained stable with a slight 2.70% increase 2018 First Three Quarters Key Financial Indicators | Indicator | Year-to-Date (Jan-Sep) | Prior Year-to-Date (Jan-Sep) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | CNY 3,497,186,626.82 | CNY 2,874,955,962.55 | 21.64% | | Net Profit Attributable to Shareholders | CNY 64,669,846.63 | CNY 287,224,469.42 | -77.48% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | CNY 48,514,356.48 | CNY 270,343,490.53 | -82.05% | | Net Cash Flow from Operating Activities | CNY 855,812,007.81 | CNY 833,296,152.53 | 2.70% | | Basic Earnings Per Share (CNY/share) | 0.056 | 0.318 | -82.39% | | Weighted Average Return on Net Assets (%) | 0.01% | 5.89% | Decreased by 5.88 percentage points | - From the beginning of the year to the end of the reporting period, the company's total non-recurring gains and losses amounted to CNY 16.16 million, primarily from government subsidies and reversal of impairment provisions for receivables[8] Shareholder Information at Period-End As of the reporting period end, the company had 53,009 shareholders, with Xinjiang Tianfu Group Co., Ltd. as the controlling shareholder at 29.26% ownership, part of which is pledged - As of the end of the reporting period, the company had 53,009 shareholders[9] Top Three Shareholders' Holdings | Shareholder Name | Shares Held at Period-End | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Xinjiang Tianfu Group Co., Ltd. | 336,879,787 | 29.26 | State-owned Legal Person | | Shihezi Tianfu Zhisheng Equity Investment Co., Ltd. | 122,351,233 | 10.63 | State-owned Legal Person | | Shihezi Urban Construction Investment and Management Co., Ltd. | 43,541,364 | 3.78 | State-owned Legal Person | Preferred Shareholder Information at Period-End The company has not issued preferred shares, thus no related shareholder information is available - The company has not issued preferred shares[10] Significant Matters Analysis of Significant Changes in Financial Statement Items During the reporting period, significant changes occurred across financial statement items, including a surge in prepayments and construction in progress due to increased project investments, a rise in short-term borrowings for liquidity, and a disproportionate increase in operating costs driven by coal prices and depreciation, leading to profit decline Balance Sheet Major Change Items | Item | Period-End Balance (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Prepayments | 328,278,452.94 | 499.31 | Increase in prepayments for engineering materials and coal | | Construction in Progress | 1,432,221,902.38 | 361.69 | Increased investment in 2×660MW project, power grid renovation, etc | | Short-term Borrowings | 1,620,000,000.00 | 174.58 | Increase to supplement working capital | | Taxes Payable | 2,594,269.63 | -88.99 | Decrease in value-added tax and income tax payable | | Non-current Liabilities Due Within One Year | 60,683,547.09 | -86.20 | Repayment of maturing long-term borrowings | Income Statement Major Change Items (Year-to-Date) | Item | Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,497,186,626.82 | 21.64 | Increase in electricity sales volume | | Operating Costs | 2,765,506,131.82 | 41.82 | Increase in coal costs and depreciation expenses | | Investment Income | 8,090,180.60 | 1387.28 | Investment income from asset-backed securitization products | | Income Tax Expense | 17,505,571.16 | -69.98 | Decrease in profit | Progress of Significant Matters The company reported progress on several significant matters, including successful issuance of short-term financing bonds, a stalled equity acquisition due to judicial preservation, substantial new guarantees for the controlling shareholder, and ongoing efforts to issue green corporate bonds - Financing activities: Issued two tranches of short-term commercial papers (SCP) totaling CNY 900 million during the year to supplement operating funds[14] - Equity acquisition stalled: The acquisition of 65% equity in Lihua Luyuan by subsidiary Tianyuan Gas is unable to be fully completed due to judicial preservation of part of the target company's equity, with only 44.17% of the equity transfer completed for industrial and commercial registration[16][17] - External guarantees: Provided new guarantees totaling CNY 3.2 billion for controlling shareholder Tianfu Group and its affiliated enterprises[18] - Green bond issuance: The application for non-public issuance of green corporate bonds not exceeding CNY 1.3 billion has been accepted by the Shanghai Stock Exchange and awaits approval[23] Unfulfilled Commitments Beyond Due Date The company has no unfulfilled commitments beyond their due date during the reporting period - The company has no unfulfilled commitments beyond their due date[25] Full-Year Performance Forecast The company forecasts a 50% to 80% year-over-year decline in full-year 2018 net profit, primarily due to surging coal prices, increased depreciation and finance costs from new fixed assets, and reduced electricity revenue from tariff adjustments - The company expects net profit for January-December 2018 to decrease by 50%-80% compared to the same period last year[25] - Key reasons for performance decline: - Continuous significant increase in raw coal prices, leading to higher costs for electricity and heating businesses[25] - Increased depreciation and finance costs after the 2×660 MW units were transferred to fixed assets[25] - Reduced electricity revenue due to regional electricity price adjustments influenced by policy[25] Appendix Financial Statements This appendix includes the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for the third quarter of 2018 Consolidated Balance Sheet As of September 30, 2018, total assets were CNY 20.41 billion, a 4.90% increase from the beginning of the year, with total liabilities at CNY 13.78 billion and equity attributable to parent company owners at CNY 6.51 billion Consolidated Balance Sheet Major Items (September 30, 2018) | Item | Period-End Balance (CNY) | Beginning-of-Year Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 20,406,593,937.49 | 19,454,157,451.31 | | Total Liabilities | 13,780,254,137.71 | 12,834,056,833.53 | | Total Equity Attributable to Parent Company Owners | 6,514,986,999.86 | 6,504,433,662.94 | Parent Company Balance Sheet As of September 30, 2018, the parent company's total assets were CNY 19.78 billion, total liabilities CNY 13.04 billion, and total owner's equity CNY 6.74 billion Parent Company Balance Sheet Major Items (September 30, 2018) | Item | Period-End Balance (CNY) | Beginning-of-Year Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 19,778,583,788.94 | 18,913,412,916.75 | | Total Liabilities | 13,036,065,597.43 | 12,195,836,878.42 | | Total Owner's Equity | 6,742,518,191.51 | 6,717,576,038.33 | Consolidated Income Statement For the first three quarters of 2018, the company achieved total operating revenue of CNY 3.50 billion, up 21.64%, but total profit decreased by 77.38% to CNY 77.86 million, and net profit attributable to parent company owners significantly dropped by 77.48% to CNY 64.67 million Consolidated Income Statement Major Items (Jan-Sep 2018) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 3,497,186,626.82 | 2,874,955,962.55 | | Total Operating Costs | 3,431,338,329.78 | 2,547,975,942.46 | | Total Profit | 77,861,262.87 | 344,258,410.88 | | Net Profit Attributable to Parent Company Owners | 64,669,846.63 | 287,224,469.42 | Parent Company Income Statement For the first three quarters of 2018, the parent company's operating revenue reached CNY 2.95 billion, a 17.46% increase, while net profit declined by 74.08% to CNY 79.06 million Parent Company Income Statement Major Items (Jan-Sep 2018) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Operating Revenue | 2,948,402,598.73 | 2,510,171,756.47 | | Total Profit | 92,976,967.57 | 361,125,120.37 | | Net Profit | 79,058,662.87 | 305,025,553.73 | Consolidated Cash Flow Statement In the first three quarters of 2018, net cash flow from operating activities remained robust at CNY 855.81 million, while net cash outflow from investing activities was CNY 415.63 million, and from financing activities was CNY 7.42 million, with cash and cash equivalents totaling CNY 1.45 billion at period-end Consolidated Cash Flow Statement Major Items (Jan-Sep 2018) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 855,812,007.81 | | Net Cash Flow from Investing Activities | -415,628,007.97 | | Net Cash Flow from Financing Activities | -7,419,545.13 | | Net Increase in Cash and Cash Equivalents | 432,764,454.71 | Parent Company Cash Flow Statement For the first three quarters of 2018, the parent company's net cash flow from operating activities was CNY 883.22 million, net cash outflow from investing activities was CNY 366.72 million, and net cash inflow from financing activities was CNY 1.50 million, with cash and cash equivalents at CNY 1.37 billion at period-end Parent Company Cash Flow Statement Major Items (Jan-Sep 2018) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 883,223,052.96 | | Net Cash Flow from Investing Activities | -366,718,311.20 | | Net Cash Flow from Financing Activities | 1,501,226.46 | | Net Increase in Cash and Cash Equivalents | 518,005,968.22 | Audit Report The financial statements in this quarterly report are unaudited - This quarterly report is unaudited[47]