COOEC(SH:600583)2015-04-23 16:00Financial Performance - Operating revenue for the first quarter was CNY 2,270,637,154.31, a decline of 26.40% year-on-year[8] - Net profit attributable to shareholders decreased by 25.36% to CNY 236,123,615.97 compared to the same period last year[8] - Basic earnings per share fell by 28.57% to CNY 0.05[8] - The company achieved operating revenue of 2.271 billion yuan in the first quarter, a decrease of 814 million yuan or 26.40% year-on-year, primarily due to the adverse impact of declining international oil prices[30] - Operating costs amounted to 1.791 billion yuan, down 748 million yuan or 29.45% year-on-year, attributed to reduced workload and ongoing cost control measures[30] - The company reported a total comprehensive income of ¥285,344,428.92 for Q1 2015, down from ¥332,872,511.85 in the same period last year[54] - Net profit for Q1 2015 was ¥235,277,382.11, a decline of 26.0% from ¥317,247,666.37 in Q1 2014[53] Cash Flow - Cash flow from operating activities dropped significantly by 98.66% to CNY 19,521,124.64[8] - Cash inflow from operating activities was CNY 3,590,314,073.27, a decrease of 37.5% compared to CNY 5,740,513,408.27 in the previous period[58] - The net cash flow from operating activities was CNY 19,521,124.64, significantly down from CNY 1,456,324,059.28 in the prior period[59] - The cash inflow from operating activities decreased by 43.0% year-over-year, from CNY 4,893,868,811.26 to CNY 2,796,177,295.54[61] - The net cash flow from operating activities was negative at CNY -507,520,355.34, compared to a positive CNY 1,176,598,054.38 in the previous period[61] Assets and Liabilities - Total assets decreased by 3.53% to CNY 30,046,783,925.21 compared to the end of the previous year[8] - Total current assets decreased from CNY 13,818,122,876.53 at the beginning of the year to CNY 12,714,107,846.13, a decline of approximately 8%[45] - Total liabilities decreased from CNY 10,576,005,992.12 to CNY 9,185,058,921.07, a decline of about 13%[47] - Accounts receivable decreased significantly from CNY 5,843,029,130.23 to CNY 4,387,850,118.96, representing a reduction of about 25%[45] - Inventory increased by 64.28% to RMB 1.82 billion, primarily due to an increase in unbilled work completed[36] - The company's equity attributable to shareholders increased from CNY 20,557,302,176.30 to CNY 20,848,164,972.18, an increase of about 1.4%[47] Project Management and Operations - The company is actively managing 23 engineering projects, achieving sales revenue of CNY 2.271 billion in the first quarter[14] - The company completed significant projects in the Bohai Sea and South China Sea, enhancing underwater operation capabilities[15] - The company continues to focus on safety management and project management to improve operational efficiency[14] - The company completed 97% of the Ichthys LNG modular construction project and 79% of the Shell Brunei BSP project in the first quarter[20] - The company is currently implementing six overseas projects, including the Yamal project in Russia with a total contract value of approximately $1.643 billion and the Zawtika project in Myanmar valued at $367 million, both of which are key projects for the year[16] Market Expansion and Technology - The company is actively expanding into new markets, with plans to strengthen development in Canada, Brazil, Mexico, Russia, and Norway while continuing to focus on Southeast Asia, the Middle East, Australia, and Africa[23] - The company has achieved a breakthrough in deepwater connection pipe technology, establishing a design technology system and applying for relevant patents, which is significant for domestic production[25] Safety and Quality Management - The company has made significant progress in safety management, with a total of 11.42 million hours worked and a lost work incident rate of 0.02, a decrease of 72.4% year-on-year[21] - The company has implemented various measures to enhance quality and efficiency, including strict planning management and cost control[14]