COOEC(SH:600583)2015-10-26 16:00Financial Performance - Net profit attributable to shareholders decreased by 23.40% to CNY 1.99 billion for the first nine months of the year[11] - Operating revenue for the first nine months was CNY 10.13 billion, down 33.83% year-on-year[11] - Basic earnings per share decreased by 23.73% to CNY 0.45 per share[11] - The weighted average return on equity decreased by 5.31 percentage points to 9.39%[11] - The company achieved operating revenue of 10.13 billion RMB in the first three quarters, a decrease of 33.83% year-on-year, primarily due to a decline in overall workload, with land construction steel processing down 35% and offshore installation vessel days down 40%[27] - The net profit attributable to shareholders was 1.99 billion RMB, down 23.40% year-on-year, with the decline in net profit significantly lower than the revenue drop, reflecting effective project management and cost control[28] - Net profit for the first nine months of 2015 was CNY 2,198,191,900.67, a decline of 26.1% compared to CNY 2,977,532,409.30 in the same period of 2014[55] - The total profit for the first nine months of 2015 reached approximately ¥1.53 billion, a decline of 18.29% from ¥1.87 billion in the same period of 2014[60] Assets and Liabilities - Total assets decreased by 4.78% to CNY 29.66 billion compared to the end of the previous year[11] - Total current assets as of September 30, 2015, amounted to approximately 12.50 billion RMB, down from 13.82 billion RMB at the beginning of the year[47] - Total assets as of September 30, 2015, were approximately 29.66 billion RMB, compared to 31.15 billion RMB at the beginning of the year[48] - Total liabilities decreased to CNY 7,402,536,276.78 from CNY 10,255,762,121.51, indicating a reduction of 27.3%[52] - The company's equity attributable to shareholders increased to CNY 16,893,699,150.73 from CNY 16,635,166,064.23, showing a growth of 1.6%[52] Cash Flow - Net cash flow from operating activities increased by 128.63% to CNY 2.86 billion compared to the same period last year[11] - Cash and cash equivalents increased by 1.15 billion RMB, a growth of 35.13% compared to the end of the previous year, due to timely collections and the maturity of bank financial products[33] - Accounts receivable decreased by 2.09 billion RMB, down 35.80% year-on-year, as the company received payments for multiple projects according to contract milestones[33] - Operating cash inflow for the first nine months was CNY 12,028,610,290.16, down 16.8% from CNY 14,456,112,360.89 in the previous year[64] - Net cash flow from operating activities increased to CNY 2,863,453,850.86, compared to CNY 1,252,455,249.38 in the same period last year, representing a 128.5% increase[64] - Cash outflow from financing activities was CNY 1,663,448,234.68, down 32.0% from CNY 2,444,823,385.50 in the same period last year[65] Operational Highlights - The company operated 18 offshore oil and gas field development projects and 6 onshore construction projects during Q3 2015, completing 6 major projects[18] - The company secured a total contract value of RMB 4.135 billion in domestic and international markets in the first three quarters of 2015[21] - The company has bid for 38 international projects and is organizing bids for over 20 additional international projects[22] - The company plans to undertake 18 construction projects in the fourth quarter, focusing on domestic projects in Bohai and South China Sea, as well as major overseas projects in Russia, Myanmar, and Brazil[25] Inventory and Costs - Operating costs for the first three quarters were 7.29 billion RMB, a decrease of 34.45% year-on-year, attributed to reduced workload and ongoing cost-cutting measures, including a reduction in ship costs by over 50 million RMB[27] - Inventory increased by 488 million RMB, a growth of 44.04% year-on-year, due to an increase in unfinished work and raw material stock[34] - Total operating costs for Q3 2015 were CNY 2,667,427,334.64, down 41.8% from CNY 4,581,224,146.07 in Q3 2014[55] Shareholder Information - The total number of shareholders reached 173,162 at the end of the reporting period[12] - The largest shareholder, China National Offshore Oil Corporation, holds 51.36% of the shares[12]