COOEC(SH:600583)2017-10-26 16:00Financial Performance - Operating revenue for the first nine months was CNY 6,849,066,784.43, down 14.87% year-on-year[6] - Net profit attributable to shareholders was CNY 302,126,536.67, a decline of 72.97% compared to the same period last year[6] - Basic earnings per share were CNY 0.07, down 72.00% from CNY 0.25 in the previous year[6] - The weighted average return on net assets was 1.29%, a decrease of 3.56 percentage points compared to the previous year[6] - The company's operating revenue for the first three quarters was RMB 6.849 billion, a decrease of 14.87% compared to RMB 8.045 billion in the same period last year[21] - The net profit attributable to shareholders of the parent company was RMB 302 million, a significant decline of 72.97% compared to RMB 1.118 billion in the same period last year[22] - The company reported a total profit of CNY 104.29 million for Q3 2017, down from CNY 272.35 million in the same period last year, indicating a decrease of 62%[50] - Net profit for Q3 2017 was CNY 102.10 million, compared to a net profit of CNY 247.46 million in Q3 2016, representing a decline of 59%[50] Cash Flow - Cash flow from operating activities showed a negative amount of CNY 56,183,426.61, a decrease of 102.54% year-on-year[6] - Net cash flow from operating activities was negative CNY 56,183,426.61, compared to a positive CNY 2,211,082,955.34 in the same period last year[55] - Cash inflow from sales of goods and services was CNY 6,568,010,098.27, down 36.5% from CNY 10,353,549,203.81 in the previous year[55] - Total cash outflow from operating activities was CNY 7,149,090,522.45, a decrease of 18.3% from CNY 8,762,416,866.61 year-on-year[55] - Investment cash inflow totaled CNY 8,095,262,432.71, a decrease of 44.8% from CNY 14,543,037,822.21 year-on-year[56] - Net cash flow from investment activities was CNY 947,940,806.06, a significant improvement from negative CNY 11,849,600.36 in the previous year[56] - Cash and cash equivalents at the end of the period amounted to CNY 6,957,518,002.76, up from CNY 5,983,131,893.87 at the end of the previous year[56] Assets and Liabilities - Total assets at the end of the reporting period were CNY 29,592,486,768.31, a decrease of 0.73% compared to the end of the previous year[6] - Total liabilities decreased slightly to RMB 6.619 billion from RMB 6.643 billion at the beginning of the year[41] - Current assets totaled CNY 8.79 billion, up from CNY 7.58 billion, indicating a year-over-year increase of about 15.9%[44] - Total liabilities rose to CNY 6.30 billion, compared to CNY 5.86 billion, reflecting an increase of approximately 7.5%[45] - The company's inventory increased by 49.46% to RMB 2.408 billion compared to RMB 1.611 billion at the end of the previous year[25] - Other receivables increased by 54.34% to RMB 173 million, mainly due to an increase in export tax refunds[29] - Other current assets decreased by 33.87% to RMB 2.434 billion, mainly due to a reduction in bank wealth management products purchased by the company and its Zhuhai subsidiary[29] Projects and Operations - The company is currently managing 15 offshore oil and gas field development projects and 4 modular onshore construction projects[14] - The Yamal project, along with the Wenchang capacity release project and the Ningbo 19-6 extended testing project, were completed during the quarter[14] - The company has commenced the laying of the largest subsea pipeline project, the Dongfang 13-2 project, which involves a total length of 223.8 kilometers, accounting for approximately 70% of the annual subsea pipeline workload[15] - The company received the 2017 PMI (China) Project Management Annual Award, indicating international recognition of its project management capabilities[14] - The progress of key engineering projects includes the Huizhou 32-5 project at 18% completion and the Bohai 34-9 oil field development project at 34% completion[16] - The company signed the Chevron Thailand platform decommissioning project, marking its first international decommissioning project and enhancing its presence in the Southeast Asian market[17] Strategic Focus - The company is focused on cost reduction and market expansion amidst a challenging industry environment[12] - The company aims to continue expanding its market presence and enhance project management to achieve its annual operational goals[19] - The company plans to focus on market expansion and new product development in the upcoming quarters[47] - The company is actively pursuing "three new and three transformations" to improve quality and efficiency, focusing on new technologies, materials, and processes[18] Financial Expenses and Investments - The company reported a financial expense of RMB 2.818 billion, an increase of RMB 384 million year-on-year, primarily due to foreign exchange losses[23] - Employee compensation payable rose by 39.12% to RMB 392 million, mainly due to the impact of salary payments and accruals[29] - Interest payable increased by 509.43% to RMB 62 million, primarily due to interest accruals on a RMB 1.2 billion corporate bond[30] - Construction in progress increased by 52.73% to RMB 403 million, mainly due to investments in pipeline construction projects[29]