Henan Zhongfu Industrial (SH:600595)2014-04-24 16:00Financial Performance - Operating revenue for the first quarter reached CNY 2,904,421,813.18, representing a 17.80% increase year-on-year [10]. - Net profit attributable to shareholders was CNY 27,408,364.99, a significant recovery from a loss of CNY 118,971,277.69 in the same period last year [10]. - The net profit for the period is expected to be positive due to a significant reduction in electricity costs from direct supply by a subsidiary [22]. - Net profit for Q1 2014 was a loss of CNY 75,803,176.92, an improvement from a loss of CNY 115,406,602.75 in Q1 2013 [25]. - The company reported a basic earnings per share of CNY 0.02 for Q1 2014, compared to a loss of CNY 0.08 in Q1 2013 [25]. - The total comprehensive income for Q1 2014 was a loss of CNY 75,803,176.92, an improvement from a loss of CNY 115,406,602.75 in the same period last year [25]. - The net profit for Q1 2014 was CNY 335,508.40, recovering from a net loss of CNY 69,296,349.78 in the same period last year [35]. Assets and Liabilities - Total assets increased by 0.64% to CNY 26,794,199,645.97 compared to the end of the previous year [10]. - As of March 31, 2014, the total assets of Henan Zhongfu Industrial Co., Ltd. amounted to CNY 26,794,199,645.97, an increase from CNY 26,624,004,565.68 at the end of 2013 [21]. - The company's current assets decreased slightly to CNY 7,515,521,471.80 from CNY 7,532,002,864.32 [21]. - The total liabilities increased to CNY 20,665,961,490.45 from CNY 20,415,820,250.63, indicating a rise in financial obligations [23]. - The total liabilities increased to CNY 13,104,041,962.79 as of March 31, 2014, up from CNY 12,720,369,769.13 at the end of 2013, reflecting a growth of 3.0% [33]. - The total equity rose to CNY 6,000,601,987.71, an increase of 5.5% from CNY 5,689,331,536.47 at the end of 2013 [33]. Cash Flow - The net cash flow from operating activities decreased by 59.97% to CNY 297,851,582.98 compared to the previous year [10]. - The net cash flow from operating activities for Q1 2014 was CNY 29,173,154.10, a significant decline from CNY 572,845,014.41 in Q1 2013 [37]. - Cash outflow from investing activities was CNY 78,498,212.81, compared to CNY 587,827,586.31 in the previous year, indicating a reduction in investment spending [37]. - Cash flow from financing activities showed a net outflow of CNY 243,816,113.04 in Q1 2014, contrasting with a net inflow of CNY 454,059,765.97 in Q1 2013 [37]. Receivables and Payables - The company reported a 154.01% increase in notes receivable, totaling CNY 226,854,762.02, primarily due to increased payments settled by notes [17]. - Accounts receivable increased to CNY 705,436,629.45 from CNY 629,768,284.41, reflecting a growth in credit sales [21]. - The accounts payable increased to CNY 652,034,716.37, up from CNY 534,532,394.73, reflecting a rise of 21.9% [33]. Inventory and Expenses - Prepayments rose by 73.06% to CNY 419,731,525.45, mainly due to increased prepayments for aluminum product sales [17]. - The company experienced a 40.63% reduction in selling expenses, amounting to CNY 6,091,243.79, attributed to decreased shipping costs [17]. - Inventory levels decreased to CNY 1,259,611,076.27 from CNY 1,306,120,008.58, indicating improved inventory management [21]. - The company's inventory decreased to CNY 298,686,947.07 as of March 31, 2014, from CNY 729,613,701.82 at the end of 2013 [31]. Investment and Financing - Investment income decreased significantly by 634.17% to a loss of CNY 6,262,631.31, mainly due to reduced investment returns from Yonglian Coal and Zhongfu Thermal [17]. - Short-term borrowings rose to CNY 2,477,514,113.60 from CNY 2,373,403,334.49, suggesting increased reliance on debt financing [23]. - The company's short-term borrowings decreased slightly to CNY 1,642,514,113.60 from CNY 1,679,932,000.00 at the end of 2013 [33]. - The company reported a financial expense of CNY -2,689,175.41 in Q1 2014, a significant improvement compared to CNY 86,937,292.29 in Q1 2013 [35].