Greenland Holdings(SH:600606)2014-03-21 16:00Financial Performance - The company achieved operating revenue of 892,419,247.09 RMB in 2013, representing a 102.70% increase compared to 440,257,058.86 RMB in 2012[22]. - The net profit attributable to shareholders was 69,630,661.54 RMB, a decrease of 33.66% from 104,960,649.38 RMB in the previous year[22]. - The company reported a net cash flow from operating activities of 61,524,375.45 RMB, a significant improvement of 152.02% compared to -118,269,865.29 RMB in 2012[22]. - The company’s total assets increased by 3.23% to 6,158,879,530.05 RMB at the end of 2013, compared to 5,966,315,459.89 RMB at the end of 2012[22]. - Basic earnings per share decreased by 35.00% to 0.13 RMB in 2013 from 0.20 RMB in 2012[22]. - The company’s weighted average return on equity fell to 3.18% in 2013, down from 4.90% in 2012, reflecting a decrease of 1.72 percentage points[22]. - The total revenue from the circulation services segment was 804.47 million yuan, reflecting a 304.09% increase year-on-year, while the investment development segment saw a 96.50% decrease in revenue[40]. - The company reported a total revenue of RMB 22.36 billion and a profit of RMB 1.87 billion for the year 2013[81]. Dividend Distribution - The company plans to distribute a cash dividend of 0.41 RMB per 10 shares based on a total share capital of 518,320,089 shares as of the end of 2013[4]. - In 2013, the company distributed cash dividends amounting to 21,251,123.65 RMB, representing 30.52% of the net profit attributable to shareholders[62]. - The company has not proposed a cash dividend distribution plan for the reporting period despite having positive undistributed profits[61]. Business Strategy and Development - The company emphasizes that the forward-looking statements regarding its operational and development strategies do not constitute a substantive commitment to investors, highlighting potential investment risks[4]. - The company aims to become a leading comprehensive service provider in the real estate sector, focusing on "investment + service" as its development positioning[17]. - The company has established a strategic adjustment of its main business segments to enhance core competitiveness, focusing on residential circulation and development[17]. - The company continues to implement its "Investment + Service" development strategy, although project sales in Wuxi did not meet expectations due to market conditions[37]. - The company plans to focus on major asset restructuring and enhance its core competitiveness in real estate comprehensive services in 2014[56]. - The company aims to expand its traditional real estate service sector while exploring new business areas, including project financing and commercial management[57]. - The company intends to strengthen its second-hand intermediary business and enhance profitability through diversified and scaled operations[57]. Financial Management and Risks - The company plans to strengthen its funding management and financing channels to mitigate liquidity risks, as the liquidity situation is expected to remain tight in the short term[59]. - The company is facing potential policy risks due to macroeconomic regulations affecting the real estate industry, which it will monitor closely[59]. - The company has no major litigation or arbitration issues reported during the year[65]. - The company has no non-operational fund occupation by controlling shareholders or their related parties[4]. - The company has not violated decision-making procedures in providing guarantees to external parties[4]. Internal Control and Audit - The company reported a standard unqualified audit opinion from Ernst & Young Hua Ming Accounting Firm[4]. - Ernst & Young provided an unqualified audit opinion on the effectiveness of the company's internal control over financial reporting as of December 31, 2013[113]. - The company established a comprehensive and effective internal control system to ensure compliance, asset security, and the integrity of financial reporting[111]. - As of December 31, 2013, the board evaluated the internal control effectiveness and found no significant deficiencies in financial reporting controls[112]. Related Party Transactions - The company has engaged in related party transactions, providing real estate agency services amounting to 43,557,607.51 RMB, which is 21.74% of similar transactions[66]. Employee and Management Information - The total remuneration payable to directors, supervisors, and senior management during the reporting period amounts to 373.01 million yuan, with an additional 148.37 million yuan from shareholder units[86]. - The company has a total of 14 senior management personnel with varied backgrounds and experiences in the real estate sector[88][89][90][91][92][93]. - The total number of employees in the parent company and major subsidiaries is 743, with 43 in the parent company and 700 in subsidiaries[97]. - The company has implemented a salary system based on job levels and performance assessments for its employees[98]. - The company provides various training opportunities for employees to enhance their overall quality and management capabilities[99]. Asset Management - The company sold the Fuhao Jinfeng Hotel for 600 million RMB as part of its strategy to optimize asset structure[32]. - The company sold the Rich Hotel, significantly increasing revenue from circulation services, while the sales performance of two projects in Wuxi remained stagnant due to a weak high-end real estate market[34]. - The company has a total guarantee amount of RMB 121.8 million, which accounts for 55.33% of the company's net assets[71]. - The company has provided guarantees totaling RMB 120 million to shareholders and related parties[71]. Financial Position - The company’s total liabilities increased to ¥3,957,418,091.12 in 2013, compared to ¥3,765,640,145.26 in 2012, reflecting a growth of 5.1%[133]. - The total equity attributable to shareholders of the parent company was ¥2,187,422,165.04, slightly up from ¥2,185,004,815.27 in 2012[138]. - The company’s total current liabilities amounted to ¥2,576,651,225.39, an increase of 39.2% from ¥1,850,866,855.86 in 2012[133]. - The company’s cash flow from financing activities was negative at -201.74 million yuan, primarily due to bank loan repayments and interest payments[37].