LEP(SH:600644)2015-03-27 16:00Financial Performance - The company reported a net profit of -1,251,573,296.15 yuan for the year 2014, with a net profit attributable to shareholders of -1,139,314,897.75 yuan[5]. - The total distributable profit at the end of 2014 was -1,118,850,024.29 yuan, and the company did not propose any profit distribution for the year[5]. - The company achieved operating revenue of CNY 1,539,810,297.46 in 2014, representing a year-on-year increase of 5.27% compared to CNY 1,462,704,163.45 in 2013[27]. - The net profit attributable to shareholders was a loss of CNY 1,139,314,897.75, a significant decline of 281.56% from a loss of CNY 298,593,187.90 in the previous year[27]. - The basic earnings per share for 2014 was -3.0025 CNY, a decrease of 228.29% compared to -0.9146 CNY in 2013[28]. - The company reported a net cash flow from operating activities of CNY 43,940,043.75, a decrease of 73.73% from CNY 167,273,374.61 in 2013[27]. - The total assets of the company decreased by 12.45% to CNY 2,661,710,078.36 at the end of 2014, down from CNY 3,040,066,772.85 at the end of 2013[27]. - The company’s weighted average return on equity was -406.45%, a decrease of 358.79 percentage points from 5.77% in 2013[29]. - The company’s total profit decreased by 209.46% year-on-year, primarily due to the bankruptcy of a subsidiary and related asset impairments[50]. - The company reported a net loss of approximately RMB 1.14 billion for the year 2014, with no cash dividends distributed due to the loss[96]. Investments and Strategic Initiatives - The company made a strategic investment of CNY 220 million in Qianwei County Zhengxin Investment Co., Ltd., acquiring a 45.63% stake, becoming the second-largest shareholder[35]. - The company is seeking to raise funds through market expansion, improving receivables collection, and establishing good relationships with financial institutions[85]. - The company plans to participate in the public bidding for 100% equity of 乐山川犍电力有限责任公司, indicating a strategy for market expansion[175]. - The company has proposed to establish a joint investment in 四川晟天新能源发展有限公司, reflecting a focus on new energy development[175]. - The company is exploring strategic partnerships to leverage synergies and expand its service offerings[154]. Operational Performance - The company completed a total electricity generation of 437 million kWh, an increase of 3.01% from 424 million kWh in the previous year[35]. - The electricity business revenue increased by 4.59% year-on-year, driven by higher sales volume[41]. - The natural gas business revenue grew by 19.74% year-on-year, attributed to increased sales volume and average selling price[41]. - The water supply business revenue rose by 23.80% year-on-year, due to increased sales volume and the number of installations[41]. - The average utilization hours for hydropower equipment increased by 293 hours to 3,653 hours, while thermal power equipment decreased by 314 hours to 4,706 hours in 2014[73]. Financial Management and Governance - The independent auditor provided a standard unqualified audit opinion for the financial report[4]. - The company’s financial report is guaranteed to be true, accurate, and complete by its management[4]. - The company has maintained effective internal control over financial reporting as of December 31, 2014, according to the internal control audit report[186]. - The company has implemented a performance evaluation and incentive mechanism for senior management based on operational targets set at the beginning of the year[171]. - The company has established a management system for insider information and external information users to ensure compliance[171]. Shareholder Relations and Capital Structure - The company did not propose any cash dividend distribution plan for 2014, as it did not meet the minimum cash dividend ratio requirement[94]. - The company’s cash dividend policy and execution were in accordance with its articles of association and shareholder resolutions[93]. - The company maintained open communication with minority shareholders regarding profit distribution proposals[92]. - The total number of shares after the current changes is 538,400,659, with 211,920,528 shares being subject to restrictions[129]. - The company has confirmed that there are no related party relationships among the top ten shareholders with restricted shares[144]. Risk Management and Compliance - The company is committed to improving its internal control systems and legal risk prevention mechanisms to ensure compliance and operational efficiency[83]. - The company has recognized significant asset impairment provisions and personnel placement costs due to the closure of its coal mines and power plants, which may affect financial performance[179]. - The company is taking measures to ensure accurate asset valuation and impairment testing, as recommended by the board's specialized committees[178]. - The company has applied for a loan to support its acquisition strategy, demonstrating a proactive approach to financing growth initiatives[175]. Human Resources and Training - The company employed a total of 4,469 staff, with 1,486 in the parent company and 2,983 in major subsidiaries[162]. - The training program in 2014 included 130 sessions, training 3,226 employees, achieving a training rate of 84%[164]. - The professional composition of employees includes 3,247 production personnel, 132 sales personnel, and 791 technical personnel[162]. Legal Matters - The company faced a lawsuit involving a claim of approximately RMB 397.42 million related to a financial loan dispute[99]. - The company applied for the bankruptcy liquidation of its subsidiary, Leshan Lede Tianwei Silicon Industry Technology Co., Ltd., which it holds a 51% stake in, on December 3, 2014[104]. - The court accepted the bankruptcy liquidation application on December 17, 2014, and the first creditors' meeting was held on March 27, 2015[105].