SPC(SH:600688)2014-04-28 16:00Financial Performance - Operating revenue for the first quarter was CNY 24,113,501,000, down 16.44% year-on-year[8] - Net profit attributable to shareholders of the parent company was a loss of CNY 72,970,000, representing a decline of 142.25% compared to the same period last year[8] - Net profit for the first quarter was RMB -72,539 thousand, a decrease of RMB 239,519 thousand or 143.44% compared to the previous year[17] - The company experienced a total comprehensive loss of RMB 72,814 in Q1 2014, compared to a comprehensive income of RMB 199,425 in Q1 2013[38] - The company reported a significant decrease in accounts receivable, down 36.68% to CNY 1,251,566,000 due to a decline in sales revenue[15] - The company experienced a 26.27% decrease in accounts payable, totaling CNY 6,526,089,000, due to reduced processing volume and raw material purchases[15] - Investment losses increased by RMB 30,839 thousand, primarily due to losses from joint ventures[17] - Operating profit decreased significantly to RMB -60,304 thousand, a decline of RMB 314,123 thousand or 123.76% year-over-year, attributed to reduced crude processing volume and lower prices of major chemical products[17] Cash Flow - Net cash flow from operating activities was CNY 353,348,000, a significant decrease of 89.05% year-on-year[8] - Cash flow from operating activities generated a net cash inflow of RMB 353,348 in Q1 2014, a significant drop from RMB 3,226,319 in Q1 2013[41] - The net cash flow from operating activities was negative at RMB -10,048 thousand, compared to a positive RMB 3,223,824 thousand in the previous year[47] - Cash paid for goods and services was RMB -22,229,105 thousand, reflecting an increase in operational costs compared to RMB -20,864,141 thousand in the previous year[47] - Cash inflow from financing activities increased to RMB 14,440,902 thousand, up 22.4% from RMB 11,782,728 thousand in the first quarter of 2013[50] - The net cash flow from financing activities was RMB 254,655 thousand, a significant improvement from a net outflow of RMB -2,735,320 thousand in the same period last year[50] Assets and Liabilities - Total assets at the end of the reporting period were CNY 34,426,513,000, a decrease of 6.74% compared to the end of the previous year[8] - The total assets as of March 31, 2014, were RMB 34,426,513 thousand, down from RMB 36,915,933 thousand at the end of 2013[24] - The company's total liabilities were RMB 16,378,000 thousand, down from RMB 18,825,254 thousand at the end of 2013[27] - The total liabilities decreased from RMB 18,142,021 as of December 31, 2013, to RMB 15,844,379 as of March 31, 2014, reflecting a reduction of approximately 7.1%[33] - The equity attributable to shareholders of the parent company was RMB 17,789,019 thousand, slightly down from RMB 17,831,617 thousand[27] - The total equity remained relatively stable, with a slight decrease from RMB 17,596,260 at the end of 2013 to RMB 17,563,223 in Q1 2014[33] Shareholder Information - The number of shareholders at the end of the reporting period was 135,678[11] - The largest shareholder, Sinopec Limited, held 50.56% of the shares, totaling 5,460,000,000 shares[11] Other Financial Metrics - The weighted average return on equity was -0.410%, a decrease of 1.471 percentage points compared to the previous year[8] - Current assets decreased to RMB 12,558,610 thousand from RMB 14,486,028 thousand, with a notable drop in accounts receivable and inventory[24] - Prepayments increased by 4,057.28% to CNY 246,527,000, attributed to higher prepaid import duties[15] - Financial expenses increased from a gain of RMB 28,574 in Q1 2013 to an expense of RMB 128,294 in Q1 2014, indicating a shift in financial performance[35] - The company raised RMB 14,105,902 from financing activities in Q1 2014, an increase from RMB 11,809,728 in Q1 2013[43] - The ending balance of cash and cash equivalents was RMB 110,244 thousand, compared to RMB 210,944 thousand at the end of the first quarter of 2013[50] - Cash outflow for investing activities was RMB -212,813 thousand, a decrease from RMB -396,708 thousand in the same period of 2013[47] - The company reported a cash inflow from investment activities of RMB 19,355 thousand, compared to RMB 587 thousand in the first quarter of 2013[47]