LSGC(SH:600738)2014-04-29 16:00Financial Performance - Net profit attributable to shareholders was CNY 33,671,539.68, down 19.05% from CNY 41,597,990.92 in the same period last year[10] - Operating revenue for the first quarter was CNY 359,411,030.98, representing an 11.72% decrease compared to CNY 407,134,157.54 in the previous year[10] - The company experienced a 48.13% decrease in non-operating income, totaling CNY 145,080.80, attributed to reduced gains from the disposal of non-current assets[16] - Operating revenue for the current period is ¥341,503,836.07, a decrease of 12% from ¥387,857,394.52 in the previous period[28] - Net profit for the current period is ¥33,671,539.68, down 19% from ¥41,558,536.93 in the previous period[27] - Basic and diluted earnings per share are both ¥0.091, compared to ¥0.113 in the previous period, reflecting a decrease of 19%[27] - Operating profit for the current period is ¥44,851,276.20, a decline of 10% from ¥50,089,817.64 in the previous period[27] - Total profit for the current period is ¥44,976,587.49, down 11% from ¥50,351,560.42 in the previous period[27] - The company reported a decrease in comprehensive income to ¥33,671,539.68 from ¥41,558,536.93, reflecting a decline of 19%[27] Cash Flow - The net cash flow from operating activities was negative CNY 66,143,518.27, a decline of 223.69% compared to CNY 53,475,962.58 in the same period last year[10] - The net cash flow from operating activities decreased by 119,669,480.85 CNY, a decline of 223.78%, primarily due to the payment of real estate development costs and reduced sales[18] - Cash flow from operating activities shows a net outflow of ¥66,143,518.27, compared to a net inflow of ¥53,475,962.58 in the previous period[29] - The total cash outflow from financing activities was $50,476,625.00, with $50,000,000.00 allocated for debt repayment and $476,625.00 for dividend distribution[31] - The net decrease in cash and cash equivalents was $68,649,049.80, compared to a decrease of $3,726,574.95 in the previous period, reflecting a substantial cash outflow[31] - Cash and cash equivalents at the end of the period amount to ¥479,868,369.63, down from ¥658,660,647.02 in the previous period[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,711,102,677.06, a decrease of 2.87% compared to the end of the previous year[10] - Current assets at the end of Q1 2014 totaled CNY 835,919,551.15, a decrease of 4.5% from CNY 875,386,969.02 at the beginning of the year[22] - Non-current assets decreased to CNY 875,183,125.91 from CNY 886,233,622.49, reflecting a decline of 1.2%[23] - Total liabilities decreased to CNY 647,926,051.36 from CNY 732,115,505.49, a reduction of 14.5%[24] - Shareholders' equity increased to CNY 1,063,176,625.70 from CNY 1,029,505,086.02, representing a growth of 3.3%[24] Shareholder Information - The number of shareholders at the end of the reporting period was 34,751, with the largest shareholder holding 45.03% of the shares[12] - The controlling shareholder, Honglou Group, has committed to compensating the company if the actual net profit falls short of the profit forecast during the compensation period[20] Operational Changes - The company reported a significant decrease in accounts receivable, down 89.30% to CNY 34,100 from the beginning of the period[15] - Financial expenses increased by 118.56% to CNY 175,861.12, primarily due to reduced interest income[16] - The construction in progress increased by 110.00% to CNY 3,371,400, mainly due to the addition of unfinished projects during the period[15] - Long-term prepaid expenses decreased by 792,993.42 CNY, a decline of 30.88%[17] - Employee compensation payable decreased by 12,777,606.59 CNY, a decline of 59.96%[17] - The company is committed to maintaining its independence and will ensure that its operations, assets, and finances remain independent from its controlling shareholders[20] - The company plans to gradually inject assets that meet listing conditions into the company through cash acquisitions or asset restructuring within five years following the approval of the major asset restructuring[19]