TIBET TOURISM(SH:600749)2014-04-22 16:00Financial Performance - The company reported a net profit of ¥8,051,339.33 for 2013, with a net profit attributable to shareholders of ¥7,807,700.67[7]. - The board of directors proposed not to distribute cash dividends for 2013 due to a significant decrease in net profit compared to the previous year[7]. - In 2013, the company's operating revenue was approximately CNY 178.45 million, an increase of 9.73% compared to CNY 162.62 million in 2012[26]. - The net profit attributable to shareholders was CNY 7.81 million, reflecting a decrease of 30.24% from CNY 11.19 million in the previous year[26]. - The basic earnings per share decreased by 30.24% to CNY 0.0413 from CNY 0.0592 in 2012[26]. - The weighted average return on equity was 1.19%, down from 1.72% in 2012, a decrease of 0.53 percentage points[26]. - The net cash flow from operating activities was CNY 68.36 million, a decrease of 15.66% compared to CNY 81.05 million in 2012[26]. - The total profit amounted to ¥12,814,902.53, with a year-on-year increase of 3.49% after excluding asset impairment losses[30]. - The company reported a decrease in net profit after deducting non-recurring gains and losses, which was CNY 7.01 million, down 36.47% from CNY 11.04 million in 2012[26]. - The company achieved an operating revenue of ¥178,446,913.65, representing a year-on-year growth of 9.73%[30]. Assets and Liabilities - The total assets at the end of 2013 were CNY 1.17 billion, an increase of 3.68% from CNY 1.13 billion at the end of 2012[26]. - The net assets attributable to shareholders increased slightly by 0.47% to CNY 658.52 million from CNY 655.44 million in 2012[26]. - The company’s total liabilities were CNY 491,995,411.30, up from CNY 456,554,464.91 at the start of the year, indicating a growth of approximately 7.5%[123]. - The total equity attributable to shareholders was CNY 658,521,467.06, slightly increasing from CNY 655,442,214.70, reflecting a growth of about 0.3%[123]. - Cash and cash equivalents decreased to CNY 12,647,212.77 from CNY 102,537,799.18, representing a decline of approximately 87.7%[121]. - The company’s total liabilities at the end of the year were CNY 676,290,657.82, which reflects a slight increase from the previous year[146]. Business Operations - The company has maintained its strategic focus on tourism resource development and operation, with auxiliary services in travel agencies and hotels[20]. - The company’s main business has shifted to tourism site development and operation since 2007, following strategic adjustments[20]. - The company plans to optimize resource allocation in tourism and increase market share in Linzhi and Ali regions[59]. - The company aims to enhance brand value by unifying hotel management and branding under the Himalaya name for all new hotels[60]. - The company is actively involved in the tourism sector in Tibet, focusing on cultural and sports tourism[88]. - The company is exploring market expansion opportunities within the tourism industry in Tibet[88]. Investments and Projects - The company invested CNY 429.17 million in construction projects, primarily for the Ali Sacred Mountain Scenic Area hotel and the renovation of the Himalaya Hotel[49]. - The company’s new hotel projects, including the Himalaya-Linzhi Grand Canyon Hotel, began trial operations in September 2013, with full delivery expected in 2014[32]. - The Ali Scenic Area commenced trial operations, with infrastructure and some operational facilities already in use, aiming for full operational readiness before the 2014 peak season[45]. Governance and Compliance - The board of directors has emphasized the importance of accurate financial reporting and compliance with legal responsibilities[5]. - The company received a standard unqualified audit report from Xinyong Zhonghe Accounting Firm[6]. - The company has revised its internal control systems to align with the latest regulations, enhancing governance and operational standards[101]. - The company conducted training for senior management on regulatory compliance and information disclosure, improving their understanding of relevant laws[102]. - The governance structure of the company aligns with regulatory requirements, ensuring independent operation and effective management[103]. Employee and Management - The company employed a total of 1,011 staff, with 660 in the parent company and 351 in major subsidiaries[94]. - The total remuneration for the board members and senior management during the reporting period amounts to 1,866,800 RMB[87]. - The company aims to improve employee compensation and benefits to enhance staff stability and sense of belonging[108]. - The core technical team and key technical personnel remained unchanged during the reporting period, suggesting stability in technical capabilities[93]. Risks and Challenges - The company faces risks including environmental, market, and internal risks, which could impact its tourism business and cash flow[64]. - The company has implemented a risk assessment mechanism and improved internal management systems to enhance internal control effectiveness[112]. - No risks were identified by the supervisory board during their oversight activities throughout the reporting period[109]. Revenue Recognition and Accounting Policies - The company recognizes revenue from ticket sales when cash is received or the right to collect payment is obtained[195]. - Revenue from tourism services is recognized upon completion of the tourism activity, specifically when the tour group has returned[196]. - The company has no changes in accounting policies or estimates during the reporting period[199]. - The company applies a 15% corporate income tax rate as per local government regulations[199].