TIBET TOURISM(SH:600749)2014-08-20 16:00Financial Performance - The company reported a revenue of CNY 52.35 million for the first half of 2014, a decrease of 15.14% compared to the same period last year[16]. - The net profit attributable to shareholders was a loss of CNY 15.39 million, an improvement from a loss of CNY 17.19 million in the previous year[16]. - The operating cash flow for the period was a negative CNY 1.11 million, a significant decline of 102.66% compared to a positive cash flow of CNY 41.63 million in the same period last year[16]. - The company reported a net profit of -CNY 112.68 million for its subsidiary, Tibet Basongcuo Tourism Development Co., Ltd., which has total assets of CNY 82.24 million[28]. - The company reported a net loss of CNY 6,187,516.78 compared to a profit of CNY 7,294,157.20 in the previous period[55]. - The company reported a net profit decrease of CNY 13,481,673.98 for the first half of 2014, compared to the previous year[80]. - The company reported a net loss of -$15,390,686.99 for the current period, compared to a profit in the previous period[74]. - Total operating revenue decreased to ¥52,350,765.29 from ¥61,694,197.71, representing a decline of approximately 15.5% year-over-year[57]. - Total operating costs decreased to ¥66,994,523.72 from ¥77,253,015.52, a reduction of about 13.3% year-over-year[57]. - Operating profit improved slightly to -¥14,643,758.43 from -¥15,558,817.81, indicating a smaller loss[58]. - Net profit for the period was -¥16,087,022.96, an improvement from -¥17,388,448.52, reflecting a reduction in losses of approximately 7.5%[58]. - Basic and diluted earnings per share improved to -0.0814 from -0.0909, indicating a smaller loss per share[58]. Revenue Breakdown - The tourism scenic area business generated revenue of CNY 33.59 million, down 4.36% year-on-year, with the Ali scenic area experiencing a 41.20% decline due to flow control policies[17]. - The main business revenue by segment shows a total scenic area revenue of CNY 33,589,300.04, a decrease of 4.36% year-on-year, with a gross margin of 34.58%, down 13.11 percentage points[25]. - The tourism service revenue was CNY 4,584,479.22, down 13.95% year-on-year, with a gross margin of 24.93%, a decrease of 8.92 percentage points[25]. - The media and cultural business revenue was CNY 11,128,386.03, down 35.03% year-on-year, but the gross margin increased by 24.32 percentage points to 47.13%[25]. Assets and Liabilities - The company’s total assets increased by 11.03% to CNY 1.30 billion compared to the end of the previous year[16]. - The company’s net assets attributable to shareholders decreased by 2.34% to CNY 643.13 million compared to the end of the previous year[16]. - Total current assets increased to CNY 217,713,707.43 from CNY 141,866,890.83, representing a growth of approximately 53.4%[49]. - Total non-current assets increased to CNY 1,079,461,468.10 from CNY 1,026,419,178.29, reflecting a growth of about 5.2%[50]. - Total liabilities rose to CNY 636,971,540.67 from CNY 491,995,411.30, an increase of approximately 29.5%[51]. - Total equity decreased to CNY 660,203,634.86 from CNY 676,290,657.82, a decline of about 2.4%[51]. - Total assets increased to CNY 1,297,175,175.53 from CNY 1,168,286,069.12, representing a growth of approximately 11.0%[51]. Cash Flow and Financing - Cash flow from operating activities showed a net outflow of -¥1,107,167.92 compared to a net inflow of ¥41,628,618.04 in the previous period[64]. - Cash and cash equivalents at the end of the period increased to ¥78,618,016.34 from ¥12,647,212.77, showing a significant increase in liquidity[65]. - The company raised ¥150,000,000.00 through borrowings, compared to ¥60,000,000.00 in the previous period, indicating increased financing activity[64]. - Cash inflow from financing activities was $150,000,000.00, up from $60,000,000.00, representing a growth of 150%[67]. - The net cash flow from financing activities increased to $135,279,257.43 from $50,588,900.28, indicating a rise of approximately 167%[67]. Shareholder Information - The total number of shareholders at the end of the reporting period was 31,110[40]. - The largest shareholder, Guofeng Group Co., Ltd., held 16.72% of shares, totaling 31,624,825 shares, with 29,723,699 shares pledged[41]. - Tibet International Sports Tourism Company held 7.54% of shares, totaling 14,265,871 shares, with a reduction of 500,000 shares during the reporting period[41]. Governance and Compliance - The company did not distribute cash dividends or increase capital reserves during the reporting period[4]. - The company has no major litigation, arbitration, or bankruptcy reorganization matters during the reporting period[31]. - The company has not been subject to any administrative penalties or public reprimands from the China Securities Regulatory Commission during the reporting period[32]. - The company’s governance structure complies with the requirements of the China Securities Regulatory Commission[35]. - The company did not experience any changes in accounting policies, estimates, or methods during the reporting period[36]. Investment and Projects - The company is in the process of completing the first phase of the Ali Sacred Mountain and Holy Lake tourism project, which is expected to start operations soon[20]. - The company has completed the construction of its fundraising projects, with a total fundraising amount of CNY 330,029,999.55, of which CNY 20,405,651.60 has been utilized[25]. - The company has a significant focus on tourism services, with various subsidiaries engaged in tourism transportation and cultural activities[136]. - The company’s engineering projects include the Yarlung Zangbo River and Basongcuo scenic area, which are part of its BOT (Build-Operate-Transfer) model[176]. Receivables and Provisions - The total accounts receivable balance at the end of the period is CNY 32,432,258.04, with a bad debt provision of CNY 6,717,763.60, representing a provision ratio of 20.73%[145]. - The major accounts receivable from the Gongbujiangda County Basongcuo Scenic Area Management Committee amounts to CNY 17,626,895.55, with a bad debt provision of CNY 6,151,593.83, indicating a provision ratio of 34.90%[148]. - The provision for bad debts for receivables aged over three years is set at 30%, amounting to CNY 3,968,609.52[152]. - The company has recognized a 100% provision for bad debts on receivables from the Tibet Sacred Land Mining Exploration Company, totaling CNY 792,614.30[154]. Inventory and Fixed Assets - The company's inventory at the end of the period is valued at ¥20,589,291.64, an increase from ¥17,783,781.88 at the beginning of the period[165]. - The total fixed assets at the end of the period amount to ¥162,202,789.30, with a depreciation expense of ¥5,263,992.73 for the current period[166]. - The company has ongoing construction projects with a book balance of ¥493,408,593.12, up from ¥429,169,173.26 at the beginning of the period[169]. Taxation and Compliance - The company executed a 15% corporate income tax rate as per local government policy[134]. - The total tax payable decreased from 7,554,801.97 RMB at the beginning of the period to 4,920,792.07 RMB at the end of the period, a reduction of approximately 34.5%[194].