XCEC(SH:600777)2014-05-08 16:00Financial Performance - The company achieved a total revenue of CNY 1,989,752,659.61 in 2013, representing a 376.24% increase compared to CNY 417,803,404.67 in 2012[23]. - The net profit attributable to shareholders of the listed company for 2013 was CNY 34,520,566.60, a significant recovery from a loss of CNY 73,658,146.53 in 2012[23]. - The basic earnings per share for 2013 was CNY 0.06, recovering from a loss of CNY -0.12 in 2012[24]. - The weighted average return on net assets increased to 2.87% in 2013, up 8.87 percentage points from -6.00% in 2012[24]. - The company reported a net profit of CNY 175,593,856.45 for 2013, compared to a net loss of CNY 85,871,076.16 in the previous year, marking a turnaround in profitability[141]. Cash Flow and Financial Position - The net cash flow from operating activities was negative at CNY -203,950,413.54, a decline of 213.87% compared to CNY 179,105,119.44 in 2012[23]. - Cash and cash equivalents increased by 59.35% compared to the previous period, reaching CNY 503,347,230.27, primarily due to new bank loans from subsidiaries[51]. - The net cash flow from operating activities decreased significantly compared to the same period last year, primarily due to increased cash payments for operating activities[39]. - The company reported a total cash inflow from operating activities of ¥1,381,434,366.58, which was an increase from ¥1,285,831,508.70 in the previous year[145]. - The total cash outflow from operating activities was ¥1,585,384,780.12, up from ¥1,106,726,389.26 in the previous year, reflecting increased operational costs[145]. Revenue Breakdown - The real estate sector generated revenue of CNY 158,518.46 million, with the Tianyue Bay project contributing CNY 135,382.99 million[29]. - The construction sector's revenue increased by 17.23% year-on-year, totaling CNY 21,709.11 million[30]. - The cable industry reported a slight revenue decline of 5.67%, totaling CNY 10,451.82 million[31]. - The foundry manufacturing sector achieved revenue of CNY 5,303.36 million, an increase of 15.45% year-on-year[32]. - Revenue from real estate projects in Shandong Province increased by 565.56% year-on-year, while revenue from outside Shandong increased by 13.86%[47]. Operating Costs and Expenses - Operating costs rose sharply year-on-year, mainly due to the increase in revenue from real estate projects, leading to higher costs[42]. - Sales expenses increased by 57.73% year-on-year, primarily due to higher sales agent commissions and promotional service fees incurred by the real estate subsidiaries[39]. - Financial expenses increased by 21.16% year-on-year, mainly due to increased interest expenses from loans taken by subsidiaries[39]. - The company's total operating costs for 2013 were CNY 1,766,924,701.03, up from CNY 544,358,795.08, representing an increase of about 225.5%[141]. Shareholder and Dividend Information - The company did not propose any cash dividends or bonus shares for the 2013 profit distribution plan[5]. - The company plans to submit the profit distribution proposal to the 2013 annual general meeting for approval[5]. - The company did not propose a cash dividend for 2013 despite being profitable, citing significant funding needs for future business development[77]. - The company’s cash dividend policy stipulates that cash dividends should not exceed the cumulative distributable profits and should be at least 10% of the annual distributable profits[72]. Asset Management - The total assets of the company increased to CNY 5,996,806,999.91 by the end of 2013, up 5.93% from CNY 5,661,261,397.70 in 2012[23]. - Accounts receivable decreased by 34.18% to CNY 6,033,600.00, mainly due to the maturity and acceptance of certain notes[52]. - Long-term equity investments increased by 95.42% to CNY 31,027,206.73, due to new external investments made during the reporting period[54]. - The company's total liabilities increased to CNY 4,147,824,881.88 from CNY 3,852,775,814.44, reflecting a growth of about 7.7%[136]. Governance and Management - The company has established a clear governance structure, complying with relevant laws and regulations, and has revised its articles of association three times during the reporting period[107]. - The company emphasizes employee training and development, promoting knowledge and skill enhancement[104]. - The company has a strong audit committee led by a qualified chief auditor, ensuring financial integrity[96]. - The independent directors have significant academic and professional backgrounds, enhancing the company's governance structure[96]. Market and Industry Outlook - The company anticipates that the real estate market will see a gradual establishment of long-term mechanisms, which may lead to a healthier development of the industry[63]. - The company faces significant financial risks due to the capital-intensive nature of the real estate industry and plans to improve financing management to reduce these risks[70]. Internal Controls and Compliance - The internal control system was enhanced in 2012 to ensure compliance with regulations and improve risk management, contributing to sustainable development[124]. - The company continues to improve its internal control systems to enhance governance and operational standards[111]. - Legal opinions confirmed that all general meetings were conducted in compliance with relevant laws and regulations[114].