HUAXIN CEMENT(SH:600801)2016-03-30 16:00Financial Performance - In 2015, the company achieved a net profit of CNY 677,303,339, with a consolidated net profit attributable to shareholders of CNY 102,756,044, representing a decrease of 91.59% compared to the previous year[2]. - The company's operating revenue for 2015 was CNY 13,271,319,219, down 17.03% from CNY 15,996,149,247 in 2014[17]. - The basic earnings per share for 2015 was CNY 0.07, a decline of 91.46% from CNY 0.82 in 2014[18]. - The total profit for the year was 337 million RMB, with a net profit attributable to shareholders of 102 million RMB, reflecting decreases of 83.09% and 91.59% respectively[41]. - The company's revenue for 2015 was 13.27 billion RMB, representing a decline of 17.03% compared to the previous year[43]. - The company's EBITDA decreased by 35.77% to CNY 2,657,912,437 in 2015 from CNY 4,138,030,532 in 2014[171]. - The net cash flow from operating activities decreased by 28.30% to CNY 2,753,246,189 from CNY 3,839,857,469 in 2014[17]. - The cash flow from operating activities showed a significant increase, starting from a negative CNY 31.95 million in Q1 to CNY 1.01 billion in Q4[20]. - The company reported a total revenue of 3,638.17 million for the year 2015[85]. - The total comprehensive income for the year was ¥675,165,483, compared to ¥628,908,239 in the previous year, reflecting an increase of 7.4%[194]. Assets and Liabilities - The total assets as of the end of 2015 were CNY 25,486,671,762, a decrease of 2.19% compared to CNY 26,056,706,397 at the end of 2014[17]. - The company reported a net asset attributable to shareholders of CNY 9,605,669,251 at the end of 2015, down 1.79% from CNY 9,780,495,250 in 2014[17]. - The company's interest coverage ratio dropped to 1.62 in 2015 from 4.09 in 2014, indicating a significant decline in the ability to cover interest expenses[171]. - The total debt to EBITDA ratio improved to 0.18 in 2015 from 0.28 in 2014, reflecting a better leverage position[171]. - The company's asset-liability ratio improved slightly to 57% in 2015 from 58% in 2014[171]. - Total liabilities decreased to CNY 14,509,117,104 from CNY 15,003,455,319, showing improved financial stability[186]. Cash Flow - The cash and cash equivalents balance at the end of the period was CNY 1,862,478,104, a decrease of 28.26% from CNY 2,596,262,050 in 2014[171]. - The net cash flow from investing activities improved by 6.54%, reaching CNY -1,718,710,404 compared to CNY -1,838,882,875 in the previous year[171]. - Cash inflow from investment activities reached CNY 258,447,507, a significant increase from CNY 101,536,113 in the previous year[52]. - The cash flow from financing activities resulted in a net outflow of ¥1,728,331,065, compared to an outflow of ¥1,541,926,456 in the previous year, indicating a decline of 12.1%[197]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.05 per share, totaling CNY 74,878,566, which accounts for 72.87% of the consolidated net profit attributable to shareholders[2]. - The company distributed a cash dividend of 0.17 RMB per share for the 2014 fiscal year, totaling 254.4 million RMB[78]. Operational Highlights - The cement business accounted for 86% of the total operating revenue, maintaining its dominant position within the company's operations[27]. - The company launched its e-commerce platform, with online cement sales accounting for 81% of total sales[37]. - The company successfully completed 13 projects for graded combustion in cement plants, reducing ammonia water usage by 14,000 tons[38]. - The company has established a comprehensive industrial chain in the cement sector, enhancing its competitive advantage through vertical integration[31]. Future Outlook - In 2016, the company plans to sell 53.51 million tons of cement and clinker, a growth of approximately 7% compared to 2015[71]. - The expected revenue for 2016 is projected to grow by about 10% year-on-year, with cement and clinker sales revenue estimated at 12.46 billion RMB, an increase of approximately 9%[71]. - The company plans to focus on market expansion and new product development to drive future growth[190]. - The company has implemented an overseas development strategy, which has provided new profit growth points despite associated risks such as political and currency fluctuations[75]. Research and Development - The company invested CNY 65,255,301 in research and development, which represents 0.49% of total revenue[50]. - The company invested $50 million in R&D for new technologies aimed at enhancing product efficiency[132]. Corporate Governance - The company completed the election of the eighth board of directors and supervisory board on April 23, 2015, after the term of the seventh board expired[128]. - The total pre-tax remuneration for directors, supervisors, and senior management at the end of the reporting period amounted to 25.0348 million yuan[138]. - The company’s governance structure complies with modern enterprise systems and relevant regulations, ensuring proper operation[149]. Legal Matters - There are ongoing significant litigation matters, including a lawsuit involving Huaxin Cement Co., Ltd. with a claim amount of CNY 60,000,000[84]. - The company is involved in multiple ongoing legal cases, with claims amounting to 1,000 million and 1,091.3 million pending in court[86][87]. Environmental Performance - The company maintained a zero-incident record for environmental pollution during the reporting period[103]. - The company implemented a staged combustion system in 15 kiln lines, significantly reducing NOx emissions and minimizing the use of ammonia water[102]. - The company has established emergency response plans for environmental incidents and conducted regular training[103].