Milkground(SH:600882)2016-04-29 16:00Financial Performance - Operating revenue decreased by 14.53% to CNY 89,203,226.41 compared to the same period last year[6] - Net profit attributable to shareholders decreased by 539.73% to CNY -24,940,398.11 compared to the same period last year[6] - Basic and diluted earnings per share both decreased by 500.00% to CNY -0.06[6] - Total revenue for Q1 2016 was CNY 89,203,226.41, a decrease of 14.5% compared to CNY 104,365,408.34 in the previous year[36] - Net loss for Q1 2016 was CNY 24,333,161.25, compared to a net loss of CNY 2,573,435.50 in the same period last year[37] - The company reported a comprehensive loss of CNY 24,307,483.69 for the quarter, compared to a loss of CNY 2,534,982.36 in the same period last year[38] - The total comprehensive income for the first quarter of 2016 was -6,134,659.67 RMB, compared to -3,862,603.78 RMB in the previous period[40] Cash Flow - Cash flow from operating activities showed a significant decline of 122.45%, resulting in a net cash outflow of CNY -24,752,709.87[6] - Net cash flow from operating activities decreased by 122.45% compared to the same period last year, primarily due to a decrease in cash received from sales of goods and services[16] - Cash inflows from operating activities totaled 100,519,727.55 RMB, down 49.5% from 198,673,794.56 RMB in the previous year[43] - The net cash flow from operating activities was -24,752,709.87 RMB, a significant decline from 110,273,913.78 RMB in the same period last year[43] - Cash outflows from investing activities amounted to 109,228,173.04 RMB, compared to 125,150,830.21 RMB in the previous year, resulting in a net cash flow from investing activities of -106,045,767.31 RMB[43] - Cash inflows from financing activities were 115,000,000.00 RMB, a substantial increase from 4,050,000.00 RMB in the previous year[44] - The net cash flow from financing activities was 111,757,648.50 RMB, compared to 1,526,068.77 RMB in the same period last year[44] Assets and Liabilities - Total assets increased by 6.64% to CNY 1,737,722,232.99 compared to the end of the previous year[6] - Current liabilities increased to 577,259,124.35 RMB from 486,387,256.65 RMB, primarily due to an increase in short-term borrowings[30] - The company's total assets decreased to CNY 1,577,006,528.06 from CNY 1,583,306,825.73 at the beginning of the year[34] - Current assets totaled CNY 282,406,528.06, down from CNY 303,206,825.73 at the start of the year, reflecting a decline of 6.9%[34] - The company's total liabilities remained stable at CNY 390,200,000.00, slightly down from CNY 390,365,638.00[35] Shareholder Information - The total number of shareholders reached 25,464 at the end of the reporting period[9] - The largest shareholder, Chai Xiu, holds 18.03% of the shares, amounting to 72,000,000 shares[9] Business Strategy and Developments - The company has not disclosed any new product developments or market expansion strategies in this report[4] - The company plans to replace its iron ore business assets with profitable dairy business assets, changing its main business focus to dairy production and sales[17] - The company is planning a major asset swap, proposing to divest its iron ore business assets valued at approximately 1.1 to 1.2 billion RMB, while acquiring 100% equity in two dairy companies[22] - If the asset swap is completed by June 30, 2016, the company expects a potential positive cumulative net profit for the year, despite ongoing losses in its mining operations[22] - The company has highlighted the uncertainty surrounding the completion of the asset swap, which is subject to various approvals and conditions[23] Operational Costs - Total operating costs increased to CNY 119,418,417.93, up 9.3% from CNY 108,632,227.07 year-over-year[36] - Sales expenses increased by 371.62% compared to the same period last year, primarily due to increased business in the dairy sector[14] - Financial expenses increased by 268.51% compared to the same period last year, mainly due to increased interest expenses from higher average borrowings[14]