云煤能源(600792) - 2017 Q2 - 季度财报

Glossary This section provides definitions of key terms used throughout the report Company Profile and Key Financial Indicators This chapter presents the company's basic information and a summary of its key financial performance and position Company Basic Information This chapter details Yunnan Coal Energy Co., Ltd.'s fundamental information, including names, legal representative, contact, and addresses - The company's Chinese short name is "Yunmei Energy," stock code is 600792, and corporate bond short name is "13 Yunmei Industry" with code 122258[9][13] Key Accounting Data and Financial Indicators In H1 2017, revenue grew 26.16%, but net loss attributable to shareholders widened to -78.13 million yuan, while operating cash flow turned positive to 768 million yuan 2017 Half-Year Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (billion yuan) | Prior Year Period (billion yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.84 | 1.46 | 26.16 | | Net Profit Attributable to Shareholders | -0.08 | -0.05 | 48.38 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -0.11 | -0.16 | Not Applicable | | Net Cash Flow from Operating Activities | 0.77 | -0.14 | Not Applicable | | | End of Current Period (billion yuan) | End of Prior Year (billion yuan) | Period-end vs. Prior Year-end Change (%) | | Net Assets Attributable to Shareholders | 2.90 | 2.97 | -2.55 | | Total Assets | 5.58 | 6.41 | -12.93 | 2017 Half-Year Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.08 | -0.05 | Not Applicable | | Weighted Average Return on Net Assets (%) | -2.66 | -1.80 | Decreased by 0.86 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | -3.74 | -5.32 | Increased by 1.58 percentage points | - During the reporting period, the company's non-recurring gains and losses totaled 31.5154 million yuan, primarily from government subsidies and investment income from held-for-trading financial assets[19][20] Company Business Overview This chapter outlines the company's primary business segments, operational models, and industry conditions Main Business, Operating Model, and Industry Conditions The company operates in coal coking and equipment manufacturing, with the coking industry facing tight supply and the equipment sector benefiting from policy support - The company's main business is divided into two segments: - Coal Coking Business: Produces coke and by-products from coal, utilizing coke oven gas to manufacture gas or methanol, and selling chemical products like coal tar and crude benzene[23] - Equipment Manufacturing Business: Conducted through its wholly-owned subsidiary Kunming Iron & Steel Heavy Equipment, producing tunnel engineering, metallurgical, and mining equipment[26] - In terms of industry, 2017 is a critical year for coal capacity reduction, with the coking industry maintaining a tight supply-demand balance and slight profitability; the equipment manufacturing sector is developing steadily and rapidly, driven by national policies towards high-end and intelligent production[27][28][29] Core Competitiveness Analysis The company's core strengths include its state-owned and listed status, "steel-coke alliance," high market share in specific products, advanced energy-saving technologies, and brand reputation - The company benefits from its dual status as a state-owned enterprise and a listed company, leveraging advantages in policy support, financing, and project investment compared to industry peers[30] - A long-term strategic partnership with Wugang Kunming, Yunnan's largest steel enterprise, forms a "steel-coke alliance," ensuring stable sales of coke products and enhancing risk resistance[30][31] - In terms of technology and equipment, the company possesses advanced energy-saving technologies such as dry quenching and coal moisture conditioning, and obtained 13 patent authorizations in H1 2017 through continuous innovation[31][32][33] Discussion and Analysis of Operations This section discusses the company's operational performance, challenges, and strategic responses during the reporting period Discussion and Analysis of Operations Despite economic recovery, the company faced market imbalances and funding issues in H1 2017, responding with financing, cost control, and seeking capital operations 2017 Half-Year Operating Performance | Indicator | Amount | | :--- | :--- | | Operating Revenue | 1.84 billion yuan | | YoY Growth | 381 million yuan | | Net Profit Attributable to Parent Company Owners | -78.1348 million yuan | - The company's main challenges include market supply-demand imbalances for coal and coke, persistent funding shortages, and insufficient innovation[36] - Key priorities for the second half of the year include: increasing external cooperation and financing, adjusting procurement strategies, ensuring a production target of 1.8 million tons, controlling costs, and seeking breakthroughs in capital operations and M&A[38] Main Business Analysis Revenue increased due to higher product prices, while costs rose from raw material price hikes; operating cash flow significantly improved, but investment and non-operating income declined Financial Statement Key Item Variation Analysis | Item | Current Period Amount (billion yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.84 | 26.16 | Increase in product sales prices | | Operating Cost | 1.80 | 30.71 | Increase in procurement price of main raw material, washed coking coal | | Selling Expenses | 0.02 | -58.40 | Reduction in consolidation scope and freight costs | | Administrative Expenses | 0.08 | -37.38 | Reduction in consolidation scope | | Financial Expenses | 0.03 | -49.42 | Reduction in consolidation scope and decrease in loans | | Net Cash Flow from Operating Activities | 0.77 | Not Applicable | Increase in cash settlement for sales, receipt of government subsidies, increase in proportion of bill payments for procurement | - Investment income decreased significantly by 71.36% year-on-year, primarily due to a reduction in the principal of the LP share in Chengdu Touzhi Ruifeng Investment Center (Limited Partnership)[40] - Non-operating income decreased by 74.47% year-on-year, mainly due to a reduction in government subsidies received during the period[40] Asset and Liability Analysis Significant changes in asset and liability structure, with accounts receivable and other receivables decreasing, while accounts payable increased, and 622 million yuan in assets were restricted Balance Sheet Key Item Changes | Item Name | Period-end Balance (billion yuan) | Change from Prior Period-end (%) | Explanation | | :--- | :--- | :--- | :--- | | Accounts Receivable | 0.55 | -58.71 | Primarily recovery of prior period debts from former subsidiary Kunming Coking Gas | | Other Receivables | 0.06 | -72.45 | Primarily recovery of prior year government subsidies | | Notes Payable | 0.07 | -91.58 | Maturity and payment of large self-issued bills | | Accounts Payable | 1.19 | 33.75 | Increase in unsettled payments at period-end | | Advances from Customers | 0.07 | -80.47 | Write-off of internal advances from former subsidiary Kunming Coking Gas | - As of the end of the reporting period, the company's total restricted assets amounted to 622.19777698 million yuan, including 5.4 million yuan in bank acceptance bill deposits and 616.8 million yuan in fixed assets used for sale-and-leaseback financing leases[45][46] Analysis of Major Holding and Participating Companies Shizong Coal Coking Chemical Co., Ltd. incurred the largest loss, while Kunming Iron & Steel Heavy Equipment Manufacturing Group Co., Ltd. had the highest assets, and Yunnan Kunming Iron & Steel Gas Engineering Co., Ltd. was profitable Major Holding Subsidiary Operating Performance (million yuan) | Company Name | Total Assets | Net Assets | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Yunnan Kunming Iron & Steel Heavy Equipment Manufacturing Group Co., Ltd. | 1,353.40 | 639.80 | 142.29 | -74.26 | | Shizong Coal Coking Chemical Co., Ltd. | 2,289.45 | 725.57 | 548.60 | -572.38 | | Yunnan Kunming Iron & Steel Gas Engineering Co., Ltd. | 267.65 | 68.85 | 9.67 | 19.24 | Significant Matters This section covers key events and commitments, including fulfillment of promises, related party transactions, and significant contracts Fulfillment of Commitments Controlling shareholder Kunming Iron & Steel Holding Co., Ltd. fulfilled its commitments from the major asset restructuring, though Kunming Iron & Steel Heavy Equipment's H1 2017 performance lagged its annual target - Controlling shareholder Kunming Iron & Steel Holding Co., Ltd. continues to fulfill long-term commitments regarding the independence of the listed company's personnel, assets, finance, organization, and business, as well as resolving horizontal competition and related party transactions[54][55] - Kunming Iron & Steel Holding Co., Ltd. committed that Kunming Heavy Equipment's net profit after non-recurring items would not be less than 5 million yuan, 15 million yuan, and 25 million yuan for 2016, 2017, and 2018, respectively; the 2016 target was met (actual 5.4825 million yuan), but H1 2017 net profit after non-recurring items was -7.4257 million yuan[55][61] Significant Related Party Transactions Daily related party transactions proceeded as planned, and the controlling shareholder repaid a former subsidiary's debt to the company following asset replacement - Due to the 2016 asset replacement, the original divested subsidiary Kunming Coking Gas incurred non-operating fund occupation with the company, which is now being repaid by the controlling shareholder Kunming Iron & Steel Holding Co., Ltd[59] Significant Contracts and Their Performance The company terminated a management agreement with Kunming Coking Gas and confirmed management income, while providing a 222 million yuan guarantee for a subsidiary's finance lease - The "Entrusted Management Agreement" for 100% equity of Kunming Coking Gas, signed between the company and Kunming Iron & Steel Holding Co., Ltd., was terminated on April 13, 2017, because Kunming Coking Gas had ceased production, eliminating the horizontal competition; the company recognized management income of 333,333.00 yuan[63] - The company provides joint liability guarantees for its subsidiary Shizong Coal Coking Chemical Co., Ltd.'s finance lease business; as of the end of the reporting period, the guarantee balance for the subsidiary was 222,273,223.27 yuan, accounting for 7.50% of the company's net assets[65][66] Explanation of Other Significant Matters The company reclassified a 350.5 million yuan equity investment from "other non-current assets" to "available-for-sale financial assets," and a corporate shareholder plans to reduce its stake - The company reclassified its 350.5 million yuan investment in Chengdu Huizhi Xin and Touzhi Ruifeng from "other non-current assets" to "available-for-sale financial assets"; this adjustment only affects financial statement presentation and has no impact on total assets, total liabilities, net assets, or net profit[71][72] - Corporate shareholder Yuntianhua Group Co., Ltd. announced a plan to reduce its shareholding by no more than 2% of the company's total share capital[73] Changes in Ordinary Shares and Shareholder Information This section details the company's share structure and major shareholders, including the controlling shareholder and its pledged shares Shareholder Information The company's share capital remained unchanged, with 38,281 ordinary shareholders, and Kunming Iron & Steel Holding Co., Ltd. and Yunnan Yuntianhua Group Co., Ltd. as the top two state-owned corporate shareholders Top Two Shareholders' Holdings as of Report Period End | Shareholder Name | Shares Held at Period-end | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Kunming Iron & Steel Holding Co., Ltd. | 595,841,429 | 60.19 | State-owned Legal Person | | Yuntianhua Group Co., Ltd. | 102,083,000 | 10.31 | State-owned Legal Person | - Of the shares held by the controlling shareholder, Kunming Iron & Steel Holding Co., Ltd., 248,000,000 shares are pledged[79] Preferred Share Information The company has no preferred shares Preferred Share Information The company has no preferred shares - The company has no preferred shares[83] Directors, Supervisors, and Senior Management Information This section reports changes in the board of directors during the period Changes in Directors, Supervisors, and Senior Management Director Li Zhihong resigned due to work adjustments, and Zhang Guoqing was elected as a new director on June 22, 2017 Director Changes | Name | Position Held | Change Type | | :--- | :--- | :--- | | Li Zhihong | Director | Resignation | | Zhang Guoqing | Director | Election | Corporate Bond Information This section provides details on the company's outstanding corporate bond, its credit rating, and bank credit facilities Basic Information on Corporate Bonds The company has one outstanding bond, "13 Yunmei Industry," with a total issuance of 250 million yuan, a 7-year term, and a 7.80% coupon rate, used to repay bank loans "13 Yunmei Industry" Bond Basic Information | Short Name | Code | Issue Date | Maturity Date | Bond Balance (billion yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | 13 Yunmei Industry | 122258 | 2013-12-03 | 2020-12-03 | 0.25 | 7.80% | Corporate Bond Rating United Credit Rating Co., Ltd. maintained the company's long-term credit rating at "AA-" with a "stable" outlook, and the "13 Yunmei Industry" bond rating at "AA" - On June 28, 2017, United Credit Rating maintained the company's long-term credit rating at "AA-" with a "stable" outlook, and the "13 Yunmei Industry" bond credit rating at "AA"[92] Bank Credit Facilities The company maintained good credit standing, with total bank credit facilities of 1.37 billion yuan and 453.6 million yuan utilized Bank Credit Facility Status | Indicator | Amount (billion yuan) | | :--- | :--- | | Total Credit Facilities | 1.37 | | Utilized Credit Facilities | 0.4536 | Financial Report This section presents the company's unaudited consolidated and parent company financial statements for H1 2017, including balance sheet, income statement, and cash flow statement Financial Statements This section provides the company's unaudited consolidated and parent company financial statements for H1 2017, showing total assets of 5.58 billion yuan, revenue of 1.84 billion yuan, and a net loss of -74.92 million yuan Consolidated Balance Sheet Summary (2017-06-30) | Item | Period-end Balance (billion yuan) | | :--- | :--- | | Total Assets | 5.58 | | Total Liabilities | 2.62 | | Total Equity Attributable to Parent Company Owners | 2.90 | Consolidated Income Statement Summary (Jan-Jun 2017) | Item | Current Period Amount (billion yuan) | | :--- | :--- | | Total Operating Revenue | 1.84 | | Total Operating Costs | 1.94 | | Net Profit | -0.07 | | Net Profit Attributable to Parent Company Owners | -0.08 | Consolidated Cash Flow Statement Summary (Jan-Jun 2017) | Item | Current Period Amount (billion yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 0.77 | | Net Cash Flow from Investing Activities | -0.0018 | | Net Cash Flow from Financing Activities | -0.76 | | Net Increase in Cash and Cash Equivalents | 0.0068 | Notes to Consolidated Financial Statements This chapter explains key items in the consolidated financial statements, including a high proportion of commercial acceptance bills in notes receivable, a significant decrease in accounts receivable, and restricted fixed assets - Notes receivable at period-end amounted to 700 million yuan, with commercial acceptance bills accounting for 616 million yuan, representing a high proportion[274] - Accounts receivable at period-end significantly decreased by 58.71% to 550 million yuan compared to the beginning of the period, primarily due to the recovery of prior period debts from former subsidiary Kunming Coking Gas[278][44] - Construction in progress at period-end was 266 million yuan, a 34.61% decrease from the beginning of the period, mainly due to the completion and transfer to fixed assets of the first phase of the heavy equipment forging plant project[316][319][44] - Goodwill had an original book value of 50,505,740.20 yuan, with an impairment provision balance of 13,117,929.63 yuan at period-end, showing no change[330][332] Reference Documents This section lists documents available for reference