龙建股份(600853) - 2014 Q1 - 季度财报

Important Notice The company's management guarantees the truthfulness, accuracy, and completeness of this quarterly report, which has been reviewed by all directors, though financial statements remain unaudited Report Authenticity and Audit Status The company's management assures the accuracy and completeness of the quarterly report, which is approved by the board but unaudited - The company's Board of Directors, Supervisory Board, and senior management ensure the truthfulness, accuracy, and completeness of the Q1 2014 report, free from false records, misleading statements, or major omissions[4] - Company head Chen Liang, chief accountant Zhang Yongliang, and head of accounting department Zhu Yuanping guarantee the truthfulness, accuracy, and completeness of the financial statements[6] - The financial statements in the company's Q1 2014 report are unaudited[7] Company's Key Financial Data and Shareholder Changes The company's first-quarter revenue decreased, net profit was a loss, and cash flow from operations turned negative, while shareholder structure remained stable with the largest shareholder's significant stake pledged Key Financial Data In Q1 2014, the company's operating revenue decreased by 16.20% year-over-year, with net loss attributable to shareholders widening, and operating cash flow turning significantly negative Key Financial Data for Q1 2014 | Metric | Current Period (2014 Q1) | Prior Period (2013 Q1) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (million USD) | 756.47 | 902.72 | -16.20% | | Net Profit Attributable to Shareholders (million USD) | -10.64 | -9.42 | N/A | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) (million USD) | -17.84 | -9.19 | N/A | | Net Cash Flow from Operating Activities (million USD) | -333.69 | 78.54 | -524.87% | | Basic Earnings Per Share (USD/share) | -0.0198 | -0.0175 | N/A | | Weighted Average ROE (%) | -1.3645% | -1.2257% | decreased by 0.1388 percentage points | | Balance Sheet Items | End of Current Period | End of Prior Year | Change (%) | | Total Assets (billion USD) | 6.85 | 7.02 | -2.41% | | Net Assets Attributable to Shareholders (million USD) | 772.65 | 785.08 | -1.58% | Non-recurring Gains and Losses for Q1 2014 | Item | Amount (million USD) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 6.54 | Gains/losses on disposal of fixed assets, intangible assets | | Government Grants Recognized in Current Profit/Loss | 3.00 | - | | Net Other Non-operating Income/Expenses | 0.06 | - | | Income Tax Impact | -2.40 | - | | Impact on Minority Interests (After Tax) | 0.0002 | - | | Total | 7.20 | - | Shareholder Information As of the reporting period end, the company had 58,486 shareholders, with the largest shareholder, Heilongjiang Construction Group Co., Ltd., holding 33.34% of shares, approximately half of which are pledged - As of the end of the reporting period, the company had a total of 58,486 shareholders[13] Top Ten Shareholder Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage (%) | Total Shares Held | | :--- | :--- | :--- | :--- | | Heilongjiang Construction Group Co., Ltd. | State-owned | 33.34 | 178,979,763 | | Heilongjiang Provincial Investment Co., Ltd. | State-owned | 1.30 | 6,988,246 | | China FAW Group Co., Ltd. | State-owned Legal Entity | 0.45 | 2,420,000 | | Hong Jinhan | Domestic Individual | 0.39 | 2,105,400 | | Ge Tao | Unknown | 0.33 | 1,769,014 | - The largest shareholder, Heilongjiang Construction Group Co., Ltd., pledged 89,489,881 shares of its holdings[13] Significant Matters The company experienced significant changes in key financial statement items, including a substantial decrease in cash and an increase in prepayments, alongside updates on major investment matters Analysis of Significant Changes in Key Financial Statement Items This quarter saw major shifts in financial items: cash decreased significantly due to payments, prepayments increased from new projects, and operating cash flow sharply declined, while investing cash flow rose from asset disposals and financing cash flow fell due to reduced borrowing - Cash and cash equivalents decreased by 39.85% from the end of the prior year, primarily due to increased payments for winter material procurement and various repayments[14][15] - Prepayments increased by 41.01% from the end of the prior year, mainly due to more new projects and increased advance payments for materials and mobilization from owners[14][16] - Non-operating income surged by 20123.31% year-over-year, primarily from 6.20 million USD in net land compensation gains and 3.00 million USD in government special fund subsidies[15][16] - Net cash flow from operating activities decreased by 524.87% year-over-year, mainly due to large repayments received in the prior period and increased payments for deposits in the current period[14][17] - Net cash flow from investing activities significantly increased year-over-year, primarily due to the recovery of 213 million USD in financial assistance and interest, and gains from land disposal in the current period[14][17] - Net cash flow from financing activities decreased by 290.04% year-over-year, mainly due to reduced bank borrowings and increased loan repayments in the current period[14][18] Progress of Significant Matters During the reporting period, the company disclosed updates regarding its long-term equity investment in Heilongjiang Daqi Highway Co., Ltd - The company disclosed the progress of matters related to its long-term equity investment in Heilongjiang Daqi Highway Co., Ltd. (Daqi Company)[19] Financial Statements Appendix This section provides detailed consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements for the reporting period Consolidated Balance Sheet As of March 31, 2014, the company's total assets were 6.85 billion USD, a 2.41% decrease from the year-start, with total liabilities at 6.06 billion USD, showing a relatively stable but high proportion of current liabilities Key Items from Consolidated Balance Sheet (Unit: USD) | Item | Period-end Balance (2014-03-31) | Year-start Balance (2013-12-31) | | :--- | :--- | :--- | | Total Assets | 6.85 billion | 7.02 billion | | Total Current Assets | 5.55 billion | 5.73 billion | | Total Non-current Assets | 1.30 billion | 1.28 billion | | Total Liabilities | 6.06 billion | 6.22 billion | | Total Current Liabilities | 5.38 billion | 5.58 billion | | Total Non-current Liabilities | 683.72 million | 638.15 million | | Total Owners' Equity | 782.85 million | 793.38 million | | Total Owners' Equity Attributable to Parent Company | 772.65 million | 785.08 million | Consolidated Income Statement In Q1 2014, the company's operating revenue was 756.47 million USD, a 16.20% year-over-year decrease, resulting in an operating loss of 14.10 million USD and a net loss attributable to parent company owners of 10.64 million USD, widening from the prior year Key Items from Consolidated Income Statement (Unit: USD) | Item | Current Period (2014 Q1) | Prior Period (2013 Q1) | | :--- | :--- | :--- | | Total Operating Revenue | 756.47 million | 902.72 million | | Total Operating Costs | 770.56 million | 907.75 million | | Operating Profit | -14.10 million | -5.03 million | | Total Profit | -4.49 million | -5.34 million | | Net Profit | -8.79 million | -9.39 million | | Net Profit Attributable to Parent Company Owners | -10.64 million | -9.42 million | Consolidated Cash Flow Statement In Q1 2014, the company's cash flow significantly deteriorated, with operating activities showing a net outflow of 333.69 million USD, investing activities a net inflow of 219.95 million USD, and financing activities a net outflow of 147.09 million USD, leading to a net decrease of 260.83 million USD in cash and cash equivalents Consolidated Cash Flow Statement Summary (Unit: USD) | Item | Current Period (2014 Q1) | Prior Period (2013 Q1) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -333.69 million | 78.54 million | | Net Cash Flow from Investing Activities | 219.95 million | -498,838.65 | | Net Cash Flow from Financing Activities | -147.09 million | 77.40 million | | Net Increase in Cash and Cash Equivalents | -260.83 million | 155.44 million | Parent Company Financial Statements The parent company's Q1 2014 financial performance showed a net loss, with significant cash outflows from operations and financing, partially offset by investing activities Parent Company Key Financial Data (Q1 2014) | Metric | Period-end/Current Period Amount (USD) | | :--- | :--- | | Balance Sheet (Period-end) | | | Total Assets | 2.997 billion | | Total Liabilities | 2.338 billion | | Total Owners' Equity | 658.57 million | | Income Statement (Current Period) | | | Operating Revenue | 82.31 million | | Net Profit | -3.76 million | | Cash Flow Statement (Current Period) | | | Net Cash Flow from Operating Activities | -166.98 million | | Net Cash Flow from Investing Activities | 213.27 million | | Net Cash Flow from Financing Activities | -118.56 million |