Western Mining(SH:601168)2015-04-17 16:00Financial Performance - The company reported a distributable profit of 290,110,997 CNY for the year 2014[2]. - The company's operating revenue for 2014 was approximately ¥24.25 billion, a decrease of 4.05% compared to ¥25.27 billion in 2013[28]. - The net profit attributable to shareholders for 2014 was approximately ¥290.11 million, down 17.07% from ¥349.82 million in 2013[28]. - The basic earnings per share for 2014 was ¥0.12, a decrease of 20.00% compared to ¥0.15 in 2013[27]. - The total profit for the year was 479 million RMB, down 10% year-on-year, with a net profit of 340 million RMB, also a 10% decline[38]. - The company reported a total comprehensive income of ¥353,046,944 for 2014, compared to ¥373,326,168 in the previous year, a decrease of 5.43%[182]. - The company experienced a significant increase in financial expenses, which rose to ¥277,133,345 from ¥202,526,810, an increase of 36.73%[181]. Cash Flow and Assets - The net cash flow from operating activities for 2014 was approximately ¥1.63 billion, a slight decrease of 1.58% from ¥1.65 billion in 2013[28]. - The company's cash and cash equivalents decreased by 36% to 3.97 billion RMB, representing 15.38% of total assets[58]. - The total assets at the end of 2014 were approximately ¥25.83 billion, a decrease of 8.35% from ¥28.18 billion at the end of 2013[28]. - The cash flow from operating activities was ¥1,627,449,334, slightly down from ¥1,653,549,182 in the previous year[186]. - The company's cash and cash equivalents at the end of 2014 were ¥3,175,704,781, down from ¥4,971,515,324 at the end of the previous year, a decrease of 36.14%[187]. Dividends and Share Capital - The company plans to distribute a cash dividend of 0.5 CNY per 10 shares, totaling 119,150,000 CNY, which represents 41% of the distributable profit for 2014[2]. - The company has a cash dividend policy requiring at least 30% of the distributable profit to be distributed in cash over the last three years[81]. - The total share capital of the company at the end of 2014 was 2,383,000,000 shares[2]. Operational Efficiency and Management - The company has implemented various measures to enhance management levels and control market risks, including the use of multiple hedging tools to mitigate market pressures[35]. - The company emphasizes cost reduction and efficiency improvement in its production operations[77]. - The company has developed a three-year information technology plan to improve its operational efficiency and management capabilities[35]. - The company has established a salary distribution system that aligns individual income with team contributions and overall company performance[139]. Risks and Legal Matters - The company faces risks from price fluctuations of key products like zinc, lead, and copper, which are influenced by global economic conditions[79]. - The company is exposed to operational risks in mining and smelting, including industrial accidents and equipment failures[79]. - The company has a pending lawsuit involving a claim of 16.82 million RMB, which has been settled through an out-of-court agreement[89]. - The company has initiated legal proceedings to recover a prepayment of 20 million RMB and additional penalties totaling 4 million RMB from a related party[90]. Shareholder and Governance - The largest shareholder, Western Mining Group Co., Ltd., holds 672,300,000 shares, representing a significant portion of the company's equity[116]. - The actual controller of the company is the Qinghai Provincial State-owned Assets Supervision and Administration Commission, which may influence corporate governance[118]. - The company has maintained a consistent management team, with key executives serving since 2014, indicating stability in leadership[127]. - The independent directors did not raise any objections to the board's proposals during the reporting period[154]. Environmental and Social Responsibility - The company aims to eliminate major pollution incidents and ensure stable production and operation[77]. - The company has disclosed its social responsibility and environmental reports on the Shanghai Stock Exchange website[84][85]. - Sustainability initiatives are being prioritized, with a commitment to reduce carbon emissions by 20% by 2020[129].