CSCEC(SH:601668)2014-04-23 16:00Financial Performance - In 2013, the company achieved a new contract value of RMB 1,274.8 billion, a year-on-year increase of 32.9%[6] - The real estate sales revenue reached RMB 142.6 billion, growing by 28.9% year-on-year[6] - The total operating revenue was RMB 681.0 billion, with a net profit attributable to shareholders of RMB 20.4 billion, reflecting year-on-year growth of 19.2% and 29.6% respectively[6] - The company plans to exceed RMB 1.2 trillion in new contracts and RMB 750 billion in total operating revenue for 2014[7] - The cash dividend proposed for 2013 is RMB 1.43 per 10 shares, representing a payout ratio of 21.03% of the net profit attributable to shareholders[10] - The total new contracts signed during the period reached CNY 12,748 million, a 32.9% increase from CNY 9,594 million in 2012[23] - The revenue for 2013 was CNY 681,048 million, representing a 19.2% increase compared to CNY 571,516 million in 2012[26] - The net profit attributable to shareholders was CNY 20,399 million, up 29.6% from CNY 15,735 million in the previous year[26] - The operating cash flow for the year was CNY 2,619 million, a 9.4% increase from CNY 2,393 million in 2012[26] - The company achieved a net profit of 29.33 billion RMB, representing a year-on-year growth of 28.8%[72] Asset and Liabilities - The total assets at the end of 2013 were CNY 783,821 million, reflecting a 20.3% increase from CNY 651,694 million at the end of 2012[26] - The company’s net assets attributable to shareholders increased by 15.9% to CNY 118,037 million from CNY 101,858 million in 2012[26] - The total liabilities amounted to 619.26 billion RMB, reflecting a year-on-year increase of 20.9%[73] - The company's equity attributable to shareholders of the parent company was 118.04 billion RMB, up 15.9% from the previous year[79] - Cash and cash equivalents amounted to 123.40 billion RMB, up 5.1% year-on-year, accounting for 15.7% of total assets[74] - Accounts receivable increased to 83.59 billion RMB, a growth of 3.0%, representing 10.7% of total assets[73] - Inventory reached 322.38 billion RMB, up 26.7% year-on-year, making up 41.1% of total assets[75] - Short-term borrowings decreased by 21.3% to 21.79 billion RMB, indicating a strategic adjustment to mitigate financial risks[76] Business Segments - The construction business accounted for 71.8% of total revenue, while infrastructure and real estate segments increased their shares to 14.3% and 12.9% respectively[6] - The real estate segment reported sales of 142.6 billion RMB, an increase of 28.9% compared to the previous year[50] - The real estate segment's revenue surged by 48.4% to RMB 88.7 billion, while the infrastructure segment's revenue increased by 23.8% to RMB 98.1 billion[51] - The housing construction business achieved operating revenue of 49.22 billion RMB, a year-on-year growth of 15.1%, with a gross profit of 3.74 billion RMB and a gross margin of 7.6%[91] - The infrastructure business signed new contracts worth 232.3 billion RMB, representing a year-on-year increase of 52.9%, and achieved operating revenue of 98.1 billion RMB, up 23.8%[94] International Expansion - The company established five overseas marketing centers and 22 country workgroups to expand its international market presence[103] - The total new contract value in overseas markets was 69.6 billion RMB, a year-on-year increase of 16.2%[104] - The company’s overseas operating revenue was 38.67 billion RMB, which grew by 6.3% year-on-year[49] - The company reported overseas operating revenue of 38.7 billion RMB, a year-on-year increase of 6.3%, and a total profit of 3.5 billion RMB, a significant year-on-year increase of 83.2%[106] - The company’s overseas acquisition business achieved a breakthrough by signing an acquisition agreement with the US PLAZA Construction Company, marking a strategic milestone for Chinese construction firms in the US market[105] Investments and Projects - The company completed an investment of 157.1 billion yuan during the reporting period, with 113.6 billion yuan from continued projects (approximately 72%) and 43.5 billion yuan from new projects (approximately 28%)[126] - The company has 243 ongoing real estate development projects at the end of the period[128] - The total contract amount for investment-driven construction contracts reached approximately RMB 120 billion, with infrastructure contracts accounting for 67%[129] - The company completed an investment of RMB 7.8 billion in urban comprehensive construction projects during the period[130] - The company has established strategic partnerships with 90 large central enterprises and internationally renowned companies, enhancing its competitive advantage in high-end construction projects[116] Research and Development - The company's R&D expenditure totaled RMB 5.48 billion, representing a 12.2% increase and accounting for 0.8% of operating revenue[65] - The company has achieved significant technological advancements, with 1,675 patents granted, ranking first in the industry[120] - The company has been awarded 16 China Construction Engineering Luban Awards, representing 16% of the total awards, maintaining a leading position in the industry[123] Corporate Governance and Social Responsibility - The company ranked 6th in the Fortune China Corporate Social Responsibility 100 list, highlighting its commitment to social responsibility[179] - There were no significant legal disputes or non-operational fund occupations by major shareholders during the reporting period[181][182] - The independent directors have approved the cash dividend proposal, emphasizing its alignment with the company's long-term development needs and shareholder interests[175] Future Outlook - The company aims to achieve new contract signings of no less than 1,200 billion yuan and revenue of no less than 750 billion yuan in 2014[163] - The company plans to enhance its infrastructure business through capital-driven strategies, focusing on high-end projects and improving management standards[165] - The company anticipates that new urbanization will significantly boost demand for infrastructure and housing construction, providing new growth opportunities[162] - The company is committed to expanding its international business, particularly in infrastructure and specialized engineering sectors, to enhance profitability and stability[167]