COSL(SH:601808)2016-10-28 16:00Financial Performance - For the first three quarters of 2016, the company's operating revenue was RMB 10,804.1 million, a decrease of 40.0% year-on-year[10] - The net profit attributable to shareholders for the same period was RMB -9,091.7 million, a decline of 827.9% compared to RMB 1,249.1 million in the previous year[7] - The basic earnings per share for the first three quarters was RMB -1.91, down 827.9% year-on-year[7] - The company's operating profit was RMB -9,054.4 million, a decrease of RMB 10,654.4 million or 665.9% compared to RMB 1,600.0 million in the same period last year[20] - The group's total profit for the nine months ended September 30, 2016, was RMB -9,045.0 million, a decrease of RMB 10,695.8 million or 647.9% compared to the same period last year[22] - The net profit for the same period was RMB -9,088.5 million, down RMB 10,378.3 million or 804.6% year-on-year[24] - Total operating revenue for Q3 2016 was ¥3,814,372,563, a decrease of 32.5% compared to ¥5,646,395,431 in Q3 2015[60] - Net profit for Q3 2016 was a loss of ¥689,003,937, compared to a profit of ¥367,913,585 in Q3 2015[60] - The total comprehensive income for Q3 2016 was -¥690,903,651, compared to ¥753,879,294 in Q3 2015[61] - The company reported a basic earnings per share of -0.14 for Q3 2016, down from 0.07 in Q3 2015[61] Assets and Liabilities - Total assets at the end of the reporting period were RMB 81,466.5 million, a decrease of 12.9% from the end of the previous year[7] - As of September 30, 2016, total equity attributable to shareholders was RMB 37,431.1 million, a decrease of 19.9% from the end of the previous year[7] - Total liabilities decreased by 5.8% to RMB 43,942.4 million compared to the beginning of the year[10] - The group's cash and cash equivalents as of September 30, 2016, were RMB 7,797.3 million, a decrease of RMB 5,008.3 million or 39.1% from the beginning of the year[27] - Total assets as of the end of Q3 2016 amounted to ¥72,578,515,274, slightly up from ¥72,406,315,355 at the end of Q2 2016[57] - Total liabilities increased to ¥28,480,566,009 in Q3 2016 from ¥27,362,895,215 in Q2 2016[57] - The company's equity attributable to shareholders decreased to RMB 37.43 billion from RMB 46.74 billion, a decline of approximately 20%[54] Cash Flow - The company's net cash flow from operating activities was RMB 93.7 million, a significant drop of 97.6% compared to RMB 3,832.1 million in the same period last year[7] - The group's cash flow from operating activities decreased by RMB 3,738.4 million year-on-year due to reduced cash received from sales[46] - Operating cash flow for the first nine months of 2016 was 11,079,869,407 RMB, down from 18,935,506,441 RMB in the same period last year, indicating a decrease of approximately 41%[67] - The company reported a decrease in cash received from sales of goods and services, totaling 11,076,649,407 RMB compared to 18,858,021,892 RMB in the previous year[66] - The company's cash and cash equivalents were RMB 7.80 billion, down from RMB 12.81 billion, representing a decrease of approximately 39.1%[53] Operational Metrics - The number of drilling platform operating days was 6,079, a decrease of 2,799 days or 31.5% year-on-year[12] - The utilization rate of available days for self-elevating drilling platforms decreased by 23.6 percentage points to 56.7%[12] - The number of operating days for the company's self-owned fleet was 17,641, a decrease of 363 days year-on-year[14] - The calendar day utilization rate for the fleet decreased by 11.9 percentage points to 80.3%[14] - The company experienced a significant decline in the operating days of oilfield support vessels, with a reduction of 1,339 days due to market conditions[14] Cost and Expenses - The company's financial expenses increased by RMB 315.0 million or 87.2% year-on-year, totaling RMB 676.3 million, primarily due to increased borrowings and bonds[18] - Asset impairment losses amounted to RMB 7,329.8 million, an increase of RMB 6,053.8 million or 474.4% compared to RMB 1,276.0 million in the previous year[19] - The company’s investment activities included cash inflows of 9,817,609,160 RMB, down from 10,004,954,951 RMB in the previous year[67] Strategic Initiatives - The company is actively exploring new service models and expanding into overseas markets to cope with the challenging market environment[10] - The company has implemented cost control measures through organizational restructuring and resource optimization[10] - The company has committed to maintaining quality management standards in its operations, ensuring compliance with national and international regulations[51] - The company’s stockholder, China National Offshore Oil Corporation, has committed to increasing its shareholding to stabilize the company amidst market fluctuations[51] Future Outlook - The company expects a significant loss for the entire year of 2016 due to ongoing low oil prices and seasonal factors affecting performance in the fourth quarter[51]