CHINA COAL ENERGY(SH:601898)2014-03-18 16:00Financial Performance - The company's audited net profit attributable to shareholders under IFRS for 2013 was CNY 3,805,128,000, while under Chinese GAAP it was CNY 3,575,602,000[3]. - Net profit fell by 57.1% from CNY 100.10 billion in 2012 to CNY 42.96 billion in 2013[8]. - Net profit attributable to shareholders for 2013 was 3,575,602 thousand, down 61.5% from 2012[46]. - The total profit for 2013 was CNY 60.22 billion, down 55.1% year-on-year, with net profit attributable to shareholders decreasing by 61.5% to CNY 35.76 billion[97]. - The company's operating profit decreased by 55.7% to 5.891 billion yuan, down from 13.307 billion yuan in 2012[150]. - The gross profit decreased by 17.1% to 26.174 billion yuan, with a comprehensive gross profit margin of 31.8%, down 4.4 percentage points from 2012[118]. Dividends and Shareholder Returns - The board proposed a cash dividend of CNY 1,072,680,600, which is 30% of the net profit under Chinese GAAP, translating to CNY 0.081 per share[3]. Assets and Liabilities - Total assets increased by 16.9% from CNY 1,838.75 billion in 2012 to CNY 2,149.43 billion in 2013[7]. - The company's total liabilities increased by 35.0% from CNY 831.51 billion in 2012 to CNY 1,122.71 billion in 2013[7]. - The company's capital debt ratio increased to 40.5%, up 8.9 percentage points from the beginning of the year[100]. - As of December 31, 2013, total assets amounted to 214.94 billion yuan, an increase of 31.07 billion yuan or 16.9% compared to 2012[171]. Production and Sales - In 2013, the total coal production reached 11,868 million tons, an increase of 3.7% compared to 2012's 11,440 million tons[14]. - The total coal sales in 2013 were 16,101 million tons, representing a growth of 7.7% from 14,954 million tons in 2012[19]. - The company's self-produced coal sales volume was 115.31 million tons, an increase of 4.19 million tons or 3.8% year-on-year[88]. - The company achieved a continuous safety production record for 32 months during the reporting period[60]. Costs and Expenses - The company's operating costs amounted to 56.142 billion yuan in 2013, an increase of 0.8% year-on-year, with material costs decreasing by 5.9% to 35.073 billion yuan[108]. - The company's total sales expenses increased by 12.9% to 13.788 billion yuan, driven by higher transportation costs[147]. - The company's labor costs increased by 2.3% to 4.555 billion yuan, primarily due to an increase in the number of employees at the Wangjialing coal mine[108]. Research and Development - Research and development expenses for 2013 were CNY 10.77 billion, a slight increase of 2.5% from CNY 10.51 billion in 2012[100]. - The company undertook 14 national-level technology projects and implemented 29 key technology projects during the reporting period[158]. - The company received 224 authorized patents during the year, enhancing its innovation capabilities[158]. Market and Operational Strategy - The company emphasizes the importance of risk management due to macroeconomic fluctuations, market supply and demand changes, and industry policies, which pose operational risks[35]. - The company plans to continue focusing on cost reduction and technological innovation to improve operational efficiency[55]. - The company plans to enhance production efficiency and expand sales channels in 2014[62]. Coal Chemical and Equipment Business - The coal mining equipment output value fell by 23.8% to 6.48 billion yuan in 2013, down from 8.50 billion yuan in 2012[19]. - The company's coal chemical products saw a production increase in coke by 12.4% to 1.91 million tons, while methanol production decreased by 7.5% to 12.4 million tons[90]. - The coal chemical sector achieved a capital expenditure completion rate of 100.92%, with actual spending of 17.562 billion CNY against a plan of 17.402 billion CNY[193]. Investments and Projects - The company is actively developing coal chemical and coal mining equipment manufacturing, with major projects in the Ordos region successfully undergoing trial operations[185]. - The Shanxi Pinglu East Open-pit Coal Mine project has a construction scale of 20 million tons per year, with cumulative investments reaching 11.917 billion CNY by the end of 2013[191]. - The company has a 30% stake in the Shaanxi Yanchang Zhongmei Yulin Energy Chemical project, with total investment planned at 27.171 billion CNY, fully funded by raised capital[195].