pingmei coal(SH:601666)2014-04-21 16:00Financial Performance - In 2013, the company's operating revenue was approximately ¥19.15 billion, a decrease of 13.61% compared to ¥22.17 billion in 2012[25]. - The net profit attributable to shareholders was approximately ¥666.76 million, down 40.54% from ¥1.12 billion in 2012[25]. - The basic earnings per share decreased by 40.55% to ¥0.2824 from ¥0.4750 in the previous year[25]. - The total profit for the year was 1,166.51 million RMB, a decrease of 275.14 million RMB or 19.09% year-on-year, primarily due to a decline in coal sales volume and prices[45]. - The company reported a significant increase in financial expenses by CNY 92.08 million, a rise of 154.40%, mainly due to accrued bond interest[44]. - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2013, representing a year-over-year increase of 10%[150]. - The net profit for the year was 300 million RMB, which is a 15% increase compared to the previous year[150]. Dividend Distribution - The company plans to distribute a cash dividend of 0.85 CNY per 10 shares, totaling approximately 200.7 million CNY, which represents 30.10% of the net profit attributable to shareholders for the year[4]. - The company distributed a cash dividend of CNY 1.43 per 10 shares on June 28, 2013, totaling CNY 337.646 million, which accounted for 30.11% of the net profit attributable to the parent company[92]. - The company has maintained a cash dividend policy that ensures at least 30% of the average distributable profit over the last three years is distributed as cash dividends[91]. Risk Management - The company has identified major risk factors including policy, safety, environmental, and market risks, with detailed countermeasures provided in the board report[10]. - The company emphasizes a commitment to safety with a "zero accidents" goal in its operational strategy[10]. - The company faced challenges due to a slowdown in the domestic economy and oversupply in the coal market, impacting overall performance[29]. - The company is adapting to stricter environmental regulations and increasing competition from clean energy sources[79]. Production and Sales - The total coal production was 36.00 million tons, a decrease of 6.23% from 38.39 million tons in 2012[33]. - The average selling price of coal was ¥486.10 per ton, down 8.70% from ¥532.41 per ton in 2012[33]. - The company's total coal production was 3,600.22 million tons, a decrease of 6.23% year-on-year, while sales volume dropped by 13.14% to 2,128.67 million tons[37]. - The average selling price of coal decreased by 46.31 RMB per ton, resulting in a revenue loss of 1,654.45 million RMB, while sales volume dropped by 164.94 thousand tons, leading to an additional revenue loss of 801.77 million RMB[48]. Investments and Projects - The company completed 20 environmental protection projects in 2013, with an investment of ¥15.99 million[31]. - The company has ongoing projects for upgrading mining capacity, including an investment of 1.42 billion yuan for the Eleven Mine, which aims to increase production capacity from 3 million tons/year to 3.6 million tons/year[73]. - The company reported a total investment of 819.22 million yuan for the Chaocuan Mine upgrade, increasing its capacity from 1.2 million tons/year to 1.8 million tons/year[74]. - The company has invested a total of 251.79 million RMB in 8 restructured mines, with 209 million RMB paid as compensation for the closure of 19 mines[119]. Financial Position - The company's total share capital as of December 31, 2013, was 2,361,164,982 shares[4]. - The total assets increased by 27.04% to approximately ¥26.50 billion at the end of 2013, compared to ¥20.86 billion at the end of 2012[25]. - Total current assets increased to CNY 8,144,682,670.95 from CNY 5,373,890,386.90, representing a growth of approximately 51.5% year-over-year[200]. - Accounts receivable rose significantly to CNY 4,421,022,445.49 from CNY 2,151,264,870.55, marking an increase of about 105.8%[200]. Corporate Governance - The company has established a complete corporate governance structure and improved internal control systems in compliance with relevant laws and regulations[168]. - The company maintains independence from its controlling shareholder in business, personnel, assets, institutions, and financial aspects, ensuring autonomous operational capabilities[180]. - The company has implemented a performance-based salary system for employees, linking wages to economic performance and individual performance[160]. - The company has actively engaged in investor relations, completing 4 periodic reports and 27 temporary announcements without errors or corrections[169]. Related Party Transactions - The total amount of related party transactions for the reporting period was CNY 999,310.97 million, with revenue of CNY 589,366.08 million, accounting for 30.77% of total annual revenue[105]. - The company has established a financial company with China Pingmei Shenma Group, which was officially approved by the China Banking Regulatory Commission on July 11, 2013[106]. - The company has ongoing related party transactions with its controlling shareholder, China Pingmei Shenma Group, for coal sales and material procurement[111]. Strategic Focus - The company plans to focus on five key industries: coal mining, coking chemical, nylon chemical, strategic emerging (new materials), and salt chemical[135]. - The company aims to enhance its competitiveness and aims to enter the Fortune Global 500 list[135]. - The company is currently optimizing its acquisition plan due to changes in the internal and external environment affecting the coal industry[113]. - The company is actively expanding into new markets, including collaboration with Chuanmei to develop the southwestern market[88].