pingmei coal(SH:601666)2014-04-21 16:00Financial Performance - Operating revenue for the first quarter was CNY 4,260,644,998.47, down 14.55% year-on-year[10] - Net profit attributable to shareholders was CNY 48,482,490.88, a decrease of 75.18% compared to the same period last year[10] - Basic earnings per share were CNY 0.0205, a decrease of 75.21% compared to the same period last year[10] - Net profit fell by CNY 155,049,457.19, a decrease of 69.51%, largely due to decreased coal sales and lower prices[25] - Total operating revenue for Q1 2014 was CNY 4,260,644,998.47, a decrease of 14.5% compared to CNY 4,986,040,792.67 in the same period last year[48] - Net profit for Q1 2014 was CNY 68,019,525.03, a decline of 69.5% compared to CNY 223,068,982.22 in Q1 2013[48] - Earnings per share for Q1 2014 were CNY 0.0205, down from CNY 0.0827 in the previous year[49] Assets and Liabilities - Total assets at the end of the reporting period were CNY 26,300,901,701.32, a decrease of 0.77% compared to the end of the previous year[10] - Total assets as of the end of Q1 2014 were CNY 25,083,576,054.99, a slight decrease from CNY 25,294,675,204.21 at the end of the previous quarter[45] - Total current liabilities decreased to CNY 8.35 billion from CNY 8.73 billion, a reduction of about 4.4%[38] - Total liabilities as of the end of Q1 2014 were CNY 13,227,247,790.74, down from CNY 13,564,015,934.61 in the previous quarter[45] - The company's non-current liabilities decreased slightly to CNY 5.67 billion from CNY 5.70 billion, a decline of about 0.5%[38] Cash Flow - Cash flow from operating activities increased by 78.66% to CNY 658,737,538.40 compared to the previous year[10] - Cash flow from operating activities for Q1 2014 was CNY 658,737,538.40, an increase of 78.5% compared to CNY 368,709,920.52 in Q1 2013[52] - The company's cash and cash equivalents increased to CNY 2.30 billion from CNY 1.71 billion at the beginning of the year, representing a growth of approximately 34.5%[37] - The company reported a net increase in cash and cash equivalents of ¥628,571,407.30, compared to a decrease of ¥220,383,892.92 in the previous year[55] - Cash outflow from operating activities decreased to ¥2,744,488,012.58 from ¥2,857,253,610.25, a reduction of 4.0%[55] Shareholder Information - The total number of shareholders at the end of the reporting period was 154,030[15] - The largest shareholder, China Pingmei Shenma Energy & Chemical Group, held 56.12% of the shares[16] Inventory and Receivables - Accounts receivable rose by CNY 1,484,239,940.48, an increase of 287.43%, attributed to delayed collection of sales proceeds due to a weak coal market[18] - Inventory increased by CNY 449,165,417.38, a growth of 40.90%, mainly due to an increase in coal stock[18] - The company's inventory also increased to CNY 1.55 billion from CNY 1.10 billion, reflecting a growth of approximately 41.1%[37] Operational Insights - The company produced 895.10 million tons of raw coal, a slight increase of 0.72% year-on-year[13] - The sales volume of commercial coal was 754.97 million tons, down 11.98% from the previous year[13] - Operating revenue decreased by CNY 725,395,794.20, a decline of 14.55%, primarily due to reduced coal sales amid a declining domestic economy[23] Research and Development - Research and development expenses decreased by CNY 13,503,599.14, a reduction of 70.36%, as the company is in the research phase[26] Strategic Initiatives - The company is actively working to resolve potential competition issues with its controlling shareholder, aiming for overall listing of coal mining operations[30] - The company is in the process of optimizing its acquisition plan due to changes in the coal industry environment, which has affected the initial proposal[31] - The company has formally requested its controlling shareholder to clarify the commitment fulfillment timeline regarding the acquisition of assets[31] - The company is actively working on resolving competition issues within the industry, with updates provided in recent announcements[32]