Bohai Ferry (SH:603167)2018-03-20 16:00Financial Performance - The company's operating revenue for 2017 was CNY 1,510,959,696.03, representing a 23.38% increase compared to CNY 1,224,685,554.78 in 2016[21] - The net profit attributable to shareholders for 2017 was CNY 362,671,931.67, a significant increase of 63.04% from CNY 222,442,408.57 in 2016[21] - The basic earnings per share for 2017 was CNY 0.75, up 63.04% from CNY 0.46 in 2016[23] - The total assets at the end of 2017 reached CNY 4,393,163,430.14, marking a 14.98% increase from CNY 3,820,666,251.58 at the end of 2016[22] - The cash flow from operating activities for 2017 was CNY 547,457,109.21, which is a 12.16% increase compared to CNY 488,104,259.81 in 2016[21] - The weighted average return on equity for 2017 was 11.67%, an increase of 3.99 percentage points from 7.68% in 2016[23] - The company reported a net asset attributable to shareholders of CNY 3,240,964,337.39 at the end of 2017, which is an 8.31% increase from CNY 2,992,375,672.77 at the end of 2016[22] - The company achieved total operating revenue of CNY 1,510.96 million, a year-on-year increase of 23.38%[36] - The net profit attributable to shareholders reached CNY 362.67 million, reflecting a growth of 63.04% compared to the previous year[36] Operational Highlights - The company completed a vehicle transport volume of 664,000 vehicles and a passenger transport volume of 2.68 million passengers during the reporting period[36] - The international passenger and cargo transport business saw a container volume of 41,000 TEU, an increase of 14% year-on-year, and a passenger volume of 172,000, up 13.8%[37] - The company launched new cruise routes, achieving a passenger volume of 38,000 during the reporting period[36] - The company operates nine large roll-on/roll-off vessels with a total tonnage of 250,000 tons and a total vehicle lane length of 20,000 meters, generating approximately 60% of revenue from vehicle transport[30] - The company expanded its cruise business with the operation of the "Zhonghua Taishan" cruise ship, servicing routes to Vietnam and Japan[30] - The company launched the "Hailan Whale" passenger cargo ship in June 2017, enhancing its international roll-on/roll-off transport capabilities[30] Investment and Financing - The company established financing leasing companies in Tianjin and Hong Kong to enhance its investment capabilities[38] - The company made equity investments totaling CNY 465.40 million, an increase of CNY 441.00 million compared to the previous year[57] - The company established a wholly-owned subsidiary in Hong Kong with a registered capital of CNY 10 million for leasing business[58] - The company set up another wholly-owned subsidiary, Tianjin Bohai Ferry Financial Leasing Co., with a registered capital of 200 million CNY in August 2017[62] Cash Flow and Liabilities - The company’s total liabilities increased by 38.73% to CNY 1,064.94 million, with a debt-to-asset ratio of 24.24%[40] - The cash flow from operating activities generated a net amount of CNY 547,457,109.21, compared to CNY 488,104,259.81 in 2016, reflecting a 12.7% increase[175] - Investment activities generated a net cash outflow of -¥818,503,401.62, a significant increase in outflow compared to -¥184,334,496.56 in the previous year[176] - The company reported a significant decrease in financial expenses, down 138.48% to -¥18,548,522.49, attributed to foreign exchange gains from USD loans[44] Shareholder and Dividend Information - The company plans to distribute a cash dividend of CNY 4.0 per 10 shares, totaling CNY 192,560,000.00, while retaining undistributed profits of CNY 1,223,849,475.25 for future distribution[5] - The company has a profit distribution policy that ensures at least 20% of distributable profits are paid as cash dividends when profitable[74] - The company has a significant amount of undistributed profits amounting to 1,223,849,475.25 RMB after the proposed dividend distribution[76] Market Position and Strategy - The company holds the largest market share in the roll-on/roll-off transportation industry in the Bohai Bay region, with significant passenger and vehicle transport volume over the past three years[65] - The company aims to become the strongest maritime roll-on/roll-off transportation enterprise in Asia, aligning with national strategies for economic development in the Bohai Bay area[67] - The company is positioned to leverage the growth of the cruise economy, which is projected to grow at an average rate of over 30% annually in China[66] Risk Management and Compliance - The company emphasizes safety in maritime transport, having implemented strict risk control measures to maintain a stable safety record[70] - The company recognizes risks related to maritime safety and market expansion, including competition and regulatory changes[71] - The company has committed to avoiding any illegal occupation of its funds and assets, ensuring fair pricing in related transactions[79] Governance and Management - The company has a diverse board with members having extensive experience in various sectors, including shipping, finance, and management, which enhances its strategic decision-making capabilities[121] - The company has implemented a performance-based remuneration system for its executives, which is reviewed and approved by the board[125] - The management team has been stable, with no significant changes in key positions over the reporting period[126] Environmental and Social Responsibility - The company has maintained a zero discharge policy for solid pollutants and oily wastewater, ensuring compliance with environmental regulations[99] - The company has actively participated in public welfare activities, enhancing its reputation and community engagement[96] - The company has established an energy management system to effectively reduce energy consumption and ensure compliance with national standards[99]