TSPC(SZ:000554)2014-04-25 16:00Financial Performance - The company's operating revenue for 2013 was ¥3,824,818,124.14, a decrease of 0.35% compared to ¥3,838,213,773.13 in 2012[23]. - The net profit attributable to shareholders for 2013 was ¥12,178,558.09, representing a significant decline of 48.55% from ¥23,672,017.00 in 2012[23]. - The net profit after deducting non-recurring gains and losses was ¥20,026,391.54, down 25.38% from ¥26,836,369.82 in the previous year[23]. - Basic earnings per share decreased to ¥0.0253, a drop of 48.58% from ¥0.0492 in 2012[23]. - The weighted average return on net assets was 1.35%, down from 2.66% in the previous year[23]. - The total revenue from oil product sales was slightly up by 0.89% compared to the previous year, indicating a stable demand despite market challenges[35]. - The company's operating revenue for oil and natural gas sales reached ¥3,769,837,331.21, representing a year-on-year increase of 5.46%[47]. - The company reported a net profit of CNY 12,178,558.09, contributing to an increase in total equity attributable to shareholders[156]. Cash Flow and Investments - The net cash flow from operating activities increased by 27.94% to ¥167,516,569.27, compared to ¥130,929,334.37 in 2012[23]. - The company reported a significant increase in investment cash inflow by 151.32%, primarily due to increased cash recovery from asset disposals[44]. - The net increase in cash and cash equivalents decreased by 132.36% to CNY 14,583,942.79, primarily due to reduced cash flow from investment and financing activities[44]. - The cash flow from financing activities was negative, primarily due to dividend payments totaling CNY 9,637,625.53[154]. - Cash and cash equivalents at the end of the period increased to CNY 90,108,143.39 from CNY 75,924,268.70, reflecting a growth of approximately 18.0%[151]. Assets and Liabilities - Total assets at the end of 2013 were ¥1,127,209,893.23, an increase of 13.03% from ¥997,247,245.17 at the end of 2012[23]. - The total liabilities increased to CNY 214,449,641.69 from CNY 99,090,259.16, showing a significant rise of approximately 116.67%[137]. - The total equity attributable to shareholders rose to CNY 907,506,713.10 from CNY 895,328,155.01, reflecting a modest increase of about 1.31%[137]. - The company maintained a stable capital structure with total equity accounting for approximately 80.5% of total assets[137]. Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares for the year[6]. - The cash dividend policy was revised to improve transparency and protect the rights of public investors, with clear standards and ratios established[60]. - In 2013, the cash dividend amount was 12,178,558.09 RMB, which represented 0% of the net profit attributable to shareholders[62]. - The company did not distribute any cash dividends for the years 2011, 2012, and 2013, despite having positive retained earnings, to enhance its oil sales network facilities[62]. Risk Management and Future Outlook - The company has disclosed risk factors and countermeasures in the board report regarding future development[14]. - The company faces risks from structural economic adjustments and increased competition in the refined oil market, which may impact future performance[56]. - The company aims to meet its future funding needs primarily through operating cash flow and short-term debt financing[56]. - The company plans to enhance its marketing strategies and optimize its sales network to improve market control and service quality[57]. Corporate Governance - The company has a complete and effective internal governance structure, complying with relevant regulations[105]. - The board of directors is responsible for establishing and implementing effective internal controls[123]. - The independent directors actively participated in meetings and provided professional opinions, which were adopted by the company[112]. - The company has not engaged in any major litigation or arbitration matters during the reporting period[69]. Employee and Management Information - The company employs a total of 1,410 staff, including 1,169 sales personnel and 155 technical staff[102]. - The total remuneration for directors, supervisors, and senior management in 2013 amounted to CNY 2.4074 million[97]. - The management team has extensive experience within the company and the industry, contributing to operational stability[93]. - The company emphasizes employee training as a long-term investment and a key driver for development[103]. Accounting and Financial Reporting - The financial statements are prepared in accordance with the Enterprise Accounting Standards, ensuring compliance and accuracy[167]. - The company recognizes foreign currency transactions at the exchange rate on the transaction date, with any exchange differences recorded in the current period's profit and loss[179]. - The company conducts impairment testing on financial assets, recognizing impairment losses when objective evidence indicates a decline in value, with significant individual assets tested separately[187]. - The company recognizes gains or losses from fair value changes of financial assets and liabilities in profit or loss, while dividends received are recognized as investment income[183].