TSC(SZ:000877)2014-03-12 16:00Financial Performance - The company's operating revenue for 2013 was CNY 7,910,941,362, representing a 2.75% increase compared to CNY 7,699,180,130.82 in 2012[22]. - The net profit attributable to shareholders for 2013 was CNY 280,203,489.12, a decrease of 12.08% from CNY 318,709,692.41 in 2012[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 171,600,151.95, down 36.78% from CNY 271,444,356.22 in the previous year[22]. - The net cash flow from operating activities was CNY 211,844,816.36, a decline of 35.52% compared to CNY 328,565,469.50 in 2012[22]. - Basic earnings per share for 2013 were CNY 0.32, down 13.51% from CNY 0.37 in 2012[22]. - The net profit for 2013 was CNY 381.60 million, representing a decrease of 20.82% from CNY 481.94 million in 2012 due to declining sales prices and increased financial costs[27]. - The company's cash flow from operating activities decreased by 35.52% to CNY 211.84 million in 2013, down from CNY 328.57 million in 2012[27]. - The company reported a net profit of RMB 280,203,489.12 for 2013, with a total distributable profit of RMB 587,094,100.04[75]. - The company reported a net profit of 1.9 billion yuan for the year 2013, representing a decrease of 7.2% compared to the previous year[196]. - The total revenue for 2013 was 17.0 billion yuan, reflecting a decline of 1.5% year-over-year[196]. Assets and Liabilities - Total assets at the end of 2013 were CNY 21,328,899,068.06, an increase of 11.34% from CNY 19,156,530,712.75 at the end of 2012[22]. - The company's total assets at the end of 2013 amounted to CNY 8.8 billion, showing a year-on-year increase of 5.4%[194]. - The company's total liabilities increased to CNY 12,200,000,000.00, reflecting a rise in financial obligations[183]. - The total liabilities of the company were CNY 3.3 billion, which is an increase of 6.2% from the previous year[194]. - The company's total equity increased to CNY 5,236,419,704.04 from CNY 5,125,373,492.98, showing a growth of approximately 2.17%[187]. Revenue and Sales - The sales volume of cement in 2013 was 2.33 million tons, a 1.62% increase from 2.29 million tons in 2012[31]. - The production volume of cement increased by 3.17% to 2.34 million tons in 2013, compared to 2.27 million tons in 2012[31]. - The sales volume of ready-mixed concrete surged by 38.60% to 474,000 cubic meters in 2013, up from 342,000 cubic meters in 2012, attributed to the commissioning of new ready-mixed concrete plants[31]. - The company's cement revenue was approximately ¥6.34 billion, with a year-on-year decrease of 2.99%[45]. - The company's total operating revenue for 2013 was approximately ¥7.73 billion, reflecting a year-on-year increase of 2.12%[45]. Costs and Expenses - The company's gross margin for cement was 24.43% in 2013, while for concrete it was 10.69%[30]. - The company achieved a reduction in clinker cost by CNY 16 per ton and a reduction in cement cost by CNY 16.6 per ton in 2013[29]. - The financial expenses increased by 28.34% to CNY 452.44 million in 2013, primarily due to the cessation of capitalizing interest on completed projects and an increase in total loans and bonds[27]. - The cost of goods sold for 2013 was CNY 6,225,229,351.72, up from CNY 6,135,406,026.79 in 2012, representing an increase of about 1.46%[187]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.00 per 10 shares to all shareholders[5]. - The company plans to distribute a cash dividend of RMB 1 per 10 shares, totaling RMB 88,010,125.90, which represents 31.41% of the net profit attributable to shareholders in 2013[75]. - The cash dividend policy has been consistent, with the cash dividend ratio exceeding 30% of the distributable profit over the past three years[78]. Investments and R&D - Research and development expenses for 2013 amounted to ¥363.72 million, representing 4.59% of the company's audited net assets and 4.60% of operating revenue[40]. - The company has allocated 1.2 billion yuan for research and development in new technologies over the next three years[198]. - The company applied for 15 patents in 2013, with 11 patents granted, enhancing its competitive advantage in the market[53]. Market and Strategic Outlook - The company plans to expand its market presence and invest in new technology to enhance production efficiency[194]. - The company plans to explore potential mergers and acquisitions to strengthen its market position and diversify its product offerings[126]. - Future guidance indicates a projected revenue growth of approximately 10% for the upcoming fiscal year, driven by increased sales volume[128]. - The company is expected to see a rise in profits in Q1 2014 due to increased sales prices of cement and clinker in Jiangsu[65]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements in its annual report[13]. - The company is facing risks due to overcapacity in the cement industry and increased operational costs from new environmental regulations[66]. - The company has established a comprehensive internal control system that complies with relevant laws and regulations, ensuring the accuracy and integrity of financial reporting[167]. Corporate Governance - The company has established a sound governance structure in compliance with relevant laws and regulations, ensuring the protection of shareholder rights and interests[143]. - The company maintains complete independence from its controlling shareholder in business, personnel, assets, organization, and finance, ensuring autonomous operations[158]. - The independent directors confirmed the effectiveness of the internal control system, stating it meets legal and regulatory requirements[169]. Employee and Management Information - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 436.76 million, with CNY 339.32 million from the company and CNY 97.44 million from shareholder units[136]. - The company employed a total of 12,051 staff members, with 1,036 party members (8.6%), 3,499 female employees (29.03%), and 2,069 ethnic minority employees (17.17%)[139]. - The company has implemented a performance evaluation and incentive mechanism to enhance management personnel's motivation and creativity[143].