Titan Wind(SZ:002531)2014-04-09 16:00Financial Performance - The company achieved operating revenue of CNY 1,290,729,369, an increase of 4.80% compared to the previous year[30]. - Net profit attributable to shareholders was CNY 172,487,083, representing a year-on-year increase of 0.85%[30]. - The weighted average return on equity decreased to 9.41% from 10% in the previous year[30]. - The basic earnings per share were CNY 0.42, unchanged from the previous year[30]. - The company's total operating revenue slightly increased compared to the previous year, with domestic trade revenue growing by 44.93% while foreign trade revenue decreased by 7.33%[34]. - Wind tower sales volume reached 146,854 tons, representing a 33.34% increase from 110,135 tons in the previous year, driven by enhanced market expansion efforts[34]. - The company's revenue from wind towers and related products reached ¥1,216,091,139.08, with a year-on-year increase of 2.59%[49]. - The gross margin for wind towers was 22.76%, showing a decrease of 1.96% compared to the previous year[49]. - The company reported a total revenue of 487.96 million CNY, with a net profit of 5.13 million CNY for the year[78]. - The total revenue for the year was reported at 370,240.2 million, representing a 43.73% increase compared to the previous year[111]. Cash Flow and Investments - The net cash flow from operating activities decreased by 66.62% to CNY 95,100,494[30]. - The company’s cash and cash equivalents decreased by 120.17% to -413.33 million yuan, reflecting significant cash outflows in investment and financing activities[45]. - The investment activities cash inflow increased significantly by 34,580.1% to 706.60 million yuan, while cash outflow for investment activities rose by 308.88% to 1.61 billion yuan[45]. - Cash and cash equivalents decreased by 22.08% to ¥498,295,457.71, primarily due to significant investments in short-term bank financial products[51]. - The company reported an investment of 8,000 million in guaranteed income products in August 2013, yielding a return of 28.73%[62]. - Cash flow from operating activities generated a net amount of ¥95,100,494.83, a significant decrease from ¥284,927,422.32 in the prior period[197]. - Cash flow from investing activities showed a net outflow of ¥908,042,925.94, worsening from a net outflow of ¥392,854,987.37 previously[197]. - Cash inflow from financing activities reached $1.11 billion, significantly up from $308.48 million in the previous period[200]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 1.50 CNY per 10 shares to all shareholders based on the total share capital as of December 31, 2013[4]. - The cash dividend for 2013 represented 35.79% of the net profit attributable to shareholders, which was 172.487 million yuan[97]. - The company has implemented cash dividends for three consecutive years, with a total cash dividend amount of 164.6 million yuan, exceeding 30% of the distributable profit each year[94]. - Over the past three years, the cash dividend amounts were 41.15 million yuan in 2011, 61.725 million yuan in 2012, and 61.725 million yuan in 2013, with respective payout ratios of 39.14%, 36.09%, and 35.79%[97]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 2,927,824,893, a growth of 25.51% year-on-year[30]. - The total amount of raised funds is 122,682.86 million CNY, with 39,459.36 million CNY invested during the reporting period[71]. - The balance of raised funds in special accounts as of December 31, 2013, is 29,416.14 million CNY[71]. - Total liabilities rose to CNY 1,039,715,068.78 from CNY 555,599,358.45, an increase of about 87%[184]. - Owner's equity increased to CNY 1,888,109,825.12 from CNY 1,777,231,771.47, showing a growth of approximately 6.2%[184]. Research and Development - The company invested a total of 46.12 million yuan in R&D, a 12.66% increase year-on-year, accounting for 3.57% of total revenue[43]. - The company applied for 5 invention patents and obtained 10 utility model patents during the reporting period[32]. - The company is committed to ongoing research and development of new products and technologies, although specific projects were not mentioned[109]. Market and Competitive Position - The company established offices in Belgium and the USA to enhance its international marketing network[31]. - The offshore wind tower production base was completed and certified, with orders for 6MW and 5MW products expected to be delivered in Q2 2014[32]. - The company deepened strategic cooperation with major clients such as Siemens and GE, enhancing its market expansion efforts[31]. - The global wind power market is expected to grow at an average annual rate of over 11% from 2014 to 2017, with new installed capacity projected to reach 61 GW by 2017[83]. - The company aims to enhance its product offerings in large onshore and offshore wind towers, establishing a world-class brand advantage and becoming a leading provider of wind tower solutions globally[86]. Governance and Compliance - The company has a diverse board with members holding various professional backgrounds, enhancing its governance structure[139]. - The company adheres to legal and regulatory requirements for corporate governance[152]. - The company has established a complete and independent business operation system, including procurement, production, sales, management, and R&D, independent from the controlling shareholder[164]. - The company has a structured internal control system that includes a scientific decision-making mechanism and effective supervision[168]. - The company has not reported any changes in its actual controller or major shareholders during the reporting period[133]. Risks and Challenges - The company faces risks from international trade barriers, policy environment uncertainties, and market competition in the wind power sector[88]. - The company has not encountered any significant changes in the feasibility of the projects[76]. - The company has not reported any significant asset sales during the period, indicating a focus on asset retention[109].