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*ST天沃(002564) - 2013 Q4 - 年度财报
THVOWTHVOW(SZ:002564)2014-04-18 16:00

Financial Performance - The company achieved operating revenue of CNY 2,072,199,103.64 in 2013, representing a year-on-year increase of 15.66%[27]. - The net profit attributable to shareholders was CNY 125,501,917.64, up 12.35% from the previous year[27]. - The net cash flow from operating activities was negative CNY 290,868,041.12, a decline of 5.88% compared to 2012[27]. - The total assets at the end of 2013 reached CNY 5,984,675,410.30, reflecting a growth of 14.7% year-on-year[27]. - The main business revenue was 2,037.80 million yuan, up 14.75% year-on-year, accounting for 98.34% of total revenue[47]. - The company reported a net profit of 25,824,314.83 yuan for the reporting period, reflecting a significant financial performance amidst market challenges[110]. Dividend Policy - The company plans to distribute a cash dividend of 0.40 RMB per 10 shares to all shareholders based on the total share capital as of December 31, 2013[6]. - The total cash dividend for 2013 was CNY 14,794,240, representing 100% of the distributable profit of CNY 497,155,418.39[118]. - The cash dividend payout ratio decreased from 16.32% in 2012 to 11.79% in 2013, despite an increase in net profit from CNY 111,708,578.44 to CNY 125,501,917.64[118]. - The company’s cash dividend policy stipulates a minimum distribution of 10% of the available profit, ensuring consistent returns to shareholders[113]. Risks and Challenges - The company reported significant risks related to macroeconomic fluctuations, which could impact production and sales in the machinery manufacturing industry[13]. - The company faces management risks due to the expansion of its business scale and the increase in fixed asset investments, which may affect overall operational performance[14]. - The company is exposed to raw material price volatility, which could impact production costs and profitability[107]. - The company has accumulated experience in traditional sectors but faces market promotion risks in new areas such as clean energy and nuclear power[17]. - The company is experiencing increased pressure on management due to the expansion of its business scale and the complexity of its organizational structure[106]. Investment and Expansion - The company signed new orders worth CNY 2,658,000,000 in 2013, with overseas orders exceeding CNY 350,000,000[41]. - The company invested significantly in the "new coal chemical" sector, focusing on engineering design and total package projects[40]. - The company acquired 95% of a new coal chemical design institute, enhancing its engineering contracting capabilities and market expansion[80]. - The company plans to increase production capacity by over 20% in 2014, enhancing operational efficiency and scale advantages[105]. - The company is focusing on expanding its clean energy business and aims to establish a strong industry brand image in a short period[103]. Research and Development - Research and development expenditure increased by 11.27% to 79.25 million yuan, accounting for 3.82% of operating revenue[63]. - The company applied for 20 patents, including 8 invention patents, demonstrating its commitment to innovation[42]. - The company plans to increase its investment in research and development for clean energy and energy-saving technologies[102]. Management and Governance - The company has a diverse board with members having backgrounds in engineering, finance, and law, enhancing its governance structure[178][179][180]. - The company has maintained a stable management team, with key members serving since at least 2012[178]. - The independent directors bring significant legal and financial expertise, contributing to robust oversight[180]. - The company has established and executed various governance systems, including investment management and information disclosure management[197]. Financial Management - The company has not reported any overdue principal or income from entrusted financial management, indicating effective financial management[82]. - The company has a remaining balance of ¥19,126.22 million in its non-public offering fund accounts, reflecting prudent fund management[89]. - The total guarantee amount provided by the company is 90,000, with an actual guarantee amount of 6,096.6 during the reporting period, accounting for 2.15% of the company's net assets[141]. Employee and Social Responsibility - The company is focused on employee welfare by acquiring properties for staff accommodation, which aids in talent retention and management stability[135]. - The company emphasizes a commitment to social responsibility, ensuring the rights of shareholders, especially minority shareholders, are protected[119]. - The company plans to continue fulfilling its social responsibilities while aligning commercial interests with societal benefits[119].