JOYVIO FOOD(SZ:300268)2014-04-24 16:00Financial Performance - The company's operating revenue for 2013 was ¥220,024,702.71, a decrease of 25.71% compared to ¥296,157,372.37 in 2012[16]. - The operating profit for 2013 was -¥189,716,633.69, representing a significant decline of 2,475.63% from -¥7,365,830.66 in the previous year[16]. - The net profit attributable to shareholders for 2013 was -¥187,769,196.23, a decrease of 5,396.48% compared to -¥3,416,170.37 in 2012[16]. - The basic earnings per share for 2013 was -¥1.401, a decline of 5,504% from -¥0.025 in 2012[16]. - The net profit for 2013 was a loss of ¥187,769,196.23, indicating significant operational challenges for the company[125]. - Total operating revenue decreased to ¥220,024,702.71 from ¥296,157,372.37, representing a decline of approximately 25.6% year-over-year[130]. - Operating profit turned negative at -¥189,716,633.69 compared to -¥7,365,830.66 in the previous period, indicating a substantial decline in profitability[130]. - Net profit also worsened to -¥187,769,196.23 from -¥3,416,170.37, reflecting a significant increase in losses[131]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 363.38% to ¥127,581,569.61 in 2013, up from ¥27,532,743.96 in 2012[16]. - Operating cash inflow for 2013 was CNY 439,500,852.72, a 0.75% increase year-on-year, while cash outflow decreased by 23.68% to CNY 311,919,283.11[37]. - The company's cash and cash equivalents decreased by 39.26% year-on-year, resulting in a net decrease of CNY 178,631,921.64[38]. - The ending cash and cash equivalents balance decreased to ¥81,763,341.65 from ¥260,395,263.29, indicating a liquidity contraction[135]. Assets and Liabilities - The total assets at the end of 2013 were ¥471,325,496.44, a decrease of 48.78% from ¥920,220,613.01 at the end of 2012[16]. - The total liabilities decreased by 60.29% to ¥171,968,839.64 in 2013, down from ¥433,094,759.98 in 2012[16]. - The company's equity attributable to shareholders decreased by 38.55% to ¥299,356,656.80 at the end of 2013, compared to ¥487,125,853.03 at the end of 2012[16]. - Current liabilities dropped from ¥387,744,759.98 to ¥146,185,506.31, a reduction of about 62.3%[128]. - The company’s total liabilities at the end of the year were 376,984 thousand RMB[139]. Inventory and Costs - The sales volume decreased by 24.52% to ¥69,891,471.19, while production volume fell by 12.46% to ¥83,802,698.35[32]. - The company reported a 50.83% reduction in inventory, down to ¥4,469,867.05, aimed at enhancing cash flow management[32]. - Direct material costs accounted for 89.9% of total operating costs in 2013, slightly down from 90.68% in 2012[34]. - Total operating costs increased significantly to ¥409,741,336.40 from ¥303,523,203.03, marking an increase of about 35%[130]. Market Conditions and Challenges - The company faced significant challenges due to negative market conditions and reputational damage from the "cadmium rice" incident[28]. - The price of rice and rice products in Hunan has dropped significantly by over 10% compared to last year due to the "cadmium rice" incident, impacting the company's market competitiveness and profitability[54]. - The company is undergoing management restructuring and financial department reforms to address past issues and improve operational efficiency[29]. Strategic Plans and Future Outlook - The company plans to adjust its industrial structure in 2014, focusing on profitable sectors like syrup and feed protein powder, while phasing out unprofitable industries[56]. - The company aims to achieve profitability in 2014 by enhancing market sales efforts and developing new markets, particularly in Guangzhou, Hainan, and Yunnan[57]. - The company plans to enhance its brand and market presence through consolidation and integration in response to the competitive landscape of the rice processing industry[55]. Governance and Compliance - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, ensuring that major operational, investment, and financial decisions are made according to internal control procedures[111]. - The company has not encountered any issues in the use and disclosure of raised funds[52]. - The company is under investigation for alleged fraudulent activities related to stock issuance, with the final judicial determination still pending[123]. Shareholder Information - The total number of shareholders was 7,265, with a slight increase from 7,249 prior to the report[90]. - Major shareholders include Gong Yongfu and Yang Ronghua, each holding 40.19 million shares, representing a significant portion of the company's equity[88]. - The company has a total share capital of 134 million shares, with 74.63% being restricted shares and 25.37% being unrestricted shares[87]. Management and Personnel - The company has a diverse management team with members having extensive experience in various industries, enhancing its operational capabilities[100]. - The total remuneration paid to directors, supervisors, and senior management in 2013 amounted to 982,500 CNY, covering 29 individuals, including those who have left the company[103]. - The company has seen a turnover in several key management positions, with multiple executives leaving in the past year, which could impact operational continuity[99].