BSGCO(SZ:000959)2015-08-27 16:00Financial Performance - The company's operating revenue for the first half of 2015 was ¥9,922,047,343.90, a decrease of 21.64% compared to ¥12,662,805,315.35 in the same period last year[20]. - The net profit attributable to shareholders was a loss of ¥222,870,595.47, a significant decline of 2,481.05% from a profit of ¥9,360,180.88 in the previous year[20]. - The net cash flow from operating activities was negative at ¥648,420,102.86, down 154.23% from ¥1,195,710,439.49 in the same period last year[20]. - The basic earnings per share were -¥0.0421, a decrease of 2,438.89% compared to ¥0.0018 in the same period last year[20]. - The weighted average return on net assets was -0.95%, down from 0.04% in the previous year[20]. - The operating cost was 9.560 billion yuan, down 19.71% from 11.906 billion yuan in the previous year[29]. - The net profit attributable to shareholders was -22.287 million yuan, reflecting a significant decline in performance due to falling steel prices[27]. - The company completed 93.27 million yuan in revenue against a planned target of 2.4235 billion yuan for the year[31]. - The total profit for the current period is CNY -392,459,359.66, compared to CNY -34,185,411.72 in the previous period, reflecting a worsening financial performance[110]. Assets and Liabilities - The total assets at the end of the reporting period were ¥62,597,616,313.45, reflecting a 1.71% increase from ¥61,546,325,239.24 at the end of the previous year[20]. - The total liabilities stood at CNY 25.61 billion, slightly down from CNY 25.75 billion, showing a decrease of about 0.54%[102]. - The company's current assets reached CNY 6.40 billion, up from CNY 5.88 billion, indicating an increase of about 8.77%[101]. - The total equity attributable to shareholders increased to CNY 26,227,010,015.84, compared to CNY 25,470,334,096.97 at the beginning of the period[107]. - The total owner's equity at the end of the current period was CNY 21,695,993,010, showing a decline compared to the previous period[126]. Cash Flow - The cash flow from operating activities is CNY 5,694,856,550.29, down from CNY 12,411,404,123.05 in the previous period, highlighting a significant reduction in cash inflow[116]. - The net cash flow from operating activities was -¥648,420,102.86, a significant decrease compared to ¥1,195,710,439.49 in the previous period, indicating a decline in operational performance[117]. - Total cash inflow from financing activities amounted to ¥3,179,320,000.00, while cash outflow was ¥1,736,422,337.54, resulting in a net cash flow of ¥1,442,897,662.46, contrasting with a negative net cash flow of -¥651,790,681.45 in the prior period[118]. - The company reported a total cash and cash equivalents balance of ¥615,970,614.37 at the end of the period, compared to ¥674,316,332.79 at the end of the previous period, reflecting a decrease of approximately 8.6%[118]. Production and Operations - The company achieved pig iron production of 3.7948 million tons, converter steel production of 3.7412 million tons, and steel production of 3.3808 million tons during the reporting period[27]. - The company maintained a comprehensive energy consumption of 550.86 kg of standard coal per ton of steel, slightly below the planned target of 559 kg[31]. - The company implemented cost reduction measures and optimized logistics management to lower logistics costs[27]. Investments and Projects - The company has ongoing significant projects, including a 59,986,000 yuan investment in a hood annealing line project, which is 126.27% complete[47]. - The total planned investment for the coking project is 317,446,000 yuan, with only 24.40% of the project completed as of the reporting period[47]. - The company reported a significant increase of 321.37% in net cash flow from financing activities, totaling 1.443 billion yuan due to new loans[29]. Shareholder Information - The company distributed a cash dividend of 0.10 yuan per share, totaling 52,893,896 yuan, based on a total share capital of 5,289,389,600 shares[49][51]. - The cash dividend accounted for 100% of the total profit distribution amount, with a distributable profit of 62,643,797.43 yuan[51][52]. - The total number of shares is 5,289,389,600, with 77.20% being restricted shares and 22.80% being unrestricted shares[85]. - The largest shareholder, Shougang Group, holds 79.38% of the shares, totaling 4,198,760,871 shares[87]. Corporate Governance and Compliance - The company did not change its accounting policies or restate previous financial data during the reporting period[20]. - The company has established a corporate governance structure including a shareholders' meeting, board of directors, and supervisory board[136]. - The financial statements are prepared based on the going concern principle and comply with the accounting standards issued by the Ministry of Finance[140]. - The half-year financial report has not been audited[78]. Market Conditions - The steel industry faced severe market conditions with continuous declines in steel prices and profits due to overcapacity and weak demand[26]. - The company did not disclose any new future development plans or significant changes in its core competitiveness during the reporting period[30][34]. Related Party Transactions - The company reported significant related party transactions, including a purchase of raw materials from Shougang Mining Company amounting to 350,245,000 yuan[63]. - There were no related party transactions involving asset acquisitions or sales during the reporting period[65]. Accounting Policies - The company’s accounting policies include provisions for bad debts, depreciation of fixed assets, and amortization of intangible assets[139]. - Revenue from the sale of goods is recognized when the significant risks and rewards of ownership have been transferred to the buyer, and the amount can be reliably measured[195]. - The company assesses financial assets for impairment at the balance sheet date, excluding those measured at fair value through profit or loss[158].