BSGCO(SZ:000959)2016-04-26 16:00Financial Performance - The company's operating revenue for Q1 2016 was ¥3,433,971,855.87, a decrease of 33.15% compared to ¥5,137,134,355.95 in the same period last year[8]. - The net profit attributable to shareholders was -¥482,320,447.32, representing a decline of 52.32% from -¥316,654,303.09 year-over-year[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥520,943,582.48, a decrease of 63.49% compared to -¥318,637,434.90 in the previous year[8]. - The net cash flow from operating activities was ¥295,552,261.27, down 45.03% from ¥537,628,198.56 in the same period last year[8]. - The basic and diluted earnings per share were both -¥0.0912, a decline of 52.25% compared to -¥0.0599 in the same period last year[8]. - The weighted average return on equity was -2.13%, down from -1.35% in the previous year[8]. - The net loss attributable to the parent company was CNY 1,941,813,841.80, compared to a profit of CNY 2,283,798,937.85 in the previous year[37]. - The comprehensive income totalled a loss of ¥1,366,517,880.19, significantly down from a gain of ¥2,212,385,333.82 in the previous year[41]. - The operating profit was a loss of ¥378,453,333.82, worsening from a loss of ¥155,942,041.70 in the previous year[42]. - The total profit amounted to a loss of ¥341,985,096.05, compared to a loss of ¥156,134,667.26 in the previous year[42]. Assets and Liabilities - The total assets at the end of the reporting period were ¥65,126,415,341.10, a decrease of 2.12% from ¥66,538,457,393.16 at the end of the previous year[8]. - The net assets attributable to shareholders decreased by 5.61% to ¥21,999,602,196.87 from ¥23,306,396,501.58 at the end of the previous year[8]. - The total liabilities of the company as of March 31, 2016, were CNY 31,397,708,564.94, compared to CNY 30,949,662,936.65 at the beginning of the year[32]. - Total liabilities were CNY 36,776,109,470.64, slightly up from CNY 36,728,605,324.63, indicating a marginal increase of 0.13%[37]. - Non-current assets totaled CNY 56,622,097,797.93, down from CNY 57,952,951,298.56, a decline of 2.3%[36]. Cash Flow - The cash inflow from operating activities was ¥3,654,853,571.21, down from ¥4,562,396,863.96 in the same period last year[44]. - The net cash flow from operating activities for Q1 2016 was CNY 392,219,790.37, a decrease of 15.1% compared to CNY 462,117,277.83 in the same period last year[48]. - Total cash inflow from financing activities was CNY 3,015,030,000.00, an increase of 8.9% from CNY 2,756,320,000.00 in the previous year[49]. - The net cash flow from investing activities was -CNY 245,768,758.34, showing a slight improvement from -CNY 415,828,944.29 year-over-year[49]. - The total cash flow from financing activities was negatively impacted by cash outflows of CNY 3,144,459,144.91, which increased from CNY 2,914,693,709.51 year-over-year[49]. Government Support and Subsidies - The company received government subsidies amounting to ¥40,524,397.97 during the reporting period[9]. - The increase in non-operating income compared to the same period last year is mainly due to the increase in government subsidies[17]. Corporate Strategy and Compliance - The company plans to complete internal integration and restructuring within 3 to 5 years after the completion of the reorganization[18]. - The company will actively coordinate with domestic and foreign listed companies to ensure compliance with securities laws and industry policies[18]. - The company committed to ensuring cash dividends will not be less than 80% of the distributable profits achieved in the year[19]. - The company aims to reduce and standardize related party transactions following the completion of the major asset restructuring[19]. - The company has committed to maintaining fair market conditions in related party transactions[19]. Operational Changes and Commitments - The company is working to ensure that Jing Tang Steel completes the port operation license renewal by June 30, 2016[20]. - The company has committed to reducing the labor dispatch ratio from 24.11% to below 10% by March 1, 2016[20]. - The company is facilitating the completion of land use rights certificates for all utilized land by June 30, 2016[20]. - The company has undertaken to ensure that Jing Tang Steel completes the ownership certificate for all self-built houses by June 30, 2016[20]. - The company is actively promoting the completion of the port operation license for its subsidiary by June 30, 2016[20]. - The company is ensuring that all financial creditors agree to the transfer of 51% equity in Jing Tang Steel before the shareholder meeting[20].