FUJIAN EXPRESSWAY(SH:600033)2021-04-29 16:00Financial Performance - The company's operating revenue for 2020 was ¥2,325,878,077.58, a decrease of 19.91% compared to ¥2,904,136,382.09 in 2019[27]. - Net profit attributable to shareholders for 2020 was ¥452,213,073.02, down 45.36% from ¥827,577,174.23 in 2019[27]. - The net profit after deducting non-recurring gains and losses was ¥553,569,772.51, a decrease of 35.61% compared to ¥859,657,207.41 in 2019[27]. - The company's total assets at the end of 2020 were ¥16,180,632,460.62, a decline of 5.78% from ¥17,172,450,462.63 at the end of 2019[27]. - Basic earnings per share for 2020 were ¥0.1648, down 45.36% from ¥0.3016 in 2019[28]. - The weighted average return on net assets for 2020 was 4.67%, a decrease of 4.16 percentage points from 8.83% in 2019[28]. - The net cash flow from operating activities for 2020 was ¥1,759,500,566.20, a slight decrease of 1.71% from ¥1,790,179,085.47 in 2019[27]. - The company's net assets attributable to shareholders at the end of 2020 were ¥9,875,587,114.78, an increase of 3.84% from ¥9,510,749,082.72 at the end of 2019[27]. - The company reported a non-recurring loss of ¥101,356,699.49 in 2020, compared to a loss of ¥32,080,033.18 in 2019[36]. - The company's EBITDA for 2020 was approximately ¥1.71 billion, a decrease of 27.18% compared to ¥2.34 billion in 2019[159]. Dividend Distribution - The company plans to distribute a cash dividend of 1 RMB per 10 shares, based on a total share capital of 2.7444 billion shares, after allocating 10% of the net profit to statutory surplus reserves[8]. - The company will continue to implement cash dividend policies, proposing a cash dividend of CNY 1 per 10 shares for the 2020 fiscal year, amounting to 60.69% of the net profit attributable to the parent company[76]. - In 2020, the company distributed cash dividends totaling RMB 274,440,000, representing 60.69% of the net profit attributable to ordinary shareholders[79]. - The company reported a cash dividend of RMB 1 per 10 shares in 2020, compared to RMB 0.5 in 2019 and RMB 1.5 in 2018[79]. Audit and Compliance - The company has received a standard unqualified audit report from the accounting firm, ensuring the accuracy and completeness of the financial report[6]. - The company’s legal representatives and financial officers have confirmed the authenticity and completeness of the annual report[7]. - The company’s board of directors and supervisory board have ensured the report's accuracy, with no absent directors affecting this assurance[10]. - The audit opinion indicates no significant misstatements were found in the financial statements, ensuring reliability for stakeholders[172]. - The company has implemented internal controls related to the depreciation of highway assets and impairment testing, which were evaluated during the audit[169]. Operational Challenges and Strategies - The company has outlined potential risks in its future development strategies, which investors should be aware of[10]. - The company is subject to a risk statement regarding forward-looking statements, indicating that future plans do not constitute a commitment to investors[9]. - The company faced significant impacts from a 79-day toll exemption policy due to the COVID-19 pandemic, affecting main business revenue[45]. - The company is facing challenges in new highway project investments due to rising costs and diminishing returns on investment[63]. - The company plans to enhance its main business through management strengthening, operational efficiency, and cost reduction measures, aiming to improve operational returns[68]. - The company is exploring both internal and external development strategies, including potential mergers and acquisitions, to solidify its main business foundation[68]. Revenue and Cost Analysis - Operating costs increased by 6.67% to CNY 1.16 billion[46]. - The company's revenue from highway tolls was CNY 2,278,642,839.21, representing a decrease of 17.03% compared to the previous year, with a gross margin of 50.98%, down 13.07 percentage points[51]. - The revenue from the Quanzhou-Xiamen Expressway was CNY 931,382,840.09, a decline of 14.51% year-on-year, with a gross margin of 51.74%, down 12.91 percentage points[51]. - The revenue from the Fuzhou-Quanzhou Expressway was CNY 1,265,648,045.98, down 16.38% year-on-year, with a gross margin of 57.46%, down 12.03 percentage points[51]. Management and Governance - The company has established a robust governance structure, including a general meeting of shareholders, a board of directors, a supervisory board, and a management team, ensuring clear responsibilities and effective operations[138]. - The board of directors includes 4 independent directors, exceeding one-third of the total number of directors, ensuring compliance with governance standards[138]. - The company has maintained a stable management structure with no significant changes in personnel during the reporting period[115]. - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to 284.03 million CNY[113]. Employee and Workforce Management - The total number of employees in the parent company is 83, while the main subsidiaries employ 1,310, resulting in a total of 1,393 employees[132]. - The company has a diverse workforce with 569 employees holding university degrees or higher, contributing to a well-educated labor pool[132]. - Training programs are in place to enhance the capabilities of middle management and improve overall employee qualifications through various educational initiatives[134]. Future Outlook - The company provided a positive outlook for 2021, projecting a revenue growth of 25% driven by new product launches and market expansion initiatives[120]. - Future guidance indicates a focus on sustainability initiatives, with a goal to reduce carbon emissions by 25% by 2025[120]. - The company plans to focus on market expansion and new product development as part of its future strategy[190].