武汉控股(600168) - 2020 Q1 - 季度财报

Important Notice This chapter confirms the board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, explicitly stating it is unaudited - The company's board of directors, supervisory board, and directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[6] - All company directors attended the board meeting to review the quarterly report[6] - This company's first quarter report is unaudited[6] Company Overview This chapter outlines the company's key financial data for Q1 2020, including balance sheet, operating results, and cash flow metrics, along with detailed shareholder structure information at the end of the reporting period Key Financial Data The company's Q1 2020 key financial data shows slight growth in total assets and net assets attributable to shareholders, but a significant decline in net cash flow from operating activities, operating revenue, and net profit attributable to shareholders Key Financial Indicators | Indicator | End of Current Period / Year-to-Date | End of Prior Year / Prior Year-to-Date | Change (%) | | :--- | :--- | :--- | :--- | | Balance Sheet Items: | | | | | Total Assets | 16,732,977,047.43 | 15,575,553,892.38 | 7.43 | | Net Assets Attributable to Listed Company Shareholders | 5,227,478,387.49 | 5,176,346,966.56 | 0.99 | | Income Statement Items: | | | | | Operating Revenue | 335,335,070.63 | 353,409,662.94 | -5.11 | | Net Profit Attributable to Listed Company Shareholders | 51,131,420.93 | 85,050,094.72 | -39.88 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 44,095,269.99 | 78,009,599.72 | -43.47 | | Weighted Average Return on Net Assets (%) | 0.98 | 1.69 | Decrease by 0.71 percentage points | | Basic Earnings Per Share (CNY/share) | 0.07 | 0.12 | -41.67 | | Diluted Earnings Per Share (CNY/share) | 0.07 | 0.12 | -41.67 | | Cash Flow Statement Items: | | | | | Net Cash Flow from Operating Activities | -94,011,877.85 | 57,926,837.45 | -262.29 | Non-Recurring Gains and Losses | Item | Current Period Amount (CNY) | | :--- | :--- | | Government grants included in current profit and loss | 7,040,000.00 | | Other non-operating income and expenses apart from the above | -7,547.17 | | Impact of minority interests (after tax) | 3,698.11 | | Total | 7,036,150.94 | Shareholder Information at Report End: Total Shareholders, Top Ten Shareholders, Top Ten Non-Restricted Shareholders As of the end of the reporting period, the company had 46,491 shareholders, with Wuhan Water Group Co. Ltd. and Yangtze Ecological Environmental Protection Group Co. Ltd. as the top two, holding 40.18% and 15.00% respectively, and Yangtze Ecological Environmental Protection Group Co. Ltd. being a concerted party with Three Gorges Capital Holdings Co. Ltd - Total shareholders: 46,491 households[9] Top Shareholders at Period-End | Shareholder Name (Full) | Shares Held at Period-End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Wuhan Water Group Co. Ltd. | 285,100,546 | 40.18 | State-owned Legal Person | | Yangtze Ecological Environmental Protection Group Co. Ltd. | 106,435,454 | 15.00 | State-owned Legal Person | | Beijing Bewell Technology Co. Ltd. | 35,731,092 | 5.04 | Domestic Non-state-owned Legal Person | | Three Gorges Capital Holdings Co. Ltd. | 34,768,416 | 4.90 | State-owned Legal Person | - Yangtze Ecological Environmental Protection Group Co. Ltd. and Three Gorges Capital Holdings Co. Ltd. are both subsidiaries of China Three Gorges Corporation, acting as concerted parties[11] Preferred Shareholder Information at Report End: Total Preferred Shareholders, Top Ten Preferred Shareholders, Top Ten Non-Restricted Preferred Shareholders The company had no preferred shareholders at the end of the reporting period - Not applicable, the company has no preferred shareholders[11] Significant Events This chapter details significant financial indicator changes and their causes during Q1 2020, along with key events such as major equity transfers, legal proceedings updates, and green bond issuance Significant Changes and Reasons for Key Financial Statement Items and Indicators Several of the company's financial indicators underwent significant changes in Q1 2020, with cash and cash equivalents and bonds payable substantially increasing due to corporate bond issuance, while operating profit and net profit significantly declined due to pandemic impact, reduced water supply and sewage revenue, increased costs, and higher exchange losses and interest expenses Major Financial Item Changes and Reasons | Item | Period-End Balance / Current Period Amount (CNY) | Year-Beginning Balance / Prior Year Same Period Amount (CNY) | Change | | :--- | :--- | :--- | :--- | | Balance Sheet Item Changes: | | | | | Cash and cash equivalents | 2,044,796,724.52 | 1,440,244,019.12 | 41.98% | | Prepaid accounts | 4,416,015.01 | 1,484,138.08 | 197.55% | | Inventories | 5,286,842.98 | 1,847,277.40 | 186.20% | | Other non-current assets | 167,956,298.11 | 34,418,759.01 | 387.98% | | Advances from customers | 525,163.87 | 1,027,212.96 | -48.87% | | Taxes payable | 28,672,159.45 | 20,309,167.20 | 41.18% | | Bonds payable | 1,215,406,799.94 | 349,452,853.06 | 247.80% | | Income Statement Item Changes: | | | | | Administrative expenses | 8,469,369.79 | 13,606,450.40 | -37.75% | | Financial expenses | 64,867,570.05 | 28,789,582.45 | 125.32% | | Credit impairment losses | -4,207,083.30 | -11,334,746.32 | -62.88% | | Operating profit | 53,272,794.40 | 105,612,289.81 | -49.56% | | Non-operating expenses | 7,547.17 | 0 | 100.00% | | Total profit | 60,305,247.23 | 112,652,949.81 | -46.47% | | Income tax expense | 9,330,234.41 | 28,346,575.23 | -67.09% | | Net profit | 50,975,012.82 | 84,306,374.58 | -39.54% | | Minority interest income/loss | -156,408.11 | -743,720.14 | 78.97% | | Net profit attributable to listed company shareholders | 51,131,420.93 | 85,050,094.72 | -39.88% | | Net profit attributable to listed company shareholders after deducting non-recurring gains and losses | 44,095,269.99 | 78,009,599.72 | -43.47% | | Net cash flow from operating activities | -94,011,877.85 | 57,926,837.45 | -262.29% | | Net cash flow from financing activities | 1,181,784,792.87 | 508,879,822.14 | 132.23% | - Cash and cash equivalents at period-end increased by 41.98%, primarily due to the company's issuance of corporate bonds during this period[13] - Operating profit, total profit, net profit, net profit attributable to listed company shareholders, and net profit attributable to listed company shareholders after deducting non-recurring gains and losses decreased by 49.56%, 46.47%, 39.54%, 39.88%, and 43.47% respectively compared to the same period last year, primarily due to: (1) reduced water supply and sewage revenue and increased costs from disinfectant expenses due to the pandemic; (2) increased financial expenses from exchange losses due to exchange rate fluctuations and increased loan principal and interest expenses[13] - Net cash flow from operating activities decreased by 262.29% compared to the same period last year, mainly due to uncollected sewage treatment service fees impacted by the pandemic during this period[14] Analysis of Progress, Impact, and Solutions for Significant Events During the reporting period, the company completed the equity transfer of 15% shares from Wuhan Water Group to Yangtze Environmental Protection Group, resolved a construction contract dispute with China Railway Tunnel Group Co. Ltd. requiring compensation payment, and successfully issued green bonds - Wuhan Water Group has transferred 15% of its shares in Wuhan Holdings to Yangtze Ecological Environmental Protection Group Co. Ltd., with the equity transfer completed on January 16, 2020[15] - The construction contract dispute between the company's controlling subsidiary, Wuhan Yangtze River Tunnel Construction Co. Ltd., and China Railway Tunnel Group Co. Ltd. has been arbitrated, requiring Yangtze River Tunnel Co. to pay CNY 11,914,184.6[15] - The company completed the book-building and issuance of green bonds on March 9, 2020, having previously obtained approval from the National Development and Reform Commission[15] Unfulfilled Commitments Beyond Due Date During Reporting Period The company had no unfulfilled commitments beyond their due date during the reporting period - Not applicable[15] Warning and Explanation for Potential Cumulative Net Profit Loss or Significant Change from Prior Year-End to Next Reporting Period End The company had no warnings regarding potential cumulative net profit loss or significant changes during the reporting period - Not applicable[15] Appendix The appendix includes the company's unaudited Q1 2020 financial statements, comprising consolidated and parent company balance sheets, income statements, and cash flow statements, along with explanations of new accounting standard implementation and audit report status Financial Statements This section provides the company's unaudited Q1 2020 consolidated and parent company financial statements, detailing assets, liabilities, owner's equity, revenue, expenses, and cash flow data Consolidated Balance Sheet As of March 31, 2020, the company's consolidated total assets amounted to CNY 16.733 billion, a 7.43% increase from year-end 2019, primarily driven by significant increases in cash and cash equivalents and bonds payable | Item | March 31, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Cash and cash equivalents | 2,044,796,724.52 | 1,440,244,019.12 | | Accounts receivable | 2,581,380,929.62 | 2,224,202,928.60 | | Prepaid accounts | 4,416,015.01 | 1,484,138.08 | | Inventories | 5,286,842.98 | 1,847,277.40 | | Total current assets | 4,802,575,145.26 | 3,820,843,817.41 | | Total non-current assets | 11,930,401,902.17 | 11,754,710,074.97 | | Total assets | 16,732,977,047.43 | 15,575,553,892.38 | | Short-term borrowings | 1,930,000,000.00 | 1,908,000,000.00 | | Accounts payable | 2,244,575,410.81 | 2,428,460,228.21 | | Bonds payable | 1,215,406,799.94 | 349,452,853.06 | | Total liabilities | 11,260,803,645.62 | 10,154,355,503.39 | | Total owner's equity attributable to parent company | 5,227,478,387.49 | 5,176,346,966.56 | | Total owner's equity | 5,472,173,401.81 | 5,421,198,388.99 | Parent Company Balance Sheet As of March 31, 2020, the parent company's total assets amounted to CNY 5.989 billion, a significant increase from year-end 2019, primarily due to substantial increases in cash and cash equivalents and bonds payable | Item | March 31, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Cash and cash equivalents | 949,963,174.80 | 81,372,212.43 | | Accounts receivable | 51,812,168.94 | 15,619,321.26 | | Total current assets | 1,753,292,038.40 | 840,431,731.24 | | Total assets | 5,988,688,302.91 | 5,057,521,804.87 | | Short-term borrowings | 300,000,000.00 | 226,000,000.00 | | Bonds payable | 1,215,406,799.94 | 349,452,853.06 | | Total liabilities | 2,065,374,825.41 | 1,131,987,520.01 | | Total owner's equity | 3,923,313,477.50 | 3,925,534,284.86 | Consolidated Income Statement In Q1 2020, the company's consolidated total operating revenue was CNY 335 million, a 5.11% year-on-year decrease, with net profit attributable to parent company shareholders at CNY 51.13 million, a significant 39.88% year-on-year decline, mainly due to the pandemic and increased financial expenses | Item | Q1 2020 (CNY) | Q1 2019 (CNY) | | :--- | :--- | :--- | | Total operating revenue | 335,335,070.63 | 353,409,662.94 | | Total operating costs | 301,399,137.30 | 264,591,171.61 | | Financial expenses | 64,867,570.05 | 28,789,582.45 | | Operating profit | 53,272,794.40 | 105,612,289.81 | | Total profit | 60,305,247.23 | 112,652,949.81 | | Net profit | 50,975,012.82 | 84,306,374.58 | | Net profit attributable to parent company shareholders | 51,131,420.93 | 85,050,094.72 | | Basic earnings per share (CNY/share) | 0.07 | 0.12 | | Diluted earnings per share (CNY/share) | 0.07 | 0.12 | Parent Company Income Statement In Q1 2020, the parent company's operating revenue was CNY 42.94 million, with a net loss of CNY 2.22 million, an expanded loss compared to the prior year, primarily due to decreased operating revenue and various expenses | Item | Q1 2020 (CNY) | Q1 2019 (CNY) | | :--- | :--- | :--- | | Operating revenue | 42,936,667.25 | 52,921,581.17 | | Operating profit | -9,833,573.38 | -8,604,181.35 | | Total profit | -2,793,573.38 | -1,564,181.35 | | Net profit | -2,220,807.36 | -605,581.04 | Consolidated Cash Flow Statement In Q1 2020, the company's net cash flow from operating activities was -CNY 94.01 million, a significant 262.29% year-on-year decrease, mainly due to uncollected sewage treatment service fees impacted by the pandemic, while net cash flow from financing activities substantially increased by 132.23% to CNY 1.182 billion due to corporate bond issuance | Item | Q1 2020 (CNY) | Q1 2019 (CNY) | | :--- | :--- | :--- | | Net cash flow from operating activities | -94,011,877.85 | 57,926,837.45 | | Net cash flow from investing activities | -481,297,951.96 | -596,422,166.09 | | Net cash flow from financing activities | 1,181,784,792.87 | 508,879,822.14 | | Net increase in cash and cash equivalents | 606,486,496.12 | -29,625,581.84 | | Cash and cash equivalents at period-end | 2,014,609,594.80 | 1,087,328,315.77 | Parent Company Cash Flow Statement In Q1 2020, the parent company's cash flows from operating and investing activities were negative, but net cash flow from financing activities reached CNY 934 million, primarily due to increased borrowings, leading to a significant increase in cash and cash equivalents at period-end | Item | Q1 2020 (CNY) | Q1 2019 (CNY) | | :--- | :--- | :--- | | Net cash flow from operating activities | -29,821,138.99 | -3,930,369.54 | | Net cash flow from investing activities | -33,674,504.20 | -83,822,299.74 | | Net cash flow from financing activities | 934,020,396.28 | 73,811,833.33 | | Net increase in cash and cash equivalents | 870,524,753.09 | -13,940,835.95 | | Cash and cash equivalents at period-end | 949,963,174.80 | 212,943,771.85 | Information on Adjustments to Beginning-of-Year Financial Statements Upon First Adoption of New Revenue and Lease Standards from 2020 The company's Q1 2020 report does not involve adjustments to beginning-of-year financial statements upon first adoption of new revenue and lease standards - Not applicable[35] Explanation of Retrospective Adjustments to Prior Period Comparative Data Upon First Adoption of New Revenue and Lease Standards from 2020 The company's Q1 2020 report does not involve retrospective adjustments to prior period comparative data upon first adoption of new revenue and lease standards - Not applicable[35] Audit Report The company's Q1 2020 report is unaudited and therefore does not include an audit report - Not applicable[35]