兖矿能源(600188) - 2019 Q1 - 季度财报

Important Notice This chapter emphasizes the guarantee of truthfulness, accuracy, and completeness of the quarterly report content by Yanzhou Coal Mining Company Limited's Board of Directors, Supervisory Board, and senior management, and clarifies the responsibility of key personnel for the financial statements' authenticity - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content, with no false records, misleading statements, or major omissions[3] - Mr. Li Xiyong, the company's responsible person, Mr. Zhao Qingchun, the CFO, and Mr. Xu Jian, the head of the financial management department, guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[3] - This company's 2019 first-quarter report is unaudited[3] Basic Company Information This chapter outlines Yanzhou Coal Mining's key financial data and shareholder holdings for the first quarter of 2019, showing a slight decrease in total assets but significant growth in net assets attributable to shareholders and net cash flow from operating activities, alongside increased revenue and net profit Key Financial Data In Q1 2019, the company's total assets decreased by 3.26% year-over-year, while net assets attributable to shareholders grew by 4.09%, and net cash flow from operating activities significantly increased by 35.30% 2019 First Quarter Key Financial Data (Consolidated Statements) | Indicator | Current Period End/Year-to-Date (Thousand Yuan) | Prior Year End/Prior Year-to-Date (Thousand Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Balance Sheet: | | | | | Total Assets | 197,037,106 | 203,679,900 | -3.26 | | Net Assets Attributable to Shareholders of Listed Company | 63,488,789 | 60,991,768 | 4.09 | | Income Statement: | | | | | Operating Revenue | 48,243,536 | 32,333,709 | 49.21 | | Net Profit Attributable to Shareholders of Listed Company | 2,308,395 | 2,227,536 | 3.63 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 2,229,570 | 2,166,053 | 2.93 | | Weighted Average Return on Net Assets (%) | 3.70 | 4.01 | Decreased by 0.31 percentage points | | Basic Earnings Per Share (Yuan/Share) | 0.4699 | 0.4535 | 3.62 | | Diluted Earnings Per Share (Yuan/Share) | 0.4699 | 0.4535 | 3.62 | | Cash Flow Statement: | | | | | Net Cash Flow from Operating Activities | 4,424,475 | 3,270,162 | 35.30 | 2019 First Quarter Non-Recurring Gains and Losses | Item | Current Period Amount (Thousand Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 388 | | Government Subsidies Included in Current Profit/Loss | 10,485 | | Funds Occupancy Fees Received from Non-Financial Enterprises Included in Current Profit/Loss | 93,296 | | Gains/Losses from Changes in Fair Value and Disposal of Financial Assets | 12,332 | | Other Non-Operating Income and Expenses | 47,608 | | Impact on Minority Interests (After Tax) | -24,503 | | Income Tax Impact | -60,781 | | Total | 78,825 | Shareholder Holdings As of the end of the reporting period, the company had 79,068 shareholders, with Yancoal Group and HKSCC Nominees as the top two, holding 46.16% and 39.67% respectively, with stable holdings and no pledges or freezes - As of the end of the reporting period, the total number of shareholders was 79,068[6] Top Ten Shareholders as of March 31, 2019 | Shareholder Name | Shares Held at Period End (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Yancoal Group Co., Ltd. | 2,267,169,423 | 46.16 | State-owned Legal Person | | HKSCC Nominees Limited | 1,948,612,033 | 39.67 | Overseas Legal Person | | China Life Insurance Co., Ltd. - Dividend - Individual Dividend - 005L - FH002 Shanghai | 22,065,202 | 0.45 | Other | | Central Huijin Asset Management Co., Ltd. | 19,355,100 | 0.39 | State-owned Legal Person | | National Social Security Fund 102 Portfolio | 19,103,061 | 0.39 | Other | | Abu Dhabi Investment Authority | 18,885,166 | 0.38 | Other | | National Social Security Fund 403 Portfolio | 12,884,351 | 0.26 | Other | | New China Life Insurance Co., Ltd. - Dividend - Group Dividend - 018L - FH001 Shanghai | 12,261,478 | 0.25 | Other | | Mo Jianrong | 7,594,500 | 0.15 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 6,791,793 | 0.14 | Overseas Legal Person | Major Shareholders' Interests and Short Positions in H-shares as of March 31, 2019 | Major Shareholder Name | Share Class | Capacity | Number of Shares Held (Shares) | Nature of Interest | Percentage of Company's H-share Class | Percentage of Company's Total Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yancoal Group | A-shares (State-owned Legal Person Shares) | Beneficial Owner | 2,267,169,423 | Long Position | - | 46.16% | | Yancoal Group ① | H-shares | Interest of Controlled Corporation | 277,989,000 | Long Position | 14.24% | 5.66% | | BNP Paribas Investment Partners SA | H-shares | Investment Manager | 117,641,207 | Long Position | 6.03% | 2.39% | | BlackRock, Inc. | H-shares | Interest of Controlled Corporation | 115,722,028 | Long Position | 5.93% | 2.36% | | BlackRock, Inc. | H-shares | Interest of Controlled Corporation | 414,000 | Short Position | 0.02% | 0.01% | Preferred Shareholder Information As of the end of the reporting period, the company had no preferred shareholders, making this disclosure item not applicable - The company has no information on the total number of preferred shareholders, top ten preferred shareholders, or preferred shareholders with unrestricted shares[10] Significant Matters This chapter details Yanzhou Coal Mining's overall operating performance, significant changes in key financial statement items, and progress on important matters including litigation, major related party transactions, and other events for Q1 2019 Overall Operating Performance In Q1 2019, the company's coal business saw a slight decrease in raw coal output but an increase in sales prices, while railway transportation, coal chemical, and power businesses all achieved growth, with non-coal trade revenue significantly increasing Key Product and Service Operating Data During the reporting period, the company's raw coal output slightly decreased by 0.27%, and commercial coal output decreased by 4.53%, while railway freight volume, methanol production, and power generation and sales all increased 2019 First Quarter Key Product and Service Operating Data | Item | 2019 First Quarter | 2018 First Quarter | Change (%) | | :--- | :--- | :--- | :--- | | Coal Business (Thousand Tons): | | | | | Raw Coal Output | 26,062 | 26,133 | -0.27 | | Commercial Coal Output | 23,192 | 24,293 | -4.53 | | Commercial Coal Sales Volume | 26,441 | 27,405 | -3.52 | | Railway Transportation Business (Thousand Tons): | | | | | Freight Volume | 5,600 | 5,149 | 8.76 | | Coal Chemical Business (Thousand Tons): | | | | | Methanol Production | 457 | 452 | 1.11 | | Methanol Sales Volume | 461 | 445 | 3.60 | | Power Business (10,000 kWh): | | | | | Power Generation | 68,355 | 64,833 | 5.43 | | Power Sales Volume | 43,250 | 37,092 | 16.60 | Operating Performance by Main Business Segment Coal business saw decreased output from some subsidiaries due to policy adjustments but increased output from Yancoal Australia and higher sales prices, while railway transportation, coal chemical, and power businesses showed varied performance, with non-coal trade revenue reaching 30.399 billion yuan - Coal business raw coal output was 26.06 million tons, a year-over-year decrease of 0.3%; commercial coal output was 23.19 million tons, a year-over-year decrease of 4.5%[11] - Heze Energy Chemical's raw coal and commercial coal output decreased year-over-year, primarily due to production organized according to new approved production capacity during the reporting period[13] - Haosheng Coal Industry's raw coal and commercial coal output decreased year-over-year, primarily due to production restrictions at Shilawusu Coal Mine affected by safety and environmental policies[13] - Yancoal Australia's raw coal output was 11.5 million tons, a year-over-year increase of 13.11%; commercial coal output was 8.818 million tons, a year-over-year increase of 5.87%[12][13] - The Group's total commercial coal sales price was 595.67 yuan/ton, an increase of 8.36% compared to 549.73 yuan/ton in the same period last year[15] - Coal business sales cost was 8.76 billion yuan, a year-over-year increase of 714 million yuan or 8.9%[15] - Railway transportation business freight volume was 5.6 million tons, a year-over-year increase of 8.8%; revenue reached 109 million yuan, a year-over-year increase of 5.7%[17] - Yulin Energy Chemical and Ordos Energy Chemical's methanol sales revenue decreased by 14.84% and 16.45% year-over-year, respectively[19] - Huaju Energy's power business sales volume increased by 61.12%, and sales revenue increased by 42.90%[20] - Non-coal trade business achieved sales revenue of 30.399 billion yuan, with sales cost of 30.327 billion yuan[21] - Equity investment business achieved a profit of 296 million yuan[21] Operating Performance of Yancoal Group Finance Co., Ltd. Yancoal Group Finance Co., Ltd. reported Q1 2019 operating revenue of 82 million yuan, up 12.33%, and net profit of 56 million yuan, up 14.29%, despite a 29.61% year-over-year decrease in total assets Yancoal Group Finance Co., Ltd. Q1 2019 Operating Performance | Indicator | 2019 First Quarter | 2018 First Quarter | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 82 Million Yuan | 73 Million Yuan | 12.33 | | Net Profit | 56 Million Yuan | 49 Million Yuan | 14.29 | | Period-End Data: | March 31, 2019 | December 31, 2018 | Change (%) | | Net Assets | 1,543 Million Yuan | 1,488 Million Yuan | 3.70 | | Total Assets | 16,293 Million Yuan | 23,146 Million Yuan | -29.61 | Significant Changes and Reasons for Major Financial Statement Items and Indicators This section analyzes significant changes in the company's balance sheet, income statement, and cash flow statement items during the reporting period, attributing variations to factors like increased trade payables, debt repayments, and investment activity adjustments Significant Changes and Reasons for Balance Sheet Items Prepayments significantly increased by 83.80% due to advance payments for mining rights and trade, while non-current liabilities due within one year and other current liabilities decreased due to debt repayments 2019 First Quarter Significant Balance Sheet Item Changes | Item | March 31, 2019 (Million Yuan) | December 31, 2018 (Million Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Prepayments | 5,913 | 3,217 | 83.80 | | Non-Current Liabilities Due Within One Year | 5,229 | 7,195 | -27.32 | | Other Current Liabilities | 2,164 | 7,282 | -70.28 | - Reasons for prepayment changes: Haosheng Coal Industry prepaid 2.054 billion yuan for Shilawusu Coal Mine mining rights; Qingdao Zhongyin Ruifeng Guofeng International Trade Co., Ltd.'s prepaid trade款 increased by 770 million yuan from the beginning of the year[23] - Reasons for changes in non-current liabilities due within one year: The company repaid 1.95 billion yuan in corporate bonds during the reporting period[23] - Reasons for changes in other current liabilities: The company repaid 5 billion yuan in short-term financing bills during the reporting period[23] Significant Changes and Reasons for Income Statement Items Operating revenue surged by 49.21% due to higher self-produced coal prices and increased trade and other business income, leading to a 63.98% rise in operating costs, while investment income grew by 37.67% from equity method investments 2019 First Quarter Significant Income Statement Item Changes | Item | 2019 First Quarter (Million Yuan) | 2018 First Quarter (Million Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 48,244 | 32,334 | 49.21 | | Operating Cost | 40,725 | 24,835 | 63.98 | | Investment Income | 296 | 215 | 37.67 | - Reasons for operating revenue changes: Increased sales price of self-produced coal led to a year-over-year increase of 925 million yuan in operating revenue; trade coal sales revenue increased by 395 million yuan year-over-year; other business revenue increased by 15.379 billion yuan year-over-year[24] - Reasons for operating cost changes: Coal business sales cost increased by 714 million yuan year-over-year; other business costs increased by 15.164 billion yuan year-over-year[24] - Reasons for investment income changes: The Group's equity investment income accounted for by the equity method increased year-over-year[24] Changes and Reasons for Cash Flow Statement Items Net cash flow from operating activities increased by 35.29% due to higher cash receipts from sales, while net cash flow from investing activities turned positive, and net cash flow from financing activities significantly decreased by 215.18% due to reduced capital contributions and increased debt repayments 2019 First Quarter Significant Cash Flow Statement Item Changes | Item | 2019 First Quarter (Million Yuan) | 2018 First Quarter (Million Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 4,424 | 3,270 | 35.29 | | Net Cash Flow from Investing Activities | -2,711 | -4,469 | - | | Net Cash Flow from Financing Activities | -8,157 | 7,082 | -215.18 | | Net Increase in Cash and Cash Equivalents | -6,660 | 5,684 | -217.17 | - Reasons for increase in net cash flow from operating activities: Cash received from sales of goods and provision of services increased by 15.055 billion yuan year-over-year[25] - Reasons for changes in net cash flow from investing activities: Cash received from investment recovery increased by 952 million yuan year-over-year; cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets increased by 1.101 billion yuan year-over-year[27] - Reasons for significant decrease in net cash flow from financing activities: Cash received from capital contributions decreased by 8.231 billion yuan year-over-year; cash paid for debt repayment increased by 5.4 billion yuan year-over-year[27] Analysis of Progress, Impact, and Solutions for Significant Matters This section details the progress of the company's litigation, major related party transactions, and other significant events during the reporting period, including ongoing lawsuits, successful defense in some cases, and strategic equity transactions Litigation and Arbitration The company is involved in four major lawsuits, with two contract disputes still in review or appeal, one factoring contract dispute where the company was exonerated, and one debt transfer contract dispute where the company won at first instance - Jinan Railway Coal Transportation and Trade Group Co., Ltd. v. Yanzhou Coal Mining Co., Ltd. sales contract dispute: The company lost at first instance, the second instance ruled the company liable for compensation, and the company has applied to the Shandong High Court for retrial; the impact is yet to be determined[28] - Yanzhou Coal Mining Co., Ltd. v. Jinan Railway Coal Transportation and Trade Group Co., Ltd. sales contract dispute: Jining Intermediate People's Court ruled to dismiss the company's litigation claims in a retrial, and the company has appealed to the Shandong High Court; the impact is yet to be determined[29] - Zhonghuixintong Commercial Factoring Co., Ltd. v. Yanzhou Coal Mining Co., Ltd. factoring contract dispute: Zhonghuixintong withdrew its lawsuit against Yanzhou Coal Mining, and the company was exonerated, which will not impact the company's current or future profits[30] - Luxing Real Estate Co., Ltd. v. Yanzhou Coal Mining Co., Ltd. debt transfer contract dispute: The company won at first instance in all 7 cases heard by Jining Intermediate People's Court and Rencheng District Court; the impact is yet to be determined[31] Major Related Party Transactions The company signed a management entrustment agreement with Yancoal Group for management services to seven subsidiaries, receiving 7.3 million yuan annually, and its subsidiary acquired 100% equity in Shanghai Dongjiang Real Estate Development Co., Ltd. for 185.3709 million yuan - The company signed a 'Special Management Entrustment Agreement' with Yancoal Group, providing specialized management services to 7 subsidiaries of Yancoal Group, receiving an annual management fee of 7.3 million yuan[32] - The company's wholly-owned subsidiary, Zhongyin Financial Leasing Co., Ltd., acquired 100% equity of Shanghai Dongjiang Real Estate Development Co., Ltd. from Shanghai Zhouhai Real Estate Development Co., Ltd., a wholly-owned subsidiary of Yancoal Group, for a transaction price of 185.3709 million yuan[33] Other Significant Matters The company sold 20.89% equity in Dongguan Haichang Industrial Co., Ltd. to Guantai Industrial for 784 million yuan, with 550 million yuan received, and nominated Mr. Liu Jian as a non-independent director candidate for the seventh board - The company sold 20.89% equity of Haichang Company to Guantai Industrial for a transaction price of 784 million yuan, and as of the report disclosure date, 550 million yuan of the transaction price has been received[34] - The company nominated Mr. Liu Jian as a candidate for non-independent director of the seventh Board of Directors, to be submitted for approval at the company's 2018 Annual General Meeting to be held on May 24, 2019[35] Overdue Unfulfilled Commitments During the Reporting Period There were no overdue unfulfilled commitments during the reporting period - Not applicable[36] Warning and Explanation of Potential Cumulative Net Profit Loss or Significant Change from Prior Year-End to Next Reporting Period-End The company has not issued any warning regarding potential cumulative net profit loss or significant changes from the beginning of the year to the end of the next reporting period - Not applicable[36] Appendix The appendix includes Yanzhou Coal Mining's consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2019, along with explanations of adjustments made for the first-time adoption of new leasing standards Key Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2019, offering comprehensive financial information on its financial position, operating results, and cash flows - The appendix includes consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, and parent company cash flow statement[38][40][43][46][48][50] Adjustments for First-Time Adoption of New Accounting Standards Effective January 1, 2019, the company adopted the new leasing standard, adjusting opening financial statement items for cumulative impacts without retrospective adjustment of comparative period information, primarily affecting fixed assets, right-of-use assets, and lease liabilities - The company adopted 'Accounting Standard for Business Enterprises No. 21 – Leases (Revised)' (new leasing standard) effective January 1, 2019[54][57] - According to the new leasing standard, lessees no longer distinguish between operating leases and finance leases, but adopt a unified accounting treatment model[54][57] - The Group adjusted relevant items in the opening financial statements for the cumulative impact of the first-time adoption of the new leasing standard, without retrospective adjustment of comparative period information[54][57] - Consolidated balance sheet adjustments: Fixed assets decreased by 202,650 thousand yuan, right-of-use assets increased by 455,497 thousand yuan, non-current liabilities due within one year increased by 68,309 thousand yuan, long-term payables decreased by 141,586 thousand yuan, and lease liabilities increased by 326,124 thousand yuan[53][54] - Parent company balance sheet adjustments: Fixed assets decreased by 2,473,847 thousand yuan, right-of-use assets increased by 2,473,847 thousand yuan, long-term payables decreased by 2,687,713 thousand yuan, and lease liabilities increased by 2,687,713 thousand yuan[55][56] Explanation of Retrospective Adjustments for First-Time Adoption of New Accounting Standards The company adjusted opening financial statement items for the cumulative impact of the first-time adoption of the new leasing standard but did not retrospectively adjust prior period comparative data - The Group adjusted relevant items in the opening financial statements for the cumulative impact of the first-time adoption of the new leasing standard, without retrospective adjustment of comparative period information[58] Audit Report This report does not include an audit report - Not applicable[58]