Cofco Sugar(SH:600737)2020-04-29 16:00Financial Performance - Net profit attributable to shareholders decreased by 33.88% to CNY 132.84 million year-on-year[4] - Operating revenue slightly declined by 0.41% to CNY 2.8 billion compared to the same period last year[4] - Basic earnings per share decreased by 36.57% to CNY 0.0621[4] - The weighted average return on equity decreased by 1.09 percentage points to 1.64%[4] - Operating profit for Q1 2020 was CNY 158,358,488.47, down 27.6% from CNY 218,791,119.85 in Q1 2019[21] - Net profit for Q1 2020 was CNY 155,577,282.15, a decrease of 31.5% compared to CNY 227,290,078.36 in Q1 2019[21] - The total comprehensive income for Q1 2020 was approximately -¥148.01 million, compared to ¥13.56 million in Q1 2019[22] - Net profit attributable to shareholders of the parent company for Q1 2020 was approximately ¥132.84 million, down 33.9% from ¥200.93 million in Q1 2019[22] Assets and Liabilities - Total assets increased by 40.16% to CNY 22.6 billion compared to the end of the previous year[4] - Total current assets increased by 155.33% to RMB 598,476.56 million, primarily due to increased borrowings and sales receipts[8] - Total liabilities reached ¥14,553,678,243.60, compared to ¥7,929,281,505.98, which is an increase of approximately 83.5%[16] - Current liabilities totaled approximately ¥7.73 billion, with short-term borrowings at ¥3.64 billion and accounts payable at ¥1.85 billion[33] - Total liabilities were approximately $4.10 billion, with non-current liabilities accounting for about $13.65 million[36] Cash Flow - Net cash flow from operating activities improved significantly to CNY 593.62 million, compared to a negative cash flow of CNY 170.54 million in the previous year[4] - Cash inflow from financing activities totaled 4,955,279,377.72 RMB, compared to 4,579,516,927.44 RMB in the previous year[29] - The net cash flow from financing activities was 3,092,073,403.58 RMB, an increase from 1,814,103,344.11 RMB year-over-year[26] - The net cash flow from operating activities was 593,618,898.01 RMB, a significant improvement compared to -170,538,211.94 RMB in the same period last year[26] Expenses - The company's sales expenses decreased by 19.95% to RMB 10,706.24 million, attributed to a decline in sales volume and reduced transportation costs[9] - The company reported a 24.17% increase in financial expenses to RMB 5,555.27 million, mainly due to higher interest expenses[9] - Research and development expenses increased to CNY 1,452,291.49, up from CNY 746,858.66 in Q1 2019, indicating a focus on innovation[21] - The company reported a decrease in sales expenses to CNY 107,062,387.11 from CNY 133,743,382.66 in the previous year, reflecting cost management efforts[21] Shareholder Information - The total number of shareholders at the end of the reporting period was 124,445, with the largest shareholder holding 50.73% of the shares[6] - Shareholders' equity reached approximately ¥8.20 billion, with total equity attributable to shareholders at ¥8.07 billion[33] Government and Non-Operating Income - The company received government subsidies amounting to CNY 5.37 million related to normal business operations[5] - The company reported a non-operating income of CNY 20.65 million, primarily from fair value changes of financial assets[5] Inventory and Production - The inventory level increased by 22.87% to RMB 637,103.14 million, as the company remained in the sugar production period with increased sugar purchases[8] - The inventory value as of March 31, 2020, was ¥6,371,031,398.95, up from ¥5,184,997,543.49, indicating an increase of approximately 22.9%[14] Future Plans - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[4]