ITG(SH:600755)2020-04-29 16:00Financial Performance - Net profit attributable to shareholders decreased by 33.61% to CNY 525.15 million year-on-year[11] - Operating revenue rose by 1.67% to CNY 50.59 billion compared to the same period last year[11] - Basic earnings per share decreased by 41.18% to CNY 0.20[14] - The net profit excluding non-recurring gains and losses dropped by 154.43% to -CNY 261.95 million[11] - The company faced profit declines in real estate operations and supply chain management due to long project cycles and the impact of COVID-19 on commodity prices[15] - Net profit for Q1 2020 was ¥607,384,788.90, a decrease of 34.66% compared to ¥929,414,575.90 in Q1 2019[52] - The company's net profit for Q1 2020 was CNY 61,678,799.02, a decrease from CNY 206,824,293.72 in Q1 2019, reflecting a significant decline in profitability[58] - The company’s total comprehensive income for Q1 2020 was CNY 73,338,417.00, compared to CNY 207,649,128.08 in Q1 2019, indicating a decline in overall financial performance[60] Assets and Liabilities - Total assets increased by 19.60% to CNY 107.01 billion compared to the end of the previous year[11] - The company's total assets and liabilities reflect significant changes due to strategic financial management and market conditions[24] - Total current assets increased to 89.51 billion from 72.04 billion, reflecting a growth in various receivables and financial assets[36] - Current liabilities rose to ¥69,589,319,758.53, up from ¥54,229,648,200.59, indicating an increase of about 28.4%[40] - Total liabilities reached ¥79,042,798,416.43, compared to ¥61,980,927,739.19, marking an increase of around 27.5%[41] - The total liabilities increased significantly, with debt repayment cash outflow reaching 11,665,973,179.08 RMB, compared to 6,281,670,086.35 RMB last year[65] Cash Flow - Net cash flow from operating activities improved to -CNY 4.07 billion, a decrease from -CNY 4.58 billion in the previous year[11] - Cash flow from investing activities improved, with a net outflow of 5.21 billion, down from 9.73 billion in the same period last year, attributed to reduced cash expenditures on short-term financial products[29] - The company reported a net cash outflow from operating activities of CNY -4,065,930,646.77 in Q1 2020, an improvement from CNY -4,579,989,659.62 in Q1 2019[61] - Investment activities resulted in a net cash outflow of CNY -5,209,996,337.19 in Q1 2020, compared to CNY -9,731,459,282.09 in Q1 2019, showing a reduction in cash outflow[62] - Cash inflow from financing activities totaled 22,569,009,232.44 RMB, compared to 21,685,093,400.76 RMB in the previous year, reflecting a growth of approximately 4.1%[65] Investments and Financial Assets - The company reported a non-recurring gain of CNY 919.29 million primarily from the fair value changes of futures and foreign exchange contracts[15] - The company’s derivative financial liabilities increased to ¥952,453,620.37, a rise of 70.22% from ¥559,528,068.16[26] - The company reported a significant increase in derivative financial assets, reaching 1.76 billion, compared to 909.91 million in the previous year[36] - The company achieved investment income of CNY 255,282,096.64 in Q1 2020, a significant recovery from a loss of CNY -214,694,917.12 in Q1 2019[58] Changes in Equity - The company's equity attributable to shareholders rose to ¥25,225,232,653.94 from ¥24,773,464,268.55, an increase of approximately 1.8%[41] - The total equity decreased to ¥17,534,790,948.92 in Q1 2020 from ¥17,607,846,498.32 in Q1 2019, a decline of 0.41%[52] - The company's equity attributable to shareholders was ¥24,773,464,268.55, down by ¥44,626,027.54 compared to the previous period[74] Operational Costs and Expenses - Total operating costs for Q1 2020 were ¥50,626,156,858.72, up from ¥48,974,369,025.00 in Q1 2019, reflecting a year-on-year increase of 3.35%[52] - Sales expenses decreased by 45.01% to ¥247,247,384.18 from ¥449,633,231.62, attributed to the new revenue recognition standards[26] - The company’s financial expenses increased to CNY 204,215,050.61 in Q1 2020 from CNY 165,793,920.29 in Q1 2019, reflecting a rise of approximately 23%[58] Inventory and Receivables - The company’s total inventory rose to 47.95 billion from 39.71 billion, indicating a strategic buildup of stock[36] - Accounts receivable financing reached ¥604,303,540.32, up 38.62% from ¥435,935,078.42[24] - Accounts receivable decreased to ¥1,758,331,064.25 from ¥1,879,702,602.28, a decline of approximately 6.4%[46] - Inventory surged to ¥5,621,435,383.76, up from ¥2,934,749,725.89, indicating an increase of about 91.5%[46] Regulatory Changes - The company implemented new revenue recognition standards effective January 1, 2020, impacting retained earnings and minority interests[75] - The company capitalized direct incremental costs related to sales commissions, which were previously recognized as sales expenses[75]