晋控煤业(601001) - 2021 Q1 - 季度财报

Important Notice This section contains important declarations regarding the report's accuracy and audit status Statement by Board of Directors, Supervisory Board, and Senior Management The Board of Directors, Supervisory Board, and senior management affirm the truthfulness, accuracy, and completeness of this quarterly report and assume legal responsibility - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false statements, misleading representations, or major omissions, and assume individual and joint legal responsibility[3] - Company head Wu Wangguo, chief accountant Yin Jimin, and head of accounting department Yao Dong guarantee the truthfulness, accuracy, and completeness of the financial statements[3] Unaudited Financial Statements Declaration This company's first quarterly report has not been audited - This company's first quarterly report is unaudited[3] Company Basic Information This section provides an overview of the company's key financial data, non-recurring gains and losses, and shareholder structure Key Financial Data The company's total assets and net assets attributable to shareholders increased, with significant growth in operating cash flow, revenue, and net profit year-to-date Overview of Key Financial Data | Metric | As of end of reporting period / Year-to-date | As of end of prior year / Prior year-to-date | Change (%) | | :--- | :--- | :--- | :--- | | Balance Sheet | | | | | Total Assets (CNY) | 35,001,283,643.30 | 32,009,125,052.26 | 9.35 | | Net Assets Attributable to Shareholders of Listed Company (CNY) | 7,900,882,490.09 | 7,284,381,272.68 | 8.46 | | Cash Flow Statement | | | | | Net Cash Flow from Operating Activities (CNY) | 2,506,240,852.68 | 378,398,536.60 | 562.33 | | Income Statement | | | | | Operating Revenue (CNY) | 3,526,419,210.05 | 2,731,603,769.98 | 29.10 | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 505,094,050.35 | 291,778,093.24 | 73.11 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses (CNY) | 508,748,760.29 | 293,340,641.62 | 73.43 | | Weighted Average Return on Net Assets (%) | 6.70 | 4.45 | Increase by 2.25 percentage points | | Basic Earnings Per Share (CNY/share) | 0.30 | 0.17 | 76.47 | | Diluted Earnings Per Share (CNY/share) | 0.30 | 0.17 | 76.47 | Non-recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses totaled negative 3.65 million CNY, primarily from government grants, other non-operating income/expenses, and tax impacts Non-recurring Gains and Losses Items and Amounts | Item | Current Period Amount (CNY) | | :--- | :--- | | Government grants included in current profit/loss | 275,462.46 | | Other non-operating income and expenses apart from the above | -7,260,861.65 | | Impact on minority interests (after tax) | 1,520,537.87 | | Income tax impact | 1,810,151.38 | | Total | -3,654,709.94 | Key Operating Indicators for the Reporting Period In Q1 2021, the company produced 8.26 million tons of raw coal and sold 7.40 million tons of commercial coal, generating 2.44 billion CNY in revenue Key Operating Indicators for Q1 2021 | Metric | Amount/Quantity | | :--- | :--- | | Raw Coal Production | 8.263 million tons | | Commercial Coal Sales | 7.402 million tons | | Sales Revenue | 2.442 billion CNY | | Sales Cost | 1.142 billion CNY | Shareholder Holding Status As of the reporting period end, the company had 82,643 shareholders, with Jineng Holding Coal Industry Group Co., Ltd. being the largest shareholder at 57.46% - As of the end of the reporting period, the company had a total of 82,643 shareholders[7] Top Ten Shareholders' Holding Status | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Jineng Holding Coal Industry Group Co., Ltd. | 961,632,508 | 57.46 | State-owned Legal Entity | | Central Huijin Asset Management Co., Ltd. | 31,924,200 | 1.91 | State-owned Legal Entity | | Hebei Port Group Co., Ltd. | 26,592,080 | 1.59 | State-owned Legal Entity | | Hong Kong Securities Clearing Company Limited | 11,192,820 | 0.67 | Other | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 8,054,087 | 0.48 | Other | | Wang Shuxia | 4,134,300 | 0.25 | Domestic Natural Person | | Haitong Securities Co., Ltd. - Zhongrong CSI Coal Index Graded Fund | 3,888,685 | 0.23 | Other | | Bank of China Co., Ltd. - China Merchants CSI Coal Equal Weight Index Graded Fund | 3,864,397 | 0.23 | Other | | Datong Xintong Industrial Co., Ltd. | 3,800,000 | 0.23 | State-owned Legal Entity | | Zhang Minhhui | 3,520,006 | 0.21 | Domestic Natural Person | - The company is unaware of any related party relationships or whether the top ten shareholders with no selling restrictions and the top ten shareholders are acting in concert as defined by the 'Measures for the Administration of the Takeover of Listed Companies'[9] Significant Events This section details major changes in financial statement items and indicators, along with reasons, and provides a forecast for future performance Major Changes and Reasons for Key Financial Statement Items and Indicators Significant changes in various financial indicators were driven by increased sales, new lease accounting standards, higher associate income, increased interest expenses, and accounting adjustments Major Changes and Reasons for Key Financial Statement Items | Item | Period-end Balance / Year-to-date Balance (CNY) | Year-start Balance / Prior Year-to-date Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 12,110,062,557.20 | 9,233,113,606.05 | 31.16 | Increase in cash received from sales | | Notes Receivable | 173,993,246.73 | 95,000,000.00 | 83.15 | Increase in bank acceptance bills in current period | | Financing for Receivables | 18,434,029.65 | 7,825,913.00 | 135.55 | Increase in acceptance bills in current period | | Other Receivables | 1,404,962,853.35 | 118,347,947.31 | 1087.15 | Dividends receivable from Tongmei Guodian Tongxin Mine | | Other Current Assets | 196,877,912.73 | 354,805,793.43 | -44.51 | Decrease in input VAT to be deducted in current period compared to prior period | | Right-of-use Assets | 374,749,655.32 | 0 | 100.00 | Adjusted according to new lease standards | | Notes Payable | 303,795,715.25 | 37,135,715.25 | 718.07 | Increase in bank acceptance bill payments in current period | | Contract Liabilities | 941,432,909.45 | 363,733,176.47 | 158.83 | Increase in external sales through advance receipts | | Taxes Payable | 461,494,280.80 | 310,976,970.96 | 48.40 | Increase in VAT payable in current period compared to prior period | | Other Payables | 3,184,980,720.24 | 2,065,780,602.24 | 54.18 | Increase in payables in current period | | Other Current Liabilities | 121,603,302.56 | 47,285,312.93 | 157.17 | Increase in accrued output VAT in current period | | Lease Liabilities | 264,272,602.06 | 0 | 100.00 | Adjusted according to new lease standards | | Operating Cost | 2,183,392,816.66 | 1,226,314,725.77 | 78.05 | Primarily due to adjustment of selling expenses under new revenue standards | | Taxes and Surcharges | 237,098,627.76 | 167,767,336.14 | 41.33 | Increase in operating revenue in current period, leading to corresponding increase in taxes and fees | | Selling Expenses | 25,727,979.67 | 542,827,833.43 | -95.26 | Adjusted according to new revenue standards | | Financial Expenses | 105,116,593.75 | 79,730,110.14 | 31.84 | Increase in interest expenses in current period | | Investment Income | 112,629,332.42 | 26,106,198.32 | 331.43 | Increase in income from newly added associates compared to prior period | | Operating Profit | 1,012,188,612.62 | 663,240,620.80 | 52.61 | Increase in revenue and investment income in current period, leading to corresponding increase in profit | | Non-operating Income | 5,000.14 | 0 | 100.00 | Other gains incurred by subsidiary in current period | | Non-operating Expenses | 7,265,861.79 | 2,737,337.92 | 165.44 | Fines and other expenses incurred by subsidiary | | Cash Received from Sales of Goods and Services | 4,502,141,678.23 | 3,076,970,876.77 | 46.32 | Increase in cash received due to increased revenue in current period | | Tax Refunds Received | 83,688.37 | 14,849.72 | 463.57 | Increase in tax refunds received in current period compared to prior period | | Other Cash Received Related to Operating Activities | 82,210,083.57 | 50,783,413.20 | 61.88 | Increase in interest income in current period compared to prior period | | Other Cash Paid Related to Operating Activities | 58,277,487.01 | 181,479,737.35 | -67.89 | Decrease in intercompany payments in current period compared to prior period | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-term Assets | 155,737,385.95 | 75,438,858.96 | 106.44 | Subsidiary Seilian Mine paid land use rights transfer fees in current period | | Other Cash Received Related to Financing Activities | 175,000,000.00 | 0 | 100.00 | Subsidiary Seilian Mine received funds from the Group Company | | Cash Paid for Debt Repayment | 676,760,000.00 | 1,083,358,302.05 | -37.53 | Decrease in maturing debt in current period compared to prior period | | Cash Paid for Distribution of Dividends, Profits, or Interest Payments | 119,268,500.88 | 76,962,764.22 | 54.97 | Increase in interest-bearing liabilities in current period, leading to corresponding increase in interest expenses | Future Performance Forecast The company anticipates significant growth in cumulative net profit from year-start to the end of the next reporting period, driven by rising coal prices and increased investment income from associates - Cumulative net profit from year-start to the end of the next reporting period is expected to show significant growth compared to the same period last year[13] - Reasons for growth include rising coal prices in 2021 and increased investment income from newly added associates[13] Appendix This appendix includes the company's financial statements and details on adjustments made due to the first-time adoption of new lease accounting standards Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2021 Consolidated Balance Sheet The consolidated balance sheet provides a snapshot of the group's assets, liabilities, and equity as of March 31, 2021, compared to December 31, 2020 Key Consolidated Balance Sheet Data (March 31, 2021 vs December 31, 2020) | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 35,001,283,643.30 | 32,009,125,052.26 | 9.35 | | Total Liabilities | 21,481,228,835.58 | 19,396,811,603.75 | 10.75 | | Total Owners' Equity | 13,520,054,807.72 | 12,612,313,448.51 | 7.20 | | Cash and Cash Equivalents | 12,110,062,557.20 | 9,233,113,606.05 | 31.16 | | Other Receivables | 1,404,962,853.35 | 118,347,947.31 | 1087.15 | | Right-of-use Assets | 374,749,655.32 | 0 | 100.00 | | Contract Liabilities | 941,432,909.45 | 363,733,176.47 | 158.83 | | Lease Liabilities | 264,272,602.06 | 0 | 100.00 | Parent Company Balance Sheet The parent company balance sheet details its assets, liabilities, and equity as of March 31, 2021, compared to December 31, 2020 Key Parent Company Balance Sheet Data (March 31, 2021 vs December 31, 2020) | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 25,959,552,349.64 | 22,139,326,428.30 | 17.26 | | Total Liabilities | 24,972,364,675.11 | 21,102,646,384.14 | 18.34 | | Total Owners' Equity | 987,187,674.53 | 1,036,680,044.16 | -4.87 | | Cash and Cash Equivalents | 11,057,520,803.39 | 7,438,645,022.97 | 48.66 | | Other Receivables | 2,450,858,726.69 | 1,189,060,004.48 | 106.12 | | Long-term Equity Investments | 10,307,604,563.42 | 11,478,895,246.55 | -10.20 | | Accounts Payable | 13,426,906,419.08 | 11,308,000,825.42 | 18.74 | | Contract Liabilities | 867,708,637.10 | 322,378,157.10 | 169.14 | Consolidated Income Statement The consolidated income statement presents the group's operating results for Q1 2021, compared to the same period in 2020 Key Consolidated Income Statement Data (Q1 2021 vs Q1 2020) | Item | 2021 First Quarter (CNY) | 2020 First Quarter (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,526,419,210.05 | 2,731,603,769.98 | 29.10 | | Operating Cost | 2,183,392,816.66 | 1,226,314,725.77 | 78.05 | | Investment Income | 112,629,332.42 | 26,106,198.32 | 331.43 | | Operating Profit | 1,012,188,612.62 | 663,240,620.80 | 52.61 | | Total Profit | 1,004,927,750.97 | 660,503,282.88 | 52.15 | | Net Profit | 748,029,093.16 | 447,668,860.75 | 67.09 | | Net Profit Attributable to Parent Company Shareholders | 505,094,050.35 | 291,778,093.24 | 73.11 | | Basic Earnings Per Share (CNY/share) | 0.30 | 0.17 | 76.47 | Parent Company Income Statement The parent company income statement outlines its operating results for Q1 2021, compared to the same period in 2020 Key Parent Company Income Statement Data (Q1 2021 vs Q1 2020) | Item | 2021 First Quarter (CNY) | 2020 First Quarter (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 165,152,162.95 | 133,229,225.93 | 23.96 | | Operating Cost | 203,228,444.46 | 164,536,144.50 | 23.52 | | Selling Expenses | 22,455,948.18 | 38,857,185.40 | -42.21 | | Financial Expenses | 67,637,545.01 | 52,762,477.60 | 28.18 | | Investment Income | 112,629,332.42 | 26,106,198.32 | 331.43 | | Net Profit | -57,661,298.89 | -133,690,569.72 | 56.99 (Loss narrowed) | Consolidated Cash Flow Statement The consolidated cash flow statement details the group's cash inflows and outflows from operating, investing, and financing activities for Q1 2021 Key Consolidated Cash Flow Statement Data (Q1 2021 vs Q1 2020) | Item | 2021 First Quarter (CNY) | 2020 First Quarter (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 2,506,240,852.68 | 378,398,536.60 | 562.33 | | Cash Received from Sales of Goods and Services | 4,502,141,678.23 | 3,076,970,876.77 | 46.32 | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-term Assets | 155,737,385.95 | 75,438,858.96 | 106.44 | | Net Cash Flow from Investing Activities | -155,737,385.95 | -75,438,858.96 | -106.44 | | Net Cash Flow from Financing Activities | 526,445,484.42 | -108,206,562.70 | 586.51 | | Net Increase in Cash and Cash Equivalents | 2,876,948,951.15 | 194,753,114.94 | 1377.70 | | Cash and Cash Equivalents at Period End | 12,089,202,714.63 | 8,270,498,858.97 | 46.17 | Parent Company Cash Flow Statement The parent company cash flow statement presents its cash inflows and outflows from operating, investing, and financing activities for Q1 2021 Key Parent Company Cash Flow Statement Data (Q1 2021 vs Q1 2020) | Item | 2021 First Quarter (CNY) | 2020 First Quarter (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 3,832,829,573.05 | -348,909,063.23 | 1200.00 (Turned positive) | | Cash Received from Sales of Goods and Services | 4,788,646,682.67 | 2,608,885,457.03 | 83.55 | | Net Cash Flow from Investing Activities | 96,668,986.05 | -25,714,602.89 | 476.00 (Turned positive) | | Net Cash Flow from Financing Activities | -310,622,778.68 | -49,979,307.61 | -521.50 (Loss widened) | | Net Increase in Cash and Cash Equivalents | 3,618,875,780.42 | -424,602,973.73 | 953.50 (Turned positive) | | Cash and Cash Equivalents at Period End | 11,057,520,803.39 | 6,638,281,701.13 | 66.58 | Adjustments for First-time Adoption of New Lease Standards Effective January 1, 2021, the company adopted new lease standards, adjusting initial financial statements by recognizing right-of-use assets and lease liabilities - Effective January 1, 2021, the company adjusted its financial statements in accordance with the new lease standards[36][39] - The adoption of new lease standards resulted in the addition of 'Right-of-use Assets' and 'Lease Liabilities' items to both consolidated and parent company balance sheets[34][38] - Following the consolidated balance sheet adjustment, both total assets and total liabilities increased by 159,992,079.77 CNY[34][35][36] - Following the parent company balance sheet adjustment, both total assets and total liabilities increased by 159,992,079.77 CNY[38][39] Consolidated Balance Sheet Adjustments This section details the adjustments made to the consolidated balance sheet as of January 1, 2021, due to the adoption of new lease accounting standards Consolidated Balance Sheet Adjustments (December 31, 2020 vs January 1, 2021) | Item | December 31, 2020 (CNY) | January 1, 2021 (CNY) | Adjustment Amount (CNY) | | :--- | :--- | :--- | :--- | | Fixed Assets | 10,490,694,725.39 | 10,372,121,132.23 | -118,573,593.16 | | Right-of-use Assets | 0 | 278,565,672.93 | 278,565,672.93 | | Lease Liabilities | 0 | 159,992,079.77 | 159,992,079.77 | | Total Assets | 32,009,125,052.26 | 32,169,117,132.03 | 159,992,079.77 | | Total Liabilities | 19,396,811,603.75 | 19,556,803,683.52 | 159,992,079.77 | Parent Company Balance Sheet Adjustments This section details the adjustments made to the parent company balance sheet as of January 1, 2021, due to the adoption of new lease accounting standards Parent Company Balance Sheet Adjustments (December 31, 2020 vs January 1, 2021) | Item | December 31, 2020 (CNY) | January 1, 2021 (CNY) | Adjustment Amount (CNY) | | :--- | :--- | :--- | :--- | | Right-of-use Assets | 0 | 159,992,079.77 | 159,992,079.77 | | Lease Liabilities | 0 | 159,992,079.77 | 159,992,079.77 | | Total Assets | 22,139,326,428.30 | 22,299,318,508.07 | 159,992,079.77 | | Total Liabilities | 21,102,646,384.14 | 21,262,638,463.91 | 159,992,079.77 |