柳钢股份(601003) - 2023 Q1 - 季度财报

Report Overview Important Content Notice The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, with financial statements unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content, free from false records, misleading statements, or major omissions[3] - The company's head, chief accountant, and head of the accounting department guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[4] - The first quarter financial statements are unaudited[5] Key Financial Data Key Accounting Data and Financial Indicators In Q1 2023, revenue decreased by 25.25% year-over-year, but net profit attributable to shareholders and non-recurring net profit turned positive, while operating cash flow significantly declined by 88.45% 2023 Q1 Key Accounting Data and Financial Indicators | Item | Current Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 17,164,681,585.71 | -25.25 | | Net Profit Attributable to Shareholders | 268,630,961.95 | N/A | | Net Profit Attributable to Shareholders After Non-recurring Items | 161,403,591.18 | N/A | | Net Cash Flow from Operating Activities | 11,095,082.39 | -88.45 | | Basic Earnings Per Share (CNY/share) | 0.10 | N/A | | Diluted Earnings Per Share (CNY/share) | 0.10 | N/A | | Weighted Average Return on Net Assets (%) | 2.70 | N/A | | Item | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-End (%) | | Total Assets | 74,631,395,552.88 | 71,412,255,338.10 | 4.51 | | Owners' Equity Attributable to Shareholders | 10,081,744,756.66 | 9,814,684,776.71 | 2.72 | Non-recurring Gains and Losses Items and Amounts Total non-recurring gains and losses for the period amounted to 107.23 million CNY, primarily from government subsidies and other non-operating income/expenses, net of tax and minority interest impacts 2023 Q1 Non-recurring Gains and Losses Items and Amounts | Item | Current Period Amount (CNY) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 193,858,430.20 | | Other non-operating income and expenses apart from the above | 2,670,608.18 | | Less: Income tax impact | 29,479,355.76 | | Minority interest impact (after tax) | 59,822,311.85 | | Total | 107,227,370.77 | Changes and Reasons for Key Accounting Data and Financial Indicators Operating revenue decreased by 25.25% due to lower sales volume and prices, while net profits and EPS turned positive due to reduced operating costs, and operating cash flow significantly declined by 88.45% from decreased sales revenue Changes and Reasons for Key Accounting Data and Financial Indicators | Item Name | Change (%) | Primary Reason | | :--- | :--- | :--- | | Operating Revenue | -25.25 | Primarily due to a year-over-year decrease in sales volume and prices | | Net Profit Attributable to Shareholders Before Non-recurring Items | N/A | Primarily due to a decrease in operating costs | | Net Profit Attributable to Shareholders After Non-recurring Items | N/A | Primarily due to a decrease in operating costs | | Net Cash Flow from Operating Activities | -88.45 | Primarily due to a decrease in sales revenue | | Basic Earnings Per Share | N/A | Primarily due to a decrease in operating costs | | Diluted Earnings Per Share | N/A | Primarily due to a decrease in operating costs | Shareholder Information Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 42,493 common shareholders, with Guangxi Liuzhou Iron and Steel Group Co., Ltd. as the controlling shareholder holding 74.57%, and director Wang Wenhui holding 8.08%, mostly pledged - The total number of common shareholders at the end of the reporting period was 42,493[11] Top 10 Shareholders' Holdings (Selected) | Shareholder Name | Shareholder Nature | Number of Shares Held | Shareholding (%) | Pledged, Marked, or Frozen Status (Shares/Amount) | | :--- | :--- | :--- | :--- | :--- | | Guangxi Liuzhou Iron and Steel Group Co., Ltd. | State-owned Legal Entity | 1,910,963,595 | 74.57 | None | | Wang Wenhui | Domestic Natural Person | 207,006,488 | 8.08 | Pledged 203,469,540 | - Guangxi Liuzhou Iron and Steel Group Co., Ltd. is the company's controlling shareholder, and Wang Wenhui is a company director[12] Other Reminders Other Important Information Regarding the Company's Operating Performance During the Reporting Period Requiring Investor Attention The company has not disclosed any other significant operating information for the reporting period that requires investor attention - The company states there is no other important operating information for the reporting period requiring investor attention[13] Quarterly Financial Statements Type of Audit Opinion This quarterly financial statement has not been audited - This quarterly financial statement is unaudited[13] Consolidated Financial Statements This section presents the company's consolidated balance sheet, income statement, and cash flow statement, reflecting its overall financial position, operating results, and cash flow Consolidated Balance Sheet As of March 31, 2023, total assets increased by 4.51% to 74.63 billion CNY from year-end 2022, with current assets up 13.97%, total liabilities up 6.05%, and owners' equity up 1.17% Consolidated Balance Sheet Key Data (March 31, 2023 vs December 31, 2022) | Item | March 31, 2023 (CNY) | December 31, 2022 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 74,631,395,552.88 | 71,412,255,338.10 | 4.51 | | Total Current Assets | 26,560,709,863.29 | 23,304,846,310.46 | 13.97 | | Total Non-current Assets | 48,070,685,689.59 | 48,107,409,027.64 | -0.08 | | Total Liabilities | 51,804,474,157.55 | 48,849,797,486.73 | 6.05 | | Total Owners' Equity | 22,826,921,395.33 | 22,562,457,851.37 | 1.17 | - Cash and cash equivalents decreased from 8.76 billion CNY to 7.78 billion CNY, while notes receivable, prepayments, and inventories significantly increased[13] - Long-term borrowings increased from 20.36 billion CNY to 22.27 billion CNY, and accounts payable increased from 10.79 billion CNY to 11.89 billion CNY[14] Consolidated Income Statement In Q1 2023, total operating revenue decreased by 25.25% year-over-year, but effective cost control led to an operating profit of 263.16 million CNY and a net profit of 265.83 million CNY, reversing the prior year's loss, with net profit attributable to parent company shareholders at 268.63 million CNY and basic EPS of 0.10 CNY/share Consolidated Income Statement Key Data (2023 Q1 vs 2022 Q1) | Item | 2023 Q1 (CNY) | 2022 Q1 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 17,164,681,585.71 | 22,962,471,797.25 | -25.25 | | Total Operating Costs | 17,100,030,443.78 | 23,746,223,982.90 | -27.99 | | Operating Profit | 263,159,594.96 | -775,901,640.00 | Turned Loss into Profit | | Total Profit | 265,830,203.14 | -787,089,808.80 | Turned Loss into Profit | | Net Profit | 265,830,203.14 | -787,089,808.80 | Turned Loss into Profit | | Net Profit Attributable to Parent Company Shareholders | 268,630,961.95 | -511,807,156.46 | Turned Loss into Profit | | Basic Earnings Per Share (CNY/share) | 0.10 | -0.20 | Turned Loss into Profit | - Other income significantly increased from 7.86 million CNY to 198 million CNY[18] - Selling expenses, administrative expenses, and research and development expenses all decreased year-over-year[17] Consolidated Cash Flow Statement In Q1 2023, net cash flow from operating activities significantly decreased by 88.45% to 11.10 million CNY due to reduced sales, while investment cash outflows substantially increased, and net cash from financing activities remained positive despite a decrease, leading to a negative net increase in cash and cash equivalents and a lower period-end balance Consolidated Cash Flow Statement Key Data (2023 Q1 vs 2022 Q1) | Item | 2023 Q1 (CNY) | 2022 Q1 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 11,095,082.39 | 96,045,516.47 | -88.45 | | Net Cash Flow from Investing Activities | -1,015,643,635.40 | -168,013,589.33 | -504.54 | | Net Cash Flow from Financing Activities | 228,273,305.85 | 2,012,033,013.02 | -88.64 | | Net Increase in Cash and Cash Equivalents | -776,047,741.41 | 1,940,748,981.90 | Shifted from Positive to Negative | | Cash and Cash Equivalents at Period End | 7,757,619,532.64 | 5,963,047,781.64 | 30.09 | - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets significantly increased from 168 million CNY to 1.02 billion CNY[19] - Cash received from borrowings decreased from 6.12 billion CNY to 3.55 billion CNY[20] Parent Company Financial Statements This section presents the parent company's balance sheet, income statement, and cash flow statement, reflecting its independent financial position, operating results, and cash flow Parent Company Balance Sheet As of March 31, 2023, the parent company's total assets increased by 5.67% to 39.51 billion CNY from year-end 2022, with current assets up 13.04%, total liabilities up 6.79%, and owners' equity up 2.66% Parent Company Balance Sheet Key Data (March 31, 2023 vs December 31, 2022) | Item | March 31, 2023 (CNY) | December 31, 2022 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 39,505,822,595.37 | 37,384,069,106.33 | 5.67 | | Total Current Assets | 19,109,076,520.53 | 16,904,669,703.42 | 13.04 | | Total Non-current Assets | 20,396,746,074.84 | 20,479,399,402.91 | -0.40 | | Total Liabilities | 29,117,714,682.11 | 27,265,217,862.36 | 6.79 | | Total Owners' Equity | 10,388,107,913.26 | 10,118,851,243.97 | 2.66 | - Cash and cash equivalents decreased from 8.19 billion CNY to 7.10 billion CNY, while notes receivable, prepayments, and inventories significantly increased[21] - Short-term borrowings increased from 1.29 billion CNY to 1.80 billion CNY, and accounts payable increased from 4.67 billion CNY to 6.12 billion CNY[22] Parent Company Income Statement In Q1 2023, the parent company's operating revenue decreased by 4.93% year-over-year, but effective cost control and increased non-operating income led to a net profit of 271.00 million CNY, reversing the prior year's loss Parent Company Income Statement Key Data (2023 Q1 vs 2022 Q1) | Item | 2023 Q1 (CNY) | 2022 Q1 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 12,460,112,246.56 | 13,106,682,164.19 | -4.93 | | Operating Profit | 270,003,790.24 | -285,263,819.78 | Turned Loss into Profit | | Total Profit | 271,000,516.62 | -300,036,283.78 | Turned Loss into Profit | | Net Profit | 271,000,516.62 | -300,036,283.78 | Turned Loss into Profit | - Other income significantly increased from 6.70 million CNY to 70.03 million CNY[25] - Selling expenses, administrative expenses, and research and development expenses all decreased year-over-year[24] Parent Company Cash Flow Statement In Q1 2023, the parent company's net cash flow from operating activities shifted from positive to negative, reaching -1.06 billion CNY, while investment cash outflows increased, and net cash from financing activities remained positive despite a decrease, resulting in a negative net increase in cash and cash equivalents and a lower period-end balance Parent Company Cash Flow Statement Key Data (2023 Q1 vs 2022 Q1) | Item | 2023 Q1 (CNY) | 2022 Q1 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,056,521,618.19 | 251,343,450.92 | Shifted from Positive to Negative | | Net Cash Flow from Investing Activities | -143,024,678.12 | -29,660,432.82 | -382.21 | | Net Cash Flow from Financing Activities | 321,512,053.92 | 1,414,053,559.38 | -77.29 | | Net Increase in Cash and Cash Equivalents | -877,747,263.27 | 1,636,078,327.61 | Shifted from Positive to Negative | | Cash and Cash Equivalents at Period End | 7,085,315,938.03 | 5,130,096,499.18 | 38.11 | - Cash received from sales of goods and provision of services increased by 14.00% year-over-year[27] - Cash paid for other operating activities significantly increased from 118 million CNY to 1.11 billion CNY[27] Accounting Standard Adjustments First-time Adoption of New Accounting Standards or Interpretations The company states that the first-time adoption of new accounting standards or interpretations from 2023 did not require adjustments to the financial statements at the beginning of the first year of adoption - The first-time adoption of new accounting standards or interpretations from 2023 did not involve adjustments to the financial statements at the beginning of the first year of adoption[28]