中铝国际(601068) - 2020 Q3 - 季度财报

Important Notice The Board, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report Board of Directors, Supervisory Board, and Senior Management Guarantee Report Authenticity The Board, Supervisory Board, and senior management collectively assure the accuracy and completeness of the quarterly report - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content[7] - Company head Wu Jianqiang, chief accountant Zhang Jian, and head of accounting department Zhang Xiuyin guarantee the truthfulness, accuracy, and completeness of the financial statements[8] - This third-quarter report is unaudited[9] Company Profile This section provides key financial data and details on the company's shareholder structure as of the reporting period end Key Financial Data Total assets, net assets, operating cash flow, and revenue decreased, with net profit turning to a loss, and non-recurring gains totaling CNY 85.29 million Key Financial Data (Year-to-Date) | Metric | Current Period End / YTD (Jan-Sep) (CNY) | Prior Year End / Prior YTD (Jan-Sep) (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 55,185,175,858.01 | 55,999,463,120.62 | -1.45 | | Net Assets Attributable to Shareholders of Listed Companies | 10,384,364,384.07 | 11,322,059,940.65 | -8.28 | | Net Cash Flow from Operating Activities | -1,303,058,120.69 | -806,050,054.23 | -61.66 | | Operating Revenue | 16,375,848,864.71 | 20,970,677,719.67 | -21.91 | | Net Profit Attributable to Shareholders of Listed Companies | -179,038,206.51 | 22,050,225.58 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Companies (Excluding Non-Recurring Gains and Losses) | -264,332,834.45 | 41,445,715.43 | Not Applicable | | Weighted Average Return on Net Assets (%) | -3.26 | -0.09 | Decreased 3.17 percentage points | | Basic Earnings Per Share (CNY/share) | -0.09 | -0.003 | -2,900 | Non-Recurring Gains and Losses (Year-to-Date) | Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 6,873,635.56 | | Government Subsidies Included in Current Profit and Loss | 14,069,897.89 | | Fund Occupation Fees Collected from Non-Financial Enterprises Included in Current Profit and Loss | 28,502,336.69 | | Debt Restructuring Gains and Losses | 3,566,835.78 | | Reversal of Impairment Provisions for Accounts Receivable and Contract Assets Subject to Separate Impairment Testing | 1,634,284.93 | | Other Non-Operating Income and Expenses | 47,555,998.42 | | Impact on Minority Interests (After Tax) | -32,798.85 | | Income Tax Impact | -18,468,591.83 | | Total | 85,294,627.94 | Total Shareholders, Top Ten Shareholders, and Top Ten Non-Restricted Shareholders as of the End of the Reporting Period The company had 38,154 shareholders, with Aluminum Corporation of China Limited holding 73.56% and HKSCC Nominees Limited holding 13.5% - Total shareholders: 38,154 accounts[16] Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Aluminum Corporation of China Limited | 2,176,758,534.00 | 73.56 | 2,176,758,534.00 | State-owned Legal Person | | HKSCC Nominees Limited | 399,476,000.00 | 13.5 | 0 | Other | | Luoyang Nonferrous Metals Processing and Design Research Institute Co., Ltd. | 86,925,466.00 | 2.94 | 86,925,466.00 | State-owned Legal Person | - Aluminum Corporation of China Limited, together with its subsidiaries, holds a total of 2,283,179,000 shares, representing 77.16% of the company's total share capital[19] Total Preferred Shareholders, Top Ten Preferred Shareholders, and Top Ten Non-Restricted Preferred Shareholders as of the End of the Reporting Period This disclosure is not applicable as the company has no preferred shareholders Significant Events This section details significant changes in financial statement items, explains their causes, and provides a profit warning for the upcoming period Significant Changes in Major Accounting Statement Items and Financial Indicators of the Company and Their Reasons Significant changes occurred across financial statements, with decreased cash and revenue, increased long-term debt and PPP investments, and a shift to net loss, driven by the pandemic and market competition - Monetary funds decreased by 46.84% from the beginning of the period, primarily due to the redemption of USD 350 million senior perpetual bonds and payments for project progress and equipment procurement[22] - Other non-current assets increased by 93.26% from the beginning of the period, mainly due to increased construction investment in the Yunnan Miyu Expressway PPP project[22] - Other payables decreased by 50.53% from the beginning of the period, primarily due to the redemption of USD 350 million senior perpetual bonds issued at the end of 2016[22] - Long-term borrowings increased by 35.75% from the beginning of the period, mainly due to the company adjusting its long-term and short-term financing structure by increasing lower-interest long-term borrowings[22] - Operating revenue decreased by 21.91% year-on-year, primarily due to project suspensions caused by the COVID-19 pandemic at the beginning of the year and a significant decline in trade business volume[27] - Net profit attributable to parent company shareholders was -CNY 179.04 million, compared to CNY 22.05 million in the same period last year, mainly due to intense competition in the construction industry, reduced revenue from the pandemic, and increased credit impairment losses[27] - Net cash flow from operating activities decreased by 61.66% year-on-year, primarily due to project owners' tight liquidity and delayed collection plans impacted by the pandemic[28] - Net cash flow from investing activities decreased by 57.56% year-on-year, mainly because all construction funds for the Yunnan Miyu Expressway PPP project were classified as investing outflows[28] - Net cash flow from financing activities decreased by 92.51% year-on-year, primarily due to receiving capital for the PPP project while simultaneously redeeming senior USD perpetual bonds[28] Explanation of Significant Changes in Major Balance Sheet Items Balance sheet items show significant shifts, including decreased cash and notes receivable, alongside increased dividends receivable, non-current assets, and long-term borrowings, reflecting changes in financial management and investment Significant Changes in Major Balance Sheet Items | Item | September 30, 2020 (CNY) | December 31, 2019 (CNY) | Change Percentage | | :--- | :--- | :--- | :--- | | Monetary Funds | 5,329,530,425.20 | 10,025,925,365.07 | -46.84% | | Notes Receivable | 358,952,572.33 | 569,959,008.85 | -37.02% | | Dividends Receivable | 3,431,957.85 | 1,815,949.86 | 88.99% | | Non-Current Assets Due Within One Year | 615,571,061.86 | 405,403,386.22 | 51.84% | | Other Non-Current Assets | 6,658,467,272.76 | 3,445,379,547.40 | 93.26% | | Employee Compensation Payable | 138,448,603.80 | 200,663,502.30 | -31.00% | | Taxes Payable | 160,427,205.69 | 267,058,741.21 | -39.93% | | Other Payables | 2,462,978,097.80 | 4,979,140,933.59 | -50.53% | | Dividends Payable | 94,184,922.00 | 30,000,000.00 | 213.95% | | Long-Term Borrowings | 6,334,811,011.12 | 4,666,498,225.22 | 35.75% | | Deferred Income | 94,164,011.00 | 53,036,425.27 | 77.55% | Explanation of Significant Changes in Major Income Statement Items Income statement shows decreased revenue and costs, reduced financial expenses, increased other income and asset disposal gains, but negative impacts from investment income and credit impairment, resulting in a net loss Significant Changes in Major Income Statement Items (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Percentage | | :--- | :--- | :--- | :--- | | Operating Revenue | 16,375,848,864.71 | 20,970,677,719.67 | -21.91% | | Operating Costs | 14,925,915,221.99 | 19,079,057,805.17 | -21.77% | | Financial Expenses | 329,085,856.16 | 428,337,019.85 | -23.17% | | Other Income | 44,399,212.71 | 16,937,397.02 | 162.14% | | Investment Income | -14,844,709.19 | 10,274,597.36 | Not Applicable | | Credit Impairment Losses | 4,399,765.84 | -38,517,998.10 | Not Applicable | | Gains from Asset Disposal | 10,385,524.85 | 3,691,442.91 | 181.34% | | Non-Operating Income | 53,767,313.98 | 27,161,363.28 | 97.96% | | Non-Operating Expenses | 3,513,625.73 | 45,664,131.59 | -92.31% | | Net Profit Attributable to Parent Company Shareholders | -179,038,206.51 | 22,050,225.58 | Not Applicable | - Operating revenue decreased by 21.91% year-on-year, primarily due to project suspensions caused by the COVID-19 pandemic at the beginning of the year and a decline in trade business volume due to a shift to internal centralized procurement[27] - Net profit attributable to parent company shareholders was -CNY 179.04 million, primarily influenced by intense competition in the construction industry leading to decreased contract volume and gross profit margins, a significant decline in revenue due to the pandemic, and increased credit impairment losses[27] Explanation of Significant Changes in Major Cash Flow Statement Items Cash flow statement shows significant year-on-year decreases in net cash from operating, investing, and financing activities, driven by pandemic-related collection delays, increased PPP investments, and perpetual bond redemption Significant Changes in Major Cash Flow Statement Items (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Percentage | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,303,058,120.69 | -806,050,054.23 | -61.66% | | Net Cash Flow from Investing Activities | -2,969,235,092.60 | -1,884,555,814.92 | -57.56% | | Net Cash Flow from Financing Activities | 95,521,737.14 | 1,275,774,323.89 | -92.51% | - Net cash flow from operating activities decreased by 61.66% year-on-year, mainly due to the adverse impact of the pandemic, leading to tight liquidity for project owners and delayed collection plans[28] - Net cash flow from investing activities decreased by 57.56% year-on-year, mainly because all construction funds for the Yunnan Miyu Expressway PPP project were classified as investing outflows[28] - Net cash flow from financing activities decreased by 92.51% year-on-year, mainly due to receiving CNY 2.6 billion in capital for the Yunnan Miyu Expressway PPP project during the current period, while also redeeming USD 350 million senior perpetual bonds issued at the end of 2016[28] Analysis and Explanation of the Progress, Impact, and Solutions for Significant Events There were no overdue unfulfilled commitments during the current reporting period Overdue Unfulfilled Commitments During the Reporting Period No overdue unfulfilled commitments were present during the reporting period Warning and Explanation Regarding Potential Cumulative Net Profit Loss or Significant Change Compared to the Same Period Last Year from the Beginning of the Year to the End of the Next Reporting Period Management anticipates a cumulative net profit loss for the next reporting period due to the COVID-19 pandemic, intense construction industry competition, and increased credit impairment losses from difficult receivable collections - The company anticipates a potential cumulative net profit loss attributable to shareholders of listed companies from the beginning of the year to the end of the next reporting period[31] - Primary reason: The COVID-19 pandemic at the beginning of the year caused project suspensions or slow resumptions domestically and internationally, severely impacting overall output value targets and leading to a significant year-on-year decline in operating revenue[31] - Primary reason: Intense competition in the construction industry led to a year-on-year decrease in both the company's total contract volume and gross profit margin for the current year[31] - Primary reason: The macroeconomic environment resulted in tight liquidity for project owners and difficulties in collecting receivables, leading to a year-on-year increase in credit impairment losses recognized this year[31] Appendix This appendix provides the unaudited financial statements, including balance sheets, income statements, and cash flow statements, along with notes on new accounting standards Financial Statements This section presents the unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for the reporting period Consolidated Balance Sheet As of September 30, 2020, consolidated total assets were CNY 55.19 billion, with total liabilities at CNY 38.03 billion and equity attributable to parent company owners at CNY 10.38 billion Consolidated Balance Sheet Key Data (September 30, 2020 vs December 31, 2019) | Item | September 30, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Total Assets | 55,185,175,858.01 | 55,999,463,120.62 | | Total Current Assets | 41,003,607,066.83 | 44,789,901,249.74 | | Total Non-Current Assets | 14,181,568,791.18 | 11,209,561,870.88 | | Total Liabilities | 38,034,755,442.92 | 40,604,083,169.79 | | Total Current Liabilities | 30,900,830,851.45 | 35,191,262,318.54 | | Total Non-Current Liabilities | 7,133,924,591.47 | 5,412,820,851.25 | | Total Equity Attributable to Parent Company Owners | 10,384,364,384.07 | 11,322,059,940.65 | | Minority Interests | 6,766,056,031.02 | 4,073,320,010.18 | Parent Company Balance Sheet As of September 30, 2020, parent company total assets were CNY 19.52 billion, with total liabilities at CNY 12.60 billion and total owner's equity at CNY 6.92 billion Parent Company Balance Sheet Key Data (September 30, 2020 vs December 31, 2019) | Item | September 30, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Total Assets | 19,523,500,030.04 | 18,940,794,370.80 | | Total Current Assets | 12,106,666,590.92 | 11,395,850,819.17 | | Total Non-Current Assets | 7,416,833,439.12 | 7,544,943,551.63 | | Total Liabilities | 12,604,192,053.01 | 11,558,383,139.07 | | Total Current Liabilities | 8,500,348,768.01 | 8,564,629,139.07 | | Total Non-Current Liabilities | 4,103,843,285.00 | 2,993,754,000.00 | | Total Owner's Equity | 6,919,307,977.03 | 7,382,411,231.73 | Consolidated Income Statement For the first three quarters of 2020, consolidated operating revenue was CNY 16.38 billion (down 21.91%), with net profit attributable to parent company shareholders turning to a loss of CNY 179 million Consolidated Income Statement Key Data (Q1-Q3 2020 vs Q1-Q3 2019) | Item | Q1-Q3 2020 (Jan-Sep) (CNY) | Q1-Q3 2019 (Jan-Sep) (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 16,375,848,864.71 | 20,970,677,719.67 | | Total Operating Costs | 16,470,206,001.72 | 20,708,924,498.91 | | Operating Profit | -50,017,342.80 | 254,303,109.95 | | Total Profit | 236,345.45 | 235,800,341.64 | | Net Profit | -85,087,661.58 | 158,821,100.15 | | Net Profit Attributable to Parent Company Shareholders | -179,038,206.51 | 22,050,225.58 | | Minority Interest Income/Loss | 93,950,544.93 | 136,770,874.57 | | Basic Earnings Per Share (CNY/share) | -0.09 | -0.003 | Parent Company Income Statement For the first three quarters of 2020, parent company operating revenue increased to CNY 1.30 billion, with net profit significantly rising to CNY 173 million Parent Company Income Statement Key Data (Q1-Q3 2020 vs Q1-Q3 2019) | Item | Q1-Q3 2020 (Jan-Sep) (CNY) | Q1-Q3 2019 (Jan-Sep) (CNY) | | :--- | :--- | :--- | | Operating Revenue | 1,304,136,808.48 | 668,003,130.39 | | Operating Costs | 1,258,774,500.81 | 585,571,889.70 | | Financial Expenses | 16,589,362.79 | 168,220,791.49 | | Investment Income | 355,844,409.75 | 270,195,718.16 | | Credit Impairment Losses | -65,149,745.85 | -14,469,606.11 | | Operating Profit | 163,004,607.77 | 2,156,516.78 | | Net Profit | 172,995,435.82 | 7,709,292.19 | | Net Other Comprehensive Income After Tax | 5,832,915.00 | 13,760,369.98 | | Total Comprehensive Income | 178,828,350.82 | 21,469,662.17 | Consolidated Cash Flow Statement For the first three quarters of 2020, consolidated net cash flow from operating activities was -CNY 1.30 billion, investing activities -CNY 2.97 billion, and financing activities CNY 96 million Consolidated Cash Flow Statement Key Data (Q1-Q3 2020 vs Q1-Q3 2019) | Item | Q1-Q3 2020 (Jan-Sep) (CNY) | Q1-Q3 2019 (Jan-Sep) (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,303,058,120.69 | -806,050,054.23 | | Net Cash Flow from Investing Activities | -2,969,235,092.60 | -1,884,555,814.92 | | Net Cash Flow from Financing Activities | 95,521,737.14 | 1,275,774,323.89 | | Net Increase in Cash and Cash Equivalents | -4,177,705,875.54 | -1,397,015,517.87 | | Cash and Cash Equivalents at Period End | 4,942,789,574.62 | 4,434,565,998.07 | Parent Company Cash Flow Statement For the first three quarters of 2020, parent company net cash flow from operating activities was -CNY 366 million, investing activities -CNY 403 million, and financing activities -CNY 76 million Parent Company Cash Flow Statement Key Data (Q1-Q3 2020 vs Q1-Q3 2019) | Item | Q1-Q3 2020 (Jan-Sep) (CNY) | Q1-Q3 2019 (Jan-Sep) (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -365,958,264.09 | -1,161,169,254.18 | | Net Cash Flow from Investing Activities | -402,614,835.25 | -492,123,831.61 | | Net Cash Flow from Financing Activities | -75,599,141.40 | 565,667,204.70 | | Net Increase in Cash and Cash Equivalents | -841,427,529.90 | -1,087,512,308.57 | | Cash and Cash Equivalents at Period End | 1,478,456,451.74 | 1,096,673,810.03 | Information on Adjustments to Financial Statements at the Beginning of the First Year of Application of New Revenue Recognition and Lease Accounting Standards from 2020 This reporting period does not involve adjustments to financial statements for the initial application of new revenue and lease accounting standards Explanation of Retrospective Adjustments to Prior Period Comparative Data for the First-Time Application of New Revenue Recognition and Lease Accounting Standards from 2020 This reporting period does not require retrospective adjustments to prior comparative data for new revenue and lease accounting standards Audit Report An audit report is not applicable for this unaudited quarterly report