重庆水务(601158) - 2020 Q1 - 季度财报

Important Notice This section confirms the report's authenticity and audit status, emphasizing management's responsibility for its content Report Authenticity and Audit Status The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, assuming corresponding legal responsibilities; the report was approved by all directors but remains unaudited - Company management guarantees the truthfulness, accuracy, and completeness of this report, free from false records, misleading statements, or major omissions[3] - This company's Q1 2020 report is unaudited[3] Company Overview This section provides an overview of the company's key financial performance, shareholder structure, and preferred share status for the reporting period Key Financial Data In Q1 2020, the company's operating revenue reached 1.136 billion yuan, growing by 2.74%, while net profit attributable to shareholders significantly decreased by 20.69% to 269 million yuan, with non-recurring adjusted net profit down 23.45% and basic EPS at 0.06 yuan, a 14.29% decline Key Financial Indicators for Q1 2020 | Indicator | Current Period | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 1,135,621,880.52 | 1,105,310,883.77 | 2.74% | | Net Profit Attributable to Shareholders (Yuan) | 268,543,628.03 | 338,584,192.42 | -20.69% | | Non-recurring Net Profit Attributable to Shareholders (Yuan) | 237,830,023.32 | 310,667,825.97 | -23.45% | | Net Cash Flow from Operating Activities (Yuan) | 420,139,659.53 | 466,692,105.84 | -9.97% | | Basic Earnings Per Share (Yuan/share) | 0.06 | 0.07 | -14.29% | | Weighted Average Return on Net Assets (%) | 1.77% | 2.29% | Decrease of 0.52 percentage points | Non-recurring Gains and Losses for Q1 2020 | Item | Current Period Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -3,786,884.07 | | Government Subsidies Included in Current P&L | 13,787,133.39 | | Gains/Losses from Entrusted Investments or Asset Management | 4,030,000.00 | | Custody Fee Income from Entrusted Operations | 4,078,296.02 | | Other Non-operating Income and Expenses | 18,047,675.13 | | Total | 30,713,604.71 | Shareholder Ownership As of the end of the reporting period, the company had 42,959 shareholders, with the top two state-owned legal entities, Chongqing Derun Environment Co., Ltd. and Chongqing Water Assets Management Co., Ltd., holding a combined 88.56% and acting in concert - As of the end of the reporting period, the company had 42,959 shareholders[7] Top Ten Shareholders' Holdings | Shareholder Name | Number of Shares Held | Percentage (%) | | :--- | :--- | :--- | | Chongqing Derun Environment Co., Ltd. | 2,401,800,000 | 50.04 | | Chongqing Water Assets Management Co., Ltd. | 1,849,160,689 | 38.52 | | China Securities Finance Co., Ltd. | 114,293,591 | 2.38 | | Central Huijin Asset Management Co., Ltd. | 26,953,900 | 0.56 | - The company's top two shareholders, Chongqing Derun Environment Co., Ltd. and Chongqing Water Assets Management Co., Ltd., are considered parties acting in concert under the "Measures for the Administration of the Takeover of Listed Companies"[8] Preferred Shareholder Status At the end of the reporting period, the company had no preferred shareholders - The company has no preferred shareholders[8] Significant Events This section details major changes in financial statement items and indicators, along with the progress of significant corporate actions during the reporting period Analysis of Significant Changes in Key Financial Statement Items and Indicators During the reporting period, several financial statement items underwent significant changes, including an 86.67% increase in monetary funds due to a 2 billion yuan bond issuance, a 76.72% decrease in accounts receivable reclassified as contract assets under new revenue standards, a shift in financial expenses from negative to positive due to exchange losses, and a 1385.05% decrease in other comprehensive income from fair value changes of other equity instruments Key Balance Sheet Items with Significant Changes | Statement Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Monetary Funds | 86.67% | Due to issuance of 2 billion yuan corporate bonds | | Accounts Receivable | -76.72% | Implementation of new revenue standards, partly reclassified to contract assets | | Other Receivables | -72.88% | Recovery of 400 million yuan principal from matured entrusted wealth management | | Other Non-current Assets | -61.92% | Completion of 20% equity acquisition of Zhongzhou Water, reclassified to long-term equity investment | | Short-term Borrowings | -100.00% | Repayment of one-year bank loans | | Bonds Payable | Not applicable | New issuance of 2 billion yuan corporate bonds | Key Income Statement Items with Significant Changes | Statement Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Financial Expenses | Not applicable | Exchange rate fluctuations led to exchange losses of 13.67 million yuan on foreign currency borrowings, compared to exchange gains in the prior year | | Investment Income | -38.53% | Due to changes in operating performance of investees | | Non-operating Expenses | 160.97% | Net loss from disposal of fixed assets increased compared to the prior year | | Minority Interest Income/Loss | 654.87% | Net profit of controlled subsidiaries increased compared to the prior year | | Other Comprehensive Income | -1,385.05% | Due to changes in public quotes of other equity instruments in active markets | Progress of Significant Events On March 10, 2020, the company successfully completed the issuance of its first tranche of 2 billion yuan corporate bonds with a 5-year term and a 3.37% coupon rate, which began trading on the Shanghai Stock Exchange on March 18 - The company completed the issuance of "20 Yu Shui 01" corporate bonds, totaling 2 billion yuan with a 5-year term and an annual interest rate of 3.37%[13] Appendix This section provides the company's unaudited financial statements for the first quarter of 2020, along with explanations for adjustments made due to the first-time adoption of new accounting standards Financial Statements This appendix includes the company's unaudited Q1 2020 consolidated and parent company balance sheets, income statements, and cash flow statements Consolidated Balance Sheet As of March 31, 2020, total assets were 23.24 billion yuan, a 7.03% increase from year-end, with net assets attributable to shareholders at 15.275 billion yuan, up 0.84%, and total liabilities at 7.94 billion yuan, primarily due to a new 2 billion yuan in bonds payable Key Consolidated Balance Sheet Items (Unit: Billion Yuan) | Item | March 31, 2020 | December 31, 2019 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 23.24 | 21.713 | +7.03% | | Total Liabilities | 7.94 | 6.542 | +21.37% | | Equity Attributable to Parent Company Owners | 15.275 | 15.147 | +0.84% | Consolidated Income Statement In Q1 2020, the company achieved total operating revenue of 1.136 billion yuan, a 2.74% increase, while total operating costs rose by 10.17% to 916 million yuan, mainly due to increased financial expenses, resulting in a net profit attributable to parent company shareholders of 269 million yuan, a 20.69% decrease Key Consolidated Income Statement Items (Unit: Billion Yuan) | Item | Q1 2020 | Q1 2019 | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1.136 | 1.105 | +2.74% | | Total Operating Costs | 0.916 | 0.831 | +10.17% | | Total Profit | 0.285 | 0.362 | -21.29% | | Net Profit Attributable to Parent Company Shareholders | 0.269 | 0.339 | -20.69% | Consolidated Cash Flow Statement During the reporting period, net cash flow from operating activities was 420 million yuan, a 9.97% decrease, while investing activities resulted in a net outflow of 48 million yuan, and financing activities generated a net inflow of 1.573 billion yuan from bond issuance, leading to a significant increase in cash and cash equivalents to 4.149 billion yuan at period-end Consolidated Cash Flow Statement Overview (Unit: Billion Yuan) | Item | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 0.42 | 0.467 | | Net Cash Flow from Investing Activities | -0.048 | 0.216 | | Net Cash Flow from Financing Activities | 1.573 | -0.006 | | Cash and Cash Equivalents at Period-End | 4.149 | 4.039 | Explanation of First-Time Adoption Adjustments for New Accounting Standards Effective January 1, 2020, the company adopted new revenue standards, adjusting opening financial statements by reclassifying 72.3791 million yuan from "Accounts Receivable" to "Contract Assets" and 755.245 million yuan from "Advances from Customers" to "Contract Liabilities," with no impact on total assets, total liabilities, or net assets - The company adjusted its financial statements as of January 1, 2020, due to the adoption of new revenue standards[32] Impact of New Revenue Standards on Opening Consolidated Balance Sheet | Item | Amount Before Adjustment (Yuan) | Adjustment Amount (Yuan) | Amount After Adjustment (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 968,998,838.67 | -72,379,053.49 | 896,619,785.18 | | Contract Assets | 0.00 | +72,379,053.49 | 72,379,053.49 | | Advances from Customers | 755,245,035.79 | -755,245,035.79 | 0.00 | | Contract Liabilities | 0.00 | +755,245,035.79 | 755,245,035.79 | Audit Report This quarterly report is unaudited - This quarterly financial report is unaudited[39]