电投产融(000958) - 2019 Q1 - 季度财报

Important Notice The board, supervisory board, and senior management ensure the report's accuracy and completeness, with all directors attending the review meeting - 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, with all directors attending the review meeting[2] Company Profile This section provides an overview of the company's key financial data, indicators, and shareholder structure for the reporting period Key Accounting Data and Financial Indicators In Q1 2019, operating revenue grew by 5.95% to 930 million RMB, net profit increased by 4.03% to 99.97 million RMB, while operating cash flow turned negative, and total assets reached 11.95 billion RMB Key Financial Indicators for Q1 2019 | Indicator | Current Period | Prior Year Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 930,194,031.10 | 877,920,176.71 | 5.95% | | Net Profit Attributable to Shareholders (RMB) | 99,969,617.93 | 96,095,528.39 | 4.03% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains and Losses (RMB) | 97,671,914.32 | 64,640,527.83 | 51.10% | | Net Cash Flow from Operating Activities (RMB) | -131,425,948.95 | 643,708,363.85 | -120.42% | | Basic Earnings Per Share (RMB/share) | 0.09 | 0.09 | 0.00% | | Weighted Average Return on Net Assets | 3.76% | 3.54% | 0.22% | | Indicator | End of Current Period | End of Prior Year | Year-over-Year Change | | Total Assets (RMB) | 11,947,254,174.62 | 10,811,355,424.73 | 10.51% | | Net Assets Attributable to Shareholders (RMB) | 2,682,275,897.32 | 2,637,419,940.69 | 1.70% | - During the reporting period, the company's non-recurring gains and losses totaled 2.30 million RMB, primarily from government subsidies and other defined profit and loss items[5] Shareholder Information As of the end of the reporting period, the company had 76,397 common shareholders, with the top two shareholders holding nearly 40% combined, indicating concentrated ownership - As of the end of the reporting period, the company had a total of 76,397 common shareholders[7] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | State Power Investment Corporation Limited | State-owned Legal Person | 33.37% | 367,816,000 | | SPIC Hebei Electric Power Co., Ltd. | State-owned Legal Person | 6.02% | 66,311,196 | | Li Liang | Domestic Natural Person | 0.31% | 3,380,000 | | Li Xiuying | Domestic Natural Person | 0.28% | 3,065,601 | | Ye Xiangdong | Domestic Natural Person | 0.27% | 3,000,000 | - State Power Investment Corporation Limited, the largest shareholder, is the controlling shareholder of SPIC Hebei Electric Power Co., Ltd., the second-largest shareholder[8] Significant Events This section details significant financial data changes and other important matters during the reporting period, including the absence of unfulfilled commitments or specific investment activities Analysis of Major Financial Data and Indicator Changes Significant changes in financial data include substantial increases in receivables and borrowings, and a surge in cash paid for other financing activities Changes in Major Financial Data and Reasons | Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Notes Receivable | 748.68% | Primarily due to increased notes receivable from Liangcun Thermal Power and Dacheng | | Other Receivables | 122.66% | Primarily due to Changyuan Tianhuacheng paying 66 million RMB in financing lease deposits to Taiping Petrochemical | | Short-term Borrowings | 172.41% | Primarily due to the head office and Liangcun increasing short-term borrowings by 600 million RMB | | Long-term Payables | 392.07% | Primarily due to Zhineng Electric Power and Changyuan Tianhuacheng increasing financing lease payables by 523 million RMB | | Minority Interest Income/Loss | -61051.43% | Primarily due to the recognition of minority interest income/loss from Liangcun Thermal Power in the current period | | Cash Paid for Debt Repayment | -80.88% | Primarily due to the head office and Liangcun Thermal Power repaying large loans in the prior year period | | Cash Paid for Other Financing Activities | 81554.09% | Primarily due to Changyuan Tianhuacheng paying 66 million RMB in financing lease deposits to Taiping Petrochemical | Other Significant Matters During the reporting period, the company had no significant event progress, share repurchases, overdue unfulfilled commitments, or specific investment activities - During the reporting period, the company had no significant event progress, share repurchases, or overdue unfulfilled commitments[12] - The company did not forecast its operating performance for January-June 2019[13] - During the reporting period, the company had no securities investments, derivative investments, illegal external guarantees, or fund occupation by the controlling shareholder[14][15][16] Financial Statements This section presents the company's consolidated and parent company financial statements for Q1 2019, along with adjustments and audit status Consolidated Financial Statements This section provides the company's consolidated financial statements for Q1 2019, showing asset growth, slight revenue and profit increases, but significant operating cash outflow Consolidated Balance Sheet As of March 31, 2019, total assets were 11.95 billion RMB, total liabilities 8.26 billion RMB, and equity attributable to parent company owners 2.68 billion RMB Key Items from Consolidated Balance Sheet | Item | March 31, 2019 (RMB) | December 31, 2018 (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 11,947,254,174.62 | 10,811,355,424.73 | +10.51% | | Total Liabilities | 8,259,594,884.21 | 7,205,868,341.26 | +14.62% | | Total Equity Attributable to Parent Company Owners | 2,682,275,897.32 | 2,637,419,940.69 | +1.70% | Consolidated Income Statement In Q1 2019, total operating revenue grew by 5.95% to 930 million RMB, operating profit surged by 94.14% to 154 million RMB, and net profit attributable to parent company owners was 99.97 million RMB Key Items from Consolidated Income Statement | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 930,194,031.10 | 877,920,176.71 | +5.95% | | Operating Profit | 154,462,423.82 | 79,563,785.00 | +94.14% | | Total Profit | 156,836,041.31 | 111,065,375.43 | +41.21% | | Net Profit Attributable to Parent Company Owners | 99,969,617.93 | 96,095,528.39 | +4.03% | | Basic Earnings Per Share | 0.09 | 0.09 | 0.00% | Consolidated Cash Flow Statement Net cash flow from operating activities was -131 million RMB, a significant deterioration, with investing activities showing outflow and financing activities showing inflow Key Items from Consolidated Cash Flow Statement | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -131,425,948.95 | 643,708,363.85 | | Net Cash Flow from Investing Activities | -457,576,543.81 | -823,934,655.58 | | Net Cash Flow from Financing Activities | 677,821,388.04 | 465,378,223.42 | | Net Increase in Cash and Cash Equivalents | 56,348,170.75 | 285,151,931.69 | Parent Company Financial Statements This section provides the parent company's financial statements, showing a slight decrease in total assets, a turnaround to profitability in operating profit, and a large net outflow in operating cash flow Parent Company Balance Sheet As of March 31, 2019, parent company total assets were 4.97 billion RMB, total liabilities 2.26 billion RMB, and total owner's equity 2.71 billion RMB Key Items from Parent Company Balance Sheet | Item | March 31, 2019 (RMB) | December 31, 2018 (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 4,967,049,943.61 | 5,005,485,751.58 | -0.77% | | Total Liabilities | 2,256,689,221.62 | 2,269,571,252.26 | -0.57% | | Total Owner's Equity | 2,710,360,721.99 | 2,735,914,499.32 | -0.93% | Parent Company Income Statement In Q1 2019, parent company operating revenue grew by 3.06% to 464 million RMB, operating profit turned profitable at 27.31 million RMB, and net profit reached 29.56 million RMB Key Items from Parent Company Income Statement | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Operating Revenue | 464,264,479.47 | 450,460,777.85 | | Operating Profit | 27,312,778.26 | -9,055,223.19 | | Net Profit | 29,559,883.97 | 22,196,033.90 | Parent Company Cash Flow Statement Net cash flow from operating activities for the parent company was -86 million RMB, a significant decrease, with investing activities showing outflow and financing activities showing inflow Key Items from Parent Company Cash Flow Statement | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -86,400,527.36 | 651,461,923.64 | | Net Cash Flow from Investing Activities | -124,246,676.93 | -288,299,695.26 | | Net Cash Flow from Financing Activities | 188,608,305.55 | -305,584,146.88 | Notes on Financial Statement Adjustments Effective January 1, 2019, the company adopted new financial instrument standards, reclassifying an investment with no significant impact on opening financial statement data - The company first adopted the new financial instrument standards on January 1, 2019, and adjusted relevant items in the financial statements at the beginning of the year of first adoption[37] - Specifically, an available-for-sale financial asset in Mengxian Dongfang Zhenxing Coal Industry Co., Ltd., with a carrying amount of 0 RMB under the old standards, was reclassified to other equity instrument investments under the new standards, with its carrying amount remaining 0 RMB[39][41] Audit Report The company's Q1 2019 report is unaudited - This quarterly report is unaudited[42]