佛燃能源(002911) - 2021 Q3 - 季度财报

Main Financial Data The company reported significant operating revenue growth of 90.23% in Q1-Q3 2021, while net profit remained flat, total assets increased by 53.76% due to consolidation, and operating cash flow sharply declined by 99.32% Key Accounting Data and Financial Indicators In the first three quarters of 2021, the company's operating revenue significantly increased by 90.23%, but net profit attributable to shareholders remained almost flat, with a slight increase of only 0.08%, total assets significantly rose by 53.76% due to an expanded consolidation scope, while net cash flow from operating activities sharply decreased by 99.32% Key Financial Indicators for Q1-Q3 2021 | Indicator | Year-to-Date as of Reporting Period End | YoY Change | | :--- | :--- | :--- | | Operating Revenue (RMB) | 9,631,213,188.85 | 90.23% | | Net Profit Attributable to Shareholders (RMB) | 393,045,369.02 | 0.08% | | Net Cash Flow from Operating Activities (RMB) | 5,507,999.27 | -99.32% | | Basic Earnings Per Share (RMB/share) | 0.4158 | 0.07% | | Total Assets (RMB) | 13,298,215,126.47 | 53.76% (compared to end of previous year) | | Shareholders' Equity Attributable to Parent (RMB) | 3,422,692,540.16 | 2.23% (compared to end of previous year) | Non-Recurring Gains and Losses Items and Amounts In the first three quarters of 2021, the company's total non-recurring gains and losses amounted to RMB 11.43 million, primarily from government grants and capital occupation fees collected from non-financial enterprises Non-Recurring Gains and Losses Items for Q1-Q3 2021 | Item | Year-to-Date Amount as of Reporting Period End (RMB) | | :--- | :--- | | Government Grants Included in Current Period P&L | 9,656,573.87 | | Capital Occupation Fees from Non-Financial Enterprises Included in Current Period P&L | 7,214,600.96 | | Net Other Non-Operating Income and Expenses | 2,004,334.50 | | Total | 11,429,020.82 | Analysis of Changes in Key Financial Indicators During the reporting period, the significant increase in operating revenue was primarily due to increased natural gas sales and business expansion from newly acquired subsidiaries, the growth in total assets resulted from an expanded consolidation scope leading to increased non-current assets, and the sharp decline in net cash flow from operating activities was attributed to increased cash outflows for purchasing goods and receiving services - Operating revenue increased by 90.23% year-over-year, primarily due to increased natural gas sales and business expansion from newly added subsidiaries[7] - Net cash flow from operating activities decreased by 99.32% year-over-year, mainly due to increased cash outflows for purchasing goods and receiving services during the reporting period[7] - Total assets increased by 53.76% compared to the end of the previous year, primarily due to the addition of consolidated subsidiaries and an increase in non-current assets during the reporting period[7] Shareholder Information As of the reporting period end, the company had 26,603 common shareholders, with a highly concentrated equity structure where the top two shareholders collectively hold over 80% of the shares Common Shareholder Count and Top Ten Shareholder Holdings As of the end of the reporting period, the company had 26,603 common shareholders, and the equity structure is highly concentrated, with the top two shareholders, Foshan Gas Group Co., Ltd. (state-owned legal entity) and Towngas Investment Co., Ltd. (domestic non-state-owned legal entity), holding over 80% of the shares combined - As of the end of the reporting period, the company had 26,603 common shareholders[9] Top Ten Shareholder Holdings | Shareholder Name | Shareholder Type | Holding Percentage | | :--- | :--- | :--- | | Foshan Gas Group Co., Ltd. | State-owned Legal Entity | 42.16% | | Towngas Investment Co., Ltd. | Domestic Non-State-owned Legal Entity | 38.67% | | Foshan Zhongcheng Investment Co., Ltd. | Domestic Non-State-owned Legal Entity | 7.16% | | National Council for Social Security Fund Transfer Account 1 | State-owned Legal Entity | 1.01% | | Hong Kong Securities Clearing Company Limited | Overseas Legal Entity | 0.20% | Other Significant Matters During the reporting period, the company disclosed several significant matters, including the completion of a share reduction plan by a shareholder holding over 5%, successful issuance of ultra-short-term financing bonds, an increase in the annual related-party transaction limit, a change in accounting estimates, and registration approval for two medium-term notes - Shareholder Foshan Zhongcheng Investment Co., Ltd. completed its share reduction plan, divesting a total of 8,804,000 shares (representing 0.93% of total share capital) through centralized bidding[12] - The company completed the issuance of its second tranche of ultra-short-term financing bonds for 2021, totaling RMB 300 million, on July 27, 2021[12] - The company adjusted and increased the estimated annual ordinary related-party transaction amounts with Towngas International Energy Trading Co., Ltd. and Guangzhou Towngas Co., Ltd., with a combined increase not exceeding RMB 46.10 million[12] - The company made a change in accounting estimates regarding the depreciation period of pipeline fixed assets[12] - The company received notification from the National Association of Financial Market Institutional Investors (NAFMII), approving the registration of two medium-term notes, each valued at RMB 1.5 billion, with the registration valid for two years from the date of the notice[12] Financial Statements The financial statements for Q1-Q3 2021 show a 53.76% increase in total assets driven by non-current assets, an 83.15% rise in total liabilities, significant revenue growth offset by higher costs, a flat net profit, and a sharp decline in operating cash flow, with adjustments made for new leasing standards Consolidated Balance Sheet As of September 30, 2021, the company's total assets reached RMB 13.30 billion, a 53.76% increase from the beginning of the year, primarily driven by increases in non-current assets such as fixed assets, construction in progress, and intangible assets, total liabilities were RMB 8.51 billion, a significant 83.15% increase from the beginning of the year, mainly due to higher long-term borrowings and bonds payable, and equity attributable to the parent company was RMB 3.42 billion, a slight 2.23% increase from the beginning of the year Key Items from Consolidated Balance Sheet (RMB) | Item | September 30, 2021 | December 31, 2020 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 13,298,215,126.47 | 8,648,687,247.31 | +53.76% | | Total Liabilities | 8,506,818,864.75 | 4,644,689,154.07 | +83.15% | | Total Equity Attributable to Parent Company | 3,422,692,540.16 | 3,347,888,587.43 | +2.23% | - Non-current assets increased from RMB 5.97 billion at the beginning of the year to RMB 9.35 billion, primarily driven by increases in fixed assets, construction in progress, and intangible assets[13][14] - Non-current liabilities significantly increased from RMB 1.30 billion at the beginning of the year to RMB 4.35 billion, mainly due to higher long-term borrowings and bonds payable[14][15] Consolidated Income Statement In the first three quarters of 2021, the company achieved total operating revenue of RMB 9.63 billion, a 90.23% year-over-year increase, however, operating costs also rose by 100.33% year-over-year, coupled with significant increases in R&D and financial expenses, narrowing the operating profit growth to 3.65%, and ultimately, net profit attributable to parent company owners was RMB 393.05 million, remaining largely flat compared to the same period last year Key Items from Consolidated Income Statement (Year-to-Date as of Reporting Period End, RMB) | Item | Current Period Amount | Prior Period Amount | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 9,631,213,188.85 | 5,062,877,848.03 | +90.23% | | Total Operating Costs | 9,068,527,722.44 | 4,538,715,344.80 | +99.80% | | Of which: Operating Costs | 8,416,388,649.94 | 4,201,286,256.22 | +100.33% | | R&D Expenses | 264,638,362.70 | 98,030,594.17 | +170.0% | | Financial Expenses | 144,291,281.48 | 36,883,902.59 | +291.2% | | Operating Profit | 611,955,852.44 | 590,373,446.08 | +3.65% | | Net Profit Attributable to Parent Company Owners | 393,045,369.02 | 392,742,214.11 | +0.08% | Consolidated Cash Flow Statement In the first three quarters of 2021, net cash flow from operating activities was RMB 5.51 million, a significant 99.32% decrease from RMB 807.37 million in the prior year, primarily due to a substantial increase in cash paid for goods and services, net cash outflow from investing activities expanded to RMB 1.38 billion, mainly for the acquisition of fixed assets, intangible assets, and subsidiaries, and net cash inflow from financing activities was RMB 1.35 billion, primarily from borrowings Key Items from Consolidated Cash Flow Statement (Year-to-Date as of Reporting Period End, RMB) | Item | Current Period Amount | Prior Period Amount | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 5,507,999.27 | 807,367,262.71 | -99.32% | | Net Cash Flow from Investing Activities | -1,378,288,862.93 | -583,041,359.36 | -136.39% | | Net Cash Flow from Financing Activities | 1,344,607,998.19 | -9,584,608.89 | N/A | | Net Increase in Cash and Cash Equivalents | -30,221,167.08 | 213,070,672.58 | -114.18% | Explanation of Financial Statement Adjustments In accordance with Accounting Standard for Business Enterprises No. 21 - Leases issued by the Ministry of Finance, the company adopted the new leasing standard from January 1, 2021, and this accounting policy change resulted in retrospective adjustments to the opening financial statements, primarily recognizing 'right-of-use assets' and 'lease liabilities,' both amounting to RMB 46.90 million - The company adopted the new leasing standard from January 1, 2021, and adjusted relevant items in the financial statements at the beginning of the first year of adoption[21][25] Impact of New Leasing Standard Adoption on January 1, 2021 Balance Sheet | Adjusted Item | Adjustment Amount (RMB) | | :--- | :--- | | Assets | | | Right-of-Use Assets | +46,895,535.51 | | Liabilities | | | Lease Liabilities | +46,895,535.51 | Audit Report The company's 2021 third-quarter report is unaudited Audit Opinion This quarterly report is unaudited - The company's 2021 Third Quarter Report is unaudited[26]