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CStone Pharmaceuticals — Interim / Quarterly Report 2004
Oct 28, 2004
50715_rns_2004-10-28_a7b25a12-8540-4627-9e1d-70ca61897386.pdf
Interim / Quarterly Report
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Yanzhou Coal Mining Company Limited
The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
兗州煤業股份有限公司 YANZHOU COAL MINING COMPANY LIMITED
(a joint stock limited company incorporated in the People’s Republic of China with limited liability)
(Stock Code: 1171)
Third Quarterly Report for the Year 2004
IMPORTANT
This announcement is made pursuant to the disclosure requirement under Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The Board of Directors (the “Board”) and the Directors of Yanzhou Coal Mining Company Limited (the “Company”) confirm that this announcement does not contain any false information, misleading statements or material omissions, and accept joint and several responsibility for the truthfulness, accuracy and completeness of the content.
The Company’s chairman, Mr. Wang Xin, chief financial officer, Mr. Wu Yuxiang, and chief of the planning and finance department, Mr. Zhang Baocai, confirm that financial statements of the third quarterly report for the year 2004 (the “Report”) are true and complete.
The financial statements of the Company included in the Report have not been audited.
Summary of the unaudited results for the third quarter ended 30th September, 2004:
-
The Report is prepared in accordance with the regulations on Disclosure of Information in Quarterly Reports for Listed Companies of the CSRC.
-
All financial information contained in the Report is prepared in accordance with the PRC Generally Accepted Accounting Principles. The Company has also provided average coal sales price of the first three quarters of 2004 calculated in accordance with the basis reflected in its previous periodical reports as announced overseas. Please refer to the section headed “Brief analysis of general operating performance during the period under review”. Shareholders of the Company and public investors should be aware of the different calculation bases used in the Report, the interim and annual reports when trading in shares of the Company.
-
Unless otherwise specified, the currency in the Report is denominated in Renminbi.
-
During the period under review, revenue from principal operations was RMB3,207.973 million, representing an increase of RMB1,050.997 million or 48.7% as compared with the same period last year. Realised net profit was RMB855.779 million, representing an increase of RMB 574.032 million or 203.7% as compared with the same period last year.
-
During the first three quarters, revenue from principal operations was RMB8,540.637 million, representing an increase of RMB1,955.781 million or 29.7% as compared with the same period last year. Realised net profit was RMB1,914.047 million, representing an increase of RMB1,055.530 million or 122.9% as compared with the same period last year.
Yanzhou Coal Mining Company Limited 28-10-2004
1
Yanzhou Coal Mining Company Limited
-
In accordance with the requirements of the CSRC regulation, if a listed company estimates that the accumulated net profit from the beginning of the year to the end of the next reporting period increases by more than 50% as compared with the same period last year, the listed company is required to make an announcement to the public. Solely for the purpose of complying with such regulations, the Company announces that it estimates that the accumulated net profit for the year 2004 will increase by more than 50% over the same period last year. However, the Company cannot provide any assurance that these results will be achieved. Actual results may vary materially from the projections made. Shareholders of the Company and public investors are cautioned not to place undue reliance on these projections.
-
The information contained in the Report is the same as that published on the Shanghai Stock Exchange, and this announcement is published simultaneously in the PRC and overseas.
1. GENERAL INFORMATION 1.1 General Information
| General Information | |||
|---|---|---|---|
| The Stock | The New York | ||
| Stock Exchange on | Shanghai Stock | Exchange of | Stock |
| which the Company is listed | Exchange | Hong Kong Limited | Exchange, Inc. |
| Stock abbreviation | Yanzhou Mei Ye | – | – |
| Stock code | 600188 | 1171 | YZC |
| Secretary of the Board | Representative of | ||
| of Directors | Securities | Business | |
| Name | Chen Guangshui | – | |
| Contact address | 40 Fushan Road, Zoucheng, | – | |
| Shandong Province, PRC | – | ||
| Tel | (86-537)-5382319 | – | |
| Fax | (86-537)-5383311 | – | |
| [email protected] | – |
-
1.2 Financial Information
-
1.2.1 Major financial statistics and indexes
| Major financial statistics and indexes | |||
|---|---|---|---|
| At the end of this | At the end of | ||
| reporting period | last financial year | Increase/decrease | |
| (unaudited) | (audited) | (%) | |
| Total assets (RMB) | 17,839,033,657 | 13,938,598,158 | 28.0 |
| Shareholders’ equity (excluding | |||
| minority interest) (RMB) | 14,405,952,379 | 11,023,611,436 | 30.7 |
| Net assets per share (RMB) | 4.69 | 3.84 | 22.1 |
| Net assets per share after adjustment (RMB) | 4.67 | 3.81 | 22.6 |
| From the beginning | Increase/decrease | ||
| of this year to | (%) of this | ||
| the end of this | reporting period | ||
| Reporting period | reporting period | over the same | |
| (unaudited) | (unaudited) | period last year | |
| Net cash flow from operating | |||
| activities (RMB) | 1,280,674,916 | 3,620,738,463 | 123.6 |
| Earnings per share (RMB) | 0.28 | 0.62 | 185.7 |
| Return on net assets (%) | 5.94 | 13.29 | 3.31 |
| Weighted average return on | |||
| net assets after deducting | |||
| extraordinary gain and loss (%) | 6.59 | 15.22 | 3.85 |
| Extraordinary gain and loss | Amount (RMB) | ||
| (For the nine months ended 30th September) | (unaudited) | ||
| Non-operating income | 1,485,284 | ||
| Non-operating expenses | – 6,898,892 | ||
| Short-term investment return | 9,574,279 | ||
| Impact on income tax | – 2,142,332 | ||
| Total | 2,018,339 |
Yanzhou Coal Mining Company Limited 28-10-2004
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Yanzhou Coal Mining Company Limited
1.2.2 Statement of Income
Statement of Income
Unit: RMB Yuan
| Unit: RMB Yuan | Unit: RMB Yuan | ||||
|---|---|---|---|---|---|
| Item | This reporting period | Last reporting period | |||
| (For the three months ended | (For the three months ended | ||||
| 30th September) | 30th September) | ||||
| Consolidation | The Company | Consolidation | The Company | ||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||
| Revenue from principal operations | 3,207,973,118 | 3,207,973,118 | 2,156,975,818 | 2,156,975,818 | |
| Less: | Cost of principal operations | 1,167,092,934 | 1,167,129,796 | 1,058,293,105 | 1,058,619,590 |
| Sales taxes and surcharges | 62,248,244 | 61,277,694 | 31,433,092 | 31,433,092 | |
| Profit from principal operations | 1,978,631,940 | 1,979,565,628 | 1,067,249,621 | 1,066,923,136 | |
| Add: | Profit from other operations | 8,305,991 | 7,759,223 | 8,342,858 | 7,799,125 |
| Less: | Operating expenses | 332,384,632 | 334,270,488 | 389,842,771 | 389,224,009 |
| Administrative expenses | 349,634,143 | 348,628,952 | 246,555,089 | 246,339,857 | |
| Financial expenses | 433,072 | 444,981 | 6,950,704 | 6,953,888 | |
| Operating profit | 1,304,486,084 | 1,303,980,430 | 432,243,915 | 432,204,507 | |
| Add: | Investment income | 7,319,075 | 7,542,150 | 5,998,113 | 6,024,036 |
| Subsidy income | – | – | – | – | |
| Non-operating income | 650,108 | 650,108 | 3,529,136 | 3,494,286 | |
| Less: | Non-operating expenses | 795,661 | 795,619 | 15,816,581 | 15,816,189 |
| Total profits | 1,311,659,606 | 1,311,377,069 | 425,954,583 | 425,906,640 | |
| Less: | Income taxes | 455,738,766 | 455,598,377 | 144,184,315 | 144,159,939 |
| Minority interest | 142,148 | – | 23,567 | – | |
| Net profit | 855,778,692 | 855,778,692 | 281,746,701 | 281,746,701 | |
| Unit: RMB Yuan |
| Statement of Income (Continued) | Statement of Income (Continued) | Statement of Income (Continued) | |||
|---|---|---|---|---|---|
| Item | From the beginning of this year to | ||||
| the end of this reporting period | Last year’s reporting period | ||||
| (For the nine months ended | (For the nine | months ended | |||
| 30th September) | 30th September) | ||||
| Consolidation | The Company | Consolidation | The Company | ||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||
| Revenue from principal operations | 8,540,636,747 | 8,540,636,747 | 6,584,855,636 | 6,584,855,636 | |
| Less: | Cost of principal operations | 3,293,703,701 | 3,293,877,642 | 3,058,237,114 | 3,058,663,583 |
| Sales taxes and surcharges | 168,137,272 | 166,062,676 | 85,088,086 | 85,088,086 | |
| Profit from principal operations | 5,078,795,774 | 5,080,696,429 | 3,441,530,436 | 3,441,103,967 | |
| Add: | Profit from other operations | 28,166,613 | 26,025,311 | 41,623,122 | 36,953,205 |
| Less: | Operating expenses | 1,139,580,607 | 1,144,994,149 | 1,293,695,813 | 1,291,774,586 |
| Administrative expenses | 1,020,656,766 | 1,016,368,181 | 845,798,260 | 845,025,244 | |
| Financial expenses | (7,569,885) | (7,704,029) | 35,073,260 | 35,083,772 | |
| Operating profit | 2,954,294,899 | 2,953,063,439 | 1,308,586,225 | 1,306,173,570 | |
| Add: | Investment income | 13,201,946 | 13,793,690 | 7,476,446 | 8,413,524 |
| Subsidy income | – | – | 4,495,207 | 4,495,207 | |
| Non-operating income | 1,485,284 | 1,485,284 | 7,300,952 | 7,168,183 | |
| Less: | Non-operating expenses | 6,898,892 | 6,868,312 | 24,675,194 | 24,671,858 |
| Total profits | 2,962,083,237 | 2,961,474,101 | 1,303,183,636 | 1,301,578,626 | |
| Less: | Income taxes | 1,047,724,801 | 1,047,427,269 | 443,814,503 | 443,061,414 |
| Minority interest | 311,604 | – | 851,921 | – | |
| Net profit | 1,914,046,832 | 1,914,046,832 | 858,517,212 | 858,517,212 |
Yanzhou Coal Mining Company Limited 28-10-2004 3
Yanzhou Coal Mining Company Limited
1.3 The top 10 shareholders holding listed shares of the Company
- Total number of shareholders at the end of this reporting period
20,546
| Total number of shareholders at the end of this reporting period |
20,546 | |
|---|---|---|
| The top 10 shareholders holding | listed shares of the Company | |
| Number of shares at the end | Classes of | |
| Full Name of Shareholders | of this reporting period | shares held |
| HKSCC Nominees Limited | 1,222,347,899 | H shares |
| Zhongxin Classic Allocation | ||
| Securities Investment Fund | 11,478,184 | A shares |
| Changsheng Dramatic Choiceness | ||
| Securities Investment Fund | 11,067,203 | A shares |
| Haifutong Returns Growth | ||
| Securities Investment Fund | 8,979,491 | A shares |
| Haifutong Choiceness Securities | ||
| Investment Fund | 5,200,894 | A shares |
| Tongyi Securities Investment Fund | 5,186,479 | A shares |
| Huaxia Repaying Securities | ||
| Investment Fund | 4,400,000 | A shares |
| Jutian Fundamental Industry Securities | ||
| Investment Fund | 4,304,386 | A shares |
| Jingshun Great Wall Inner-demand | ||
| Growth Open Securities Investment Fund | 4,126,589 | A shares |
| Dacheng Blue Chip Steadiness Securities | ||
| Investment Fund | 4,120,478 | A shares |
2. MANAGEMENT DISCUSSION AND ANALYSIS
-
2.1 Brief analysis of general operating performance during the period under review
-
(1) Brief analysis of general operating performance during the period under review
During the period under review, the Company’s revenue from principal operations was RMB3,207.973 million, representing an increase of RMB1,050.997 million or 48.7% over the same period in 2003, was attributable to the increase in coal prices; cost of principal operations was RMB 1,167.093 million, representing an increase of RMB108.800 million or 10.3% over the same period in 2003, which was mainly attributable to certain objective costs factors including the increase in coal mine safety charges of coal mine production, the increase in commodity prices, and the decrease in reform and development specified funds and in the rate of export tax rebate. Realised net profit was RMB855.779 million, representing an increase of RMB574.032 million or 203.7% as compared with the same period last year.
During the period under review, the Company’s coal production was 10.54 million tonnes, representing an increase of 0.07 million tonnes, or 0.7%, as compared with the same period in 2003. The Company sold 9.36 million tonnes of coal, representing a decrease of 0.68 million or 6.8%, as compared with the same period in 2003. Coal transported by the railway assets was 6.68 million tonnes, representing a decrease of 0.24 million tonnes or 3.5%.
- (2) Brief analysis of general operating performance of the first three quarters
During the first three quarters, the Company’s revenue from principal operations was RMB8,540.637 million, representing an increase of RMB1,955.781 million or 29.7% over the same period in 2003. Amongst which income from the sales of coal was RMB8,369.996 million, representing an increase of RMB1,903.492 million or 29.4% as compared with the same period last year, which was mainly attributable to the decrease in sales volume leading to a decrease in revenue from principal operations amounting to RMB348.193 million as well as to the increase in selling prices leading to an increase in revenue from principal operations amounting to RMB2, 251.685 million. Railway transportation service income (income realised from the volume of coal transported where transportation expenses of railway assets were borne by the customers) was RMB170.641 million, representing an increase of RMB52.289 million or 44.2% over the same period in 2003.
The Company’s cost of principal operations was RMB3,293.704 million, representing an increase of RMB235.467 million or 7.7% over the same period in 2003. Amongst which cost of sales of coal products was RMB3,230.106 million, representing an increase of
Yanzhou Coal Mining Company Limited
28-10-2004
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Yanzhou Coal Mining Company Limited
RMB218.361 million or 7.3% as compared with the same period last year, which was mainly attributable to the increase in coal mine safety charges of coal mine production, the increase in commodity prices, and the decrease in reform and development specified funds and in the rate of export tax rebate. The unit cost of coal sales was RMB113.73/tonne, representing an increase of RMB13.40/tonne or 13.4% as compared with the same period last year. Such increase was mainly attributable to the increase in employees’ wages, the decrease in sale volumes and certain objective costs factors.
The Company’s realised profit from principal operations increased by RMB1,637.266 million or 47.6% to RMB5,078.796 million as compared with the same period in 2003. The Company’s realised net profit increased by RMB1,055.530 million or 122.9% to RMB1,914.047 million as compared with the same period in 2003.
During the first three quarters, the Company’s coal production was 30.35 million tonnes, representing a decrease of 1.96 million tonnes, or 6.1%, as compared with the same period in 2003. The Company sold 28.40 million tonnes of coal, representing a decrease of 1.62 million or 5.4%, as compared with the same period in 2003. Amongst which 20.76 million tonnes of coal were sold to the domestic market, representing an increase of 1.21 million tonnes or 6.2%, as compared with the same period in 2003; and 7.64 million tonnes were sold to the overseas market, representing a decrease of 2.83 million or 27.0%, as compared with the same period in 2003.
During the first three quarters, the Company’s average coal sales price was RMB294.70/tonne, representing an increase of RMB79.28/tonne or 36.8% as compared with the same period in 2003. Amongst which the average domestic coal sales price was RMB262.17/tonne, representing an increase of RMB69.76/tonne or 36.3% as compared with the same period in 2003; and the average export coal sales price was RMB383.14/tonne, representing an increase of RMB124.76/tonne or 48.3% as compared with the same period in 2003. The increase in coal price was principally due to: (i) the increase in the domestic and overseas coal market prices; and (ii) the implementation of the Company’s sales strategies including the optimization of product mix and customer structures which increased the coal sales prices.
The following table sets out the Company’s average coal sales prices during the first three quarters:
Unit: RMB/tonne
| For the | |||||
|---|---|---|---|---|---|
| Year 2004 | Year 2003 | year ended | |||
| The third | The first | The third | The first | 31st December, | |
| quarter | three quarters | quarter | three quarters | 2003 | |
| Average coal sales price | 336.62 | 294.70 | 210.90 | 215.42 | 215.83 |
| Domestic sales | 292.54 | 262.17 | 189.81 | 192.41 | 190.80 |
| Export sales | 439.29 | 383.14 | 248.52 | 258.38 | 263.17 |
During the first three quarters, coal transported by railway assets reached 19.82 million tonnes, representing a decrease of 0.96 million tonnes or 4.6% as compared with the same period last year.
(3)
Average coal sales prices of the first three quarters calculated in accordance with the basis reflected in the Company’s previous periodical reports as announced overseas
As calculated in accordance with the basis reflected in the Company’s previous periodical reports and as announced overseas, the average coal sales price in the first quarter of 2004 was RMB 250.25/tonne, representing an increase of RMB78.99/tonne or 46.1% as compared with the same period last year. Amongst which average domestic coal sales price was RMB240.40/tonne, representing an increase of RMB74.12/tonne or 44.6% as compared with the same period last year; and average export coal sales price was RMB277.05/tonne, representing an increase of RMB96.49/ tonne or 53.4% as compared with the same period last year.
Yanzhou Coal Mining Company Limited
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Yanzhou Coal Mining Company Limited
The table below sets out the average coal sales prices of the first three quarters calculated in accordance with the basis reflected in the Company’s previous periodical reports as announced overseas:
| Unit: RMB/tonne | Unit: RMB/tonne | ||||
|---|---|---|---|---|---|
| For the | |||||
| Year 2004 | Year 2003 | year ended | |||
| The third | The first | The third | The first | 31st December, | |
| quarter | three quarters | quarter | three quarters | 2003 | |
| Average coal sales | |||||
| pricenote | 295.74 | 250.25 | 170.57 | 171.26 | 172.41 |
| Domestic sales | 276.85 | 240.40 | 166.29 | 166.28 | 168.26 |
| Export sales | 339.75 | 277.05 | 178.19 | 180.56 | 180.26 |
Note: The average coal sales price represents the invoice prices minus sale taxes, transportation costs from the Company to ports, port charges and miscellaneous fees for coal sales.
- 2.1.1 Information on principal operations or products which contributed 10% or more to the revenue from principal operations or profit from principal operations
| √ | Applicable | Not applicable | ||||
|---|---|---|---|---|---|---|
| Industries/products | Revenue from | Cost of principal | ||||
| principal operations | operations | |||||
| (RMB thousand) | (RMB thousand) | Gross profit ratio | ||||
| (Unaudited) | (Unaudited) | (%) | ||||
| Coal mining & preparation | 3,151,842 | 1,144,322 | 63.69 | |||
| Including: connected transactions | 91,894 | 33,367 | 63.69 |
-
2.1.2 Seasonal or periodical factors for the Company’s operation
-
Applicable Not applicable√
2.1.3 Breakdown of profits for the reporting period (material changes in the proportion of the total profits of the following items as compared with the previous reported period and the reasons thereof: profit from principal operations, profit from other operations, expenses, investment income, subsidy income and net non-operating income and expenses)
Applicable√ Not applicable
| For the | |||||
|---|---|---|---|---|---|
| financial year | |||||
| ended 31st | In relation to profit(%) | ||||
| Period | December, | For the | |||
| under review | 2003 | financial year | |||
| (RMB | (RMB | Period | ended 31st |
Increase/ | |
| thousand) | thousand) | under | December, | decrease | |
| (Unaudited) | (Unaudited) | review | 2003 | (%) | |
| Profit from principal operations | 1,978,632 | 3,100,164 | 150.85 | 187.84 | -19.7 |
| Profit from other operations | 8,306 | 19,861 | 0.63 | 1.20 | -47.5 |
| Expenses | 682,452 | 1,470,216 | 52.03 | 89.08 | -41.6 |
| Investment income | 7,319 | 5,883 | 0.56 | 0.36 | 55.6 |
| Net non-operating income | |||||
| and expenses | -146 | -5,268 | -0.01 | -0.32 | -96.9 |
| Total profits | 1,311,660 | 1,650,424 | 100.00 | 100.00 | 0.0 |
The proportion of profit from other operations to the total profits of the Company decreased from 1.20% to 0.63% as compared with the previous reporting period, this was mainly due to the substantial increase in total profits during the period under review.
During the period under review, the proportion of the expenses to the total profits of the Company decreased from 89.08% to 52.03% as compared with the previous reported period. This was mainly due to the decrease of operating expenses by the continued implementation of the Company’s “Four Optimization” policy including the optimization of port and transportation structures, which reduced the operation expenses and substantially increased the total profits during the period under review.
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Yanzhou Coal Mining Company Limited
During the period under review, the proportion of net non-operating income and expenses to the total profit of the Company decreased from -0.32% to -0.01% as compared with the previous reported period. This was mainly due to the decrease in donation payments as compared with the previous reported period and the substantial increase in total profits during the period under review.
- 2.1.4 Details and explanation on material changes in principal operation and its composition as compared with the previous reported period
Applicable Not applicable√
- 2.1.5 Details and explanation on material changes in the profit generating ability (gross profit margin) of principal operations as compared with the previous reported period
| 2.1.5 | Details and explanation on material changes in the profit ge margin) of principal operations as compared with the previous r |
|---|---|
| Applicable √Not applicable |
|
| 2.2 | Major events and their impact and analysis on the solutions |
| √Applicable Not applicable |
Placing of New Shares
On 7th July, 2004, the Company placed 204,000,000 new H shares with par value of RMB1.00 each at a price of HK$8.30 per share (the “Placing”). The Company raised net proceeds of approximately HK$1.656 billion (approximately RMB1.757 billion) from the Placing. The proceeds from the Placing were intended to be used for investments in two new coal mine projects in Shandong Province and Shaanxi Province, and the methanol project in Shaanxi Province.
Details of the Placing were published in the domestic China Securities Journal and Shanghai Securities News as well as Wen Wei Po and South China Morning Post of Hong Kong on 8th July, 2004 and 9th July, 2004.
Setting up New Organizations
Pursuant to the approval of the meeting of the Board held on 27th October, 2004, the Company will set up YanCoal Australia Pty Ltd. in Sydney, Australia, set up Yanzhou Coal Yulin Power Chemical Co.Ltd. in Yunlin, Shaanxi Province, set up Yanzhou Coal Heze Power Chemical Co. Ltd. in Heze, Shandong Province, set up Yanzhou Coal Juye Power Chemical Co. Ltd. in Juye, Shandong Province, and set up Yanzhou Coal Yuncheng Power Chemical Co. Ltd. in Yuncheng, Shandong Province.
Details of the establishment of the new organizations were published in the domestic China Securities Journal and Shanghai Securities News as well as Wen Wei Po and South China Morning Post of Hong Kong on 28th October 2004.
| Details of the establishment of the new organizations were published in the domestic_China_ Securities Journal and Shanghai Securities News_as well as_Wen Wei Po and South China _Morning Post_of Hong Kong on 28th October 2004. |
Details of the establishment of the new organizations were published in the domestic_China_ Securities Journal and Shanghai Securities News_as well as_Wen Wei Po and South China _Morning Post_of Hong Kong on 28th October 2004. |
|
|---|---|---|
| 2.3 | Details and reasons for changes in accounting policies, accounting estimations, scope | |
| of consolidation and significant accounting errors | ||
| Applicable √ |
Not applicable | |
| 2.4 | Explanations made by the Board and the Supervisory Committee under the situation | |
| that an audit report with non-standard opinion was issued | ||
| Applicable √ |
Not applicable | |
| 2.5 | Caution and explanations for possible loss or material changes in net profit in the | |
| period from the beginning of this year to the end of the next reporting period as | ||
| compared with the same period last year | ||
| √Applicable | Not applicable | |
| In the first three quarters of 2004, the Company’s realised net profit increased by 122.9% as | ||
| compared with the same period in 2003. |
The Company anticipates that, in the fourth quarter of 2004, the demand in both domestic and overseas coal markets are expected to remain strong and the price of coal is expected to remain at a high level which are favorable to the Company in achieving a significant growth in its results.
In the fourth quarter of 2004, the Company will enhance the implementation of its “Four Optimizations” in relation to coal sales, aiming to raise the quality of its products and its coal sales price.
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Yanzhou Coal Mining Company Limited
Based on the growth of the Company’s results in the first three quarters of 2004 and the Company’s anticipation of coal sales in domestic and overseas markets in the fourth quarter of 2004, the Company estimates that the accumulated net profit for the year 2004 will increase by more than 50% as compared with the year 2003.
- (Note: the above estimation was given to comply with the requirements of the China Securities Regulatory Commission (the “CSRC”).)
The Company did not prepare the above projections with a view towards compliance with the published guidelines of the American Institute of Certified Public Accountants regarding forecasts and projections. The Company is announcing this estimate solely for the purpose of complying with the CSRC regulation. Such projections are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company, and upon assumptions with respect to future business decisions which are subject to change. Accordingly, the Company cannot provide any assurance and makes no representation that these results will be achieved. Actual results of the Company may vary materially from the above projections. Shareholders of the Company and public investors are cautioned not to place undue reliance on these projections.
2.6 Subsequent changes on those already disclosed annual business plan or budget of the Company
Applicable Not applicable√
3. DIRECTORS
As at the date of this announcement, the Directors of the Company are Mr.Wang Xin, Mr. Geng Jiahua, Mr. Yang Deyu, Mr.Mo Liqi, Mr. Wang Bangjun, Mr. Yang Jiachun, Mr. Wu Yuxiang, Mr. Wang Xinkun and Mr. Dong Yunqing and the independent non-executive Directors of the Company are Mr. Fan Waitang, Mr. Cui Jianmin, Mr. Wang Xiaojun and Mr.Wang Quanxi.
The full versions of the Company’s balance sheet, income statement and cash flow statement for the third quarter of 2004 are published on the website of The Stock Exchange of Hong Kong Limited at http://www.hkex.com.hk and Shanghai Stock Exchange at http://www.sse.com.cn.
By order of the Board of Directors of Yanzhou Coal Mining Company Limited Wang Xin Chairman of the Board
Shandong Province, PRC, 27th October, 2004
Yanzhou Coal Mining Company Limited 28-10-2004 8
Yanzhou Coal Mining Company Limited
4. Appendix
Yanzhou Coal Mining Co.,Ltd. BALANCE SHEET AT SEPTEMBER 30, 2004
| Unit: RMB Yuan | Unit: RMB Yuan | |||
|---|---|---|---|---|
| ASSETS | The Group | The Company | ||
| September 30, 2004 (Unaudited) |
December 31, 2003 (Audited) |
September 30, 2004 (Unaudited) |
December 31, 2003 (Audited) |
|
| CURRENT ASSETS Bank balances and cash Current investments Notes receivable Dividends receivable Accounts receivable Other receivables Prepayments Subsidies receivable Inventories Deferred expenses TOTAL CURRENT ASSETS LONG-TERM EQUITY INVESTMENTS FIXED ASSETS Fixed assets - cost Less: Accumulated depreciation Fixed assts - net book value Materials for constructing fixed assets Fixed assets under construction TOTAL FIXED ASSETS INTANGIBLE ASSETS TOTAL ASSETS |
6,482,058,656 210,000,000 697,143,254 - 341,979,737 262,108,023 138,101,812 - 587,389,181 49,699,608 8,768,480,271 72,359,347 14,699,081,353 6,695,862,686 8,003,218,667 1,699,205 226,161,946 8,231,079,818 767,114,221 17,839,033,657 |
2,041,293,313 100,000,000 700,388,322 - 592,472,845 110,087,471 73,985,140 275,624,031 502,028,543 94,646,431 4,490,526,096 43,059,196 14,899,151,764 6,368,525,737 8,530,626,027 1,721,281 84,026,862 8,616,374,170 788,638,696 13,938,598,158 |
6,476,422,800 210,000,000 696,343,254 350,455 343,269,120 249,565,397 123,098,513 - 584,441,001 49,312,803 8,732,803,343 77,193,132 14,679,465,989 6,688,606,058 7,990,859,931 1,699,205 226,161,946 8,218,721,082 767,114,221 17,795,831,778 |
2,039,188,498 100,000,000 699,788,322 - 592,338,155 104,440,688 72,892,465 275,624,031 496,630,233 94,646,431 4,475,548,823 47,651,692 14,879,833,312 6,362,240,000 8,517,593,312 1,721,281 84,026,862 8,603,341,455 788,638,696 13,915,180,666 |
Legal Representative: Wan Xing, Chief Financial Officer: Wu Yuxian, Chief of the planning and finance department: Zhang Baocai.
Yanzhou Coal Mining Company Limited 28-10-2004
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Yanzhou Coal Mining Company Limited
Yanzhou Coal Mining Co.,Ltd. BALANCE SHEET (Continued) AT SEPTEMBER 30, 2004
| Unit: RMB Yuan | Unit: RMB Yuan | |||
|---|---|---|---|---|
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
The Group | The Company | ||
| September 30, 2004 (Unaudited) |
December 31, 2003 (Audited) |
September 30, 2004 (Unaudited) |
December 31, 2003 (Audited) |
|
| Accounts payable Advances from customers Salaries and wages payable Taxes payable Other payables Accured expenses Provision Long-term payable due within one year TOTAL CURRENT LIABILITIES LONG-TERM LIABILITIES Long-term loan Long-term payable TOTAL LONG-TERM LIABILITIES TOTAL LIABILITIES MINORITY INTEREST SHAREHOLDERS ’ EQUITY Share capital Capital reserves Surplus reserves Including: Statutory common welfare fund Cash Dividend proposed after the balance sheet date Retained earnings TOTAL SHAREHOLDERS’ EQUITY TOTAL LIABILITIES AND SHAREHOLDERS’EQUITY |
314,839,888 598,552,796 105,759,097 769,772,311 793,984,838 158,966,240 7,758,746 213,247,800 2,962,881,716 200,000,000 266,467,465 466,467,465 3,429,349,181 3,732,097 3,074,000,000 6,449,169,217 748,235,658 249,453,800 - 4,134,547,504 14,405,952,379 17,839,033,657 |
454,719,215 664,829,863 70,633,118 326,377,720 616,930,523 - 85,022,022 213,247,800 2,431,760,261 400,000,000 79,487,360 479,487,360 2,911,247,621 3,739,101 2,870,000,000 4,714,195,106 748,235,658 249,453,800 470,680,000 2,220,500,672 11,023,611,436 13,938,598,158 |
- 314,303,129 598,348,885 105,740,738 769,853,939 758,642,007 155,516,690 7,758,746 213,247,800 2,923,411,934 200,000,000 266,467,465 466,467,465 3,389,879,399 - 3,074,000,000 6,449,169,217 747,984,174 249,328,058 - 4,134,798,988 14,405,952,379 17,795,831,778 |
- 454,882,230 664,132,172 70,633,118 325,566,923 598,597,605 - 85,022,022 213,247,800 2,412,081,870 400,000,000 79,487,360 479,487,360 2,891,569,230 - 2,870,000,000 4,714,195,106 747,984,174 249,328,058 470,680,000 2,220,752,156 11,023,611,436 13,915,180,666 |
Legal Representative: Wan Xing, Chief Financial Officer: Wu Yuxian, Chief of the planning and finance department: Zhang Baocai.
Yanzhou Coal Mining Company Limited 28-10-2004
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Yanzhou Coal Mining Company Limited
Yanzhou Coal Mining Co.,Ltd. STATEMENT OF INCOME FOR THE PERIOD ENDED SEPTEMBER 30, 2004
Unit: RMB Yuan
| Unit: RMB Yuan | Unit: RMB Yuan | |||||||
|---|---|---|---|---|---|---|---|---|
| 1QUARTER ENDE | D SEPTEMBER 30 | 3QUARTERS END | ED SEPTEMBER 30 | |||||
| The Group | The Company | The Group | The Company | |||||
| 2004 (Unaudited) |
2003 (Unaudited) |
2004 (Unaudited) |
2003 (Unaudited) |
2004 (Unaudited) |
2003 (Unaudited) |
2004 (Unaudited) |
2003 (Unaudited) |
|
| Less: Cost of major operations Sales taxes and surcharges Add: Profit from other operations Less: Operating expenses General and administrative expenses Financial expenses Add: Investment income Subsidy income Non-operating income Less: Non-operating expenses Total profit Less: Income taxes Minority interest Net profit Profit from major operations Revenue from major operations Operating profit |
3,207,973,118 1,167,092,934 62,248,244 1,978,631,940 8,305,991 332,384,632 349,634,143 433,072 1,304,486,084 7,319,075 - 650,108 795,661 1,311,659,606 455,738,766 142,148 855,778,692 |
2,156,975,818 1,058,293,105 31,433,092 1,067,249,621 8,342,858 389,842,771 246,555,089 6,950,704 432,243,915 5,998,113 - 3,529,136 15,816,581 425,954,583 144,184,315 23,567 281,746,701 |
3,207,973,118 1,167,129,796 61,277,694 1,979,565,628 7,759,223 334,270,488 348,628,952 444,981 1,303,980,430 7,542,150 - 650,108 795,619 1,311,377,069 455,598,377 - 855,778,692 |
2,156,975,818 1,058,619,590 31,433,092 1,066,923,136 7,799,125 389,224,009 246,339,857 6,953,888 432,204,507 6,024,036 - 3,494,286 15,816,189 425,906,640 144,159,939 - 281,746,701 |
8,540,636,747 3,293,703,701 168,137,272 5,078,795,774 28,166,613 1,139,580,607 1,020,656,766 (7,569,885) 2,954,294,899 13,201,946 - 1,485,284 6,898,892 2,962,083,237 1,047,724,801 311,604 1,914,046,832 |
6,584,855,636 3,058,237,114 85,088,086 3,441,530,436 41,623,122 1,293,695,813 845,798,260 35,073,260 1,308,586,225 7,476,446 4,495,207 7,300,952 24,675,194 1,303,183,636 443,814,503 851,921 858,517,212 |
8,540,636,747 3,293,877,642 166,062,676 5,080,696,429 26,025,311 1,144,994,149 1,016,368,181 (7,704,029) 2,953,063,439 13,793,690 - 1,485,284 6,868,312 2,961,474,101 1,047,427,269 - 1,914,046,832 |
6,584,855,636 3,058,663,583 85,088,086 3,441,103,967 36,953,205 1,291,774,586 845,025,244 35,083,772 1,306,173,570 8,413,524 4,495,207 7,168,183 24,671,858 1,301,578,626 443,061,414 - 858,517,212 |
Legal Representative: Wan Xing, Chief Financial Officer: Wu Yuxian, Chief of the planning and finance department: Zhang Baocai.
Yanzhou Coal Mining Company Limited 28-10-2004
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Yanzhou Coal Mining Company Limited
Yanzhou Coal Mining Co.,Ltd. CASH FLOW STATEMENT
FOR THE PERIOD ENDED SEPTEMBER 30, 2004
| Unit: RMB Yuan | Unit: RMB Yuan | |||
|---|---|---|---|---|
| 1QUARTER ENDED SEPTEMBER 30,2004 | 9 MONTHS ENDED SEPTEMBER 30,2004 | |||
| The Group (Unaudited) |
The Company (Unaudited) |
The Group (Unaudited) |
The Company (Unaudited) |
|
| 1.CASH FLOW FROM OPERATING ACTIVITIES Cash received from sales of goods or rendering of services Taxes refunded Other cash received relating to operating activities Sub-total of cash inflows Cash paid for goods and services Cash paid to and on behalf of employees Taxes and surcharges paid Other cash paid relating to operating activities Sub-total of cash outflows NET CASH FLOW FROM OPERATING ACTIVITIES 2.CASH FLOW FROM INVESTING ACTIVITIES Cash received from return on investments Net cash received from investment income Net cash received from disposal of fixed assets and other long-term assets decrease in restricted cash Sub-total of cash inflows Cash paid to acquire fixed assets and other long-term assets Cash paid to acquire investments Increase in restricted cash Sub-total of cash outflows NET CASH FLOW FROM INVESTING ACTIVITIES 3.CASH FLOW FROM FINANCING ACTIVITIES Cash received from equity investment Sub-total of cash inflows Repayments of borrowings Cash paid for interest expenses Dividends paid Dividends paid to minority shareholder of a subsidiary Sub-total of cash outflows NET CASH FLOW FROM FINANCING ACTIVITIES 4.EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 5.NET INCREASE (DECREASE) IN CASH ANDCASH EQUIVALENTS |
3,531,608,261 - 147,970,141 3,679,578,402 807,635,217 344,671,925 601,199,522 645,396,822 2,398,903,486 1,280,674,916 200,000,000 7,598,112 12,663,483 - 220,261,595 148,685,845 440,137,264 44,485,163 633,308,272 (413,046,677) 1,756,875,383 1,756,875,383 200,000,000 8,169,094 196,800,000 - 404,969,094 1,351,906,289 - 2,219,534,528 |
3,511,270,949 - 147,797,466 3,659,068,415 777,752,674 344,342,691 599,405,673 652,204,046 2,373,705,084 1,285,363,331 200,000,000 7,598,112 12,663,483 - 220,261,595 148,644,645 440,137,264 44,485,163 633,267,072 (413,005,477) 1,756,875,383 1,756,875,383 200,000,000 8,000,000 196,800,000 - 404,800,000 1,352,075,383 - 2,224,433,237 |
9,539,843,495 275,624,031 563,267,583 10,378,735,109 2,128,033,930 1,089,960,576 1,416,455,174 2,123,546,966 6,757,996,646 3,620,738,463 600,000,000 14,039,059 19,437,804 - 633,476,863 407,332,400 740,137,264 55,447,143 1,202,916,807 (569,439,944) 1,756,875,383 1,756,875,383 200,000,000 25,737,094 196,800,000 318,608 422,855,702 1,334,019,681 - 4,385,318,200 |
9,516,945,924 275,624,031 561,476,332 10,354,046,287 2,098,110,268 1,088,673,438 1,411,242,041 2,139,597,732 6,737,623,479 3,616,422,808 600,000,000 14,039,059 19,437,804 - 633,476,863 407,035,488 740,137,264 55,447,143 1,202,619,895 (569,143,032) 1,756,875,383 1,756,875,383 200,000,000 25,568,000 196,800,000 - 422,368,000 1,334,507,383 - 4,381,787,159 |
Legal Representative: Wan Xing, Chief Financial Officer: Wu Yuxian, Chief of the planning and finance department: Zhang Baocai.
Yanzhou Coal Mining Company Limited 28-10-2004
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Yanzhou Coal Mining Company Limited
Yanzhou Coal Mining Co.,Ltd.
CASH FLOW STATEMENT
FOR THE PERIOD ENDED SEPTEMBER 30, 2004
| Unit: RMB Yuan | Unit: RMB Yuan | |||
|---|---|---|---|---|
| SUPPLEMENTAL INFORMATION: | 1QUARTER ENDED SEPTEMBER 30,2004 | 9 MONTHS ENDED SEPTEMBER 30,2004 | ||
| The Group (Unaudited) |
The Company (Unaudited) |
The Group (Unaudited) |
The Company (Unaudited) |
|
| 1.RECONCILIATION OF NET PROFIT TO NET CASH FLOW FROMOPERATING ACTIVITIES Net profit 855,778,692 Add: Minority interest 142,148 Impairment losses on assets - Depreciation of fixed assets 243,538,992 Provision for Wei Jian Fei 63,222,606 Amortization of intangible assets and other assets 7,173,512 Gains on disposal of fixed assets and other long-term assets (401,732) Decrease(increase) in deferred expenses (10,553,562) Increase(decrease) in accrued expenses (31,575,600) Financial expenses 8,169,094 Gains arising from investments (7,319,075) Increase in inventories (68,003,349) Decrease (increase) in receivables under operating activities (349,768,391) Increase in payables under operating activities 570,271,581 1,280,674,916 2.NET INCREASE IN CASH AND CASH EQUIVALENTS: Cash at the end of the period 6,409,090,271 Less: Cash at the beginning of the period 4,189,555,743 2,219,534,528 Dividends paid to minority shareholder of a subsidiary NET CASH FLOW FROM OPERATING |
855,778,692 - - 243,214,348 63,222,606 7,173,512 (401,732) (10,166,757) (33,976,927) 8,000,000 (7,542,150) (68,866,637) (330,952,324) 559,880,700 1,285,363,331 6,403,454,415 4,179,021,178 2,224,433,237 |
1,914,046,832 311,604 30,426,391 729,763,498 182,098,728 21,524,475 (1,090,550) 44,946,823 158,966,240 25,737,094 (13,201,946) (85,360,638) 282,798,592 329,771,320 3,620,738,463 6,409,090,271 2,023,772,071 4,385,318,200 |
1,914,046,832 - 30,426,391 728,792,607 182,098,728 21,524,475 (1,090,550) 45,333,628 155,516,690 25,568,000 (13,793,690) (87,810,768) 302,380,986 313,429,479 3,616,422,808 6,403,454,415 2,021,667,256 4,381,787,159 |
Legal Representative: Wan Xing, Chief Financial Officer: Wu Yuxian, Chief of the planning and finance department: Zhang Baocai.
Please also refer to the published version of this announcement in South China Morning Post dated 28 October 2004.
Yanzhou Coal Mining Company Limited 28-10-2004
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