FUJIAN EXPRESSWAY(600033)2017-04-14 16:00Financial Performance - The company's operating revenue for 2016 was CNY 2,528,125,622.09, a decrease of 1.93% compared to CNY 2,577,755,028.11 in 2015[18]. - Net profit attributable to shareholders for 2016 was CNY 671,153,520.00, representing a 21.85% increase from CNY 550,785,168.20 in 2015[18]. - The net profit after deducting non-recurring gains and losses was CNY 670,499,188.85, up 24.17% from CNY 539,969,000.82 in 2015[18]. - Total operating revenue for Q4 2016 reached CNY 661,216,818.43, with net profit attributable to shareholders at CNY 133,080,451.05[20]. - Basic earnings per share increased by 21.87% to CNY 0.2446 in 2016 compared to CNY 0.2007 in 2015[19]. - The weighted average return on equity rose by 1.18 percentage points to 8.14% in 2016 from 6.96% in 2015[19]. - The company reported a net profit of 671,153,520 RMB for 2016, with a dividend payout ratio of 61.34%[75]. Cash Flow and Investments - The net cash flow from operating activities decreased by 20.72% to CNY 1,823,447,308.37 from CNY 2,299,894,904.41 in 2015[18]. - The company’s cash flow from operating activities was CNY 193,384,093.48 in 2016[21]. - The company’s investment activities generated a net cash outflow of CNY 333 million, a 73.68% improvement compared to the previous year[38]. - The company plans to leverage its cash flow and financing capabilities to expand its investment portfolio and diversify its business operations[26]. - The company reported a cash balance of CNY 669,277,736.74, down from CNY 688,256,709.37, a decrease of about 2.83%[154]. Assets and Liabilities - Total assets at the end of 2016 were CNY 17,962,580,545.60, down 1.93% from CNY 18,315,395,235.29 at the end of 2015[18]. - Total liabilities decreased from CNY 8,499,377,089.25 to CNY 7,755,636,068.07, a decline of about 8.73%[155]. - The company's debt-to-asset ratio improved to 43.18% in 2016, down from 46.41% in 2015, a decrease of 3.23 percentage points[140]. - Long-term equity investments rose significantly from CNY 281,186,866.65 to CNY 480,471,267.19, an increase of approximately 70.94%[154]. Highway Operations - The company operates a total of 282 kilometers of highways, including the Fuxian and Quanzhou-Xiamen highways, which have undergone expansion projects[25]. - The company’s main business revenue, derived from highway tolls, accounted for a significant portion of total revenue, with a toll distribution income share of approximately 18.5% of the provincial total[25]. - The company has not invested in new highway projects since 2011, focusing instead on maintaining existing operations and seeking transformation opportunities[26]. - The company aims to shift focus from construction to operation in the highway sector, leveraging existing resources for incremental benefits[59]. Shareholder Information - The company plans to distribute a cash dividend of CNY 1.50 per 10 shares, pending approval at the shareholders' meeting[4]. - The company has implemented a cash dividend policy, distributing a total of 274,440,000 RMB to shareholders in 2015, with a payout of 1 RMB per 10 shares[73]. - In 2016, the company distributed 411,660,000 RMB in cash dividends, representing 61.34% of the net profit attributable to ordinary shareholders[75]. - The total number of ordinary shareholders at the end of the reporting period is 154,581, down from 159,077 at the end of the previous month[94]. Risk Management and Governance - The company has identified risks in its future development, which are detailed in the board report[6]. - The company has strengthened its risk management by increasing the number of independent directors and enhancing internal control measures for external investments[70]. - The company is committed to maintaining high standards of corporate governance and compliance[106]. - The company has established a governance structure that includes a general meeting of shareholders, a board of directors, a supervisory board, and a management team[118]. Future Outlook - The company expects 2017 revenue to be approximately 2.593 billion yuan, with costs around 1.43 billion yuan and net profit attributable to the parent company around 560 million yuan[63]. - The company anticipates continued pressure on highway operations due to the implementation of toll-free policies for small vehicles during holidays[63]. - The overall highway industry is facing challenges due to rising costs and a decrease in revenue growth rates, prompting the company to seek diversification and new profit growth points[51].