FUJIAN EXPRESSWAY(600033)2018-04-20 16:00Financial Performance - The company's operating revenue for 2017 was approximately CNY 2.47 billion, a decrease of 2.13% compared to CNY 2.53 billion in 2016[21]. - The net profit attributable to shareholders for 2017 was approximately CNY 656.19 million, down 2.23% from CNY 671.15 million in 2016[21]. - Basic earnings per share for 2017 was CNY 0.2391, a decrease of 2.25% compared to CNY 0.2446 in 2016[22]. - The weighted average return on equity decreased by 0.48 percentage points to 7.66% in 2017 from 8.14% in 2016[22]. - Total operating revenue for the fourth quarter was CNY 627,325,605.77, while net profit attributable to shareholders was CNY 66,389,499.80[24]. - The company achieved total operating revenue of 2.474 billion yuan, a decrease of 2.13% year-on-year, with main business revenue at 2.442 billion yuan, down 1.86%[39]. - Net profit for the period was 863 million yuan, a decline of 2.67% year-on-year, with net profit attributable to shareholders at 656 million yuan, down 2.23%[39]. - Total revenue for the year 2017 was approximately CNY 2.44 billion, representing a year-over-year decrease of 5.50%[45]. - The company reported a net profit attributable to ordinary shareholders of 656,193,510.29 RMB, with a cash dividend payout ratio of 50.19%[76]. Cash Flow and Investments - The net cash flow from operating activities for 2017 was approximately CNY 1.76 billion, a decline of 3.54% from CNY 1.82 billion in 2016[21]. - The company’s investment activities generated a net cash flow of -165 million yuan, improving by 50.39% year-on-year[41]. - The net cash flow from operating activities for the year was CNY 1,758,843,679.06, a decrease of 3.7% compared to CNY 1,823,447,308.37 in the previous year[181]. - The net cash flow from investing activities was CNY -165,322,586.40, improving from CNY -333,242,158.49 in the previous year[181]. - The company paid CNY 692,055,193.88 in dividends and interest, down from CNY 788,704,122.51, a decrease of 12.2%[181]. Assets and Liabilities - The total assets as of the end of 2017 were approximately CNY 17.64 billion, a decrease of 1.82% from CNY 17.96 billion at the end of 2016[21]. - The company reported total assets of 8.653 billion yuan and net assets of 5.027 billion yuan for 2017, with operating income of 1.385 billion yuan, a year-on-year increase of 0.68%[57]. - The total liabilities at the end of the year were CNY 1,856,913,930.31, indicating a manageable debt level[190]. - Total liabilities decreased from ¥7,755,636,068.07 to ¥7,087,095,748.03, a decline of about 8.6%[169]. - Current liabilities increased significantly from ¥1,650,828,727.85 to ¥3,637,299,227.87, representing a growth of about 120%[169]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.20 per 10 shares, subject to shareholder approval[5]. - The company has a commitment to maintain a cash dividend policy as long as it meets operational funding needs[73]. - The cash dividend policy stipulates that the cumulative cash distribution over three years should not be less than 30% of the average distributable profit for those years[73]. - The company has maintained a consistent cash dividend distribution strategy over the past three years, with dividends of 1.2 RMB, 1.5 RMB, and 1 RMB per 10 shares in 2017, 2016, and 2015 respectively[76]. Operational Highlights - The company operated a total of 282 kilometers of highways, with no new highway mileage added during the reporting period[30]. - The company’s share of highway toll revenue accounted for 16.5% of the total provincial highway toll revenue in 2017[30]. - Daily average traffic for the Fuzhou-Quanzhou highway was 21,950 vehicles, a decrease of 0.91%, while the Quanzhou-Xiamen highway saw a daily average of 36,701 vehicles, down 0.90%[37]. - The average daily traffic for the Luoning highway dropped significantly, with passenger vehicle traffic down 16.75% and freight vehicle traffic down 57.60% due to competition from parallel highways[38]. Risk Management and Future Outlook - The company has identified risks related to future development and has outlined strategies to mitigate these risks in the board report[7]. - The company acknowledges potential risks from macroeconomic fluctuations and plans to enhance operational management to mitigate these risks[68]. - The company has identified a risk of traffic diversion due to the expansion of the provincial highway network, which may impact traffic flow on its routes[68]. - The company plans to focus on market expansion and new product development in the upcoming quarters[174]. Governance and Management - The total compensation for the board members and senior management during the reporting period amounted to 248.91 million CNY[104]. - The company has a strong governance structure with key personnel holding significant positions in both the company and its subsidiaries[109]. - The board of directors includes four independent directors, exceeding one-third of the total board members, ensuring compliance with governance standards[120]. - The company has established comprehensive information disclosure policies to maintain transparency and protect the rights of all shareholders, especially minority investors[121]. Audit and Compliance - The company received a standard unqualified audit report from its accounting firm[5]. - The company has engaged in regular communication with its accounting firm, ensuring compliance with auditing standards[79]. - The company has not reported any changes in the shareholding structure during the reporting period[108]. - The company has not faced any major litigation or arbitration matters during the reporting period[81].