Beijing Shougang Co (000959) investor relations material

Executive summary

• Q3 revenue rose 0.36% YoY, but attributable net income swung to a loss of ~¥260.7m from a profit a year earlier; YTD earnings and operating cash flow fell sharply.

• Lower steel product unit profit and weaker earnings from investees drove declines in operating profit, total profit and attributable net income.

Financial highlights

• Q3 revenue increased 0.36% YoY; YTD revenue was ¥75.754bn, down 2.04% YoY on the adjusted comparative basis.

• Q3 attributable net loss was ~¥260.7m versus adjusted prior-year profit of ~¥298.9m; adjusted net loss was ~¥255.0m versus profit of ~¥305.6m.

• YTD attributable net income was ¥288.9m, down 69.87%; adjusted net income was ¥268.8m, down 72.80% YoY.

• YTD operating cash flow was ¥1.122bn, down 79.55% YoY.

Key financial ratios and metrics

• YTD basic and diluted EPS were ¥0.0376, down 69.60% YoY; Q3 EPS was -¥0.0338 versus adjusted prior-year ¥0.0386.

• YTD weighted-average ROE was 0.58%, versus adjusted 1.91% a year earlier, down 1.33 percentage points.

• Period-end total assets were ¥122.736bn, down 1.76% from adjusted year-end; equity attributable to parent shareholders was ¥50.121bn, down 0.42%.