Financial Performance - Revenue for the period reached approximately RMB 59.053 billion, a 20.65% increase compared to the same period in 2022[4] - Net profit attributable to equity holders of the company was approximately RMB 2.877 billion, an 80.88% year-on-year growth[4] - Basic earnings per share were approximately RMB 0.239[4] - Revenue for the first half of 2023 reached RMB 59,053,025 thousand, a 20.6% increase compared to RMB 48,945,471 thousand in the same period of 2022[62] - Operating profit for the first half of 2023 was RMB 2,186,102 thousand, a significant improvement from an operating loss of RMB 872,236 thousand in the first half of 2022[62] - Net profit attributable to equity holders of the company for the first half of 2023 was RMB 2,876,840 thousand, an 80.9% increase from RMB 1,590,477 thousand in the same period of 2022[63] - Basic earnings per share for the first half of 2023 were RMB 0.239, compared to RMB 0.115 in the first half of 2022[63] - Permanent capital securities holders' attributable profit for the first half of 2023 was approximately RMB 474 million, compared to RMB 453 million in the same period of 2022[115] Installed Capacity and Power Plants - The company's total installed capacity is 57,284.24 MW, including 46,230 MW of coal-fired power, 8,589.05 MW of gas-fired power, and 2,459 MW of hydro power[5] - The company operates 45 power generation enterprises across 12 provinces, autonomous regions, and municipalities in China[5] - The company's largest coal-fired power plant, Huadian Hubei Power Generation Co., Ltd., has an installed capacity of 6,855.6 MW[9] - The company's largest gas-fired power plant, Huadian Zouxian Power Generation Co., Ltd., has an installed capacity of 2,575 MW[7] - The company's largest hydro power plant, Huadian Li'an Power Plant Co., Ltd., has an installed capacity of 1,320 MW[9] - The company's largest power plant by installed capacity is Huadian Laizhou Power Generation Co., Ltd., with 4,000 MW[7] - The company's largest power plant by equity ownership is Huadian Zouxian Power Generation Co., Ltd., with 100% ownership[7] - Huadian International Power Co., Ltd. has a total installed capacity of 1,260 MW at its Suzhou Power Plant, with a 97% ownership stake[10] - The Wuhu Power Plant has an installed capacity of 2,320 MW, with the company holding a 65% ownership stake[10] - The Shijiazhuang Yuhua Thermal Power Plant has an installed capacity of 600 MW, fully owned by the company[10] - The Shijiazhuang Luhua Thermal Power Plant has an installed capacity of 661 MW, with the company holding a 90% ownership stake[10] - The Xinxiang Power Plant has an installed capacity of 1,320 MW, with the company holding a 90% ownership stake[10] - The Luohe Power Plant has an installed capacity of 660 MW, with the company holding a 75% ownership stake[10] - The Qudong Power Plant has an installed capacity of 660 MW, with the company holding a 90% ownership stake[10] - The Guang'an Power Plant has an installed capacity of 2,400 MW, with the company holding an 80% ownership stake[10] - The Tianjin Development Zone Branch has an installed capacity of 510 MW, fully owned by the company[11] - The Pingjiang Power Plant has an installed capacity of 2,000 MW, fully owned by the company[11] Shareholding and Capital Structure - The company's "Huadian Dingzhuan" convertible bonds were fully converted into unrestricted tradable shares, with a total of 14,701,590 bonds (RMB 1,470.159 million) converted into 357,702,918 shares, accounting for 3.62% of the total issued shares before the conversion period[44] - China Huadian holds 4,534,199,224 A-shares (44.33%) and 85,862,000 H-shares (0.84%) as the beneficial owner, with the H-shares held through its wholly-owned subsidiary[46] - Shandong Development Investment Holding Group Co., Ltd. holds 664,865,346 A-shares (6.50%) as the beneficial owner[46] - The company's total share capital after the conversion of convertible bonds is 10,227,561,133 shares[44] - The company issued RMB 11,500 million in permanent capital securities during the first half of 2023, compared to RMB 2,500 million in the same period of 2022[120] - The company redeemed RMB 4,000 million in perpetual capital securities during the first half of 2023, compared to RMB 1,500 million in the same period of 2022[120] Corporate Governance and Compliance - The company appointed ShineWing Certified Public Accountants (Special General Partnership) and ShineWing (Hong Kong) CPA Limited as its domestic and overseas auditors for 2023, replacing BDO China Shu Lun Pan Certified Public Accountants LLP and BDO Limited[43] - The audit committee consists of five members, including two non-executive directors and three independent non-executive directors[54] - The company has established a strategic committee and formulated the "Strategic Committee Work Rules"[54] - The company adheres to stricter corporate governance standards than those required by the "Corporate Governance Code"[53] - The company has implemented policies for directors and employees regarding the trading of company securities, which are not less stringent than the "Standard Code"[54] - The company has complied with the environmental, social, and governance (ESG) requirements of the Hong Kong Listing Rules[53] - The company has established a comprehensive governance structure, including shareholder meetings, board of directors, and supervisory board, with regular training on corporate governance and standardized operations[53] Financial Position and Cash Flow - Total assets as of June 30, 2023, were RMB 196,997,840 thousand, a slight decrease from RMB 197,570,137 thousand as of December 31, 2022[64] - Cash and cash equivalents as of June 30, 2023, were RMB 6,522,622 thousand, a 10.4% increase from RMB 5,907,615 thousand as of December 31, 2022[64] - Total liabilities as of June 30, 2023, were RMB 90,450,141 thousand, a slight decrease from RMB 90,702,282 thousand as of December 31, 2022[66] - Equity attributable to equity holders of the company as of June 30, 2023, was RMB 70,697,958 thousand, a 15.1% increase from RMB 61,408,847 thousand as of December 31, 2022[66] - Non-current assets as of June 30, 2023, were RMB 132,389,631 thousand, a 3.3% increase from RMB 128,171,003 thousand as of December 31, 2022[64] - Current liabilities as of June 30, 2023, were RMB 56,448,725 thousand, a 10.5% decrease from RMB 63,091,810 thousand as of December 31, 2022[65] - Net cash used in investing activities for the first half of 2023 was RMB 4,041 million, compared to RMB 2,812 million in the same period of 2022[119] - Net cash from financing activities for the first half of 2023 was RMB 2,905 million, a significant improvement from a net cash outflow of RMB 368 million in the same period of 2022[120] - The company raised RMB 48,524 million in loans during the first half of 2023, up from RMB 36,043 million in the same period of 2022[120] - The company repaid RMB 49,682 million in loans during the first half of 2023, compared to RMB 38,985 million in the same period of 2022[120] Dividends and Capital Commitments - The total amount of dividends declared for 2022 was approximately RMB 2,045 million, down from RMB 2,467 million in the same period of 2022[117] - Capital commitments for power plant construction and technical renovation projects totaled RMB 6,436 million as of June 30, 2023, up from RMB 5,991 million at the end of 2022[118] - The company paid RMB 325 million in dividends to permanent capital securities holders during the first half of 2023, compared to RMB 311 million in the same period of 2022[120] Other Information - No entrusted or overdue fixed deposits as of June 30, 2023, with no significant deposits unrecoverable at maturity[50] - Total number of employees as of June 30, 2023, is 24,221[52] - The company held four board meetings in the first half of 2023[54] - The company has reviewed and adjusted comparative financial data for the six months ended June 30, 2022, and the year ended December 31, 2022[60]
华电国际电力股份(01071) - 2023 - 中期财报