Financial Performance - The company's operating revenue for the first half of 2022 was approximately CNY 12.77 billion, an increase of 10.08% compared to CNY 11.60 billion in the same period last year[14]. - The net profit attributable to shareholders of the listed company was approximately CNY 813.15 million, a decrease of 46.94% from CNY 1.53 billion in the previous year[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately CNY 947.72 million, down 34.89% from CNY 1.46 billion in the same period last year[14]. - Basic earnings per share for the first half of 2022 were CNY 0.165, a decrease of 47.01% compared to CNY 0.312 in the same period last year[15]. - The weighted average return on net assets was 2.62%, down 2.26 percentage points from 4.88% in the previous year[15]. - The company reported a total profit of CNY 1,001,416,096.37 for the first half of 2022, down 49.5% from CNY 1,979,995,008.66 in the previous year[101]. - The total comprehensive income for the first half of 2022 was CNY 925,682,109.41, compared to CNY 1,780,088,434.99 in the previous year, indicating a decline of 48.0%[102]. Cash Flow and Investments - The cash flow from operating activities was approximately CNY 2.99 billion, an increase of 28.76% compared to CNY 2.32 billion in the previous year[14]. - The company reported a net cash flow from operating activities of approximately 2.987 billion, a 28.76% increase year-over-year[31]. - The company reported a net cash outflow from investing activities of CNY -955,532,015.32, a significant improvement from CNY -2,837,407,453.95 in the first half of 2021[107]. - The company achieved a net cash inflow from financing activities of CNY -27,550,125.32, contrasting with a positive inflow of CNY 1,690,541,808.13 in the previous year[107]. - The total cash and cash equivalents at the end of the period reached CNY 11,324,733,925.52, up from CNY 9,940,417,560.45 at the end of the first half of 2021[107]. Assets and Liabilities - The total assets at the end of the reporting period were approximately CNY 88.55 billion, a decrease of 1.09% from CNY 89.53 billion at the end of the previous year[14]. - The total current assets at the end of the reporting period amounted to ¥22.40 billion, a decrease from ¥23.75 billion at the previous year-end[92]. - The total liabilities decreased to CNY 10,410,440,827.32 from CNY 10,842,176,782.01, indicating a reduction of 4.0%[98]. - The total non-current liabilities increased to ¥28.27 billion from ¥27.33 billion at the previous year-end[93]. - The debt-to-asset ratio decreased to 56.70%, down by 0.66% from the previous year-end[91]. Operational Highlights - The company achieved a clean energy installed capacity of 3.75 million kW, accounting for 24% of its total controllable installed capacity as of the first half of 2022[18]. - The company’s electricity generation and main revenue indicators achieved over 50% of their annual targets in the first half of the year, despite a nearly 40% increase in coal prices[24]. - The company is actively expanding its new energy projects nationwide, responding to national carbon neutrality policies[18]. - The company has invested in large-scale, high-parameter, low-energy consumption power generation units, with significant market competitiveness[21]. Environmental Responsibility - The company is classified as a key pollutant discharge unit by environmental protection authorities, indicating its commitment to environmental responsibility[43]. - The company achieved an average emission concentration of pollutants significantly below national standards, ensuring compliance with environmental regulations[46]. - Total sulfur dioxide emissions were recorded at 247.56 tons, with a concentration of 18.91 mg/m³, well within the permissible limit of 35 mg/m³[45]. - The company has implemented advanced technologies to reduce coal consumption and emissions, aligning with national carbon neutrality goals[53]. Corporate Governance and Management - The company appointed Chen Tao as the new Vice President and elected Hu Shichao as the new Chairman of the Board[40]. - The company has strengthened its management and talent development, forming a skilled workforce aligned with its strategic goals[23]. - The company has maintained a good integrity status, with no significant legal violations or outstanding debts reported during the period[59]. Shareholder Information - The total number of shares after the recent changes is 4,912,038,316, with a decrease of 360,000,000 restricted shares[75]. - The largest shareholder, Sheneng Group Co., Ltd., holds 2,626,545,766 unrestricted circulating shares, accounting for 53.47% of the total shares[81]. - The total number of common shareholders at the end of the reporting period is 115,608[80]. - The company has not reported any overdue bonds or risks associated with the termination of bond trading[86]. Research and Development - Research and development expenses increased by 81.84% to approximately 1.479 million, reflecting a focus on innovation[31]. - The company is focusing on technological innovation and has established a robust R&D system to enhance production efficiency and reduce emissions[22]. Related Party Transactions - The total amount of related party transactions with Shanghai Gas Co., Ltd. during the reporting period was RMB 696 million[61]. - The related party transaction amount for gas purchases by various gas power plants from Shanghai Gas Co., Ltd. was RMB 747 million during the reporting period[64]. Financial Reporting and Compliance - The financial report was approved by the board of directors on August 25, 2022[122]. - The company adheres to the enterprise accounting standards, ensuring the financial statements reflect a true and complete picture of its financial status[125]. - The company has a continuous operation basis, indicating no foreseeable liquidation or dissolution[124].

Financial Performance - The company's operating revenue for 2021 was CNY 25,312,773,856.77, representing a 28.43% increase compared to CNY 19,708,858,717.41 in 2020[13] - The net profit attributable to shareholders for 2021 was CNY 1,642,136,082.82, a decrease of 31.36% from CNY 2,392,563,365.89 in 2020[13] - The net profit after deducting non-recurring gains and losses was CNY 228,390,114.96, down 90.46% from CNY 2,393,923,097.53 in the previous year[13] - The net cash flow from operating activities was CNY 3,199,702,417.80, a decline of 33.96% compared to CNY 4,845,353,556.81 in 2020[13] - The total assets at the end of 2021 were CNY 89,636,555,192.26, an increase of 17.48% from CNY 76,298,435,588.90 at the end of 2020[13] - The net assets attributable to shareholders were CNY 30,841,926,436.25, showing a slight decrease of 0.02% from CNY 30,848,517,799.13 in 2020[13] - The basic earnings per share for 2021 were CNY 0.334, down 31.42% from CNY 0.487 in 2020[14] - The diluted earnings per share also stood at CNY 0.334, reflecting the same percentage decrease as basic earnings[14] - The weighted average return on equity for 2021 was 5.28%, a decrease of 2.63 percentage points from 7.91% in 2020[15] Revenue and Growth - The company plans to distribute a cash dividend of CNY 2.00 per 10 shares, totaling CNY 981,792,457.20 (including tax) based on the total share capital as of December 31, 2021[2] - In 2021, the company's controlled power generation reached 48.48 billion kWh, a year-on-year increase of 23.2%[23] - The company's operating revenue for 2021 was 25.313 billion RMB, representing a year-on-year growth of 28.43%[23] - The net profit attributable to shareholders for 2021 was 1.642 billion RMB, maintaining a leading position in the industry[23] - The company achieved a controlled coal consumption of 282.7 grams/kWh and an average coal price of 1,052 RMB/ton[23] - The installed capacity of the company reached 13.9244 million kW by the end of 2021, an increase of 10.27% year-on-year, with renewable energy capacity contributing significantly to profit growth[23] Market and Operations - The company participated in market transactions of 15.446 billion kWh of electricity in 2021, including the first national green electricity transaction[25] - The company obtained 24 patent authorizations in 2021, with a total of 161 effective intellectual properties[25] - The company is actively expanding upstream oil and gas resources and has initiated exploration projects in various regions[24] - The company has implemented a "carbon neutrality" strategy, including the establishment of a carbon neutrality research institute and participation in the first batch of national carbon emission trading[24] - The company has strengthened safety production and environmental protection measures, achieving no major accidents throughout the year[23] Energy Generation and Consumption - The coal power business reported operating revenue of CNY 9.49 billion, with a gross margin decrease of 19.54 percentage points[37] - The gas power business generated CNY 3.96 billion in revenue, with a gross margin decrease of 2.20 percentage points[37] - The wind power business achieved operating revenue of CNY 1.92 billion, with a gross margin increase of 3.13 percentage points[37] - The company invested heavily in clean energy, with significant achievements in wind and solar power sectors[27] - The company’s controlled power generation volume was 48.48 billion kWh, a year-on-year increase of 23.2%, contributing to approximately 33% of the total power generation in Shanghai[34] Financial Management and Investments - Cash received from operating activities increased by 55.35% to approximately $459.25 million in 2021 from $295.62 million in 2020, primarily due to increased government subsidies and interest income[48] - Cash paid for purchasing goods and services rose by 54.14% to approximately $21.36 billion in 2021 from $13.85 billion in 2020, mainly due to rising coal costs[48] - Cash recovered from investments surged by 4827.96% to approximately $1.07 billion in 2021 from $21.74 million in 2020, attributed to the sale of a 5% equity stake in Shanghai Shangguo Asset Management Co., Ltd.[48] - Accounts receivable increased by 33.25% to approximately $6.31 billion in 2021 from $4.73 billion in 2020, mainly due to increased receivables from subsidiaries[51] - Inventory rose by 87.43% to approximately $1.16 billion in 2021 from $620.32 million in 2020, driven by both price and volume increases in coal[51] Corporate Governance and Compliance - The company held 1 shareholders' meeting and 7 board meetings during the reporting period, ensuring compliance with legal and regulatory requirements[81] - The company maintains independence from its controlling shareholder in business, personnel, assets, and finance, ensuring autonomous operational capabilities[82] - The company has a fully independent financial department with a sound financial management system, preventing interference from the controlling shareholder[84] - The company has implemented stock incentive plans, resulting in significant increases in shareholdings for certain executives, such as an increase of 569,000 shares for the vice chairman[88] - The company emphasizes effective communication with investors, maintaining a positive interaction through various channels[81] Environmental and Social Responsibility - The company is committed to complying with national environmental laws and exploring energy-saving and environmental protection technologies[79] - The company has successfully helped local communities achieve poverty alleviation through various initiatives, including infrastructure improvements and economic support[129] - The company has made commitments regarding financial safety and compliance, ensuring no misuse of funds through its financial company[131] - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[133] Future Outlook and Strategy - The company plans to continue expanding its renewable energy capacity, particularly in wind and solar sectors[54] - The company is focusing on green transformation, with key projects including the development of zero-carbon islands and offshore wind power projects in Hainan[77] - The company plans to actively explore diversified markets, including floating electricity pricing and cross-regional trading, to increase market revenue[78] - The company is committed to achieving "dual carbon" goals by exploring low-carbon technologies and conducting carbon emission accounting[78] - Future guidance indicates a continued upward trend in revenue, with expectations of further market expansion and potential acquisitions[91]

Financial Performance - The company achieved operating revenue of CNY 11.37 billion, a year-on-year increase of 23.86%[14] - The net profit attributable to shareholders reached CNY 1.57 billion, reflecting a year-on-year growth of 35.95%[14] - Basic earnings per share rose to CNY 0.320, an increase of 35.95% year-on-year[15] - The net profit after deducting non-recurring gains and losses was CNY 1.49 billion, an increase of 18.06% year-on-year[14] - The company reported a revenue of 11.37 billion RMB, reflecting a year-on-year growth of 23.9%[24] - The net profit for the first half of 2021 reached 1.57 billion RMB, marking a year-on-year increase of 36.0%[24] - The total comprehensive income amounted to approximately ¥1.82 billion, compared to ¥1.37 billion in the same period last year, reflecting a year-over-year increase of 32.8%[101] - The net profit attributable to the parent company was approximately ¥1.57 billion, an increase from ¥1.16 billion in the previous period, representing a growth of 35.8%[101] Cash Flow and Investments - The net cash flow from operating activities was CNY 2.32 billion, down 21.75% compared to the previous year[14] - The company raised a total of ¥8.2 billion in funding during the first half of 2021, with an average interest rate of 2.37% for short-term bonds, which is at a historical low[29] - The company’s investment activities resulted in a net cash outflow of approximately ¥2.84 billion, an increase of 42.07% compared to the previous year[29] - The cash inflow from financing activities amounted to approximately CNY 13.24 billion, up from CNY 10.81 billion in the same period of 2020, reflecting a growth of 22.5%[105] - The net cash flow from financing activities was approximately CNY 1.69 billion, a significant improvement from a net outflow of CNY 1.11 billion in the first half of 2020[105] Assets and Liabilities - Total assets increased by 8.34% to CNY 82.66 billion compared to the end of the previous year[14] - The company's total liabilities amounted to CNY 43.96 billion, compared to CNY 37.36 billion at the end of 2020, reflecting an increase of approximately 17.1%[95] - The company's current ratio is 0.92, a decrease of 8.07% compared to the previous year[89] - The debt-to-asset ratio increased by 4.21 percentage points to 53.18%[89] - The total amount of guarantees at the end of the reporting period is RMB 218,062.50 million, which includes principal and interest on loans and related payments to banks[74] Renewable Energy Contribution - The contribution of renewable energy (wind and solar) to the company's net profit exceeded 30%[4] - The installed capacity of renewable energy (wind and solar) accounted for over 20% of the total installed capacity, contributing over 30% to the net profit in the first half of 2021[19] - The company is actively developing wind and solar energy projects, contributing to the increase in its renewable energy capacity[51] Safety and Environmental Measures - The company has implemented a series of safety production measures, resulting in a reduction of system unit faults and no major safety incidents reported in the first half of 2021[24] - The company’s power plants have implemented ultra-low emissions technology, ensuring that the average discharge concentrations of smoke dust, sulfur dioxide, and nitrogen oxides are better than national standards[45] - The company has established an environmental self-monitoring plan, utilizing automatic monitoring systems to ensure real-time transmission of environmental data[48] Corporate Governance and Compliance - The company and its controlling shareholder have maintained good integrity and legal operation during the reporting period[58] - There were no significant lawsuits or arbitration matters during the reporting period[57] - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[55] Research and Development - The company completed 14 patent authorizations in the first half of 2021, bringing the total number of effective intellectual properties to 151[29] - The company has established the Shenneng Carbon Neutral Research Institute to enhance research and application of carbon capture and utilization technologies[51] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[99] - The company is focused on expanding its renewable energy footprint through acquisitions and partnerships, as evidenced by its diverse subsidiary portfolio[117]

Financial Performance - The company's operating revenue for 2020 was CNY 19,708,858,717.41, a decrease of 49.26% compared to CNY 38,841,303,798.99 in 2019[17] - The net profit attributable to shareholders for 2020 was CNY 2,392,563,365.89, representing an increase of 4.64% from CNY 2,286,499,089.13 in 2019[17] - The total assets at the end of 2020 reached CNY 76,298,435,588.90, a growth of 12.30% from CNY 67,944,070,511.90 in 2019[17] - The net assets attributable to shareholders increased to CNY 30,848,517,799.13, up by 4.21% from CNY 29,603,575,069.37 at the end of 2019[17] - The basic earnings per share for 2020 was CNY 0.487, a slight increase of 0.83% from CNY 0.483 in 2019[19] - The cash flow from operating activities for 2020 was CNY 4,845,353,556.81, a decrease of 4.06% compared to CNY 5,050,541,853.76 in 2019[17] - The company reported a decrease in the weighted average return on net assets to 7.91% from 8.22% in 2019, a reduction of 0.31 percentage points[19] - The company achieved a net cash flow from operating activities of approximately ¥1.38 billion in Q1 2020, which decreased to approximately ¥806 million by Q4 2020[21] - The company reported a net profit of CNY 1,745,935,401.84 for the year 2020, with a distributable profit of CNY 1,396,748,321.48 after statutory reserves[87] - The total comprehensive income for 2020 was CNY 1.70 billion, down from CNY 2.09 billion in 2019, reflecting a decrease of 18.9%[196] Revenue and Profit Trends - In Q1 2020, the company reported revenue of approximately ¥5.32 billion, with net profit attributable to shareholders at approximately ¥453 million[21] - In Q2 2020, revenue decreased to approximately ¥3.85 billion, while net profit attributable to shareholders increased to approximately ¥703 million[21] - In Q3 2020, revenue rose to approximately ¥4.66 billion, with net profit attributable to shareholders reaching approximately ¥795 million[21] - In Q4 2020, revenue further increased to approximately ¥5.88 billion, but net profit attributable to shareholders dropped to approximately ¥441 million[21] - The company achieved a record controllable power generation of 39.35 billion kWh in 2020, a year-on-year increase of 6.2%[37] - The net profit attributable to shareholders, excluding non-recurring gains and losses, reached 2.394 billion RMB, representing a year-on-year growth of 24.46%[37] Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 2.80 per 10 shares, totaling an estimated cash dividend distribution of CNY 1,375,370,728.48[4] - A cash dividend of CNY 2.80 per 10 shares is proposed, amounting to a total distribution of CNY 1,375,370,728.48[88] - The remaining undistributed profit at the end of the year is CNY 1,594,670,120.83, which will be carried forward to the next year[88] - The company has committed to a cash dividend policy that mandates a minimum distribution of 30% of the average distributable profit over the last three years[87] Asset and Liability Management - The total liabilities reached RMB 37.36 billion, up from RMB 30.08 billion in the previous year, indicating an increase of about 24.0%[182] - The company's total liabilities for 2020 were CNY 6.11 billion, an increase of 15.4% from CNY 5.29 billion in 2019[188] - Long-term borrowings increased to RMB 12.90 billion from RMB 11.92 billion, indicating a rise of approximately 8.2%[182] - The total liabilities to equity ratio increased, indicating a higher leverage position for the company compared to the previous year[182] Operational Efficiency and Cost Management - The company achieved a significant reduction in coal costs, contributing to a positive growth in main business revenue despite the pandemic[44] - The total operating costs for 2020 were CNY 17.69 billion, down 52.4% from CNY 37.12 billion in 2019[190] - The company has a strategy to strengthen coal procurement management to improve bargaining power and reduce operational costs[85] Renewable Energy and Technological Innovation - The company’s non-hydropower renewable energy installed capacity reached 2.145 million kW by the end of 2020, accounting for 17.8% of total installed capacity[28] - The company emphasizes technological innovation and has established a technology innovation system to enhance production efficiency and reduce emissions[33] - The company plans to accelerate the development of renewable energy projects, focusing on grid-parity wind and solar projects[79] - The proportion of renewable energy installed capacity reached 23.7%, with a total of 1.145 million kW of non-hydropower renewable energy capacity added, a 118% increase year-on-year[37] Environmental Compliance and Sustainability - The company is committed to achieving carbon peak by 2030 and carbon neutrality by 2060, driving a shift towards cleaner energy sources[74] - The company has committed to complying with national environmental laws and exploring energy-saving and environmental protection technologies[85] - The company successfully completed pollution management targets in 2020, ensuring all power generation units operated pollution control equipment normally[122] - The average desulfurization and denitrification efficiency of coal-fired power plants was reported at 98.5% and 82%, respectively, indicating effective pollution control measures[120] Shareholder and Governance Structure - The total number of ordinary shareholders reached 124,032 by the end of the reporting period, an increase from 123,658 at the end of the previous month[132] - The largest shareholder, Sheneng Group, held 2,626,545,766 shares, representing 53.47% of total shares, with no changes during the reporting period[133] - The company maintains a stable management structure with no significant changes in the board of directors or senior management during the reporting period[142] - The board of directors includes independent members with diverse expertise, contributing to effective governance and oversight[144] Employee and Labor Management - The total number of employees in the parent company and major subsidiaries is 2,617, with 80 in the parent company and 2,537 in subsidiaries[151] - The company has established a training plan to enhance employee skills and support talent development[153] - The company has implemented a performance-based salary distribution system to enhance team cohesion and effectiveness[152] Financial Reporting and Audit - The audit report confirms that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2020[165] - The internal control audit report received a standard unqualified opinion, indicating no significant deficiencies in internal controls[162] - The management is responsible for ensuring the financial statements are prepared in accordance with accounting standards and for maintaining necessary internal controls[172]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥9,176,318,638.55, a decrease of 53.14% compared to ¥19,581,530,842.14 in the same period last year[9]. - The net profit attributable to shareholders for the first half of 2020 was ¥1,155,884,322.03, down 10.83% from ¥1,296,307,772.59 in the previous year[9]. - The net cash flow from operating activities was ¥2,964,690,212.08, a decrease of 1.75% compared to ¥3,017,397,935.39 in the same period last year[10]. - The basic earnings per share for the first half of 2020 were ¥0.235, a decrease of 17.37% compared to ¥0.285 in the same period last year[11]. - The weighted average return on net assets was 3.83%, down 1.02 percentage points from 4.85% in the previous year[11]. - The company's operating revenue for the first half of 2020 was approximately ¥9.18 billion, a decrease of 53.14% compared to ¥19.58 billion in the same period last year[29]. - The operating cost for the same period was approximately ¥7.49 billion, down 58.77% from ¥18.17 billion year-on-year[29]. - The company's operating profit for the first half of 2020 was approximately ¥1.52 billion, a decrease of 10.5% compared to ¥1.70 billion in the same period of 2019[97]. - The total comprehensive income for the first half of 2020 was approximately ¥1.37 billion, a decrease of 10.9% from ¥1.54 billion in the first half of 2019[98]. - The company reported a net profit of RMB 1.15 billion for the first half of 2020, reflecting a robust performance despite market challenges[107]. Assets and Liabilities - The total assets at the end of the reporting period were ¥69,664,071,543.98, an increase of 2.53% from ¥67,944,070,511.90 at the end of the previous year[10]. - The total liabilities reached ¥32,155,833,141.12, compared to ¥30,079,516,790.21 at the end of 2019, reflecting an increase of approximately 6.9%[92]. - The company's total non-current assets amounted to ¥53,680,408,696.06, up from ¥51,684,280,162.69, indicating an increase of about 3.9%[91]. - The company's total assets reached RMB 33,020,106,154.25, up 2.2% from RMB 32,294,398,660.49 at the end of 2019[95]. - The company's total liabilities at the end of the first half of 2020 were approximately CNY 10.05 billion[110]. Investments and Projects - The company has invested in various power generation projects, including coal, gas, nuclear, wind, and solar energy, with a significant focus on clean energy development[14]. - The company is actively expanding its market presence beyond Shanghai, with projects in regions such as Anhui, Ningxia, Qinghai, Xinjiang, and Inner Mongolia, in line with the "Belt and Road" initiative[14]. - The company achieved a new installed capacity of 592,000 kW in renewable energy, totaling 1,692,000 kW, which is a 54% increase compared to the end of last year[26]. - The company signed international trade contracts for a total of 200,000 tons of biomass pellets, marking the commencement of overseas projects[26]. - The company is developing the "Pingshan Phase II" project, which is expected to achieve international leading performance indicators upon completion[19]. Financial Management - The company has committed to ensuring the safety of funds and compliance with financial regulations in its financing activities[43]. - The company does not plan to distribute profits or increase capital reserves in the current half-year period[41]. - The company has no significant non-equity investments during the reporting period[35]. - The company reported an investment income of 110,077,547.73 from Sheneng New Energy (Qinghai) Co., Ltd., representing a 100% ownership stake[35]. - The company’s cash flow from operating activities was approximately ¥2.96 billion, a slight decrease of 1.75% compared to the previous year[29]. Environmental and Social Responsibility - The company has achieved ultra-low emissions for pollutants, with average emission concentrations for dust, sulfur dioxide, and nitrogen oxides better than national standards[71]. - The company has established an environmental self-monitoring plan and uses automatic monitoring systems to ensure accurate and effective data transmission[75]. - The company plans to invest 429,100 RMB in poverty alleviation efforts in Longyang Village, Yunnan Province, focusing on supporting the pig farming industry and cultivating collective economy[68]. - The company has completed the hardening of three village roads and the renovation of pigsties for registered impoverished households[68]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 128,333[81]. - The largest shareholder, Sheneng (Group) Co., Ltd., held 2,626,545,766 shares, representing 53.47% of the total shares[82]. - The total number of restricted shares at the end of the reporting period was 360,000,000, all held by Sheneng (Group) Co., Ltd.[80]. - The top ten unrestricted shareholders collectively held 2,266,545,766 shares[83]. - The company reported no changes in the shareholdings of directors and senior management during the reporting period[86]. Accounting Policies and Compliance - The financial statements are prepared based on the going concern assumption, indicating the company expects to continue operations indefinitely[121]. - The accounting policies comply with enterprise accounting standards, ensuring a true and complete reflection of the company's financial status[121]. - The company has established a unified accounting policy and period for its consolidated financial statements, ensuring consistency across subsidiaries[126]. - The company recognizes its share of assets and liabilities in joint ventures according to relevant accounting standards[128]. - The company has made changes to important accounting policies and estimates, which may impact the financial statements and require ongoing review[190].