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晋控电力(000767) - 2017 Q3 - 季度财报
2017-10-30 16:00
Financial Performance - Total assets at the end of the reporting period reached ¥50.38 billion, an increase of 3.57% compared to the previous year[8] - Net assets attributable to shareholders decreased to ¥7.84 billion, down 11.03% from the previous year[8] - Operating revenue for the reporting period was ¥2.55 billion, an increase of 8.33% year-on-year[8] - Net profit attributable to shareholders was a loss of ¥375.88 million, a decrease of 547.58% compared to the same period last year[8] - Basic earnings per share were -¥0.1221, reflecting a decline of 427.35% year-on-year[8] - Cash flow from operating activities decreased by 67.64% year-to-date, totaling ¥690.98 million[8] - The company reported non-recurring gains and losses totaling -¥5.19 million for the reporting period[10] - Operating costs for the period amounted to CNY 6,966,289,914.70, an increase of 33.52% year-on-year, primarily due to rising coal costs[20] - The company reported a decrease in undistributed profits by 86.71% to CNY 149,599,966.49, mainly due to losses incurred[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 151,458[12] - The largest shareholder, Datong Coal Mine Group, holds 27.45% of the shares, totaling 844.65 million shares[12] Cash and Investments - As of September 30, 2017, cash and cash equivalents decreased by 35.85% to CNY 4,137,912,823.05 compared to the beginning of the year, primarily due to increased construction project expenditures[17] - Cash received from other investment activities increased by 776.38% to CNY 1,487,306,228.29, primarily due to an increase in repayments of entrusted loans[22] - Cash absorbed from investments rose by 498.89% to CNY 53,900,000.00, driven by increased capital contributions from minority shareholders[22] Assets and Liabilities - Prepayments increased by 77.19% to CNY 1,136,028,626.55, mainly due to an increase in advance payments for equipment procurement[17] - Other receivables rose by 35.40% to CNY 847,203,463.06, attributed to an increase in financing lease deposits and receivables[17] - The company's construction in progress increased by 46.33% to CNY 5,733,230,122.61, reflecting higher investment in construction projects[17] - The company’s deferred income increased by 47.14% to CNY 209,827,403.50, mainly due to an increase in government subsidies received[18] - The company’s non-current liabilities due within one year increased by 30.78% to CNY 4,001,558,238.83, primarily due to an increase in long-term payables due within one year[18] Commitments and Compliance - The company reported a commitment from the coal group to ensure independence and compliance with regulations, stating that all rights and obligations during the construction of the second phase of the Datang project will be borne by the coal group[27] - The coal group will inject the Datang project into Zhangze Electric within 24 months after obtaining the approval documents[28] - The coal group has committed to avoiding any related party transactions that could harm the interests of Zhangze Electric and its shareholders[29] - The company will serve as the only listed platform for the coal group's domestic power generation asset integration following the major asset restructuring[29] - The coal group will ensure that no competitive conflicts arise with Zhangze Electric's main business of power production and sales[30] - The company is expected to maintain operational independence in personnel, finance, assets, and business[29] - The coal group has pledged to comply with relevant laws and regulations regarding external guarantees and will not provide any illegal guarantees[28] - The coal group is liable for any economic losses incurred by Zhangze Electric due to violations of the commitments made[27] Project Developments - The company anticipates the approval of the 49.5MW wind power project within 24 months, with plans for its integration into Zhangze Electric[30] - Shanxi Zhangze Power's major asset restructuring includes commitments from the coal group to ensure land ownership certificates are obtained for key projects, with a focus on the Tashan Power Plant and Tangshan Thermal Power Plant[31] - The company reported a significant area of collective land usage of 29.01 million square meters (approximately 435.13 acres) for the Tonghua Power Plant, with plans for future land acquisition for project expansion[31] - The coal group has committed to compensating for any losses incurred by Zhangze Power due to delays in obtaining land ownership certificates, ensuring operational continuity[31] - The company anticipates potential impairment risks associated with the shutdown of the first phase of the Tangshan Thermal Power Plant following the commissioning of the second phase, with commitments from the coal group to mitigate these risks[31] - There are ongoing efforts to secure property ownership certificates for five properties related to Wangping Power and Tashan Power, with assurances from the coal group regarding ownership disputes[33] Operational Integrity - The company has not engaged in any securities or derivative investments during the reporting period, maintaining a focus on core operations[35][36] - There were no violations regarding external guarantees or non-operational fund occupation by controlling shareholders during the reporting period[38][40] - The company has conducted multiple communications to understand production and operational conditions, indicating proactive engagement with stakeholders[37] - The company has not provided any profit warnings for the current fiscal year, indicating stable financial expectations[35] - The chairman of the board, Wen Shengyuan, confirmed the ongoing commitment to operational integrity and compliance as of October 30, 2017[41]
晋控电力(000767) - 2017 Q2 - 季度财报
2017-08-22 16:00
Financial Performance - The company's operating revenue for the reporting period was ¥4,282,756,347.11, an increase of 14.63% compared to ¥3,736,056,719.09 in the same period last year[18]. - The net profit attributable to shareholders was -¥600,520,087.24, representing a decrease of 324.21% from -¥141,560,363.95 in the previous year[18]. - The net cash flow from operating activities was ¥853,822,928.97, which is a 6.42% increase from ¥802,337,112.92 in the same period last year[18]. - The company reported a basic earnings per share of -¥0.1952, a decline of 210.83% compared to -¥0.0628 in the same period last year[18]. - The company achieved a total electricity generation of 14.018 billion kWh and reported a revenue of CNY 4.389 billion, resulting in a loss of CNY 704 million for the first half of the year[32]. - The company’s revenue increased by 14.63% compared to the same period last year, while operating costs rose by 30.15% primarily due to the increase in coal prices[34]. - The company reported a total investment of CNY 309,298,200, with a 51% ownership stake in Datong Coal Mine Group Tongda Thermal Power Co., Ltd. The investment resulted in a loss of CNY 35,761,267.20 for the period[44]. - The company reported a net profit of -4,762.31 million yuan from the acquired Datong Coal Mine Group Tongda Thermal Power Company prior to consolidation[81]. - The company reported a significant increase in financial expenses, which rose to ¥612,092,666.11 from ¥569,496,033.78, impacting overall profitability[132]. - The total comprehensive loss for the current period was ¥737,868,978.21, compared to a loss of ¥173,054,972.86 in the previous period, highlighting ongoing financial challenges[133]. Assets and Liabilities - The total assets at the end of the reporting period were ¥48,491,826,495.97, showing a slight decrease of 0.32% from the previous year's total of ¥48,648,640,330.77[18]. - The total liabilities rose from CNY 37,828,803,231.35 to CNY 38,410,243,838.67, an increase of about 1.54%[125]. - The company's total assets decreased from CNY 48,648,640,330.77 to CNY 48,491,826,495.97, a decline of about 0.32%[126]. - The total owner's equity decreased from CNY 10,819,837,099.42 to CNY 10,081,582,657.30, a reduction of approximately 6.83%[126]. - The total approved guarantee amount for subsidiaries during the reporting period was CNY 153,116.21 million, with actual guarantees amounting to CNY 91,178.45 million[94]. - The total amount of guarantees exceeding 50% of net assets was CNY 367,201.3 million[95]. - The total current assets decreased from CNY 12,543,196,645.71 to CNY 11,500,285,713.34, a decline of approximately 8.33%[124]. - The total equity decreased to ¥7,910,439,551.13 from ¥8,308,199,632.48, reflecting a decline in the company's net worth[132]. Investments and Acquisitions - The company has expanded its operations through acquisitions, including a 60% stake in Tongmei Datang Tashan Power Co., Ltd.[156]. - The company has a history of significant acquisitions, including the purchase of multiple power generation companies since 2013[156]. - The company has completed the acquisition of several subsidiaries, which are currently in the construction phase and do not impact overall performance[53]. - The company is actively developing new material projects, with a 300,000-ton per year fly ash inorganic material project having commenced construction in May[32]. Cash Flow - The cash flow from operating activities increased by 6.42% to CNY 853.82 million[34]. - Cash outflow from investment activities totaled ¥3,871,935,729.61, up from ¥2,580,079,585.47 in the previous period, reflecting a significant increase of approximately 50.1%[140]. - Cash inflow from financing activities was ¥8,513,861,464.99, down from ¥15,689,261,459.87 in the previous period, a decrease of about 45.7%[140]. - The ending balance of cash and cash equivalents was ¥3,667,740,618.38, compared to ¥3,073,861,548.05 in the previous period, showing an increase of approximately 19.3%[140]. - The net increase in cash and cash equivalents for the period was -¥4,150,671,715.96, compared to an increase of ¥855,529,710.88 in the previous period[143]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 154,256[108]. - Datong Coal Mine Group holds 27.45% of the shares, with a total of 844,653,683 shares, including an increase of 164,640,883 shares during the period[108]. - The total number of restricted shares at the end of the period was 823,204,419, all from non-public offerings[105]. - The company has a commitment to limit the sale of shares, with the release date for most being January 22, 2018[105]. - The company did not undergo any changes in its controlling shareholder or actual controller during the reporting period, maintaining stability in its ownership structure[111]. Operational Challenges and Strategies - The company faces significant risks including overcapacity in the power sector, rising coal prices, and increasing environmental regulations, with coal prices expected to remain high throughout the year[55]. - In the second half of 2017, the company aims to enhance electricity marketing and production, ensuring the completion of the annual power generation target[56]. - The company is focusing on reducing curtailment losses in new energy projects and maximizing production capacity through market electricity trading[57]. - The company is exploring financing channels through asset securitization and corporate bond issuance to enhance direct financing capabilities[57]. - The company is committed to cost control and efficiency improvement through a "fine management" initiative, aiming to reduce expenses and enhance management levels[57]. Regulatory and Compliance - The company has not experienced any major litigation or arbitration matters during the reporting period[76]. - There were no penalties or rectification measures taken against the company during the reporting period[76]. - The company has not engaged in any significant asset or equity sales during the reporting period[47][48]. - The company has not made any securities or derivative investments during the reporting period[45][46]. - The company is not classified as a key pollutant discharge unit by environmental protection authorities[98]. Financial Reporting and Audits - The semi-annual financial report for the company has not been audited[73]. - The financial report for the first half of 2017 was not audited, which may affect the reliability of the financial data presented[121]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring accurate financial reporting[169].
晋控电力(000767) - 2017 Q1 - 季度财报
2017-04-20 16:00
Financial Performance - The company's operating revenue for Q1 2017 was ¥1,873,851,771.92, representing a 33.00% increase compared to ¥1,408,950,753.72 in the same period last year[8] - The net profit attributable to shareholders of the listed company was -¥236,362,524.64, a decrease of 24.01% from -¥190,600,951.66 year-on-year[8] - The net cash flow from operating activities improved significantly to ¥8,554,200.25, compared to -¥389,184,620.03 in the previous year, marking a 102.20% increase[8] - The basic earnings per share for the period was -¥0.0768, an improvement of 9.22% from -¥0.0846 in the same period last year[8] - Total revenue for the period reached CNY 1,873,851,771.92, an increase of 33.00% compared to the previous year, primarily due to increased power generation[18] - Operating costs amounted to CNY 1,886,192,798.70, up 38.29% year-on-year, mainly driven by rising coal prices and increased fuel costs[18] - Cash received from sales of goods and services was CNY 1,874,621,045.40, reflecting a 30.36% increase from the previous year, attributed to higher sales revenue[18] Assets and Shareholder Information - Total assets at the end of the reporting period were ¥46,104,984,348.99, reflecting a 1.56% increase from ¥45,396,213,520.81 at the end of the previous year[8] - The net assets attributable to shareholders decreased by 2.68% to ¥8,582,051,842.30 from ¥8,818,414,366.94 at the end of the previous year[8] - The total number of ordinary shareholders at the end of the reporting period was 161,171[12] - The largest shareholder, Datong Coal Mine Group Co., Ltd., held 27.45% of the shares, amounting to 844,653,683 shares[12] Income and Expenses - The company reported non-operating income of ¥11,414,826.91, after accounting for tax effects and minority interests[9] - Other operating income surged by 81.98% to CNY 18,020,072.41, mainly due to increased rewards from the grid company[18] - Cash received from tax refunds increased by 61.66% to CNY 2,730,377.37, primarily due to higher VAT refunds received by the company[18] - Cash paid for other investment activities decreased by 95.58% to CNY 57,718,768.80, mainly due to reduced principal repayments for financing leases[19] - Interest payable rose by 36.31% to CNY 220,739,074.17, primarily due to an increase in unpaid interest[17] - Prepayments increased by 105.25% to CNY 20,514,176.84, mainly due to an increase in prepaid heating fees[17] Future Projects and Commitments - The company is actively pursuing new power generation projects, including a 20MWp photovoltaic project and several thermal power projects, which are expected to be operational within two years[21] - The company plans to inject the "Datar Power Phase II" project into Zhangze Power within 24 months after obtaining the approval documents[24] - The company has a wind power project, "Zhinvquan Wind Power Project," with a capacity of 49.5 MW, which will also be injected into Zhangze Power within 24 months after approval[24] Governance and Compliance - The company has committed to avoiding investments in competing businesses without authorization, ensuring operational independence[21] - The company has committed to maintaining independence from the controlling shareholder, ensuring no competition in the core business of power production and sales[25] - The company will prioritize the transfer of any competing business to Zhangze Power at a fair price if identified[25] - The company has committed to not providing any illegal guarantees or misusing Zhangze Power's funds[25] - The company has confirmed that it will avoid any related party transactions that could harm the interests of minority shareholders[25] - The company has stated that it will comply with all relevant laws and regulations regarding external guarantees and related party transactions[25] - The company has committed to ensuring that all transactions with related parties are conducted at market prices[25] - The company has undertaken to ensure that all land use rights for the "Tashan Power Plant" are secured and will bear any losses due to failure to obtain these rights[26] Operational Status and Inquiries - The company anticipates a significant change in net profit for the period from January to June 2017, potentially resulting in a loss compared to the same period last year[29] - There were no securities investments reported during the reporting period[29] - The company did not engage in any derivative investments during the reporting period[30] - The company received inquiries regarding its production and operational status on January 19, 2017, and March 7, 2017, through telephone communications[31] - There were no instances of non-compliance with external guarantees during the reporting period[32] - The company reported no non-operating fund occupation by controlling shareholders or their affiliates during the reporting period[33] Shareholder Commitments - The commitment from Datong Coal Mine Group to not transfer shares for 36 months from the listing date is still in effect[28] - The company is in the process of obtaining property ownership certificates for several assets, ensuring no ownership disputes exist[28] - The company has made commitments to avoid unfair benefit transfers to other entities or individuals[28] - The company continues to fulfill its long-term commitments without any reported losses affecting normal operations[28]
晋控电力(000767) - 2016 Q4 - 年度财报
2017-04-20 16:00
Financial Performance - The company's operating revenue for 2016 was ¥8,258,167,237.14, a decrease of 9.23% compared to ¥9,097,494,935.90 in 2015[19]. - The net profit attributable to shareholders for 2016 was ¥85,623,969.31, down 79.21% from ¥411,882,460.09 in 2015[19]. - The net cash flow from operating activities decreased by 56.84% to ¥1,198,614,063.86 in 2016 from ¥2,777,347,127.70 in 2015[19]. - The basic earnings per share for 2016 was ¥0.037, a decline of 79.44% compared to ¥0.180 in 2015[19]. - Power generation revenue decreased by 20.16% to ¥6,222,954,773.65, accounting for 75.36% of total revenue[39]. - Coal-fired power revenue saw a significant decline of 22.25%, totaling ¥5,957,018,226.90, which represented 72.13% of total power revenue[39]. - The company reported a substantial increase in coal revenue, rising by 874.44% to ¥445,793,980.99, contributing 5.40% to total revenue[39]. - The total sales volume of electricity decreased by 12.21% to 2,365,583.99 million kWh, while production volume also fell by 12.09% to 2,618,400.93 million kWh[44]. - The company’s gross profit margin for the power sector was 14.56%, down from the previous year, with operating costs decreasing by 8.27%[43]. Assets and Investments - Total assets at the end of 2016 increased by 36.75% to ¥45,396,213,520.81 from ¥33,195,953,201.67 at the end of 2015[19]. - The net assets attributable to shareholders rose by 52.46% to ¥8,818,414,366.94 at the end of 2016 from ¥5,783,906,718.97 at the end of 2015[19]. - Long-term equity investments increased by 19.64% year-on-year, primarily due to an investment of 100 million CNY in a joint venture[31]. - Fixed assets grew by 15.03% year-on-year, mainly due to the completion of the 2*35 MW thermal power project and the Zhinvquan wind power project[31]. - Cash and cash equivalents increased by 172.73% year-on-year, primarily due to funds raised from a non-public stock issuance[31]. Operational Challenges and Strategies - The company reported a significant decline in net profit due to various operational challenges and market conditions[19]. - The company continues to focus on improving operational efficiency and exploring new market opportunities[19]. - The company has identified major risk factors in its future development and has outlined corresponding countermeasures[5]. - The company plans to enhance operational efficiency by focusing on cost control, particularly in fuel procurement, to maintain competitive pricing[76]. - Environmental regulations are tightening, with increased scrutiny on emissions and a national carbon trading market being established, impacting operational strategies[75]. Dividends and Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for the year[6]. - The company has not distributed any cash dividends over the past three years, with net profits of approximately CNY 85.62 million in 2016, CNY 411.88 million in 2015, and CNY 600.60 million in 2014, all with a 0% dividend payout ratio[85]. - The largest shareholder, Datong Coal Mine Group Co., Ltd., holds 30.17% of the shares, totaling 680,012,800 shares[144]. - The second largest shareholder, Shanxi Provincial Government State-owned Assets Supervision and Administration Commission, holds 13.27% of the shares, totaling 299,130,000 shares[144]. - The third largest shareholder, State Power Investment Corporation, holds 12.41% of the shares, totaling 279,758,170 shares[144]. Innovation and Development - The company received 3 utility model patents and 5 invention patents during the year, reflecting its commitment to technological innovation[37]. - The company aims to actively participate in power distribution reforms to extend its power generation industry chain[36]. - The company is focusing on innovation and efficiency improvements to achieve its annual targets and drive transformation[76]. - The company is exploring the "coal-electric-X" development model, particularly in the Yongji region, to integrate coal, electricity, and aluminum industries[77]. - The company is focusing on technological innovation, including the development of energy-saving monitoring technologies and advanced zero-emission technologies for desulfurization wastewater[78]. Financial Management and Governance - The company has a structured governance framework with a mix of experienced professionals in key positions, ensuring effective oversight and management[157][159]. - The total remuneration for directors, supervisors, and senior management in 2016 amounted to CNY 4.6299 million[162]. - The company has a well-defined internal control system that enhances risk management and internal control standards[174]. - The audit opinion for Shanxi Zhangze Electric Power Co., Ltd. is a standard unqualified opinion, indicating that the financial statements fairly reflect the company's financial position as of December 31, 2016[198]. - The financial statements were prepared in accordance with the Chinese Accounting Standards, ensuring fair representation of the company's financial results for the year 2016[198]. Employee and Talent Management - The company employed a total of 8,788 staff, with 6,327 in production roles and 1,805 in technical positions[165]. - The number of employees with a bachelor's degree or higher reached 2,171, representing approximately 24.7% of the total workforce[165]. - The company has established a rigorous training plan to improve the skills of its workforce, focusing on critical positions and urgent needs[168]. - The company plans to enhance training for management and technical staff to support its development goals[168]. - A minimum of 10 skill competitions or job training activities will be organized throughout the year to enhance practical skills[170]. Risk Management and Compliance - The company has committed to strict safety and environmental standards, implementing a "one-vote veto" system for safety and environmental issues, and increasing accountability measures[77]. - The company is focused on complying with regulations regarding related party transactions to protect the interests of minority shareholders[89]. - The company has not experienced any significant accounting errors requiring retrospective restatement during the reporting period[99]. - The company has not changed its accounting policies, estimates, or methods compared to the previous financial report[98]. - The company has no outstanding bonds that are due or unable to be fully redeemed as of the annual report approval date[193].
晋控电力(000767) - 2016 Q3 - 季度财报
2016-10-19 16:00
Financial Performance - Total assets at the end of the reporting period reached ¥40.53 billion, an increase of 22.10% compared to the previous year[6]. - Operating revenue for the reporting period was ¥2.30 billion, a decrease of 2.57% year-on-year, and cumulative revenue for the year was ¥5.75 billion, down 17.03%[6]. - Net profit attributable to shareholders was ¥117.16 million, a decline of 33.51%, with a cumulative net profit of only ¥330,698.81, down 99.94%[6]. - The basic earnings per share for the reporting period was ¥0.0520, reflecting a decrease of 33.50%[6]. - The weighted average return on net assets was 2.02%, down 1.15% from the previous year[6]. Cash Flow and Investments - The company reported a net cash flow from operating activities of ¥1.95 billion, an increase of 33.35% year-to-date[6]. - Cash received from operating activities increased by 1,097.54% to ¥1,558,564,821.64, mainly due to increased cash inflows from leasing replacement business[18]. - Cash paid for the acquisition of fixed assets increased by 141.23% to ¥4,205,727,775.41, reflecting higher expenditures on ongoing projects[20]. - Investment income for the period increased by 289.37% to ¥148,570,402.46, driven by higher profits from associated enterprises[17]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 167,387[11]. - The largest shareholder, Datong Coal Mine Group, holds 30.17% of the shares, totaling 680,012,800 shares[11]. Borrowings and Liabilities - As of September 30, 2016, cash and cash equivalents increased by 77.62% to ¥4,070,601,837.19 compared to the beginning of the year, primarily due to increased bank borrowings[15]. - Short-term borrowings increased by 30.62% to ¥5,573,200,000.00, attributed to higher bank loans[16]. - Long-term borrowings increased by 46.05% to ¥10,821,207,507.53, also due to increased bank loans[16]. - Other payables increased by 39.90% to ¥1,641,410,589.15, mainly due to increased warranty and receivable amounts[16]. - Other current liabilities rose by 50.00% to ¥3,000,000,000.00, attributed to an increase in short-term payables[16]. Government Support - The company received government subsidies amounting to ¥25.73 million during the reporting period[8]. Compliance and Commitments - There were no significant changes in the accounting policies or errors that required restatement of previous financial data[6]. - The company will ensure independence and compliance in operations, with commitments to avoid conflicts of interest during major asset restructuring[27]. - The company will strictly adhere to regulations regarding related party transactions and external guarantees, ensuring no violations occur[27]. - The company has committed to maintaining independence in personnel, finance, assets, and operations while being a controlling shareholder[27]. - The company will ensure that all related transactions are conducted at market prices and in compliance with legal requirements[27]. - The company has undertaken to bear all economic losses caused by violations of commitments related to related party transactions[27]. - The company will not provide guarantees for the controlling company or its affiliates, ensuring compliance with relevant regulations[27]. - The company will continue to fulfill its commitments regarding the independence and operation of Zhangze Power[27]. Project Developments - The company plans to establish a project company to continue the construction and approval of the Datang Phase II project[25]. - The company will select an appropriate time and method to inject the Datang Phase II project into Zhangze Power within 24 months after obtaining approval documents[25]. - The company has committed to transferring the 49.5MW wind power project at the Shanyin Zhinvquan Wind Farm to Zhangze Power within 14 months after obtaining the required approvals[29]. - The company has guaranteed that the assets of Wangping Power, Tashan Power, and Datang Thermal Power will not face ownership disputes, and it will assume responsibility for any losses caused by the lack of ownership certificates[33]. Future Expectations - The company has indicated that it does not expect significant changes in net profit for the year compared to the previous year[34]. - The company reported no involvement in securities or derivative investments during the reporting period[35][38]. - The company has conducted multiple communications and site visits with institutions to discuss its overall business situation and development plans[36]. - The company has no record of any non-compliance in external guarantees during the reporting period[37]. - There are no non-operating fund occupations by controlling shareholders or related parties reported during the period[38].
晋控电力(000767) - 2015 Q2 - 季度财报(更新)
2016-10-19 16:00
Financial Performance - The company's operating revenue for the first half of 2015 was ¥4,552,087,637.01, a decrease of 12.81% compared to the same period last year[21]. - The net profit attributable to shareholders was ¥363,097,476.16, representing an increase of 91.53% year-on-year[21]. - The net profit after deducting non-recurring gains and losses was ¥322,209,056.06, up 121.53% from the previous year[21]. - Basic earnings per share increased to ¥0.1611, a rise of 101.38% year-on-year[21]. - Operating profit increased by 67.89% to CNY 51,722,690.00, while net profit attributable to shareholders rose by 91.52% to CNY 36,309,750.00[30]. - The company reported a significant increase in long-term borrowings to CNY 8.69 billion from CNY 8.06 billion, an increase of about 7.8%[121]. - The total comprehensive income for the current period amounted to CNY 446,438,811.94, which includes a net profit distribution of CNY -121,200,000.00[147]. Cash Flow and Investments - The net cash flow from operating activities was ¥1,160,957,533.28, down 32.43% compared to the same period last year[21]. - The company invested CNY 1,555,157,700.00 during the reporting period, a significant increase of 231.36% compared to CNY 469,320,000.00 in the same period last year[36]. - The net cash flow from investing activities was -CNY 2,398,948,125.73, worsening from -CNY 1,521,905,744.44 in the previous period[138]. - Cash inflow from operating activities totaled CNY 4,860,298,493.04, down 10.5% from CNY 5,431,919,630.59 in the prior period[136]. - The total cash and cash equivalents at the end of the period were CNY 1,177,676,957.46, down from CNY 2,423,615,125.60[138]. Assets and Liabilities - The total assets at the end of the reporting period were ¥31,399,307,492.67, an increase of 1.42% from the end of the previous year[21]. - The total liabilities amounted to CNY 24.76 billion, slightly down from CNY 24.87 billion, indicating a decrease of about 0.4%[121]. - The company's equity attributable to shareholders increased to CNY 5.74 billion from CNY 5.19 billion, a growth of approximately 10.6%[122]. - Current liabilities decreased to CNY 11.10 billion from CNY 12.61 billion, a reduction of about 12%[121]. - The total approved external guarantees at the end of the reporting period amounted to CNY 72,432.69 million, with an actual balance of CNY 72,432.69 million[83]. Acquisitions and Investments - The company completed the acquisition of all assets and liabilities of the wind power branch of Datong Coal Mine Group, impacting total assets by ¥658,724,395.52[21]. - The company acquired 100% equity of Lianzhong Hengjiu Energy Technology (Beijing) Co., Ltd. for ¥452.77 million, which has been completed[60]. - The company has acquired the Zhinvquan Wind Power Phase I and II projects to promote the development of its renewable energy segment[31]. - The company acquired 30.17% of Datong Coal Mine Group's subsidiary, Datong Coal Mine Group Electric Power Energy Co., for a total price of 567.936 million yuan, with the asset's book value at 458.646 million yuan[70]. Shareholder and Equity Information - The company has a total of 2,253,737,800 shares, with 30.17% being limited shares and 69.83% being unrestricted shares[103]. - The top three shareholders include Datong Coal Mine Group with a 30.17% stake, Shanxi Provincial Government with a 13.27% stake, and China Power Investment Group with a 13.08% stake[106]. - The company has no preferred shares outstanding as of the reporting period[111]. - The total owner's equity at the end of the period is CNY 5,055,542,495.96, with a previous year's amount of CNY 4,133,540,829.12, indicating an increase of approximately 22.3%[156]. Compliance and Governance - The company emphasizes the importance of investment risk awareness in its forward-looking statements regarding future development and operational plans[6]. - The internal control system is deemed comprehensive and effective, enhancing risk management and internal control standards[56]. - The board of directors consists of 11 members, with 4 independent directors, ensuring effective checks and balances[55]. - The company adheres to the accounting standards and regulations set forth by the Ministry of Finance and the China Securities Regulatory Commission, ensuring the accuracy of financial reporting[172]. Market and Operational Strategy - The company plans to enhance management efficiency and focus on project construction and capital operations in the second half of the year[28]. - The company has made progress in expanding its power generation capacity and controlling fuel costs through various measures[31]. - The company aims to maintain independence from the coal group, with commitments to avoid conflicts of interest and ensure fair market operations in related transactions[89]. - The company plans to continue expanding its capital base and enhancing shareholder value through strategic investments and operational improvements[147].
晋控电力(000767) - 2015 Q3 - 季度财报(更新)
2016-10-19 16:00
Financial Performance - Total assets at the end of the reporting period reached ¥33,096,037,152.64, an increase of 6.90% compared to the previous year[8]. - Net profit attributable to shareholders was ¥174,376,306.52, representing a growth of 34.59% year-on-year[8]. - Operating revenue for the period was ¥2,339,726,835.35, a decrease of 30.77% compared to the same period last year[8]. - The net cash flow from operating activities for the year-to-date was ¥1,465,004,339.34, down 47.55% year-on-year[8]. - Basic earnings per share increased to ¥0.08, up 33.33% from the previous year[8]. - The weighted average return on equity was 3.14%, an increase of 0.38 percentage points from the previous year[8]. - Investment income for the year-to-date was ¥48,098,191.74, an increase of 536.13% compared to the previous year, due to increased net profits from joint ventures[18]. - Cash received from tax refunds for the year-to-date was ¥10,480,384.97, an increase of 118.30% compared to the previous year, primarily due to increased VAT refunds received by Datang Thermal Power Company[19]. Shareholder and Equity Information - The number of ordinary shareholders at the end of the reporting period was 203,769[11]. - Long-term equity investments rose to ¥2,336,103,050.93, an increase of 201.86% compared to the beginning of the year[15]. - The balance of unallocated profits was ¥1,263,419,725.45, an increase of 74.04% compared to the beginning of the year, attributed to an increase in net operating profit for the period[17]. - The balance of dividends payable as of September 30, 2015, was ¥172,213,953.01, an increase of 56.88% compared to the beginning of the year, mainly due to increased dividends payable to minority shareholders[16]. Cash Flow and Investments - Cash paid for investments for the year-to-date was ¥1,459,380,000.00, an increase of 1724.23% compared to the previous year, mainly due to increased investments in Datong Coal Mine Group and other companies[20]. - Other cash payments related to financing activities for the year-to-date were ¥112,087,039.43, a decrease of 40.41% compared to the previous year, primarily due to reduced financing lease fees and deposits[20]. - As of September 30, 2015, the balance of bonds payable was ¥1,600,000,000.00, an increase of 60.00% from the beginning of the year, primarily due to the issuance of new bonds during the period[16]. - As of September 30, 2015, long-term payables amounted to ¥4,533,097,282.00, an increase of 57.00% compared to the beginning of the year, mainly due to new financing lease activities[16]. Operational Commitments and Compliance - The company plans to site all new power plants in areas with coal resources, ensuring simultaneous planning and construction of power plants and coal mines[23]. - The company has committed to maintaining independence and compliance in operations, with specific measures to avoid conflicts of interest with its controlling shareholder, the Coal Group[25]. - The Coal Group will not provide guarantees for the assets of the company or occupy its funds, ensuring compliance with relevant regulations[25]. - The company anticipates the injection of the "Datar Power Phase II" expansion project within 24 months after obtaining the necessary approvals[25]. - The company will also integrate the 49.5MW wind power project into its operations within 24 months of receiving the required approvals[25]. - The company has established commitments to avoid competition with the Coal Group in its core power production and sales business[25]. - The company will ensure fair pricing and compliance in any necessary related party transactions[23]. - The Coal Group has pledged to compensate the company for any losses incurred due to violations of these commitments[25]. - The company is focused on maintaining operational independence and adhering to regulatory requirements regarding related party transactions[23]. Asset Restructuring and Transition - During the major asset restructuring, the company committed that after the transaction completion, it would not enjoy the profits of Zhangze Power during the transition period[27]. - The net asset increase of Zhangze Power during the transition period will be audited, and if it exceeds the net asset increase of the target assets, the company will compensate the difference in cash[27]. - The company has committed to handle land ownership certificate issues for the target companies, ensuring no losses to normal operations due to unacquired land rights[28]. - The company has pledged to assist in obtaining approvals for the temporary suspension of the first phase of the Datang Thermal Power project, ensuring no losses due to impairment provisions[29]. Securities and Investments - The company reported that it does not hold any securities investments during the reporting period[31]. - There are no violations regarding external guarantees during the reporting period[35]. - The company has not engaged in any derivative investments during the reporting period[33]. - The company has not held any equity in other listed companies during the reporting period[32]. Investor Relations - The company has conducted multiple communications with investors to discuss its operational status and development plans[34].
晋控电力(000767) - 2016 Q2 - 季度财报
2016-08-30 16:00
Financial Performance - The company's operating revenue for the first half of 2016 was ¥3,444,288,752.87, a decrease of 24.52% compared to the same period last year[20]. - The net profit attributable to shareholders was a loss of ¥116,827,276.07, representing a decline of 127.90% year-on-year[20]. - The net cash flow from operating activities was ¥642,034,618.20, down 18.84% from the previous year[20]. - The company reported a basic earnings per share of -¥0.0518, a decrease of 127.88% compared to the previous year[20]. - The weighted average return on net assets was -2.04%, down from 7.48% in the previous year[20]. - Operating costs amounted to ¥3,036,318,491.23, reflecting an 11.87% decrease year-over-year[29]. - The net cash flow from financing activities increased significantly by 1,409.84% to ¥2,638,015,016.27, primarily due to increased external borrowings[29]. - The company reported a net increase in cash and cash equivalents of ¥854,134,735.05, contrasting with a net decrease of ¥1,032,902,982.07 in the previous year[29]. - The company reported a total revenue of 77,401.0 million yuan for the period[68]. - The company reported a net profit for the first half of 2016 was a loss of CNY 124,558,722.11, compared to a net profit of CNY 507,102,768.94 in the previous year, indicating a significant decline[127]. Operational Strategy - The company plans to focus on the construction of thermal power and renewable energy projects, as well as the development of power distribution and sales business in the second half of 2016[27]. - The company aims to control fuel costs and enhance revenue management to achieve its annual profit target[27]. - The company implemented 30 revenue-increasing and 50 cost-control measures to address market challenges[31]. - The company is focusing on developing non-electric sectors such as finance, environmental protection, and comprehensive industries to cultivate new profit growth points[31]. - The company is actively pursuing projects in renewable energy, including a 10MW distributed photovoltaic project and a 100MW photovoltaic project in the coal mining subsidence area of Datong, which are expected to be operational within two years after completion[85]. - The company is involved in the development of multiple thermal power projects, including the 2×660MW Taishan Phase II project and the 2×350MW Shonan thermal power project, which are part of its strategic expansion efforts[85]. Financial Position - The total assets at the end of the reporting period were ¥36,702,568,807.10, an increase of 10.56% compared to the end of the previous year[20]. - The company's total assets as of June 30, 2016, amounted to CNY 36.70 billion, an increase from CNY 33.20 billion at the beginning of the period, representing a growth of approximately 7.5%[120]. - Current assets reached CNY 6.93 billion, up from CNY 5.75 billion, indicating a growth of about 20.5%[118]. - Total liabilities rose to CNY 29.38 billion, compared to CNY 25.75 billion at the start of the period, marking an increase of around 14.3%[120]. - The company's total equity decreased slightly to CNY 7.32 billion from CNY 7.45 billion, a decline of approximately 1.7%[120]. Governance and Compliance - The company governance structure complies with the requirements of the China Securities Regulatory Commission's normative documents, with the board of directors setting up several specialized committees[56]. - The company has a sufficient reserve of high-quality projects, maintaining a strong competitive edge in the industry[34]. - The company did not undergo any bankruptcy reorganization during the reporting period[59]. - There were no significant non-operating related party transactions during the reporting period, ensuring financial stability[71]. - The company has no non-operating fund occupation by controlling shareholders or related parties, reflecting good governance practices[73]. Shareholder Information - The total number of shares after the recent changes is 2,253,737,800, with 100% being unrestricted shares[99]. - The state-owned Datong Coal Mine Group holds 680,012,800 shares, representing 30.17% of the total shares[102]. - The number of shareholders holding more than 5% of ordinary shares includes Datong Coal Mine Group (30.17%), Shanxi Provincial Government (13.27%), and State Power Investment Group (12.41%)[102]. - The report indicates that the company has a total of 1,573,716,248 unrestricted shares, which is 69.83% of the total shares[99]. Risk Management - The company did not have any violations regarding external guarantees during the reporting period[82]. - There are no risks of delisting due to violations during the reporting period[94]. - The company has not faced any penalties or rectification issues during the reporting period[93]. Investment and Acquisitions - The company has engaged in multiple acquisitions, including a 60% stake in Datang Tashan Power Generation Co., Ltd. and a 95% stake in Tonghua Power Generation Co., Ltd.[155]. - The company confirmed a rental income of 1,034,850.00 yuan from land use rights, indicating a stable income stream[77]. Accounting and Financial Reporting - The financial report for the first half of 2016 was not audited, which may affect the reliability of the reported figures[115]. - The company's financial statements are prepared based on the accrual basis of accounting, in accordance with relevant accounting standards[157]. - The company’s financial reporting adheres to the continuous operation assumption, ensuring ongoing viability in its operations[158]. - The accounting period for the company is based on the calendar year, running from January 1 to December 31[161].
晋控电力(000767) - 2016 Q1 - 季度财报
2016-04-29 16:00
Financial Performance - The company's operating revenue for the first quarter was ¥1,408,950,753.72, a decrease of 31.43% compared to the same period last year[6]. - The net profit attributable to shareholders was -¥190,600,951.66, representing a decline of 316.26% year-on-year[6]. - The net cash flow from operating activities was -¥389,184,620.03, down 239.78% from the previous year[6]. - The basic earnings per share were -¥0.0846, a decrease of 316.37% compared to the same period last year[6]. - Cash received from sales decreased by 35.93% to ¥1,437,979,995.27, primarily due to lower sales revenue[17]. - Investment income increased by 51.27% to ¥38,846,000.00 due to higher profits from joint ventures[16]. - Other income increased by 252.62% to ¥9,902,183.17, primarily from confirmed rewards from the power grid company[16]. - Tax expenses rose by 91.10% to ¥12,970,963.73 due to increased tax recognition by a subsidiary[16]. - Cash used for debt repayment increased by 36.34% to ¥3,600,745,668.43, reflecting higher loan repayments during the period[17]. Assets and Liabilities - Total assets at the end of the reporting period were ¥33,429,693,691.18, an increase of 0.70% from the end of the previous year[6]. - The net assets attributable to shareholders decreased by 3.30% to ¥5,593,321,524.66 compared to the end of the previous year[6]. - Cash and cash equivalents decreased by 46.09% to ¥1,235,593,552.77 due to loan repayments[15]. - Other current liabilities decreased by 50.00% to ¥1,000,000,000.00 as a result of short-term financing bond repayments[16]. - Long-term prepaid expenses increased by 56.05% to ¥234,851,040.40 due to higher financing lease fees[15]. - Cash paid for the purchase of fixed assets increased by 152.65% to ¥1,333,868,895.97, mainly due to increased project expenditures[17]. Shareholder Information - The company had a total of 174,800 common shareholders at the end of the reporting period[11]. - The largest shareholder, Datong Coal Mine Group, held 30.17% of the shares, totaling 680,012,800 shares[11]. - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[12]. - The company reported that the commitment regarding the restriction on the sale of 680,012,800 shares by the controlling shareholder has been fulfilled within the stipulated 36 months[24]. Regulatory and Compliance - There were no significant changes in accounting policies or corrections of accounting errors affecting previous years' data[6]. - The company is committed to complying with regulations regarding external guarantees and will not provide any illegal guarantees to related parties[20]. - The company has not reported any violations regarding external guarantees during the reporting period[28]. - The company has not engaged in any securities or derivative investments during the reporting period[26]. - There are no instances of non-operating fund occupation by the controlling shareholder or its affiliates during the reporting period[29]. Strategic Commitments and Future Plans - The company is focused on ensuring that its operations are not adversely affected by the ongoing asset restructuring[20]. - The company is actively managing its land and asset rights to support its operational stability and future growth[20]. - The company has committed to inject various power generation projects into Zhangze Electric Power within two years after they are completed and have all necessary approvals, including a 100MW distributed photovoltaic project and a 20MW photovoltaic project[24]. - The coal group has committed to assist in obtaining approvals for the temporary shutdown of the Da Tang Power Plant's first phase to mitigate potential losses[20]. - The coal group guarantees that the properties related to Wangping Power Plant and Ta Shan Power Plant are free from ownership disputes[20]. - The company has made commitments to avoid competition with its main business in power generation and sales following the major asset restructuring[24]. - The company is actively pursuing national policies that encourage circular economy and low calorific value coal power generation[24]. - The company has fulfilled its commitments regarding the injection of assets and projects as part of its restructuring strategy[24].
晋控电力(000767) - 2015 Q4 - 年度财报
2016-04-29 16:00
Financial Performance - The company's operating revenue for 2015 was CNY 9,097,494,935, a decrease of 17.41% compared to CNY 10,922,837,403 in 2014[19] - The net profit attributable to shareholders was CNY 411,882,460.09, down 31.42% from CNY 550,546,960.42 in the previous year[19] - The net cash flow from operating activities was CNY 2,777,347,127, reflecting a decline of 5.20% from CNY 2,816,877,057 in 2014[19] - Basic earnings per share decreased to CNY 0.1828, down 31.41% from CNY 0.2443 in 2014[19] - The company reported a quarterly net profit of CNY -179,893,568.59 in Q4 2015, contrasting with profits in the first three quarters[23] - The net profit after deducting non-recurring gains and losses was CNY 354,354,594.97, a decrease of 32.15% from CNY 472,177,944.09 in 2014[19] - The total operating revenue for 2015 was ¥9,097,494,935.90, a decrease of 17.41% compared to ¥11,014,978,834.92 in 2014[39] - The electricity segment generated ¥7,794,527,296.76, accounting for 85.68% of total revenue, down 10.94% from ¥8,751,765,491.92 in 2014[39] - The heat segment saw a revenue increase of 29.09%, reaching ¥310,611,789.52, compared to ¥240,621,927.94 in 2014[39] - The coal segment's revenue plummeted by 93.03% to ¥45,748,552.79 from ¥655,935,337.83 in 2014[39] - The company reported a net profit of CNY 245,613,529 from Shanxi Zhangdian Tonghua Power Co., which contributed significantly to the overall net profit[66] - The company reported a total transaction amount of 27,481,600 yuan for coal procurement, accounting for 0.09% of the same type of transactions[92] Assets and Investments - Total assets at the end of 2015 were CNY 33,195,953,201, an increase of 7.22% from CNY 30,301,561,633 at the end of 2014[20] - The company completed 503 technology innovation projects and achieved 13 national utility model patents, marking a significant milestone in its technological advancement[37] - The company increased long-term equity investments by CNY 1.037 billion in Datong Coal Mine Group Financial Co., holding a 20% stake, and CNY 80 million in Shaanxi Chenghe Shanyang Coal Mine Co., holding a 35% stake[31] - The company’s investment in fixed assets increased due to the commissioning of the Houma Power Plant and other ongoing projects[31] - The company made significant equity investments totaling CNY 1,632,750,000, with a notable investment of CNY 400,000,000 in Tongmei Zhangze (Shanghai) Financing Leasing Co., holding a 40% stake[58] - The total assets of Shanxi Zhangdian Tonghua Power Co. reached CNY 5,389,179,730, indicating strong asset growth in the power production sector[66] - The total assets of Akto County New Special Photovoltaic Power Co., Ltd. increased by CNY 523.84 million, contributing a profit increase of CNY 0.84 million[67] Operational Efficiency - The company implemented cost control measures, including competitive bidding for fuel, which effectively controlled the coal price at the factory gate[36] - The total operating cost for 2015 was ¥6,999,999,048.71, with a significant decrease in costs attributed to the electricity segment, which accounted for 82.36% of total costs[46] - The fuel cost for electricity was ¥2,633,494,286.64, representing a decrease of 26.35% from ¥3,575,865,488.68 in 2014[47] - The gross profit margin for the electricity segment improved to 25.63% in 2015, compared to a decrease of 10.94% in operating costs[43] - Operating cash inflow decreased by 23.12% to ¥9,609,162,456.13 compared to the previous year[52] - Operating cash outflow decreased by 28.60% to ¥6,831,815,328.43, indicating improved cash management[52] Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares for the year[6] - The company aims to become a leading comprehensive energy listed company with significant influence and voice in both domestic and international markets[71] - The company is implementing a "going out" strategy to develop overseas projects and transfer excess capacity, leveraging its human resources, technology, and capital advantages[71] - The company plans to focus on quality improvement and efficiency enhancement, with an emphasis on innovation and financial support for its operations in 2016[70] - The company expects a 1%-2% year-on-year growth in total electricity consumption for 2016, with the first industry maintaining low-speed growth and the third industry continuing to grow rapidly[68] Governance and Compliance - The company has committed to strictly regulate related party transactions to protect the rights of minority shareholders, ensuring fair operations at market prices[78] - The company has pledged to maintain independence in operations, finance, and assets from its controlling shareholder, ensuring compliance with regulatory requirements[79] - The company confirmed that there are no violations regarding the occupation of funds from the target assets during the major asset restructuring process[79] - The company has established a framework to avoid any violations in external guarantees and fund occupation, ensuring compliance with relevant laws and regulations[79] - The company has not faced any penalties or rectification issues during the reporting period[90] - The company has not engaged in any securities or derivative investments during the reporting period, focusing on core business operations[60][61] Human Resources and Training - The total number of employees in the company is 8,736, with 4,338 in the parent company and 4,398 in major subsidiaries[144] - The professional composition includes 6,265 production personnel, 1,810 technical personnel, and 245 financial personnel[145] - The company emphasizes a performance-based salary system, aligning compensation management with the company's strategic development[146] - In 2016, the company plans to conduct training focused on enhancing skills and management capabilities, particularly for frontline production staff[147] - The company aims to allocate 70% of training funds specifically for skill personnel training[150] Risk Management - The company is exposed to risks related to fluctuations in power generation equipment utilization hours, coal prices, and interest rates, which could impact profitability[72] - The company has a well-established internal control system, enhancing risk management and internal control standards[154] - The company maintained effective internal control over financial reporting, with no significant deficiencies identified in the internal control audit report[168] Shareholder Structure - The total number of shares is 2,253,737,800, with 30.17% being restricted shares and 69.83% being unrestricted shares[120] - The largest shareholder is Datong Coal Mine Group Co., Ltd., holding 30.17% of the shares, totaling 680,012,800 shares[122] - The second-largest shareholder is the Shanxi Provincial Government State-owned Assets Supervision and Administration Commission, holding 13.27% of the shares, totaling 299,130,000 shares[122] - The actual controller of the company is the Shanxi Provincial State-owned Assets Supervision and Administration Commission, which has not changed during the reporting period[126]