华润电力(00836) - 2021 - 年度财报

Operational Capacity and Generation - Total attributable operational generation capacity reached 47,997 MW, with renewable energy (wind, hydro, and photovoltaic) accounting for 15,441 MW, or 32.2% of the total capacity[4][7] - The company operates 37 coal-fired power plants, 141 wind farms, 31 photovoltaic power plants, 2 hydro-electric power plants, and 4 gas-fired power plants[4][7] - Renewable energy operational capacity increased to 15,441 MW in 2021, up from 11,238 MW in 2020[11] - Total operational generation capacity of the company was 60,465 MW as of December 31, 2021[14] - Attributable operational generation capacity was 47,997 MW as of December 31, 2021[14] - Renewable energy attributable operational generation capacity was 15,441 MW[15] - The company added 2,535 MW of attributable grid-connected installed capacity for renewable energy in 2021[25] - Operational generation capacity for renewable energy stood at 15,441 MW, with attributable operational generation capacity for renewable energy accounting for 32.2%, an increase of 6.3 percentage points over the previous year[25] - The company's attributable operational generation capacity for wind power was 14,337MW, with 1,402MW under construction, and photovoltaic power generation capacity was 824MW, with 1,417MW under construction[195] - The company added 2,535MW of new attributable grid-connected generation capacity for wind and photovoltaic power during the year[195] - The company's total net generation volume for 2021 was 177,300GWh, a 14.4% increase from 2020, with wind and photovoltaic power generation increasing by 57.8% and 63.2%, respectively, and thermal power generation increasing by 7.5%[200] Financial Performance - Revenue for 2021 was HK$89.8 billion, a significant increase from HK$69.55 billion in 2020[11] - Profit attributable to owners of the company in 2021 was HK$1.59 billion, a sharp decline from HK$7.58 billion in 2020[11] - Total assets grew to HK$287.36 billion in 2021, compared to HK$259.63 billion in 2020[11] - Cash and cash equivalents stood at HK$7.93 billion at the end of 2021, up from HK$5.04 billion in 2020[11] - Dividend per share for 2021 was HK$0.295, down from HK$0.631 in 2020[11] - Turnover for the year was HK$89.80 billion, representing a year-on-year increase of 29.1%[26] - Profit attributable to owners of the company amounted to HK$1.593 billion, with earnings per share of HK$0.33[26] - Core profit contribution from the company's renewable energy business was HK$8,381 million, a year-on-year growth of 85.37%[26] - Total assets of the company reached HK$287.4 billion as of the end of 2021[25] - Distributable reserves of the Company amounted to HK$16,949,959,000 as at 31 December 2021, a decrease from HK$18,952,516,000 in 2020[125] - Total borrowings of the Group increased to HK$128,495,939,000 as at 31 December 2021, up from HK$102,267,275,000 in 2020[126] - The Group issued corporate bonds and notes with a face value of RMB7,800,000,000 (equivalent to HK$9,540,102,000) as at 31 December 2021, down from RMB11,800,000,000 (equivalent to HK$14,020,288,000) in 2020[127] Renewable Energy Development - The company obtained construction permits for 12,310 MW of renewable energy throughout the year[31] - The company plans to add 40,000 MW of installed capacity for renewable energy during the 14th Five-year Plan period, aiming for renewable energy to account for over 50% of total attributable installed capacity by the end of 2025[30] - The company commenced construction of its first offshore wind power project, the China Resources Cangnan 1 offshore wind power project, which is also the first Chinese offshore wind power project with a parity tariff under construction[32] - The company aims to add 40,000 MW of renewable energy capacity during the "14th Five-Year Plan" period, with renewable energy equity capacity exceeding 50% by the end of 2025[34] - In 2021, the company obtained new energy construction indicators totaling 12,310 MW[34] - The company obtained approvals or filed for 1,800MW of wind power projects and 35,000MW of photovoltaic power projects, totaling 36,800MW[196] Environmental and Sustainability Initiatives - The company has been included in the Hang Seng ESG 50 Index and Hang Seng Corporate Sustainability Benchmark Index for two consecutive years[5][6] - The company invested RMB 1,096 million in upgrading fully enclosed coal yards, integrated sewage treatment, and hazardous waste disposal for coal-fired power units[45] - The company completed the first day of trading in the national carbon trading market in July 2021 and successfully fulfilled the first carbon contract cycle by the end of 2021[38] - The company participated in the first green power trading in September 2021 and completed the first voluntary inter-provincial green power trade in November 2021[38] - The company ranked No. 1 in the "Central State-owned Enterprises ESG • Pioneer 50" index among 440 centrally owned listed holding companies[43] - The company established the China Resources Carbon Neutrality Institute to research the detailed implementation timetable and roadmap for carbon peak and carbon neutrality[44] - The Group adheres to environmental sustainability, focusing on resource conservation, clean and renewable energy projects, and emission control[104] Corporate Governance and Leadership - Ms. Wang Xiaobin is a member of the Australian Certified Practising Accountants Association and holds a Graduate Diploma in Applied Finance and Investment from the Australian Securities Institute and a Bachelor of Commerce degree from Murdoch University[69] - Mr. Liu Guixin, aged 58, was appointed as a Non-executive Director in September 2021 and has over 30 years of experience in the building materials and cement industry[70] - Mr. Chen Guoyong, aged 60, was appointed as a Non-executive Director in September 2021 and has extensive experience in the gas industry, serving as Vice President of CR Gas since March 2012[71] - Ms. Elsie Leung Oi-sie, aged 83, was appointed as an Independent Non-executive Director in April 2010 and has a distinguished career in law and public service, including serving as the first Secretary for Justice of the Hong Kong Special Administrative Region[72][73][74][75] - Dr. Raymond Ch'ien Kuo Fung, aged 70, was appointed as an Independent Non-executive Director in April 2010 and has served on the boards of several major corporations, including Swiss Re Limited and Hang Seng Bank Limited[76] - Dr. Ch'ien was appointed as an Independent Non-executive Director of the company in April 2010 and served until April 13, 2022[79] - Dr. Ch'ien holds a Doctoral Degree in Economics from the University of Pennsylvania and served as a Trustee from 2006 to 2016[78] - Mr. Jack So Chak Kwong was appointed as an Independent Non-executive Director of the company in June 2014 and assumed the chairmanship of the Airport Authority Hong Kong in June 2015[80] - Mr. Jack So Chak Kwong served as the chairman of the Hong Kong Trade Development Council from 2007 to 2015 and as the chairman and CEO of MTR Corporation Limited from 1995 to 2003[80] - Mr. Yang Yuchuan was appointed as an Independent Non-executive Director in September 2021 and is the CEO and Chief Macro Economist of Prime China Securities Limited[85] - Mr. Yang Yuchuan holds a Bachelor's Degree from Shanghai Jiao Tong University and an MBA from the University of San Francisco[85] - Mr. Shi Baofeng was appointed as President and Director on 30 September 2021[134] - Mr. Tang Yong resigned as President on 30 September 2021[134] - Mr. Yang Yuchuan was appointed as an Independent Non-executive Director on 15 September 2021[134] - Mr. Andrew Ma Chiu-Cheung resigned as an Independent Non-executive Director on 15 September 2021[134] - The Group regards the President, Senior Vice Presidents, Vice Presidents, and Assistant Presidents as members of the senior management team[145] Risk Management and Compliance - The company established an Internal Control and Risk Management Committee to conduct regular risk assessments and supervision[57] - The company conducted ongoing supervisory actions, including review of rules and regulations, examination of connected transactions, and ecological and environmental compliance[57] - The company emphasized the importance of compliance, business ethics, and risk management, conducting regular trainings in these areas[57] - The company formulated a detailed annual implementation plan under the three-year reform initiative, focusing on strategy formulation, policymaking, and risk prevention[56] - Principal risks and uncertainties facing the Group include operational risks, policy risks, industry risks, market risks, business risks, and financial risks[97] - The Group has complied with relevant laws and regulations, including the Hong Kong Companies Ordinance and the Listing Rules, during the year ended December 31, 2021[108] - The company complied with the disclosure requirements for continuing connected transactions under Chapter 14A of the Listing Rules for the year ended 31 December 2021[181] Social Responsibility and Community Engagement - The company's vaccination rate for eligible employees reached 99.92% by the end of 2021[50] - The company donated approximately RMB 15.43 million in cash and in-kind for anti-epidemic, poverty aid, elderly care, environmental protection, and community development initiatives in 2021[51] - Charitable donations made by the Group during the year amounted to approximately RMB155 million, a decrease from RMB175 million in 2020[128] - The Group values employees as important assets, focusing on career development and work-life balance through training and a supportive work environment[112] - The Group maintains stable long-term relationships with customers and suppliers, emphasizing good cooperative relationships and communication[113] Strategic Partnerships and Agreements - The company entered into a strategic cooperation agreement with CR Bank, with a maximum daily deposit cap of RMB 2 billion and a maximum daily cap of financial services of RMB 1 billion[170][171] - Actual maximum daily deposit amount for 2021 was approximately RMB 1,824.69 million, with commercial loans provided amounting to RMB 23 million[170][171] - The strategic cooperation agreement with CR Bank was renewed on 14 December 2021, effective from 1 January 2022[170][171] - The company's auditor issued an unqualified letter regarding the continuing connected transactions, confirming compliance with Hong Kong Listing Rules[173] Shareholding and Equity - Zhang Junzheng holds 700,000 ordinary shares of the company, representing 0.015% of the issued shares[151] - Wang Xiao Bin holds 3,664,560 ordinary shares of the company, representing 0.076% of the issued shares[151] - CRH (Power) Limited holds 3,027,003,337 ordinary shares of the company, representing 62.93% of the issued shares[162] - CRH holds 3,027,905,337 ordinary shares of the company, representing 62.94% of the issued shares[162] - CRC Bluesky Limited holds 3,027,905,337 ordinary shares of the company, representing 62.94% of the issued shares[162] - CRC holds 3,027,905,337 ordinary shares of the company, representing 62.94% of the issued shares[162] - CRCL holds 3,027,905,337 ordinary shares of the company, representing 62.94% of the issued shares[162] - Wang Chuandong holds 800,000 ordinary shares of CR Gas, representing 0.035% of the issued shares[152] - Shi Baofeng holds 950,000 ordinary shares of CR Pharmaceutical, representing 0.015% of the issued shares[153] Operational and Financial Details - The company's top five suppliers accounted for 26.11% of total procurement, with the largest supplier, China Coal Energy Nanjing Co., Ltd., accounting for 7.82%[188] - The company's top five customers accounted for 46.79% of total sales, with the largest customer, State Grid Jiangsu Electric Power Co., Ltd., accounting for 14.38%[188] - Significant transactions with related parties during the year included interest expense paid to CRH of HK$51,377 thousand and software maintenance expense paid of HK$20,865 thousand[177] - The company's joint ventures reported sales of coal amounting to HK$1,375 thousand and sales of heat amounting to HK$112,055 thousand[179] - The company's associates reported sales of coal amounting to HK$3,009,567 thousand and sales of electricity amounting to HK$122,338 thousand[178] - The company's subsidiaries provided retail power agency services amounting to HK$22,725 thousand and maintenance services amounting to HK$716 thousand[177] - The company's subsidiaries reported rental expenses of HK$94,135 thousand and renovation fees of HK$56,662 thousand[178] - The company's joint ventures reported maintenance expenses of HK$116,438 thousand and management fee income of HK$69,046 thousand[179] - The company's non-controlling shareholders reported interest income of HK$567 thousand[179] Future Outlook and Strategic Goals - The company is optimistic about the future prospects of renewable energy, driven by increasing demand for energy consumption and global commitments to carbon emission reduction[59] - The company aims to become a world-class clean energy supplier and provider of integrated energy services, focusing on improving installed capacity, asset mix, technology innovation, and operational management[60] - The company expects wind power and photovoltaic energy conversion efficiency to increase and equipment costs to decrease, providing profit returns[59] - The company is committed to maintaining its competitive edge by aligning with government policies and market developments in the renewable energy sector[60] - The company is focused on delivering growing value for shareholders through continuous improvement in various operational aspects[60]