Financial Performance - Revenue for the six months ended June 30, 2023, was US1,224 million in the same period of 2022, representing a growth of 14.4%[13] - EBITDA for the same period was US503 million in the prior year, reflecting a year-on-year increase of 19.3%[13] - Revenue for the six months ended June 30, 2023, reached US1,133.7 million in the same period of 2022[50] - Operating profit for the period was US329.6 million for the same period in 2022[50] - Profit attributable to equity shareholders for the period was US177.9 million in the prior year[50] - The profit for Korea projects increased from US41.5 million, driven by higher fuel margins and increased power generation[51] - The Group's operating profit was US329.6 million in the first half of 2022, driven by new wind projects and improved fuel margins[96] - Basic and diluted earnings per share rose to 4.61 US cents for the six months ended June 30, 2023, compared to 4.15 US cents for the same period in 2022[106] Installed Capacity and Generation - The attributable installed capacity as of June 30, 2023, was 8,516 MW, a slight decrease from 8,978 MW in 2022[17] - As of June 30, 2023, the attributable installed capacity of the Group is 8,978.0 MW, with 75.9% from the PRC and 24.1% from Korea[48] - The attributable installed capacity of wind power was 4,419.1 MW, up 458.7 MW or 11.6% from the previous year, while solar power capacity increased to 1,178.3 MW, a rise of 41.5 MW or 3.7%[60] - For the six months ended June 30, 2023, the total electricity generated by the Group's consolidated power generation projects amounted to 10,140.6 GWh, representing an increase of 6.6% from 9,517.0 GWh for the same period in 2022[69] - The electricity generated by PRC wind projects reached 5,601.1 GWh, with a growth rate of 16.7% compared to the same period in 2022[69] Market and Regulatory Environment - China's electricity consumption increased by 5.0% year-on-year to 4,307.6 TWh from January to June 2023[21] - The installed power generation capacity in China reached 2,707.7 GW, marking a 10.8% increase compared to the same period last year[21] - The NEA's "Guiding Opinions on Energy Work in 2023" set a target for non-fossil energy's share of installed power generation capacity to increase to approximately 51.9%[24] - The government aims to reduce energy consumption per unit of GDP and major pollutant discharge, prioritizing the development of a new energy system[23] - Regulatory changes in China and Korea may impact electricity generation, tariffs, and environmental compliance, affecting project operations[138] Clean Energy Initiatives - The company plans to continue expanding its clean energy capacity in line with China's green development goals[22] - The accumulated installed wind power capacity in China was 389.2 GW, up 13.7% year-on-year, while solar power capacity reached 470.7 GW, an increase of 39.8%[21] - The NEA encourages the connection of large-scale wind and solar power projects to the grid, with an additional 160 GW of installed capacity expected from these sources[24] - The total installed capacity of renewable energy in China has significantly increased since the dual carbon goals were proposed, reflecting a commitment to high-quality development[28] Financial Position and Cash Flow - The Group's cash and cash equivalents decreased from US341.1 million as of June 30, 2023, primarily due to cash used in investing and financing activities offsetting cash generated from operating activities[101] - The net debt/equity ratio improved from 3.64 as of December 31, 2022, to 3.32 as of June 30, 2023, mainly due to a reduction in bank borrowings[101] - Net cash generated from operating activities for the six months ended June 30, 2023, was US321,255,000 for the same period in 2022, representing an increase of approximately 5.7%[191] - Net cash used in investing activities amounted to US251,112,000 in the prior year, indicating a decrease of about 4.4%[191] Corporate Governance and Compliance - As of June 30, 2023, the Company has complied with all applicable provisions of the Corporate Governance Code, except for code provision C.2.1 regarding the separation of the roles of chairman and chief executive[162] - Mr. Zhang Zhiwu served as both Chairman and President until August 22, 2023, when he ceased to be President, and Mr. Li Guangming was appointed as President effective September 4, 2023, bringing the Company into compliance with code provision C.2.1[162] - The audit committee and KPMG reviewed the unaudited consolidated interim financial report for the six months ended June 30, 2023[162] Innovation and Development - The company is focusing on innovation-driven development, particularly in offshore wind power and digital operation and maintenance, to create competitive advantages in "Offshore+" and "Green Power+"[80] - The company aims to enhance its innovation capability and talent pool to lead technology and industrial innovation in China[86] - The Company is committed to expanding the scale of green power sales and raising the premium level of green power tariffs to enhance investment returns on key projects[157] - The company is promoting digital transformation of existing power stations and intelligent operation and maintenance of offshore wind turbine units[158]
中广核新能源(01811) - 2023 - 中期财报