Financial Performance - The company achieved consolidated operating revenue of RMB 254.397 billion for the year ended December 31, 2023, representing a year-on-year increase of 3.11%[4]. - Net profit attributable to equity holders of the company was RMB 8.357 billion, an increase of RMB 16.384 billion compared to the previous year, reflecting a growth of 204.13%[4]. - The company reported earnings per share of RMB 0.35 for the year[4]. - The company reported a significant increase in investment income, reaching RMB 2.80 billion in 2023, compared to RMB 1.08 billion in 2022[157]. - The total profit for 2023 was RMB 13.00 billion, a significant turnaround from a loss of RMB 9.70 billion in 2022, representing a 234% increase[153]. - The net profit attributable to shareholders for 2023 was RMB 8.45 billion, compared to a loss of RMB 7.39 billion in 2022, marking a 214.33% improvement[153]. - The total comprehensive income for the year was 8,964,914,342, compared to a loss of 10,528,914,811 in 2022, reflecting a strong turnaround in financial performance[159]. Operational Highlights - The total on-grid electricity generation reached 447.856 billion kWh, a year-on-year increase of 5.33%[5]. - The company added controllable power generation capacity of 10,003.9 MW during the year, with low-carbon clean energy capacity accounting for approximately 31.24% of total controllable capacity[8]. - The company maintained a market share of 20.4% in the Singapore electricity market, with a total electricity generation of 11.271 billion kWh, a decrease of 10.84 billion kWh year-on-year[10]. - The company’s total heating supply reached 342 million GJ, reflecting a year-on-year increase of 5.93%[5]. - The company aims to complete an electricity generation volume of approximately 485 billion kWh in 2024[12]. Cost Management - The company procured 21.2 million tons of coal, with a unit fuel cost of RMB 326.43 per MWh, a decrease of 12.38% year-on-year[6]. - The total fuel cost for the company in 2023 was RMB 156.569 billion, an 8.17% decrease from RMB 170.507 billion in the previous year[23]. - The company's operating costs and expenses decreased by 5.43% to RMB 234.201 billion from RMB 247.657 billion in the previous year[22]. - The unit fuel cost for domestic thermal power plants was RMB 326.43 per MWh, down 12.38% from RMB 372.56 per MWh in the previous year[23]. Research and Development - The company’s research and development efforts resulted in 617 invention patents and 3,239 utility model patents granted[9]. - Research and development expenses for the year were RMB 1.533 billion, slightly down from RMB 1.608 billion in 2022[146]. Financial Position - The total assets as of December 31, 2023, amounted to RMB 550.316 billion, reflecting a growth of 7.44% from RMB 512.222 billion at the end of the previous year[33]. - The total liabilities decreased to RMB 370.962 billion from RMB 376.906 billion, a reduction of RMB 5.944 billion, with interest-bearing debt totaling approximately RMB 294.630 billion[34]. - The equity attributable to the company's shareholders increased by RMB 23.099 billion, primarily due to the net profit of RMB 8.357 billion and the issuance of special bonds for energy supply[35]. - The current ratio improved to 0.55 from 0.51, and the quick ratio increased to 0.48 from 0.43, indicating better liquidity management[36]. Cash Flow and Financing - The net cash generated from operating activities was RMB 45.497 billion, a 39.90% increase year-on-year, attributed to lower fuel procurement costs and increased electricity sales[39]. - The cash used in investing activities was RMB 54.529 billion, a 36.90% increase, mainly due to higher capital expenditures on renewable energy projects[40]. - The financing activities generated a net cash inflow of RMB 8.720 billion, an 11.35% increase, supporting the company's capital expenditures for renewable energy development[40]. - The company plans to increase capital expenditure in 2024 to RMB 61.65 billion for thermal power and RMB 353.81 billion for photovoltaic projects[41]. Dividend and Shareholder Information - The company plans to pay a cash dividend of RMB 3.14 billion, with an expected dividend of RMB 0.20 per share[45]. - The company has cumulatively distributed dividends amounting to RMB 62.687 billion since 1998[64]. - The total issued share capital of the company as of December 31, 2023, is 15,698,093,359 shares, with 70.06% held by domestic investors and 29.94% by foreign investors[63]. Corporate Governance - The company has maintained compliance with all corporate governance codes as per the listing rules during the reporting period[89]. - The current board consists of 15 directors, with 5 holding positions in Huaneng Group, ensuring independent operations[71]. - Independent non-executive directors confirmed their independence in March 2024[77]. Market Outlook - The total electricity consumption in China is expected to grow by approximately 6% year-on-year in 2024, with new power generation capacity exceeding 300 million kilowatts[50]. - The company aims to achieve a low-carbon clean energy installed capacity ratio of approximately 45% by the end of the 14th Five-Year Plan[47]. - The company faces risks related to coal procurement due to limited domestic coal production growth and high international coal prices[57]. Environmental and Social Responsibility - The company has successfully completed the preparation and disclosure of its ESG report for the eighth consecutive year, receiving recognition for best practices in ESG[94]. - The company has completed ultra-low emission modifications for all its coal-fired power plants, ensuring compliance with environmental standards[60].
华能国际电力股份(00902) - 2023 - 年度业绩