中广核新能源(01811) - 2023 - 中期业绩

Financial Performance - Revenue for the six months ended June 30, 2023, was $1,223.8 million, an increase of 7.9$1,133.7 million for the same period in 2022[3]. - Profit attributable to equity shareholders for the six months ended June 30, 2023, was $197.8 million, up 11.2$177.9 million for the same period in 2022[3]. - Earnings per share for the six months ended June 30, 2023, was 4.61 cents, an increase of 11.2% from 4.15 cents for the same period in 2022[3]. - The increase in profit was mainly due to higher fuel margins from Korean projects, contributions from new wind power projects, and the turnaround of equity-accounted investees[3]. - Total operating expenses for the six months ended June 30, 2023, were $879.2 million, compared to$804.1 million for the same period in 2022, reflecting an increase of 9.3%[5]. - The operating profit for the first half of 2023 was $206.9 million, an increase of$13.5 million or 7.0% compared to $193.4 million in the first half of 2022[17]. - Other income decreased to$8.4 million in the first half of 2023 from $27.7 million in the same period of 2022, a decline of 19.3 million, mainly due to lower sales of power generation capacity[21]. - Financial expenses decreased to$110.9 million in the first half of 2023 from $120.3 million in the first half of 2022, a reduction of 7.8$38.1 million in the first half of 2023 from $33.3 million in the first half of 2022, an increase of$4.8 million, mainly due to higher pre-tax profits[25]. - The company did not declare an interim dividend for the six months ended June 30, 2023[3]. Assets and Liabilities - Non-current assets as of June 30, 2023, were $6,263.3 million, a decrease from$6,451.0 million as of December 31, 2022[7]. - Current assets as of June 30, 2023, were $1,859.9 million, slightly down from$1,892.9 million as of December 31, 2022[7]. - Total liabilities as of June 30, 2023, were $4,649.1 million, compared to$4,376.9 million as of December 31, 2022[8]. - Net assets as of June 30, 2023, were $1,617.1 million, an increase from$1,499.6 million as of December 31, 2022[8]. - Total equity as of June 30, 2023, was $1,617.1 million, compared to$1,499.6 million as of December 31, 2022[10]. - Cash and cash equivalents decreased from $440.6 million on December 31, 2022, to$341.1 million on June 30, 2023, primarily due to cash used in investing and financing activities offsetting cash generated from operations[25]. - The net debt-to-equity ratio improved from 3.64 on December 31, 2022, to 3.32 on June 30, 2023, mainly due to a reduction in bank borrowings[26]. - Total bank borrowings decreased from $4,364.5 million on December 31, 2022, to$4,169.9 million on June 30, 2023[34]. Operational Highlights - The company reported a total segment revenue of $1,223.8 million for the first half of 2023, with contributions from China, Korea, and management services[11]. - The segment performance for the Chinese power plants was$206.9 million, while the Korean power plants reported $56.5 million in segment performance for the first half of 2023[11]. - The power generation of the group reached 10,140.6 GWh for the six months ended June 30, 2023, an increase of 6.6% compared to 9,517.0 GWh for the same period in 2022[65]. - The power generation from China's wind power projects was 5,601.1 GWh, representing a growth rate of 16.7% compared to 4,800.1 GWh in the previous year[65]. - The power generation from China's solar power projects was 848.1 GWh, with a growth rate of 0.7% compared to 841.8 GWh in the previous year[65]. - The installed capacity of wind power in China reached 389.2 GW by June 30, 2023, reflecting a year-on-year growth of 13.7%[45]. - The installed capacity of solar power in China reached 470.7 GW by June 30, 2023, showing a significant year-on-year increase of 39.8%[45]. - The installed capacity of wind power increased by 458.7 MW year-on-year to 4,419.1 MW as of June 30, 2023, representing a growth of 11.6%[60]. - The installed capacity of solar energy reached 1,178.3 MW, an increase of 41.5 MW or 3.7% year-on-year[60]. Strategic Initiatives - The company is actively responding to national requirements to expand its industrial scale and enhance efficiency, focusing on the development of strategic emerging industries[62]. - The company is focusing on innovation-driven development strategies, emphasizing the integration of advanced offshore wind technology and digital operation and maintenance[73]. - The company has made progress in integrating advanced offshore wind technology, with multiple research projects completed and demonstrating a differentiated competitive advantage in the offshore wind sector[74]. - The company aims to enhance project conversion rates and resource assurance through strategic alliances in "strategy, industry, and technology"[87]. - The company is focused on technological innovation to drive development, including key technology research and digital transformation of existing power stations[90]. Regulatory and Compliance - The company has adhered to corporate governance codes, with a noted exception regarding the dual role of the chairman and CEO[92]. - The company confirmed compliance with the standard code and its own code by all directors for the six months ended June 30, 2023[93]. - The audit committee and KPMG reviewed the unaudited consolidated interim results for the six months ended June 30, 2023[94]. - The company operates under the governance code as per the listing rules, ensuring adherence to corporate governance standards[95]. - The company’s financial reporting adheres to international accounting standards[96]. Market and Industry Trends - The National Energy Administration aims for an installed power generation capacity of approximately 2,790 GW in 2023, with an increase of 160 GW in wind and solar power, raising the share of non-fossil energy generation to about 51.9%[46]. - The new energy sector has seen significant growth in renewable energy installations since the dual carbon goals were proposed, with policies being introduced to guide industry development during the 14th Five-Year Plan period[46]. - The offshore wind power sector is experiencing rapid development, with significant breakthroughs in scale and technology, supported by improved management policies and planning[50]. - The green electricity trading market is being expanded, allowing all renewable energy projects to participate in market transactions, thereby increasing the scale of green electricity participation[51]. - The National Development and Reform Commission has announced the provincial grid transmission and distribution prices for 2023-2026, effective from June 1, 2023, as part of ongoing reforms in the electricity market[52]. Social Responsibility and Recognition - The company actively engages in social responsibility initiatives, including emergency rescue points and biodiversity protection, contributing to local community support[76]. - In June 2023, the company was awarded the "Best IR Hong Kong Company" by New Fortune and received multiple awards at the HKIRA Investor Relations Awards, including "Best ESG" and "Best Annual Report"[78]. - The company has been recognized for its projects, with several wind and solar projects receiving awards for excellence in renewable energy and safety management in 2023[78][79].