Financial Performance - The company's operating revenue for the first half of 2019 was approximately RMB 45.04 billion, a decrease of about 1.10% compared to the same period in 2018[9]. - The total profit before tax was approximately RMB 2.65 billion, down about 7.58% year-on-year[10]. - The net profit attributable to shareholders was approximately RMB 767 million, representing a decrease of about 36.96% compared to the first half of 2018[10]. - Basic earnings per share attributable to shareholders was approximately RMB 0.0414, a decrease of RMB 0.0351 per share compared to the same period last year[10]. - The company's profit for the six months ended June 30, 2019, was RMB 1,836,146, a decrease from RMB 2,098,246 in the same period of 2018, representing a decline of approximately 12.5%[43]. - Operating profit decreased to RMB 4,391,747 from RMB 5,915,109, reflecting a decline of approximately 25.7%[44]. - The total comprehensive income for the period was RMB 1,708,779, compared to RMB 2,085,025 in the same period last year, a decrease of approximately 18.1%[45]. - The company reported a profit attributable to owners of RMB 767,095,000 for the six months ended June 30, 2019, a decrease of 36.9% compared to RMB 1,216,838,000 for the same period in 2018[82]. Assets and Liabilities - The company's total assets as of June 30, 2019, were approximately RMB 282.15 billion, a decrease of about RMB 6.10 billion from the end of 2018[18]. - The total liabilities were approximately RMB 208.51 billion, a decrease of about RMB 9.25 billion from the end of 2018[18]. - As of June 30, 2019, total current liabilities amounted to RMB 196,105,675 thousand, slightly up from RMB 196,092,454 thousand at the end of 2018[47]. - Total liabilities as of June 30, 2019, were RMB 122,465,059 thousand, down from RMB 125,602,633 thousand, indicating a decrease of about 2.01%[47]. - The company's net current liabilities were approximately RMB 52,633,345,000 as of June 30, 2019, indicating a reliance on short-term borrowings for capital expenditures[52]. Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2019, was RMB 9,982,204,000, an increase of 22.1% compared to RMB 8,182,223,000 for the same period in 2018[50]. - The net cash used in investing activities was RMB (1,712,622,000), a significant improvement from RMB (14,103,123,000) in the previous year, indicating a reduction in capital expenditures[50]. - The net cash used in financing activities amounted to RMB (11,281,709,000), compared to RMB 12,340,869,000 in the prior period, reflecting a decrease in financing outflows[50]. - As of June 30, 2019, cash and cash equivalents decreased to RMB 8,421,629,000 from RMB 12,401,137,000 at the beginning of the year, representing a decline of 32.0%[50]. Shareholder Information - The total number of shares outstanding as of June 30, 2019, is 18,506,710,504 shares[23]. - Major shareholders include China Datang Group, holding 35.34% of the total issued share capital[25]. - The board of directors recommended not to distribute an interim dividend for the first half of 2019[23]. - The weighted average number of ordinary shares for calculating basic and diluted earnings per share increased to 18,506,711,000 shares from 15,908,374,000 shares year-on-year[82]. Investments and Projects - The company plans to invest approximately RMB 12,259 million in the Huludao project and RMB 58,625 million in the Jiangsu project by the end of December 2021[31]. - The company plans to actively develop various renewable energy projects, including wind and solar power, to improve its competitive position in the electricity market[22]. - The company has organized 97 training programs, with 5,208 employees participating, focusing on management and technical skills[21]. Compliance and Governance - The audit committee reviewed the interim results and confirmed compliance with applicable accounting standards[42]. - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with the listing rules[40]. - The company did not take out insurance for legal actions faced by directors, as it assessed no additional risks were present[39]. Related Party Transactions - The company reported significant related party transactions, including RMB 2,012,811 thousand for coal sales to Datang Power Fuel Co., Ltd., compared to RMB 1,277,376 thousand in the previous year[101]. - Fuel procurement from Datang (Beijing) Coal Sales Co., Ltd. amounted to RMB 21,410 thousand, up from RMB 3,830 thousand in the previous year[101]. - The company incurred RMB 858,420 thousand in technical service fees from Datang Environmental Industry Group, compared to RMB 832,493 thousand in the previous year[101]. Accounting Changes - The implementation of IFRS 16 resulted in significant changes in accounting policies, particularly in lease accounting, which may affect future financial reporting[56]. - The company will account for short-term leases (12 months or less) as operating expenses using the straight-line method[64]. - Lease liabilities will be measured at the present value of unpaid lease payments, discounted using the implicit rate or the incremental borrowing rate[64].
大唐发电(00991) - 2019 - 中期财报