Financial Performance - The operating revenue for the first half of 2021 was approximately RMB 50.394 billion, an increase of about 13.30% compared to the same period in 2020[5]. - The total profit before tax was approximately RMB 3.102 billion, a decrease of about 14.36% year-on-year[5]. - The net profit attributable to equity holders of the company was approximately RMB 1.651 billion, down about 10.36% from the previous year[5]. - The basic earnings per share attributable to shareholders was approximately RMB 0.0507, a decrease of RMB 0.0195 per share compared to the same period last year[6]. - The net profit for the group was approximately RMB 2.308 billion, representing a decrease of about 14.61% year-on-year[10]. - The company's operating profit for the same period was RMB 5,000,605 thousand, down 22.7% from RMB 6,472,309 thousand in the previous year[35]. - The company reported a total comprehensive income of RMB 2,283,470 thousand for the period, down from RMB 2,609,708 thousand in the previous year[37]. - The company reported a net loss of RMB 543,047 thousand for the period, compared to a profit of RMB 1,299,297 thousand in the previous period[41]. - The company's profit attributable to owners for the six months ended June 30, 2021, was RMB 939,131,000, compared to RMB 1,299,297,000 for the same period in 2020, indicating a decrease of 27.8%[66]. Revenue and Sales - The total electricity generation during the reporting period was approximately 132.0788 billion kWh, representing a year-on-year increase of about 8.58%[7]. - The revenue from electricity and heat sales was RMB 47,682,141 thousand, up from RMB 40,427,900 thousand, representing a growth of 17.6%[49]. - The profit from the electricity and heat segment was RMB 2,715,616 thousand, while the coal segment reported a profit of RMB 424,370 thousand, leading to a total segment profit of RMB 3,058,792 thousand[53]. - Major customer A1 contributed RMB 7,208,693 thousand in revenue for the six months ended June 30, 2021, compared to RMB 6,826,199 thousand in the same period of 2020[60]. - The coal sales revenue was RMB 181,313 thousand, significantly down from RMB 1,087,563 thousand in the previous year, indicating a decline of 83.3%[49]. Operating Costs and Expenses - The total operating costs for the period were approximately RMB 45.394 billion, an increase of about RMB 7.388 billion or 19.44% year-on-year, primarily due to rising coal prices[8]. - The total operating costs for the six months ended June 30, 2021, amounted to RMB 5,033,522,000, an increase from RMB 4,978,266,000 in the same period of 2020, reflecting a rise of approximately 1.1%[64]. - The total other operating costs for the six months ended June 30, 2021, included significant expenses such as environmental protection fees of RMB 1,418,477,000 and electricity costs of RMB 202,815,000[64]. Assets and Liabilities - As of June 30, 2021, the group's total assets amounted to approximately RMB 280.857 billion, an increase of about RMB 3.86 billion compared to the end of 2020[10]. - The total liabilities of the group were approximately RMB 189.571 billion, an increase of about RMB 609 million from the end of 2020[11]. - The total assets as of June 30, 2021, amounted to RMB 280,745,254 thousand, slightly up from RMB 280,333,508 thousand as of December 31, 2020[55]. - The total liabilities as of June 30, 2021, were RMB 189,547,679 thousand, compared to RMB 188,940,952 thousand at the end of 2020[56]. - The total equity amounted to RMB 91,285,908 thousand, slightly down from RMB 91,509,331 thousand at the end of 2020[40]. Employee and Management - The group had approximately 31,872 employees as of June 30, 2021, with a total salary management focusing on performance orientation[12]. - Short-term employee benefits for key management personnel increased to 6,514 thousand RMB, compared to 4,808 thousand RMB in the previous year, reflecting an increase of approximately 35.4%[96]. Dividends and Shareholder Returns - The board of directors recommended not to distribute an interim dividend for the year 2021[15]. - The company declared a final dividend of RMB 0.091 per share for the year ended December 31, 2020, totaling approximately RMB 1,684,111,000, compared to RMB 1,202,936,000 for the same period in 2020[65]. Environmental and Sustainability Initiatives - The company is committed to accelerating green and low-carbon transformation, focusing on clean energy projects and innovative technologies such as CCUS and hydrogen energy[14]. - The company issued a total of RMB 12 billion in green medium-term notes for carbon neutrality initiatives as of the report date[27]. Financing and Capital Management - The company plans to optimize financing structure and reduce capital costs while addressing underperforming assets[14]. - The company raised approximately HKD 62.22 billion from the issuance of 2,794,943,820 H-shares and RMB 83.34 billion from the issuance of 2,401,729,106 A-shares in March 2018[21]. - The company plans to continue exploring financing options and refinancing strategies to manage its debt effectively in the coming year[46]. - The company’s directors believe that it has the ability to repay debts maturing within the next twelve months, supporting its ongoing operations[46]. Related Party Transactions - For the six months ended June 30, 2021, the group reported significant related party transactions, including fuel procurement from China Datang Group amounting to RMB 3,124,101 thousand, an increase from RMB 2,457,147 thousand in the same period of 2020[85]. - The total revenue from related party transactions with China Datang Group for the six months ended June 30, 2021, was substantial, reflecting the group's reliance on these transactions for operational support[89].
大唐发电(00991) - 2021 - 中期财报