大唐发电(00991) - 2024 - 中期业绩

Operating and Financial Highlights Core Performance Overview In H1 2024, operating revenue remained stable at 58.31 billion yuan, while profit before tax surged 82.96% to 5.56 billion yuan, and net profit attributable to equity holders grew 68.38% to 3.24 billion yuan Key Financial Indicators for H1 2024 | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | Approx. 58.31 Billion Yuan | - | Increased by Approx. 0.19% | | Total Profit Before Tax | Approx. 5.56 Billion Yuan | - | Increased by Approx. 82.96% | | Net Profit Attributable to Equity Holders | Approx. 3.24 Billion Yuan | - | Increased by Approx. 68.38% | | Basic Earnings Per Share | Approx. 0.1315 Yuan/Share | - | Increased by 0.0696 Yuan/Share | Management Discussion and Analysis Company Overview The company is a major independent power producer in China, operating across 19 provinces with a diversified power generation mix including thermal, hydro, wind, and solar assets strategically located nationwide - The company's power generation business is widely distributed across 19 provinces, municipalities, and autonomous regions nationwide, forming a diversified energy portfolio including thermal, hydro, wind, and photovoltaic power[7] Review of Principal Business Operations In H1 2024, the company achieved significant progress in ensuring energy supply, enhancing efficiency, and promoting high-quality transformation, with profit before tax surging 82.96% and 4,715 MW of new energy projects approved - The company steadfastly fulfilled its responsibility to ensure energy supply for the capital, successfully completing critical political power supply tasks for events like the National People's Congress, and diligently managing summer peak demand and flood control[10] - Through special actions to enhance quality and efficiency, optimizing fuel supply and price control, and power volume and tariff strategies, the company achieved better-than-expected operational performance, with total profit before tax increasing by approximately 82.96% year-on-year in H1[11] Power Project Progress in H1 2024 | Project Type | Status | Capacity (MW) | | :--- | :--- | :--- | | Approved Projects | Total | 4,714.985 | | | Wind Power | 1,109.3 | | | Photovoltaic | 3,605.685 | | Projects Under Construction | Total | 11,869.15 | | | Thermal Power | 5,746.12 | | | Wind Power | 3,457.65 | | | Photovoltaic | 2,665.38 | Key Financial Indicators and Analysis During the reporting period, operating revenue remained stable, but a 3.92% decrease in fuel costs and an 11.82% reduction in finance costs led to an 82.96% surge in profit before tax, with a stable asset-liability ratio of 69.43% indicating sound financial health Operating Performance In H1 2024, operating revenue slightly increased by 0.19% to 58.31 billion yuan, while operating costs decreased by 3.92% and finance costs by 11.82%, collectively driving an 82.96% surge in profit before tax Changes in Operating Performance for H1 2024 | Indicator | Amount (RMB) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 58.31 Billion Yuan | +0.19% | | Operating Costs | 51.84 Billion Yuan | -3.92% | | Net Finance Costs | 2.65 Billion Yuan | -11.82% | | Total Profit Before Tax | 5.56 Billion Yuan | +82.96% | Financial Position and Liquidity As of June 30, 2024, total assets were 310.37 billion yuan and total liabilities 215.48 billion yuan, resulting in a 69.43% asset-liability ratio and 173.30% net debt-to-equity ratio, with 10.94 billion yuan in cash and equivalents Financial Position as of June 30, 2024 | Indicator | Amount/Ratio | | :--- | :--- | | Total Assets | Approx. 310.37 Billion Yuan | | Total Liabilities | Approx. 215.48 Billion Yuan | | Asset-Liability Ratio | Approx. 69.43% | | Net Debt-to-Equity Ratio | Approx. 173.30% | | Cash and Cash Equivalents and Restricted Deposits | Approx. 10.94 Billion Yuan | Human Resources and Welfare Policy As of June 30, 2024, the Group had 27,811 employees, implementing performance-linked compensation and conducting 964 training programs for 22,920 participants in H1 to foster employee development and vitality - As of June 30, 2024, the Group's total number of employees was 27,811[20] - In H1 2024, the Group organized 964 training programs, with a total of 22,920 participants, covering both operational management and technical skills[21] Outlook for H2 2024 In H2 2024, the company will focus on enhancing energy supply for the capital, accelerating green transformation by advancing new energy projects, and deepening quality and efficiency improvements through lean management to achieve annual profit targets - Enhance energy supply for the capital: Seize opportunities to comprehensively boost green power supply capacity and proportion for the capital, optimizing integrated management of thermal power and new energy[23] - Promote high-quality development: Focus on new energy, clean and efficient thermal power, and emerging industry targets, vigorously advancing green transformation[24] - Ensure profit target achievement: Adhere to lean management, secure volume and price for profitable power generation, control supply and price for fuel, and upgrade cost leadership[24] Share Capital and Dividends Share Capital and Dividend Policy As of June 30, 2024, the company's total share capital was 18,506,710,504 shares with a par value of RMB 1 per share, and the Board decided not to declare an interim dividend for 2024 - As of June 30, 2024, the company's total share capital was 18,506,710,504 shares[26] - The company will not declare an interim dividend for 2024[27] Significant Matters and Corporate Governance Significant Matters During and after the reporting period, the company undertook 8 billion yuan in financing, including 6 billion yuan in medium-term notes and 2 billion yuan in super short-term commercial papers, alongside multiple personnel changes within the Board, Supervisory Committee, and senior management - During and after the reporting period, the company issued a total of 6 billion yuan in medium-term notes and 2 billion yuan in super short-term commercial papers[30] - Multiple personnel changes occurred at the company's senior level, including the appointment of a new Deputy General Manager, and the election of new Non-executive Directors, Executive Directors, Chairman, and Supervisory Committee Chairman[30][31][32] Corporate Governance The company largely complied with the Corporate Governance Code during the period, with exceptions including no directors' liability insurance and certain directors' absence from the AGM, while confirming adherence to the securities dealing code by all directors and supervisors, and the Audit Committee reviewed the interim financial report - During the reporting period, the company complied with the provisions of the Corporate Governance Code, with exceptions including no insurance arrangements for directors and the former Chairman and a Non-executive Director being unable to attend the general meeting due to official duties[34][35][36] - The company has adopted a code of conduct for directors' securities transactions, and all directors and supervisors complied with this code during the reporting period[38] - The Audit Committee reviewed the interim results for the period and deemed that the financial report complied with applicable accounting standards and provided appropriate disclosures[39] Summary of Financial Statements (under IFRS) Condensed Consolidated Statement of Profit or Loss In H1 2024, operating revenue was 58.31 billion yuan, stable year-on-year, while a decrease in fuel costs from 36.51 billion yuan to 32.67 billion yuan drove profit before tax from 3.04 billion yuan to 5.56 billion yuan, and net profit attributable to equity holders increased 68.4% to 3.24 billion yuan Condensed Consolidated Statement of Profit or Loss Summary (Unit: RMB Thousand Yuan) | Item | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Operating Revenue | 58,309,841 | 58,201,835 | | Total Operating Costs | (51,843,519) | (53,956,506) | | Of which: Fuel for power generation and heating | (32,672,743) | (36,512,979) | | Operating Profit | 6,466,322 | 4,245,329 | | Profit Before Tax | 5,562,283 | 3,040,218 | | Profit for the Period | 4,440,016 | 2,354,174 | | Attributable to equity holders of the Company | 3,242,983 | 1,925,967 | Condensed Consolidated Statement of Financial Position As of June 30, 2024, total assets increased to 310.37 billion yuan, total liabilities remained stable at 215.48 billion yuan, and total equity grew to 94.89 billion yuan driven by profit growth, despite 44.89 billion yuan in net current liabilities, which directors believe the Group can manage Condensed Consolidated Statement of Financial Position Summary (Unit: RMB Thousand Yuan) | Item | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | ASSETS | | | | Non-current assets | 265,447,734 | 263,744,241 | | Current assets | 44,918,354 | 40,295,225 | | TOTAL ASSETS | 310,366,088 | 304,039,466 | | LIABILITIES AND EQUITY | | | | Current liabilities | 89,807,222 | 91,230,325 | | Non-current liabilities | 125,671,616 | 124,371,304 | | TOTAL LIABILITIES | 215,478,838 | 215,601,629 | | TOTAL EQUITY | 94,887,250 | 88,437,837 | - As of June 30, 2024, the Group's net current liabilities were approximately 44.89 billion yuan, but the directors believe the Group can repay debts due within the next twelve months through operating cash flows, unutilized credit facilities, and refinancing[49] Segment Information The company operates in two segments: power generation and heating, and other businesses; in H1 2024, power generation and heating contributed the majority of revenue (55.29 billion yuan) and profit (4.51 billion yuan), with profit more than doubling from 1.62 billion yuan year-on-year Segment Revenue and Profit (Unit: RMB Thousand Yuan) | Segment | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | | Power Generation and Heating | External Sales Revenue | 55,288,373 | 55,137,809 | | | Segment Profit | 4,511,909 | 1,620,684 | | Other Segments | External Sales Revenue | 3,021,468 | 3,064,026 | | | Segment Profit | 838,989 | 884,982 | | Total | External Sales Revenue | 58,309,841 | 58,201,835 | | | Segment Profit | 5,350,898 | 2,505,666 | Trade and Bills Receivables and Payables As of June 30, 2024, total trade and bills receivables were 20.19 billion yuan (approx. 71% current), and total trade and bills payables were 20.53 billion yuan (approx. 70% current), indicating stable working capital management Aging Analysis of Trade and Bills Receivables (Unit: RMB Thousand Yuan) | Aging | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Within one year | 14,305,129 | 15,557,219 | | One to two years | 2,413,712 | 2,362,572 | | Two to three years | 2,321,575 | 1,039,546 | | Over three years | 1,147,640 | 707,569 | | Total | 20,188,056 | 19,666,906 | Aging Analysis of Trade and Bills Payables (Unit: RMB Thousand Yuan) | Aging | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Within one year | 14,339,989 | 17,347,939 | | One to two years | 3,115,757 | 2,121,168 | | Two to three years | 1,067,066 | 1,051,515 | | Over three years | 2,007,436 | 2,186,795 | | Total | 20,530,248 | 22,707,417 |