Capacity and Production - The total installed capacity of Beijing Jingneng Clean Energy reached 8,863 MW as of June 30, 2019, representing a 10% year-on-year increase[19]. - The group generated a total electricity output of 13.58 billion kWh in the first half of 2019, a 5.18% increase compared to the previous year[20]. - The gas power and heating segment contributed 9.506 billion kWh to the total output, marking a 6.46% year-on-year growth[20]. - The photovoltaic segment saw a significant increase in output, generating 903 million kWh, which is a 43.79% increase year-on-year[20]. Financial Performance - Revenue for the first half of 2019 was RMB 8,064,971,000, slightly up from RMB 8,036,391,000 in the same period of 2018[10]. - The profit attributable to equity holders was RMB 1,320,336,000, compared to RMB 1,317,342,000 in the previous year[10]. - Basic and diluted earnings per share were RMB 15.38, down from RMB 17.58 in the previous year[9]. - Adjusted operating profit decreased by 1.73% to RMB 2,033.7 million in the first half of 2019, down from RMB 2,069.6 million in the same period of 2018[35]. - Net profit increased by 0.23% from RMB 1,317.3 million in the first half of 2018 to RMB 1,320.3 million in the first half of 2019[45]. - Profit before tax decreased by 1.77% from RMB 1,731.6 million in the first half of 2018 to RMB 1,700.9 million in the first half of 2019[43]. Assets and Liabilities - Total assets amounted to RMB 54,488,164,000, a decrease from RMB 54,941,460,000 at the end of 2018[11]. - The total liabilities decreased to RMB 32,221,354,000 from RMB 33,429,860,000 year-on-year[11]. - Net current liabilities decreased by 32.47% from RMB 7,260.4 million as of December 31, 2018, to RMB 4,903.0 million as of June 30, 2019, with the current ratio increasing from 62.56% to 69.15%[49]. - Total liabilities decreased to RMB 15,894,135,000 from RMB 19,391,917,000, showing a reduction of about 18.5%[97]. Revenue Segments - The gas power and heating segment's revenue decreased by 0.79% to RMB 6,199.7 million in the first half of 2019, compared to RMB 6,249.0 million in the same period of 2018[25]. - The photovoltaic segment's revenue increased by 41.21% to RMB 685.7 million in the first half of 2019, up from RMB 485.6 million in the same period of 2018[27]. - The wind power segment's revenue decreased by 10.50% to RMB 1,028.9 million in the first half of 2019, down from RMB 1,149.6 million in the same period of 2018 due to lower average wind speeds[26]. Operating Expenses - Operating expenses rose by 3.12% to RMB 6,490.5 million in the first half of 2019, compared to RMB 6,294.4 million in the same period of 2018[30]. - Gas consumption costs increased by 5.63% to RMB 4,542.1 million in the first half of 2019, up from RMB 4,300.1 million in the same period of 2018[30]. Cash Flow and Financing - The company issued RMB 3.5 billion in short-term financing bonds in the first half of 2019, with interest rates of 3.15% and 3.39% for different tranches[22]. - The company incurred a net cash outflow from investing activities of RMB 1,755,919,000 for the six months ended June 30, 2019, compared to RMB 1,378,770,000 for the same period in 2018, indicating an increase of 27.3%[101]. - The financing activities resulted in a net cash outflow of RMB 1,848,547,000 for the six months ended June 30, 2019, compared to RMB 657,718,000 for the same period in 2018, reflecting a significant increase of 180.7%[103]. Shareholder Information - Major shareholder 京能集团 holds 5,190,483,053 domestic shares, representing 95.86% of the domestic share capital and 62.96% of the total share capital[80]. - The registered capital of the company as of June 30, 2019, is RMB 8,244,508,144, divided into 8,244,508,144 shares with a par value of RMB 1.00 per share, including 5,414,831,344 domestic shares and 2,829,676,800 H shares[76]. Corporate Governance - The company has complied with all corporate governance codes as stipulated in the listing rules for the six months ended June 30, 2019[71]. - The audit committee has reviewed the group's interim results for 2019 and the unaudited financial statements for the six months ended June 30, 2019[75]. Employee and Operational Efficiency - The employee training participation rate reached 100% in 2019, emphasizing the company's commitment to improving employee skills and management levels[58]. - The company has established five regional management subsidiaries to enhance operational efficiency and market development[69]. Market Expansion and Future Plans - The company plans to continue expanding its renewable energy capacity, focusing on gas, wind, and solar power projects[19]. - The company plans to continue expanding both domestic and international markets, focusing on high-quality and high-return projects to maximize shareholder value[64]. - The company is actively pursuing new projects in key areas such as the Beijing-Tianjin-Hebei region and the Guangdong-Hong Kong-Macau Greater Bay Area[68]. Tax and Subsidies - The company continues to benefit from a preferential tax rate of 15% for certain projects under the tax incentives for high-tech enterprises, which is expected to remain effective until December 31, 2020[151]. - Government subsidies related to clean energy production amounted to RMB 459,203 thousand, up from RMB 327,655 thousand in the previous year, indicating a growth of approximately 40%[146].
京能清洁能源(00579) - 2019 - 中期财报