Financial Performance - For the six months ended June 30, 2019, the company reported consolidated operating revenue of approximately RMB 6.36 billion, an increase of 31.5% compared to RMB 4.84 billion in the same period of 2018[10]. - The company's profit before tax for the same period was approximately RMB 1.46 billion, up from RMB 1.08 billion in 2018, representing a growth of 35.1%[10]. - Net profit attributable to the owners of the company was approximately RMB 967 million, compared to RMB 822 million in the previous year, reflecting a year-on-year increase of 17.7%[10]. - Basic earnings per share for the period was RMB 0.2520, an increase from RMB 0.2184 in the same period last year[10]. - The total comprehensive income attributable to ordinary equity holders of the company for the period was RMB 1.21 billion, compared to RMB 956.6 million in 2018, marking a growth of 26.5%[10]. - The group’s net profit was RMB 1.211 billion, a 26.5% increase year-on-year, with profit attributable to equity holders of RMB 968 million, up 17.8%[41]. - Total revenue for the group was approximately RMB 6.361 billion, a 31.5% increase year-on-year, with significant contributions from both wind and natural gas segments[42]. - The company achieved a net profit of RMB 1.211 billion, an increase of RMB 254 million compared to RMB 957 million in the same period last year, primarily due to an increase in operating profit[49]. - Profit attributable to equity holders of the company was RMB 968 million, up RMB 146 million from RMB 822 million year-on-year, driven by the increase in net profit[49]. Revenue Breakdown - Natural gas sales contributed RMB 4,161,654 thousand, up from RMB 2,959,066 thousand in the previous year, indicating a growth of about 40.5%[133]. - Electricity sales increased to RMB 2,097,892 thousand from RMB 1,838,472 thousand, reflecting a growth of approximately 14.1%[133]. - Revenue from the construction and connection of natural gas pipelines rose to RMB 45,166 thousand, compared to RMB 16,674 thousand, marking a growth of around 170.5%[133]. - The company reported natural gas transportation revenue of RMB 39,629 thousand, up from RMB 15,331 thousand, which is an increase of approximately 158.5%[133]. - Wind power services revenue increased to RMB 1,459 thousand from RMB 633 thousand, showing a growth of about 130%[133]. - The total customer contract revenue for natural gas was RMB 4,254,405 thousand, while for wind and solar energy it was RMB 2,106,248 thousand, contributing to the overall revenue growth[134]. Operating Metrics - The company’s natural gas sales volume for the first half of 2019 was 1,297 million cubic meters, compared to 1,651 million cubic meters in the same period of 2018[12]. - The average wind power utilization hours for the company's controlled wind farms was 1,376 hours, which is 243 hours higher than the national average[21]. - The company achieved a wind power generation of 4.779 billion kWh, representing a year-on-year increase of 14.45%[21]. - The company’s average wind turbine utilization rate was 97.8%, an increase of 0.43 percentage points compared to the previous year[21]. - The group added 119.4 MW of wind power installed capacity during the reporting period, bringing the total to 3,977.55 MW, with 663 MW of projects under construction[22]. - The group achieved wind power sales revenue of RMB 2.104 billion, an increase of 14.3% year-on-year, primarily due to higher electricity sales volume[25]. Expenses and Costs - Operating expenses totaled RMB 4.645 billion, a 30.1% increase year-on-year, with sales costs rising by 36.1% due to increased natural gas purchase costs[45]. - Financial expenses increased by 8.2% to RMB 422 million, primarily due to the operation of new wind power projects[46]. - Income tax expenses rose by 103.3% to RMB 246 million, reflecting a significant increase in pre-tax profits compared to the previous year[47]. - Total sales costs for the six months ended June 30, 2019, amounted to RMB 4,431,394,000, up from RMB 3,255,198,000 in 2018, reflecting a year-on-year increase of about 36.1%[6]. - The company reported a total depreciation and amortization expense of RMB 674,245,000 for the six months ended June 30, 2019, compared to RMB 580,710,000 in 2018, indicating an increase of approximately 16.1%[6]. Assets and Liabilities - Total non-current assets amounted to RMB 34,217,024,000, an increase from RMB 32,742,655,000 as of December 31, 2018[93]. - Total current assets were RMB 68,751,127,000, compared to RMB 64,181,173,000 at the end of 2018[93]. - Total liabilities were RMB 9,192,061,000, up from RMB 8,602,445,000 in the previous year[93]. - The company’s total assets as of June 30, 2019, were RMB 41,092,151 thousand, with the gas segment holding assets of RMB 6,407,534 thousand and the wind and solar segment holding RMB 33,298,812 thousand[141]. - The total liabilities were RMB 27,321,317 thousand, with the gas segment liabilities at RMB 3,951,514 thousand and the wind and solar segment at RMB 22,507,098 thousand[141]. Cash Flow and Financing - Operating cash flow for the six months ended June 30, 2019, was RMB 1,482,595 thousand, up from RMB 908,382 thousand in the prior year, reflecting a growth of 63.1%[98]. - The net cash flow from financing activities was RMB 413,651 thousand for the first half of 2019, down from RMB 719,366 thousand in the same period of 2018, indicating a decrease of 42.5%[99]. - The company issued green corporate bonds amounting to RMB 906,360 thousand in the first half of 2019, compared to RMB 587,640 thousand in the same period of 2018, marking a growth of 54.2%[99]. - The company has capital commitments of RMB 7,000,547,000 as of June 30, 2019, down from RMB 8,483,133,000 at the end of 2018[192]. - The company provided guarantees for bank financing credit lines amounting to RMB 100,000,000 as of June 30, 2019, compared to RMB 127,500,000 at the end of 2018[194]. Corporate Governance and Management - The board of directors held 5 meetings, and the audit committee held 1 meeting during the reporting period[74]. - The audit committee communicated the 2018 annual audit results and approved the internal audit and risk management report[76]. - The compensation and assessment committee approved the proposal for the fourth board of directors' remuneration scheme[77]. - Dr. Cao Xin was appointed as the chairman of the fourth board of directors[68]. - The fourth board of directors consists of 9 members, with a term of three years[68]. - The company has adopted a code of conduct for securities transactions by directors and supervisors[73]. - The company has strengthened the management of professional technical talents and improved the talent promotion channels[68]. Regulatory and Compliance - The group adopted IFRS 16 Leases effective January 1, 2019, which requires all leases to be recognized on the balance sheet[105]. - The group has chosen not to recognize right-of-use assets and lease liabilities for low-value asset leases and short-term leases[108]. - The company has not identified any uncertain tax positions that would affect its consolidated financial statements[122]. - The amendments to IFRS 9 clarify the treatment of financial assets under the SPPI standard, with no impact on the company's consolidated financial statements[123].
新天绿色能源(00956) - 2019 - 中期财报