Financial Performance - For the six months ended June 30, 2020, China Renewable Energy Investment Limited recorded a turnover of HK$96.8 million, a slight increase from HK$96.4 million in the same period last year[14]. - Gross profit for the period was HK$35.7 million, down from HK$44.4 million for the six months ended June 30, 2019[14]. - Net profit attributable to equity holders for the six months ended June 30, 2020, declined by 12% to HK$36.8 million, with basic earnings of HK1.47 cents per share, compared to HK$41.6 million or HK1.66 cents per share in 2019[14]. - Operating profit for the period was HK$25,091,000, a decline of 20.5% compared to HK$31,583,000 in 2019[97]. - Profit for the period was HK$36,053,000, down 15.5% from HK$42,651,000 in the previous year[97]. - Total comprehensive income for the period was HK$5,826,000, significantly lower than HK$40,218,000 in the same period of 2019[97]. - Earnings per share attributable to equity holders of the Company was 1.47 HK cents, compared to 1.66 HK cents in 2019[99]. - The share of results of associates increased to HK$33,556,000 from HK$27,351,000, reflecting a growth of 22.8%[97]. - Finance costs increased to HK$17,915,000, up from HK$12,598,000, indicating a rise of 42.5%[97]. - Other comprehensive loss for the period was HK$30,227,000, compared to a loss of HK$2,433,000 in the previous year[97]. Assets and Liabilities - Total assets as of June 30, 2020, amounted to HK$2,842,210,000, an increase from HK$2,794,654,000 as of December 31, 2019, representing a growth of approximately 1.7%[101]. - Total non-current assets decreased to HK$2,102,324,000 from HK$2,162,796,000, reflecting a decline of about 2.8%[101]. - Current assets increased to HK$739,886,000, up from HK$631,858,000, indicating a growth of approximately 17.1%[101]. - Total liabilities rose to HK$1,116,847,000 from HK$1,065,092,000, marking an increase of about 4.9%[103]. - Non-current liabilities increased to HK$616,392,000, compared to HK$552,723,000, which is an increase of approximately 11.5%[103]. - Total equity attributable to equity holders of the Company decreased slightly to HK$1,726,927,000 from HK$1,730,367,000, a decline of about 0.2%[101]. Cash Flow and Financing - Cash and cash equivalents increased to HK$352,166,000 from HK$307,415,000, reflecting a growth of approximately 14.6%[101]. - Net cash generated from operating activities for the six months ended June 30, 2020, was HK$28,479,000, a significant increase from HK$4,291,000 in 2019, representing a growth of 563%[107]. - Cash flows from investing activities resulted in a net cash outflow of HK$27,710,000, compared to a net inflow of HK$24,610,000 in the same period of 2019[107]. - The company drew down bank borrowings amounting to HK$100,000,000, an increase from HK$51,163,000 in the previous year, indicating a rise of 95%[107]. - Net cash generated from financing activities was HK$46,997,000, up from HK$9,311,000 in 2019, reflecting a growth of 404%[107]. - Interest received increased to HK$1,898,000 from HK$1,487,000, showing a growth of 28% year-over-year[107]. Operational Performance - Total wind power capacity installed in China increased by 12.5% to 217 GW, while solar power capacity rose by 16% to 216 GW compared to 2019[19]. - Total wind power output for the first half of 2020 was 237,800 GWh, an increase of approximately 11% year-on-year, accounting for 7% of total power generation in China[19]. - The Group's net power generating capacity increased by 10% to 427 MW, with total gross power generating capacity reaching 738 MW as of June 30, 2020[19]. - Power dispatched from Siziwang Qi Phase I and II wind farms was approximately 98.4 GWh, down from 106.6 GWh in the same period last year[21]. - The Danjinghe wind farm dispatched approximately 215.9 GWh during the first half of 2020, an increase from 209.0 GWh in the previous year[22]. - The Changma wind farm dispatched approximately 220.0 GWh, up from 213.0 GWh in the same period last year[23]. - The Group's Mudanjiang and Muling wind farms dispatched approximately 33.0 GWh, down from 47.8 GWh in the previous year due to poor wind conditions[19]. Strategic Initiatives - The Group's strategy "Grow ∙ Advance ∙ Sustain" focuses on evaluating investment opportunities based on economic, environmental, and social benefits[32]. - The Group is committed to developing renewable energy projects and seeking growth investment opportunities in new technologies[32]. - The Group's strategic focus is on investing in high-quality renewable energy projects with high potential returns and in regions not subject to curtailment[42]. - The Group plans to participate in pilot electricity market trading schemes to reduce curtailment and enhance overall profitability of existing wind farms[42]. - The Group aims to continue supporting the goal of decreasing carbon emissions by investing in various renewable energy projects as it grows[49]. Governance and Compliance - The company has complied with the Corporate Governance Code throughout the six months ended 30 June 2020, except for the separation of the roles of chairman and CEO, which are currently held by the same individual[78]. - The audit committee reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2020, which was also reviewed by PricewaterhouseCoopers[72]. - The company has adopted a code for dealing in its securities by relevant employees, ensuring compliance with the Model Code standards[86]. - The company will review its governance structure periodically to ensure it meets principles and may consider separating the roles of chairman and CEO when appropriate[78]. - The company has maintained effective governance practices to facilitate its operation and business development[78]. Shareholder Information - As of June 30, 2020, Mr. OEI Kang, Eric holds a corporate interest of 1,829,530,937 shares, representing 73.001% of the existing issued share capital of the Company[53]. - The Group paid dividends amounting to HK$10,025,000 during the period[105]. - The total interim dividend proposed for the six months ended June 30, 2020, is HK$10,025,000, consistent with the previous year's interim dividend[141]. - The weighted average number of ordinary shares in issue remained unchanged at 2,506,157,000 for both 2020 and 2019[145].
中国再生能源投资(00987) - 2020 - 中期财报