SEP(SH:600021)2014-03-24 16:00Financial Performance - In 2013, the company achieved a net profit of CNY 884,122,081.31, with a distributable profit of CNY 1,325,285,720.51 at year-end after accounting for dividends[6]. - The proposed cash dividend is CNY 0.20 per share, totaling an estimated distribution of CNY 427,947,851.40 based on a total share capital of 2,139,739,257 shares[6]. - In 2013, the company's operating revenue was CNY 15.13 billion, a slight increase of 0.53% compared to CNY 15.05 billion in 2012[20]. - The net profit attributable to shareholders reached CNY 1.18 billion, representing a year-on-year growth of 33.35% from CNY 885 million in 2012[20]. - The weighted average return on equity increased to 15.79%, up by 2.01 percentage points from 13.78% in 2012[22]. - The basic earnings per share rose to CNY 0.5518, a 33.35% increase compared to CNY 0.4138 in 2012[21]. - The company reported a total comprehensive income of CNY 1,842,198,775.95 for 2013, compared to CNY 1,453,852,573.78 in the previous year, indicating an increase of 26.7%[159]. - The total profit for the year was CNY 2,095,842,812.96, an increase of 54.3% compared to CNY 1,359,000,284.31 in the previous year[158]. Operational Highlights - The company has maintained its main business operations without significant changes since its listing[19]. - The company’s controlling shareholder remains unchanged since its listing[19]. - The company generated a net cash flow from operating activities of CNY 3.44 billion, up 6.99% from CNY 3.21 billion in 2012[20]. - The sales volume of electricity was 29.54 billion kWh, a 1.75% increase from the previous year[29]. - The company achieved a total electricity generation of 31.119 billion kWh, representing a year-on-year growth of 1.70%[40]. - The company’s total assets at the end of 2013 were CNY 35.05 billion, a 9.79% increase from CNY 31.93 billion in 2012[20]. Investments and Acquisitions - The company completed the acquisition of the Luojing and Changxing gas turbine power plants, increasing its gas turbine capacity from 658,000 kW to 1,866,500 kW[37]. - The company acquired the overall assets and related land use rights of the Luojing CCPP power unit from Baosteel for a total price of RMB 275,205.06 million[79]. - The company successfully acquired 51% equity of Zhejiang Zheneng Changxing Natural Gas Power Co., Ltd. for RMB 21,234.32 million, enhancing its clean energy proportion[80]. - The company purchased 100% equity of Tianchang Xiehe Wind Power Co., Ltd. for RMB 6,327.45 million, further optimizing its power generation structure[80]. Research and Development - Research and development expenses increased by 47.77% to CNY 563 million from CNY 381 million in 2012[29]. - The company has developed a multi-pollutant integrated collaborative governance technology route for PM2.5 control, showcasing its commitment to environmental responsibility[53]. - The company is focusing on energy technology innovation, particularly in renewable energy and high-efficiency energy-saving technologies[65]. Environmental and Regulatory Compliance - The company is committed to meeting stricter environmental protection standards and enhancing energy efficiency measures[66]. - The company achieved a comprehensive desulfurization efficiency of 94.01% in 2013, an increase of 0.89 percentage points year-on-year[74]. - The company aims to achieve nearly 100% desulfurization in coal-fired power plants and 70% denitrification by 2015[65]. Financial Management and Governance - The company’s financial report received a standard unqualified audit opinion from Ruihua Certified Public Accountants[5]. - The company has a AAA credit rating with a stable outlook as of 2013, reflecting strong financial health and cash flow capabilities[54]. - The company has established a robust internal control system, which has been audited and received a standard unqualified opinion from the auditing firm[138]. - The company has implemented a performance evaluation mechanism for senior management, adhering to the principle of "performance up, salary up; performance down, salary down"[136]. Shareholder Information - The total number of shares outstanding is 2,139,739,257, with 100% being freely tradable shares[94]. - The largest shareholder, China Power Investment Group Corporation, holds 42.84% of the shares, totaling 916,646,315 shares[97]. - The company maintains a stable shareholder structure with no significant changes in asset and liability composition during the reporting period[97]. Future Outlook - The company anticipates a GDP growth of approximately 7.5% in 2014, with a corresponding electricity consumption growth of about 7.0%[64]. - The company plans to add 18 million kW of wind power and 14 million kW of photovoltaic power in 2014, with 60% of the photovoltaic capacity being distributed[64]. - The company aims to improve its operational efficiency through strategic mergers and acquisitions in the next quarter[173].