SEP(SH:600021)2017-04-07 16:00Financial Performance - In 2016, the company achieved a net profit of CNY 837,141,179.78, with a remaining distributable profit of CNY 1,888,004,879.36 after accounting for dividends and reserves[2]. - The proposed cash dividend is CNY 0.18 per share, totaling an estimated distribution of CNY 385,153,066.26 based on a total share capital of 2,139,739,257 shares[2]. - The company's operating revenue for 2016 was CNY 16,046,441,686.27, a decrease of 5.64% compared to CNY 17,006,343,897.76 in 2015[20]. - The net profit attributable to shareholders for 2016 was CNY 916,457,433.99, down 31.22% from CNY 1,332,442,623.44 in 2015[20]. - The net cash flow from operating activities for 2016 was CNY 4,010,089,275.88, a decrease of 13.41% compared to CNY 4,630,953,861.06 in 2015[20]. - The basic earnings per share for 2016 were CNY 0.4283, down 31.22% from CNY 0.6227 in 2015[21]. - The weighted average return on equity for 2016 was 8.77%, a decrease of 4.54 percentage points from 13.31% in 2015[21]. - The company reported a net profit of CNY 333,391,035.69 in Q1 2016, with a decline in subsequent quarters leading to a total annual net profit of CNY 916,457,433.99[23]. - The total profit for 2016 was CNY 837,141,179.78, an increase from CNY 727,774,280.15 in the previous year, representing a growth of approximately 15%[186]. - The total comprehensive income for 2016 was CNY 834,714,989.72, significantly higher than CNY 408,098,811.07 in the previous year, marking an increase of about 104%[186]. Operational Efficiency - The total assets at the end of 2016 were CNY 55,552,565,305.43, an increase of 6.85% from CNY 51,990,753,421.55 at the end of 2015[20]. - The company's net assets attributable to shareholders at the end of 2016 were CNY 10,289,778,152.51, a slight increase of 0.32% from CNY 10,257,099,016.06 at the end of 2015[20]. - The company's installed capacity reached 9.8049 million kW by the end of 2016, with clean energy accounting for 33.91% of the total capacity[31]. - The overall electricity consumption in China grew by 5.0% in 2016, with the third industry seeing an 11.2% increase in electricity usage[34]. - The total power generation for 2016 was 346.40 billion kWh, a decrease of 1.68% year-on-year, with coal power at 283.10 billion kWh (down 2.43%) and wind power at 8.16 billion kWh (up 141.29%)[65]. - The average on-grid electricity price was 0.45 RMB/kWh, with total on-grid electricity of 329.43 billion kWh, a decrease of 1.80% year-on-year[65]. - The overall power generation efficiency decreased to 3.71% in 2016 from 4.10% in the previous year, a decline of 0.39%[70]. Market Expansion and Strategy - The company plans to focus on expanding its market presence and enhancing its technological capabilities in the upcoming years[19]. - The company aims to expand its business internationally, having already undertaken operations in countries like Equatorial Guinea, Iraq, and Turkey[32]. - The company is actively pursuing international expansion, focusing on clean energy projects in developed countries and high-quality coal-fired projects in developing countries[38]. - The company aims to achieve a total installed capacity of 16.8 million kW by 2020, with overseas holdings of 5.8 million kW and a clean energy proportion of no less than 50%[84]. - The company is focusing on expanding its renewable energy portfolio, with significant investments in wind and solar projects planned for the upcoming years[67]. Environmental and Sustainability Initiatives - The company completed the ultra-low emission transformation of 7 coal-fired units with a total capacity of 3.45 million kW, significantly reducing pollutant emissions[40]. - The company is committed to accelerating energy-saving and environmental protection renovations of operational units, promoting clean coal and new energy technologies[111]. - The company achieved a reduction in emissions, with dust, sulfur dioxide, and nitrogen oxides emissions at 0.03 g/kWh, 0.11 g/kWh, and 0.14 g/kWh respectively, showing year-on-year decreases of 0.016 g/kWh, 0.04 g/kWh, and 0.06 g/kWh[110]. - The average nitrogen oxide performance is projected to decrease from 0.18 g/kWh to 0.16 g/kWh by 2020[84]. - The company aims to reduce sulfur dioxide emissions from 0.17 g/kWh to 0.12 g/kWh by 2020[84]. Risks and Challenges - The company has identified various operational risks, including power demand decline, rising coal prices, overseas investment risks, exchange rate risks, and environmental risks[5]. - The company faces risks from declining electricity demand, rising coal prices, and foreign investment challenges[86]. Corporate Governance and Management - The company appointed Xinyong Zhonghe Accounting Firm as the auditor for the 2016 annual report, with a remuneration of 3.22 million RMB[94]. - The company has no major litigation or arbitration matters in the current year[96]. - The company has no significant accounting errors or changes in accounting policies during the reporting period[93]. - The company has established a scientific and effective incentive and restraint mechanism for the remuneration of directors and senior management[134]. - The company has a diverse board with members having extensive experience in the energy sector[127]. Financial Position and Capital Structure - The total liabilities increased to CNY 39.70 billion from CNY 36.24 billion, representing a growth of approximately 6.8%[176]. - The asset-liability ratio increased from 69.70% in 2015 to 71.46% in 2016, reflecting a higher level of debt[161]. - The total equity attributable to shareholders increased slightly to CNY 10.29 billion from CNY 10.26 billion, a growth of approximately 0.2%[177]. - The company's cash and cash equivalents decreased to CNY 3.29 billion from CNY 4.25 billion, a decline of about 22.6%[175]. - The company maintained a loan repayment rate of 100% and an interest payment rate of 100% throughout the reporting period[161].