TGWC(SH:600116)2014-03-27 16:00Financial Performance - In 2013, the company achieved operating revenue of CNY 1.369 billion, a 44.84% increase from CNY 945 million in 2012[23]. - The net profit attributable to shareholders reached CNY 104.20 million, reflecting a 26.77% growth compared to CNY 82.20 million in the previous year[23]. - The company's net cash flow from operating activities was CNY 338.45 million, a significant increase of 72.37% from CNY 196.35 million in 2012[23]. - The company's total assets at the end of 2013 amounted to CNY 3.523 billion, an 11.46% increase from CNY 3.161 billion at the end of 2012[23]. - The company's gross profit margin improved, with operating profit accounting for 69.98% of total profit, up from 69.11% in the previous year[45]. - The company reported a significant increase in investment income, with cash received from investment gains rising by 197.72% to CNY 16,077,057.01[35]. - The company achieved a total electricity generation of 1.687 billion kWh, a 13.07% increase from 1.492 billion kWh in the previous year, completing 106.64% of the annual plan[48]. - The total electricity sales reached 1.531 billion kWh, up 12.99% from 1.339 billion kWh year-on-year, achieving 107.44% of the annual target[48]. - The revenue from electricity business was 858 million RMB, representing a 15.32% increase from 744 million RMB in the previous year, fulfilling 108.61% of the annual plan[48]. Dividend Policy - The company plans to distribute a cash dividend of 1.2 CNY per 10 shares, totaling 32,103,984 CNY (including tax) based on a total share capital of 267,533,200 shares as of the end of 2013[4]. - The proposed dividend for 2013 is 1.2 RMB per 10 shares, totaling 32,103,984.00 RMB, with remaining undistributed profits to be allocated in future years[100]. - The company distributed a cash dividend of 2 RMB per 10 shares for the 2012 fiscal year, amounting to 53,506,640.00 RMB[98]. - The company has established a cash dividend policy, committing to distribute at least 10% of its distributable profits as dividends, subject to board approval[97]. Corporate Governance - The independent auditor issued a standard unqualified audit report for the company[4]. - The company has implemented a robust internal control system, revising over 50 internal control regulations to enhance governance and operational standards[32]. - The board of directors ensured shareholder rights were protected through transparent and stable high cash dividends[34]. - The company has provided opportunities for minority shareholders to express their opinions and protect their rights[98]. - The company has established a comprehensive insider information management system to protect shareholder rights and ensure fair information disclosure[184]. - The governance structure of the company is designed to ensure clear responsibilities and effective operation among its power, decision-making, supervisory, and management bodies[184]. - The company maintains complete independence from its actual controller in business, personnel, asset, institutional, and financial aspects[193]. Risk Management - The company has outlined potential risks in its future development strategies, which are detailed in the board report[9]. - The company faces risks related to climate change, which could impact its hydropower generation efficiency and lead to higher costs for electricity purchases[93]. - The company has implemented effective measures to control and mitigate external guarantee risks[117]. - The internal control evaluation process is subject to risks due to changing circumstances that may render controls inappropriate[197]. Investments and Projects - The company has actively pursued a "going out" strategy, including investments in Yunnan's Minrui Hydropower Co., Ltd. and ongoing construction of the Mangya River Hydropower Project[31]. - The company is currently developing multiple hydropower projects, including the Lianghuaituo and Zhenquan projects, with total investments of CNY 26,500 million and CNY 22,100 million respectively[74]. - The company has invested CNY 25 million in Minrui Hydropower, acquiring a 55.56% stake and becoming its controlling shareholder[108]. - The company has completed the acquisition of assets from Jinxikong Hydropower Co., totaling 146.88 million RMB, with all payments made by the end of 2013[131]. Shareholder Information - As of the end of the reporting period, the total number of shares outstanding is 267,533,200, with all shares being tradable following the lifting of restrictions on 20,000,000 shares on June 29, 2013[153]. - The company reported a total of 48,667 shareholders at the end of the reporting period, with the top ten shareholders holding significant stakes, including 13.82% by Chongqing Zhongjie Energy Industry Co., Ltd.[156]. - The company has no internal employee shares as of the end of the reporting period[154]. Management and Personnel - The total compensation amount for the land use rights recovery and relocation of the switch station and line was CNY 50 million, with CNY 23.7 million already received[108]. - The total compensation for senior management in 2013 amounted to CNY 419.56 million, with no changes in shareholding during the reporting period[167]. - The company employed a total of 1,932 staff, with 79 in the parent company and 1,853 in major subsidiaries[177]. - The company has established a multi-level compensation policy for employees, including fixed salaries and performance-based incentives[179]. Internal Controls - The company has established a comprehensive internal control system with over 50 regulations covering key processes such as production, investment, financial management, audit supervision, and information disclosure[200]. - External auditors conduct annual audits of the internal control design and execution, providing independent opinions[199]. - The internal control system aims to ensure legal compliance, asset security, and the authenticity of financial reporting[197]. Environmental and Social Responsibility - The company has not reported any major environmental issues or social safety problems[102]. - There are no bankruptcy reorganization matters reported for the year[107].