SMHC(SH:600131)2016-03-18 16:00Financial Performance - The company's operating revenue for 2015 was CNY 935,933,377.78, representing a 12.79% increase compared to CNY 829,812,692.14 in 2014[16] - The net profit attributable to shareholders for 2015 was CNY 126,651,326.57, a decrease of 18.88% from CNY 156,132,801.54 in 2014[16] - The basic earnings per share for 2015 was CNY 0.25, down 19.35% from CNY 0.31 in 2014[17] - The company achieved an operating revenue of 936 million yuan, a year-on-year increase of 12.79%, with total operating costs rising by 11.33% to 893 million yuan[37] - Net profit for the year was 124 million yuan, reflecting the company's operational performance amidst challenges[32] - The total comprehensive income for the year was ¥123,773,257.28, compared to ¥151,823,457.31 in the previous year, reflecting a decrease of 18.49%[195] Assets and Liabilities - The total assets at the end of 2015 were CNY 2,384,678,639.78, an increase of 4.79% from CNY 2,275,751,891.23 at the end of 2014[16] - The net assets attributable to shareholders increased by 12.59% to CNY 907,018,500.93 at the end of 2015 from CNY 805,573,432.11 at the end of 2014[16] - Total liabilities increased to CNY 1,483,465,874.93 from CNY 1,473,106,125.91, reflecting a growth of approximately 0.25% year-over-year[189] - Current liabilities totaled CNY 485,091,574.66, up from CNY 415,171,953.09, representing an increase of about 16.8%[189] - Non-current liabilities decreased to CNY 998,374,300.27 from CNY 1,057,934,172.82, a decline of approximately 5.6%[189] Cash Flow - The cash flow from operating activities for 2015 was CNY 153,909,731.36, a decrease of 11.26% compared to CNY 173,432,453.41 in 2014[16] - Operating cash flow from sales increased by 12.52% to ¥1,003,043,915.52 compared to ¥891,469,040.77 in the previous year[47] - Net cash flow from operating activities decreased by 11.26% to ¥153,909,731.36 from ¥173,432,453.41 year-on-year[47] - Cash inflow from investment activities decreased by 30.55% to ¥146,059,653.61, down from ¥210,319,809.67[47] - Cash inflow from financing activities decreased by 65.45% to ¥190,000,000.00 compared to ¥550,000,000.00 in the previous year[48] Electricity Generation and Sales - The company achieved a historic breakthrough in electricity sales, reaching 3 billion kilowatt-hours during the reporting period[28] - In 2015, the company's electricity generation decreased by 7.77% to 60,642 million kWh, while purchased electricity increased by 20.12% to 245,218 million kWh, leading to a total sales volume of 300,580 million kWh, an increase of 12.66%[32] - The average selling price of electricity decreased to ¥205.29 per MWh from ¥309.06 per MWh in the previous year[55] Investments and Projects - The company reported a capital expenditure of 71.65 million RMB for the year, with significant investments in the renovation of the Xiazhuang Power Plant and the reconstruction of the Shapai Power Station[63] - The company plans to invest CNY 1.45 billion to maintain current operations and complete ongoing investment projects, primarily funded by operating income, with any shortfall addressed through debt financing, while keeping the debt-to-asset ratio below 62%[74] - The company is accelerating the construction of key projects, including the reconstruction of the Shapai Power Plant and the efficiency enhancement of the Xiaozhuang Power Plant, to improve asset operating efficiency[74] Risk Management and Governance - The company has implemented a comprehensive internal control management system to enhance governance quality and operational efficiency[28] - The company implemented a risk management control system focusing on internal control and improved management processes across various operational areas[31] - The internal control audit report confirmed the effectiveness of the company's internal controls, with no significant deficiencies reported[179] Legal and Compliance Issues - The company has a contingent liability of RMB 950.7222 million related to a court ruling involving a loan guarantee for Sichuan Guanglin Electric Group[87] - The company is involved in a legal dispute regarding the repayment of overdue loans amounting to RMB 4 million, with a court ruling requiring the company to bear joint liability[86] - The company has not faced any risks of suspension from listing during the reporting period[85] Shareholder and Corporate Structure - The company has maintained a cash dividend policy to enhance shareholder returns and continuously improve market value[130] - The controlling shareholder is State Grid Sichuan Electric Power Company, holding 9.89% of Leshan Electric Power (600644) with 53,229,389 shares[142] - The total number of employees in the parent company is 715, while the total number of employees in major subsidiaries is 83, resulting in a combined total of 798 employees[164] Future Outlook and Strategy - The company plans to achieve a power generation target of 791 million kWh and a sales volume of 3.01 billion kWh in 2016, with projected revenue of 929 million RMB[71] - The company is focusing on enhancing its operational mechanisms and management models to achieve sustainable and innovative development in the clean energy sector[70] - The company aims to adapt to the new normal of economic development and leverage opportunities from the ongoing electricity system reforms[69]