GGEP(SH:600236)2014-03-31 16:00Financial Performance - The company's operating revenue for 2013 was CNY 4,944,102,874.45, a decrease of 4.89% compared to CNY 5,198,176,138.75 in 2012[21]. - The net profit attributable to shareholders for 2013 was CNY 225,337,576.61, down 21.38% from CNY 286,630,763.93 in 2012[21]. - The basic earnings per share for 2013 were CNY 0.099, a decrease of 21.43% from CNY 0.126 in 2012[21]. - The weighted average return on equity for 2013 was 6.63%, down 2.26 percentage points from 8.89% in 2012[21]. - The company's main electricity sales revenue was CNY 4,915,500,000, down 5.21% from CNY 5,185,740,000 in the previous year, primarily due to a decrease in hydropower generation[28]. - The total comprehensive income for 2013 was CNY 344,343,005.80, down 20.3% from CNY 432,143,812.86 in the previous year[170]. - The total profit for 2013 was CNY 414,526,923.77, a decrease of 22.7% from CNY 536,284,825.71 in the previous year[170]. Cash Flow and Investments - The cash flow from operating activities increased by 16.34% to CNY 2,391,121,927.73 in 2013, compared to CNY 2,055,279,779.05 in 2012[21]. - The cash flow from investing activities showed a net outflow of CNY 1,277,274,064.75, improving from a net outflow of CNY 1,635,989,421.89 in the previous year[173]. - The cash flow from financing activities resulted in a net outflow of CNY 1,102,251,492.07, compared to a net outflow of CNY 682,375,554.21 in the previous year[174]. - The company received CNY 5,300,000,000.00 from borrowings in 2013, an increase from CNY 4,688,100,000.00 in the previous year[174]. - The company reported an increase in investment income from joint ventures to CNY 17,172,553.19, compared to CNY 128,167,658.03 in the previous year[170]. Assets and Liabilities - The total assets at the end of 2013 were CNY 21,926,661,682.29, a slight increase of 0.71% from CNY 21,771,840,833.55 in 2012[21]. - Total liabilities reached CNY 16.83 billion, an increase of 0.23% from the beginning of the year[42]. - The asset-liability ratio was 76.76%, a decrease of 0.73 percentage points compared to the beginning of the year[42]. - The company's equity totaled CNY 5.10 billion, with a 4.02% increase in equity attributable to the parent company[42]. - Current liabilities totaled CNY 2,777,090,022.85, down from CNY 5,134,739,194.45, indicating a significant reduction of 45.9%[160]. Operational Performance - The total installed capacity of the company at the end of the reporting period was 5,372.5 MW, including 3,809 MW from hydropower, 1,330 MW from thermal power, and 233.5 MW from wind power[25]. - The total electricity generated by the company's power plants was 18.278 billion kWh, a decrease of 11.24% year-on-year, with hydropower down 18.10% and wind power up 32.49%[25][26]. - The company’s hydropower generation was adversely affected by a significant reduction in natural water inflow, with a decrease of nearly 60% compared to the multi-year average[26]. - The company’s thermal power generation increased due to improved operational efficiency at the Heshan Power Plant, with a year-on-year increase of 4.49%[26]. - The company plans to achieve a power generation target of 21.5 billion kWh and revenue of 5.544 billion CNY in 2014, with a profit target of 600 million CNY[55]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.5 per 10 shares, totaling approximately CNY 114,022,475.7[7]. - The company’s total share capital as of December 31, 2013, was 2,280,449,514 shares[65]. - The company’s total equity attributable to shareholders at the end of the year was CNY 4,901,534,100.24, up from CNY 4,592,593,097.78 at the end of the previous year, indicating a growth of about 6.7%[186]. Corporate Governance and Management - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, ensuring clear responsibilities among its governing bodies[133]. - The board of directors underwent changes, with resignations from Vice Chairman Li Shaomin and Director Zhang Lu due to age, and Independent Director Ruan Xianghua resigning for personal reasons[122]. - The remuneration for independent directors is set at CNY 60,000 annually, with travel expenses covered for attending meetings[126]. - The company has a focus on equal communication and work coordination with its controlling shareholder, China Datang Group, ensuring that management time is concentrated on the listed company[125]. - The company reported that all remuneration for directors, supervisors, and senior management is subject to performance assessments based on operational metrics[126]. Future Outlook and Strategic Initiatives - The company aims to expand its renewable energy portfolio and actively participate in power asset acquisitions to enhance its market position[35]. - The company plans to invest in new technologies to improve operational efficiency and reduce costs, aiming for a 10% reduction in operational expenses by 2015[120]. - The company is focused on optimizing its asset structure and enhancing project reserves in economically developed coastal areas and resource-rich western regions[57]. - The company anticipates a stable operational environment due to the prioritization of hydropower generation under national clean energy policies, benefiting from increased hydropower output[54]. - The company is committed to modernizing and internationalizing its operations to strengthen its competitive edge in the energy market[111].