XCEP(SH:600505)2014-03-28 16:00Financial Performance - The basic earnings per share for 2013 was CNY 0.1834, a decrease of 6.90% compared to CNY 0.1970 in 2012[22]. - The diluted earnings per share for 2013 was also CNY 0.1834, reflecting the same 6.90% decrease from the previous year[22]. - The basic earnings per share after deducting non-recurring gains and losses increased by 57.62% to CNY 0.1406 from CNY 0.0892 in 2012[22]. - The weighted average return on net assets for 2013 was 7.85%, down 1.14 percentage points from 8.99% in 2012[22]. - The weighted average return on net assets after deducting non-recurring gains and losses increased by 1.95 percentage points to 6.02% from 4.07% in 2012[22]. - Net profit attributable to shareholders decreased by 6.87% to RMB 66,875,313.43 from RMB 71,810,067.21 in the previous year[24]. - The net profit after deducting non-recurring gains and losses increased by 57.59% to RMB 51,267,097.59, up from RMB 32,532,787.64 in 2012[24]. - The company's operating revenue for 2013 was RMB 652,726,788.14, representing a 5.19% increase compared to RMB 620,543,967.61 in 2012[24]. - The company reported a net profit of 508.82 million CNY for the year, reflecting a strong performance in the energy sector[105]. Cash Flow and Dividends - The total cash dividend distributed for 2013 was CNY 10,937,025, based on a distribution of CNY 0.3 per 10 shares[6]. - In 2013, the company distributed cash dividends of RMB 10,937,025, amounting to RMB 0.30 per share, which represents 16.35% of the net profit attributable to shareholders[78]. - The cash dividend policy stipulates that the cash dividends should not be less than 30% of the average distributable profits over the last three years, provided cash flow meets operational needs[74]. - The net cash flow from operating activities surged by 87.89% to RMB 172,460,158.52, compared to RMB 91,785,836.24 in 2012[24]. - The cash inflow from operating activities included RMB 682,865,139.47 from sales of goods and services, an increase from RMB 632,391,093.73 in the previous period[154]. - The cash outflow for purchasing goods and services was RMB 280,155,923.04, a decrease from RMB 370,975,136.69 in the previous period[154]. Assets and Liabilities - Total assets at the end of 2013 were RMB 1,874,792,846.09, a slight increase of 0.40% from RMB 1,867,380,661.19 at the end of 2012[24]. - The company's total assets as of the end of 2013 were ¥1,529,674,815.20, slightly up from ¥1,527,593,059.49 in the previous year[146]. - The company's total liabilities decreased significantly, with short-term borrowings dropping by 100% as a result of loan repayments[48]. - The company's total liabilities decreased from CNY 953,701,557.32 at the beginning of the year to CNY 905,750,244.31 by year-end, indicating a reduction of approximately 5%[142]. - The total equity increased from CNY 913,679,103.87 at the beginning of the year to CNY 969,042,601.78, reflecting a growth of about 6%[142]. Operational Highlights - The company completed a total electricity sales volume of 1.455 billion kWh in 2013, marking a 2.76% increase year-on-year[34]. - The top five customers contributed a total revenue of RMB 94,139,031.89, accounting for 14.36% of total operating revenue[34]. - The company approved an investment plan for 2013, supporting the development of power generation and grid construction projects[31]. - The company aims to achieve an annual power generation of 680 million kWh and a sales volume of 1.65 billion kWh in 2014, with a comprehensive line loss rate of 11% and an accounts receivable balance controlled within 35 million yuan[63]. Corporate Governance and Compliance - The board of directors held 6 meetings and reviewed 25 proposals, ensuring compliance with corporate governance standards[29]. - The company has established a sound corporate governance structure, enhancing operational efficiency and promoting sustainable development[50]. - The board emphasizes optimizing decision-making mechanisms and enhancing management efficiency to protect shareholder interests[64]. - The company has not faced any violations in decision-making procedures for providing guarantees[8]. Strategic Initiatives and Future Outlook - The company plans to accelerate the construction of key power transmission and transformation projects and improve urban and rural power grid upgrades[62]. - The company aims to enhance management efficiency and reduce costs while expanding new electricity supply markets[62]. - The company is positioned to benefit from the growing demand for electricity driven by local economic development and urban construction[61]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability in the coming years[147]. Risk Management - The company faces market risks due to declining electricity demand from high-energy-consuming enterprises and will strengthen electricity demand forecasting and customer expansion efforts[68]. - Operational risks include seasonal fluctuations in hydropower generation, which may increase electricity purchase costs if self-generated power is insufficient[69]. - The company is addressing safety risks related to aging equipment and insufficient grid capacity by enhancing safety management and conducting thorough inspections[69]. Human Resources and Training - The total remuneration for directors, supervisors, and senior management amounted to 5.0882 million yuan[112]. - The company employed a total of 1,000 staff, including 943 in the parent company and 57 in major subsidiaries[114]. - The company conducted 3,011 person-times of employee skills training in 2013, along with 87 management training sessions and 36 skills training sessions[115]. Financial Reporting and Compliance - The independent auditor provided a standard unqualified opinion on the company's annual financial report[135]. - The company's financial statements comply with the requirements of the enterprise accounting standards, reflecting the financial status, operating results, and cash flows accurately[181]. - The company has implemented a comprehensive internal control system to ensure the accuracy and completeness of financial reporting[130].