GDPD(SH:600795)2014-08-22 16:00Financial Performance - The company's operating revenue for the first half of 2014 was CNY 31,076,344,920.34, a decrease of 2.17% compared to CNY 31,766,642,885.35 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was CNY 2,967,140,917.70, down 5.67% from CNY 3,145,637,653.48 in the previous year[16]. - The total profit for the first half of 2014 increased by 9.4%, with the thermal power segment's profit rising by 19.3, while the hydropower segment's profit decreased by 20.3%[18]. - The company's cash flow from operating activities was CNY 12,328,410,491.10, a decrease of 6.92% compared to CNY 13,244,555,528.66 in the previous year[16]. - The weighted average return on equity decreased to 7.571% from 8.13% in the same period last year, a decline of 0.559 percentage points[17]. - The total assets at the end of the reporting period were CNY 233,551,218,835.95, down 2.96% from CNY 240,677,095,738.84 at the end of the previous year[16]. - The company reported an increase in income tax expenses by 55.50%, impacting the net profit growth rate[18]. - The basic earnings per share decreased by 7.10% to CNY 0.170 from CNY 0.183 in the same period last year[17]. - The total profit for the reporting period was ¥5.772 billion, with contributions from various segments: thermal power at ¥4.862 billion, hydropower at ¥0.591 billion, wind power at ¥0.415 billion, solar power at ¥0.006 billion, and other industries at -¥0.102 billion[37]. - Operating revenue for the period was ¥31,076,344,920.34, a decrease of 2.17% compared to the previous year[38]. - Operating costs decreased by 6.53% to ¥22,144,472,015.67, reflecting improved cost management[38]. - The net cash flow from investment activities was -¥8,441,763,613.30, a reduction of 36.16% compared to the previous period, mainly due to lower fixed asset investments[37]. - The company reported a significant increase in net profit from its subsidiary, Guodian Jiangsu Electric Power Co., Ltd., which reached RMB 150,125.37 million in the first half of 2014[61]. - The company reported a total comprehensive income of CNY 4,438,778,670.75, which includes the net profit and other comprehensive income[126]. Cash Flow and Liquidity - The company's cash and cash equivalents at the end of the period amounted to ¥3,772,706,383.86, an increase of 47.04% compared to the beginning of the year, primarily due to reduced net payments from operating and investment activities[32]. - Accounts receivable at the end of the period were ¥836,553,186.03, a decrease of 32.66% from the beginning of the year, mainly due to reduced sales settled by notes from subsidiaries[32]. - Other receivables decreased by 48.52% to ¥610,513,441.28, primarily due to the recovery of financing lease payments by a subsidiary[33]. - Other current assets increased by 166.10% to ¥1,506,391,498.77, mainly due to increased external entrusted loans by a subsidiary[33]. - The company's cash flow from operations improved, contributing to a stronger liquidity position[106]. - The net cash flow from operating activities for the first half of 2014 was CNY 522,358,265.46, a significant improvement compared to a net outflow of CNY 1,685,636,887.62 in the same period last year[121]. - Total cash inflow from investment activities reached CNY 4,466,685,334.71, compared to CNY 1,036,355,447.26 in the previous year, indicating a strong increase in investment returns[121]. - The net cash flow from investment activities was CNY 3,241,661,808.82, a turnaround from a negative cash flow of CNY 238,554,714.96 in the prior year[122]. - Cash inflow from financing activities totaled CNY 22,435,280,985.00, slightly down from CNY 23,500,501,688.95 in the previous year[122]. - The net cash flow from financing activities showed a deficit of CNY 3,576,672,939.74, compared to a positive cash flow of CNY 159,705,182.47 in the same period last year[122]. Investments and Projects - The company approved new power projects totaling 1.093 million kW in the first half of 2014[23]. - The company is actively pursuing market expansion and innovation in renewable energy, enhancing its competitive edge in the industry[46]. - The company has committed to invest ¥1.1 billion in the Sichuan Dadu River Dam project, which is currently 90% complete[57]. - The company plans to launch the Shaping Dam Level 1 project, with a total investment of RMB 52.84 million, expected to be operational by the end of 2017[62]. - The Monkey Rock project has an investment of RMB 192.62 million, with 36.4% of the construction completed, and the first unit is expected to be operational by the end of 2017[62]. - The company is focusing on expanding its renewable energy projects, particularly in hydropower and wind energy sectors[59]. - The company has a diversified investment portfolio, with 100% ownership in several power generation companies across various energy sectors[48]. Shareholder and Equity Information - The company distributed a cash dividend of RMB 1.30 per 10 shares, totaling RMB 2,239,896,092.20, based on a total share capital of 17,229,969,940 shares[63]. - The total equity attributable to shareholders increased to CNY 36,668,256,806.13, up from CNY 35,225,080,333.38, reflecting a growth of 4.09%[107]. - The total owner's equity at the end of the reporting period was CNY 36.67 billion, reflecting a change from CNY 32.98 billion at the end of the previous year[139]. - The company distributed CNY 2.24 billion to shareholders during the period, which included allocations to surplus reserves and general risk provisions[137]. - The total balance of surplus reserves at the end of the reporting period was CNY 8.06 billion, indicating a healthy reserve position[138]. - The total number of shareholders at the end of the reporting period is 450,621[90]. - China Guodian Group Company holds 52.43% of the shares, totaling 9,033,709,571 shares[90]. - The total number of shares increased to 17,229,973,463 after the conversion of 56,845 shares[87]. - The proportion of unrestricted circulating shares remains at 89.35% after the conversion[86]. Financial Position and Assets - The total assets at the end of the period amount to CNY 56,920,134,960.53, reflecting the company's financial position[128]. - The total liabilities decreased to ¥176,631,083,875.42 from ¥181,969,782,113.75, a reduction of approximately 3%[104]. - Non-current assets totaled ¥215,896,988,448.90, down from ¥223,694,413,021.90, indicating a decrease of about 3.5%[103]. - The company has a capital reserve of CNY 7,300,257,623.80, which is part of the total equity[130]. - The total capital at the end of the reporting period is CNY 32,605,006,022.73[140]. - The company has a total of 17,229,893,705.00 shares outstanding as of June 30, 2014[149]. Accounting Policies and Financial Reporting - The financial statements reflect the company's financial position as of June 30, 2014, and the operating results and cash flows from January 1 to June 30, 2014[154]. - The accounting policies are based on the accrual basis, with historical cost measurement for most assets[153]. - The company adheres to the Chinese Accounting Standards and the disclosure requirements set by the China Securities Regulatory Commission[154]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired[159]. - The company assesses the impairment of financial assets on each balance sheet date, recognizing impairment losses when objective evidence indicates a decline in value[175]. - The company has established a bad debt provision based on objective evidence indicating impairment, such as significant financial difficulties of the debtor or contract violations[184]. - The company uses the cost method for long-term equity investments, valuing them at initial investment cost, excluding declared but unpaid cash dividends or profits[194]. Guarantees and Liabilities - The total amount of guarantees provided by the company, including those to subsidiaries, is approximately ¥15.73 billion, accounting for 40.36% of the company's net assets[73]. - The company provided guarantees totaling ¥1.55 billion to subsidiaries during the reporting period, with a balance of ¥14.28 billion at the end of the period[73]. - The company guaranteed a total of CNY 212,800,000.00 for the joint venture company, with the guarantee period from March 2010 to March 2025[72]. - A guarantee of CNY 196,000,000.00 was issued for a related company, with the guarantee period from June 2011 to June 2015[72].