SDIC Power(SH:600886)2014-04-14 16:00Financial Performance - The company achieved a net profit of 3.305 billion RMB, representing a profit growth of 213%[3]. - The company's operating revenue for 2013 was ¥28,338,981,085.05, an increase of 18.74% compared to ¥23,867,007,746.38 in 2012[33]. - The net profit attributable to shareholders for 2013 was ¥3,305,278,967.24, representing a significant increase of 213.61% from ¥1,053,949,166.11 in 2012[33]. - The net cash flow from operating activities reached ¥15,197,612,776.08, up 76.59% from ¥8,606,379,058.28 in the previous year[33]. - The company's operating revenue reached 28.339 billion RMB, an increase of 18.74% year-on-year, while the net profit attributable to shareholders was 3.305 billion RMB, up 213.61%[44]. - In 2013, the company's total profit reached 6.579 billion yuan, an increase of 4.261 billion yuan, representing a growth of 183.82% compared to 2012[69]. - The company's operating revenue in the electricity sector was 26.4448 billion yuan, an increase of 5.4556 billion yuan, or 25.99% year-on-year[73]. - The gross profit margin for the electricity sector was 43.03%, reflecting a slight increase of 14.83 percentage points year-on-year[72]. Capacity and Production - The installed capacity increased by 37%, reflecting the company's strong operational performance[3]. - The company achieved a total power generation of 93.069 billion kWh and on-grid power of 89.981 billion kWh, representing year-on-year growth of 30.32% and 30.96% respectively[44]. - The company completed the installation of 6.03 million kW of new capacity, bringing the total installed capacity to 26.873 million kW, a year-on-year increase of 37.22%[48]. - The company plans to achieve a power generation volume of 109.7 billion kWh in 2014, with a target of commissioning over 2.4 million kW of installed capacity[103]. Investments and Acquisitions - The company completed the acquisition of Phase I of Meizhou Bay and exited from certain wind power projects to enhance development potential[4]. - The company acquired 17.47% equity in Jiangsu Ligang and 9.17% equity in Jiangyin Ligang, with the investment income from these acquisitions starting from January 1, 2013[127]. - The company reported a total investment of CNY 878.41 million in 2013, a decrease of 66.43% compared to the previous year[83]. - The company’s investment in infrastructure projects, such as the Yalong River Hydropower, amounted to 28,800 million RMB with a loan term of 5 years at an interest rate of 6.90%[22]. Cash Flow and Dividends - A cash dividend of 0.14613 RMB per share is proposed, totaling approximately 991.64 million RMB, which accounts for 30% of the annual net profit[9]. - The company’s cash flow from operating activities increased by 76.59% year-on-year, reaching 15.198 billion RMB[54]. - The company distributed a total cash dividend of 316,192,945.3 RMB, accounting for 30% of the annual net profit for 2012[156]. - The company proposed a cash dividend policy that requires a minimum of 30% of the average distributable profit over the last three years to be distributed in cash[118]. Operational Strategy - The company plans to ensure the commissioning of 4 new units and aims for a total of 6 units in the upcoming year[4]. - The company will focus on the construction of three coastal thermal power bases in Tianjin, Fujian, and Guangxi[4]. - The company is focusing on optimizing its coal-fired power generation and expanding its hydropower projects, particularly in the Yalong River area[101]. - The company anticipates a 7.0% growth in national electricity consumption in 2014, with average utilization hours for coal-fired power plants expected to exceed 5,100 hours[99]. Risk Management - The company faces risks from fluctuating coal prices, which could impact the profitability of its coal-fired power generation units, accounting for 41.2% of its installed capacity[112]. - The company is committed to enhancing its internal control systems and improving management efficiency to ensure stable growth in operating performance[105]. - The company will actively monitor policy changes and market conditions to adjust its project planning and execution strategies accordingly[111]. Corporate Governance - The company has undergone significant leadership changes, indicating a potential shift in strategic direction and operational focus[180]. - The company emphasizes the importance of corporate governance and has made changes to its board structure to enhance oversight and management effectiveness[178]. - The company has a diverse board composition with both male and female directors, including independent directors[176]. - The company is actively engaging in corporate governance reforms to align with best practices in the industry[182]. Employee and Management - The total number of employees in the parent company is 75, while the total number of employees in major subsidiaries is 7,657, resulting in a combined total of 7,732 employees[194]. - The company has implemented a talent strategy focused on enhancing the professional and international capabilities of its workforce[196]. - The company actively supports employees in participating in various training programs to enhance their professional skills and qualifications[196]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 7.1837 million yuan[191].