南网储能(600995) - 2015 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2015 was CNY 1,953,837,466.29, a decrease of 3.09% compared to CNY 2,016,032,965.18 in 2014[20] - The net profit attributable to shareholders for 2015 was CNY 103,159,647.63, down by 0.61% from CNY 103,797,210.30 in 2014[20] - The net profit after deducting non-recurring gains and losses was CNY 42,212,140.71, a significant decrease of 58.48% compared to CNY 101,676,836.98 in 2014[20] - The cash flow from operating activities for 2015 was CNY 362,284,334.03, down 18.20% from CNY 442,874,388.55 in 2014[20] - The total assets at the end of 2015 were CNY 2,859,782,087.39, a slight decrease of 0.87% from CNY 2,884,764,916.33 in 2014[20] - The net assets attributable to shareholders increased by 5.16% to CNY 1,467,110,953.11 at the end of 2015 from CNY 1,395,149,691.88 in 2014[20] - The basic earnings per share for 2015 remained at CNY 0.22, unchanged from 2014[21] - The weighted average return on equity decreased to 7.24% in 2015 from 7.65% in 2014, a decline of 0.41 percentage points[21] Dividends and Profit Distribution - The company plans to distribute a cash dividend of CNY 0.7 per 10 shares, totaling CNY 33,496,848.00, based on the total share capital at the end of 2015[3] - In 2015, the company distributed cash dividends of 0.70 RMB per 10 shares, totaling 103,159,647.63 RMB, which accounted for 32.47% of the net profit attributable to shareholders[82] - The company has committed to maintaining a cash dividend policy, distributing at least 30% of the average distributable profit over the last three years[80] - The company did not propose a cash profit distribution plan despite having positive distributable profits for common shareholders during the reporting period[84] Operational Highlights - In 2015, the company's direct electricity supply volume was 261,442 million kWh, a decrease of 37,180 million kWh, representing a decline of 12.5%, accounting for 49% of the total electricity consumption in Wenshan Prefecture[31] - The total electricity consumption in Wenshan Prefecture in 2015 was 5.377 billion kWh, a year-on-year decrease of 9.7%, with the secondary industry accounting for 72.3% of the total consumption[30] - The company's self-operated power plants generated 600 million kWh in 2015, representing 6.8% of Wenshan's total power generation, with an equipment utilization hour of approximately 5,410 hours[31] - The company completed market-oriented electricity trading of 389 million kWh in 2015, with 240 million kWh traded within its service area[33] Investments and Acquisitions - The company initiated a major asset restructuring in 2015, planning to acquire 100% equity of Yunnan International Company to expand into cross-border electricity trade and EPC contracting[34] - The company acquired Wenshan Wendi Design Co., Ltd. in 2015, which holds various engineering design qualifications, to enhance its service offerings[33] - The total long-term equity investment balance at the end of 2015 was 127.5271 million yuan, with significant investments in Wenshan Pingyuan Power Supply Co., Ltd. and other entities[31] - The company aims to diversify its business and enhance sustainable development capabilities by expanding outside Wenshan Prefecture, including investments in Shenzhen Qianhai Shekou Free Trade Zone Power Supply Co., Ltd.[33] Financial Position and Assets - The asset-liability ratio at the end of 2015 was 48.69%, with total assets amounting to CNY 285,978,000 and net assets of CNY 146,711,000[37] - The total profit for the year was CNY 12,411,000, down by CNY 921,000 or 6.9% year-on-year, while net profit decreased by CNY 64,000 or 0.61%[37] - The gross profit margin for the electricity sector was 19.70%, reflecting a decrease of 1.47% compared to the previous year[44] - The company reported a total investment income of -15.97 million yuan in 2015, primarily due to the poor performance of Wenshan Pingyuan Power Supply Co., Ltd.[31] Cash Flow and Financial Management - Cash flow from operating activities decreased by 18.20% to CNY 362,284,334.03, while cash flow from investing activities showed a net outflow of CNY 223,032,300.49[42] - The company reported a 100% decrease in cash received from investment returns, indicating no recoveries from investments during the year[48] - Accounts receivable increased by 32.08% to ¥60,637,972.06, driven by an increase in electricity sales[51] - Inventory rose by 56.41% to ¥7,512,294.48 due to increased procurement of backup materials[51] Future Outlook and Strategic Goals - The company plans to achieve a main business revenue of CNY 189.33 million and a total profit of CNY 71.01 million for 2016[70] - The company aims for a city power supply reliability rate of at least 99.68% and a rural reliability rate of at least 99.395%[71] - The total fixed asset investment planned for 2016 is CNY 237.52 million, with CNY 163 million allocated for power grid projects[75] - The company is focused on diversifying its business through asset restructuring to include cross-border electricity trade and EPC contracting[69] Governance and Compliance - The company has engaged Ruihua Certified Public Accountants for auditing services, with a remuneration of 55,000 RMB for the audit[88] - There were no significant lawsuits or arbitration matters reported during the period, indicating a stable legal standing[89] - The company has not faced any risks of suspension from listing, maintaining compliance with regulatory requirements[88] - The board has provided detailed explanations regarding any changes in accounting policies or estimates, ensuring transparency in financial reporting[86] Shareholder Information - The total number of ordinary shareholders increased from 50,392 to 51,269, representing a growth of approximately 1.73%[98] - Yunnan Electric Power Company holds 146,719,000 shares, accounting for 30.66% of the total shares[100] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder owning over 30%[100] - The company has not disclosed any major related party transactions that are not already reported[93] Employee and Management Structure - The company has 11 directors, including 4 independent directors, meeting the regulatory requirements for board independence[120] - The company has established five specialized committees under the board, including audit, strategy, nomination, remuneration and assessment, and related party transaction review committees[120] - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 4.4566 million yuan[115] - The number of employees in the parent company was 2,308, while the total number of employees including major subsidiaries was 2,347[118] Accounting Policies and Financial Reporting - The financial statements are prepared based on the going concern assumption and comply with the relevant accounting standards[173] - The company follows the accrual basis of accounting, except for certain financial instruments[173] - The company’s financial statements reflect its financial position and operating results as of December 31, 2015[175] - The company has not reported any changes in accounting policies or prior period error corrections during the current period[165]