大唐发电(601991) - 2016 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2016 was CNY 29,198.54 million, a decrease of 5.85% compared to CNY 31,014.42 million in the same period last year[17]. - The net profit attributable to shareholders for the first half of 2016 was CNY 1,693.69 million, down 17.15% from CNY 2,044.31 million year-on-year[17]. - The total profit for the reporting period was approximately RMB 3.469 billion, a decrease of 15.40% year-on-year[24]. - The net profit attributable to the parent company was approximately RMB 1.694 billion, a decrease of 17.15% year-on-year[24]. - The basic earnings per share for the first half of 2016 was CNY 0.1272, a decline of 17.19% compared to CNY 0.1536 in the same period last year[18]. - The total revenue for the first half of 2016 was CNY 29,198,539, a decrease of 5.85% compared to CNY 31,014,420 in the same period last year[125]. - The company's net profit for the first half of 2016 was CNY 3,315,312 thousand, an increase of 21.7% compared to CNY 2,724,617 thousand in the same period last year[130]. - Operating profit reached CNY 3,255,336 thousand, up 28.7% from CNY 2,530,037 thousand in the previous year[130]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 23.63% to CNY 10,725.30 million from CNY 14,044.09 million in the previous year[17]. - The company's operating cash flow net amount was RMB 10.725 billion, a decrease of 23.63% year-on-year[29]. - Cash and cash equivalents decreased to RMB 3,689,083 thousand from RMB 5,573,891 thousand, a reduction of approximately 33.83%[117]. - The net cash flow from investment activities was -CNY 906,935 thousand, improving from -CNY 1,166,094 thousand year-on-year[137]. - The net increase in cash and cash equivalents was -CNY 1,160,296 thousand, compared to an increase of CNY 654,851 thousand in the previous period[137]. - The company’s current liabilities exceed current assets by RMB 51.72 billion as of June 30, 2016[152]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 301,197.06 million, a slight decrease of 0.72% from CNY 303,368.35 million at the end of the previous year[17]. - The asset-liability ratio was 79.62%, an increase of 0.71 percentage points year-on-year[24]. - The company's total assets reached approximately RMB 301.197 billion, an increase of 0.21% year-on-year[24]. - Total liabilities decreased to RMB 239,824,611 thousand from RMB 240,018,216 thousand, a reduction of approximately 0.08%[119]. - The company's total equity decreased to RMB 61,372,449 thousand from RMB 63,350,132 thousand, a reduction of approximately 3.12%[119]. Dividends and Shareholder Information - The company plans to distribute a cash dividend of CNY 0.17 per share, totaling CNY 2,262.71 million based on 13,310,037,578 shares issued[3]. - A cash dividend of RMB 0.17 per share was approved, totaling RMB 226,270,600 based on 13,310,037,578 shares issued[61]. - As of the end of the reporting period, the total number of shareholders reached 234,046[91]. - The largest shareholder, China Datang Group, holds 4,138,977,414 shares, accounting for 31.10% of the total shares[92]. Operational Highlights - The total installed capacity managed by the company reached approximately 43,472.225 MW, with coal-fired power accounting for 74.25%[26]. - The company completed a total electricity generation of approximately 81.9561 billion kWh, a decrease of about 5.80% year-on-year[25]. - The company achieved a profit of approximately RMB 6.13 billion in the power generation segment, an increase of about 1.74% year-on-year[27]. - The company added 1,135 MW of new installed capacity during the reporting period, including a 1,000 MW coal-fired unit[25]. - Revenue from the Jiangxi region increased by approximately 200.19% year-over-year, primarily due to the commissioning of new power units[39]. Risk Management and Governance - The report includes a risk statement regarding forward-looking statements, indicating that future plans do not constitute a substantive commitment to investors[4]. - The company has established a robust technology innovation system, resulting in 141 authorized patents and recognition in national power science and technology awards[41]. - The company has implemented a detailed fuel cost management system to mitigate risks associated with coal price fluctuations[42]. - The company has commitments to avoid competition with its controlling shareholder, Datang Group, since its IPO in 2006[79]. - The company has established a complete corporate governance structure since its founding in 1994, with regular shareholder meetings and board meetings[85]. Financial Management and Investments - The company successfully issued four phases of ultra-short-term financing bonds totaling RMB 13 billion during the reporting period, ensuring smooth cash flow and reducing financial costs[43]. - The total amount of long-term equity investments increased to RMB 13,433,208 thousand, reflecting a growth of 1.50% compared to the previous year[45]. - The company reported a loss of RMB 41,538,939.03 from securities investments, with a total investment amount of RMB 640,360,448.01[46]. - The company has a strong financing capability, which effectively lowers financing costs and secures the safety of its capital chain[43]. - The company has unused bank credit lines of approximately RMB 262.82 billion, allowing for refinancing options[152]. Accounting Policies and Financial Reporting - The financial statements are prepared based on the assumption of going concern, indicating confidence in the ability to meet obligations[152]. - The company adheres to the Chinese Accounting Standards and has ensured that the financial statements reflect a true and complete view of its financial status[155]. - The accounting treatment for business combinations under common control involves measuring the acquired assets and liabilities at their book value on the merger date, with any difference between the net asset book value and the consideration paid adjusted against capital reserves or retained earnings[159]. - The company recognizes investment income based on cash dividends declared by the investee, excluding any declared but unpaid dividends at the time of investment[192].