皖能电力(000543) - 2014 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2014 was CNY 12,866,266,302.50, representing a 2.38% increase compared to CNY 12,567,773,855.84 in 2013[23]. - The net profit attributable to shareholders decreased by 15.33% to CNY 927,926,832.72 from CNY 1,095,951,520.82 in the previous year[23]. - The basic earnings per share fell by 20.72% to CNY 0.88, down from CNY 1.11 in 2013[23]. - The net profit after deducting non-recurring gains and losses was CNY 927,280,427.45, down 12.13% from CNY 1,055,337,016.22 in 2013[23]. - The company's operating revenue for 2014 was 12.866 billion CNY, a year-on-year increase of 2.38% from 12.568 billion CNY in 2013[33]. - The net profit attributable to the parent company was 928 million CNY, a decrease of 15.33% compared to the previous year[33]. - The company's revenue from the power generation sector was approximately ¥10.30 billion, a decrease of 3.52% year-over-year, with a gross margin of 22.23%, which is an increase of 1.23% compared to the previous year[44]. - The company reported a net profit of ¥927,926,832.72 for the year 2014, with cash dividends representing 100% of the profit distribution[77]. Cash Flow and Dividends - The net cash flow from operating activities increased by 6.88% to CNY 3,535,502,834.69, up from CNY 3,308,017,987.60 in 2013[23]. - The company plans to distribute a cash dividend of CNY 1.80 per 10 shares, based on a total of 1,053,174,105 shares[6]. - In 2014, the company distributed cash dividends totaling ¥189,571,338.90, which accounted for 20.43% of the net profit attributable to shareholders[77]. - The cash dividend per 10 shares was set at ¥1.80 (including tax), based on a total share capital of 1,053,174,105 shares[77]. - The company's cash dividend policy mandates that during profit distribution, cash dividends should account for at least 20% of the total profit distribution[77]. Assets and Liabilities - Total assets at the end of 2014 were CNY 22,981,629,711.25, a 5.27% increase from CNY 21,830,258,591.80 at the end of 2013[23]. - The company's total asset value was approximately ¥22.98 billion at the end of 2014, with a notable decrease in cash and cash equivalents from ¥1.11 billion in 2013 to ¥605.33 million in 2014, a drop of 2.45% in proportion to total assets[47]. - The total liabilities amounted to CNY 988,256,116.23, compared to CNY 361,386,515.13 in the previous period, showing a substantial increase[197]. - Total liabilities decreased to CNY 10.47 billion from CNY 11.85 billion, a reduction of about 11.7%[190]. - Owner's equity increased to CNY 12.51 billion from CNY 9.98 billion, showing a growth of approximately 25.4%[191]. Operational Highlights - In 2014, the company achieved a total sales volume of 28.138 billion kWh, with an increase of 830 million kWh from unplanned electricity sales, contributing approximately 70 million CNY to profits[29]. - The company reported a decrease in electricity product revenue to 10.271 billion CNY, down 3.51% from 10.645 billion CNY in 2013, primarily due to a reduction in electricity prices[33]. - The company’s total operating costs rose to 10.354 billion CNY, reflecting a year-on-year increase of 3.07%[33]. - The company maintained a stable safety production record, achieving its "eight no" safety goals without significant accidents in 2014[29]. Investments and Projects - The company is actively pursuing investment projects, including the construction of a new 1 million kW unit in Tongling, which is currently undergoing approval processes[30]. - The company has diversified its power generation projects across coal, wind, and nuclear energy, contributing to a more stable revenue stream and reduced operational risks[52]. - The company plans to enhance project development, focusing on the construction of the Tongling Power Generation Unit 6 and other key projects, while seeking government support for future developments[65]. Risks and Challenges - The company anticipates challenges in the energy market due to slowing demand and increased competition, but remains optimistic about leveraging opportunities for growth[64]. - The company faces risks including a potential slowdown in market demand, which could reduce electricity consumption and impact profitability[67]. - Rising coal prices pose a significant risk, as fuel costs constitute a large portion of the company's operating expenses, potentially impacting profitability[68]. Governance and Management - The company has a strong management team with members holding advanced degrees and extensive experience in the energy sector[124]. - The company emphasizes the importance of safety and engineering excellence, as reflected in the qualifications of its senior management[125]. - The company has established a governance structure that clearly defines the responsibilities of the board, management, and audit committee to enhance internal control effectiveness[162]. - The total remuneration paid to directors, supervisors, and senior management in 2014 was CNY 3.7034 million before tax[129]. Internal Controls and Compliance - As of December 31, 2014, the company reported no significant deficiencies in financial reporting internal controls, maintaining effective internal controls in all material aspects[154]. - The internal control audit report confirmed that the company adhered to the basic norms of internal control, with no non-standard opinions issued[156]. - The company has implemented a risk assessment system and established an internal audit management approach to monitor economic activities across its units[165].