中广核新能源(01811) - 2025 - 中期业绩

Interim Results Announcement for the Six Months Ended June 30, 2025 Unaudited Condensed Interim Results Highlights H1 2025 unaudited results show decreased revenue and profit, primarily from lower Korean project electricity prices and generation, and falling Chinese solar prices; no interim dividend declared Key Financial Highlights for H1 2025 | Indicator | H1 2025 (million USD) | H1 2024 (million USD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 856.5 | 982.3 | -12.8% | | Profit attributable to equity holders of the Company | 163.5 | 183.5 | -10.9% | | Earnings per share (US cents) | 3.81 | 4.28 | -10.9% | - Profit decrease primarily due to lower electricity prices and generation volume from Korean projects, and falling electricity prices for Chinese solar projects[2] - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[2] Consolidated Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income H1 2025 group revenue decreased by 12.8% to $856.5 million; profit for the period and equity holders declined by over 10% Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary (thousand USD) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 856,513 | 982,273 | | Operating Profit | 254,038 | 303,865 | | Profit for the period | 168,888 | 190,757 | | Profit attributable to equity holders of the Company | 163,530 | 183,454 | | Earnings per share (US cents) | 3.81 | 4.28 | | Total comprehensive income for the period | 211,395 | 144,700 | - Other comprehensive income for the period turned from negative $46.057 million in H1 2024 to positive $42.507 million in H1 2025, mainly due to exchange differences from translating overseas operations[5] Consolidated Statement of Financial Position As of June 30, 2025, total assets were $9,123.1 million and net assets $1,908.8 million; current liabilities rose significantly, expanding net current liabilities Consolidated Statement of Financial Position Summary (thousand USD) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current assets | 7,154,187 | 6,922,681 | | Current assets | 1,968,939 | 1,795,027 | | Current liabilities | 2,934,984 | 2,431,693 | | Non-current liabilities | 4,279,367 | 4,526,478 | | Net assets | 1,908,775 | 1,759,537 | | Total equity attributable to equity holders of the Company | 1,765,656 | 1,617,672 | - Net current liabilities expanded from $636.7 million as of December 31, 2024, to $966.0 million as of June 30, 2025[7] - Despite net current liabilities of $966.0 million, the Group has $1,340.8 million in unutilized general credit facilities, and the Board believes the Group has sufficient working capital to prepare interim financial reports on a going concern basis[11] Notes to the Financial Statements Notes Detailed notes cover general information, accounting policies, segment results, EPS, receivables/payables, contract assets, and borrowings 1. General Information The company, incorporated in Bermuda and listed, is ultimately controlled by CGN; interim financial reports are prepared under IAS 34 on a going concern basis - The Company's ultimate controlling company is CGN, a state-owned enterprise established in China[9] - Interim financial reports are prepared under IAS 34 on a going concern basis, as the Group has sufficient working capital to meet its financial obligations[9][11] 2. Changes in Accounting Policies The Group applied IAS 21 (Revised) 'Effects of Changes in Foreign Exchange Rates', with no material impact on interim consolidated financial statements - The Group applied IAS 21 (Revised), but it had no material impact on the interim consolidated financial statements[12][13] 3. Revenue and Segment Information The Group has three reportable segments: China Power Plants, Korea Power Plants, and Management Company; H1 2025 revenues were $469.3M, $378.2M, and $9.0M Revenue and Results by Reportable Segment (thousand USD) | Indicator | H1 2025 Revenue (thousand USD) | H1 2025 Results (thousand USD) | H1 2024 Revenue (thousand USD) | H1 2024 Results (thousand USD) | | :--- | :--- | :--- | :--- | :--- | | China Power Plants | 469,340 | 188,102 | 509,211 | 187,952 | | Korea Power Plants | 378,193 | 29,152 | 461,338 | 65,281 | | Management Company | 8,980 | 428 | 11,724 | 558 | | Total | 856,513 | 217,682 | 982,273 | 253,791 | - Korea Power Plants segment results significantly decreased from $65.3 million in H1 2024 to $29.2 million in H1 2025[14][16] 4. Earnings Per Share H1 2025 basic and diluted earnings per share were 3.81 US cents, a decrease from 4.28 US cents in the prior year Earnings Per Share Calculation Summary | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Earnings per share (US cents) | 3.81 | 4.28 | | Profit for calculation (thousand USD) | 163,530 | 183,454 | | Number of ordinary shares (thousand shares) | 4,289,924 | 4,290,824 | 5. Trade Receivables As of June 30, 2025, total trade receivables were $987.0 million, including $882.7 million for electricity price subsidies not overdue; receivables over 180 days were largest Trade Receivables Aging Analysis (thousand USD) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 60 days | 153,489 | 169,513 | | 61 to 90 days | 27,034 | 18,386 | | 91 to 180 days | 87,605 | 76,634 | | Over 180 days | 718,869 | 622,105 | | Total | 986,997 | 886,638 | - As of June 30, 2025, $882.7 million of trade receivables balance was for electricity price subsidies receivable, not considered overdue or in default[19] 6. Contract Assets Contract assets, totaling $442.3 million, are primarily renewable energy electricity price subsidies receivable, to be reclassified to trade receivables upon subsidy list inclusion Contract Assets (thousand USD) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Electricity revenue from renewable energy sales | 461,943 | 411,547 | | Less: Provision for credit losses | (19,623) | (20,737) | | Total | 442,320 | 390,810 | - Contract assets primarily represent renewable energy electricity price subsidies receivable from China's local state grid, to be reclassified to trade receivables upon inclusion in the subsidy list[21] 7. Trade Payables As of June 30, 2025, total trade payables were $80.6 million with an average credit period of 27 days; the Group aims to settle all payables within the credit term Trade Payables Aging Analysis (thousand USD) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 60 days | 69,214 | 40,571 | | 61 to 90 days | 7,337 | 1,078 | | Over 90 days | 4,036 | 4,928 | | Total | 80,587 | 46,577 | - For H1 2025, the average credit period for goods purchased was 27 days (December 31, 2024: 41 days)[22] 8. Loans from Fellow Subsidiaries As of June 30, 2025, total loans from fellow subsidiaries were $1,482.4 million, mostly due within one year, primarily from CGN Finance, CGN Wind Power, and China Clean Energy Loans from Fellow Subsidiaries (thousand USD) | Source | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | CGN Finance (within one year) | 125,672 | 127,732 | | CGN Wind Power (within one year) | 780,064 | 667,742 | | China Clean Energy (within one year) | 450,000 | 450,000 | | CGN Finance (after one year) | 126,622 | 131,197 | | Total | 1,482,358 | 1,376,671 | - Loans from CGN Wind Power of RMB 5,600.0 million (approximately $780.1 million) are unsecured, bear interest at 2.40% per annum, and are repayable in 2025[25] 9. Bank Borrowings As of June 30, 2025, total bank borrowings increased to $5,108.5 million, with $2,627.4 million secured; current borrowings rose, and unused credit facilities were $2,036.5 million Bank Borrowings Details (thousand USD) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Secured | 2,627,383 | 2,725,292 | | Unsecured | 2,481,153 | 2,200,697 | | Total | 5,108,536 | 4,925,989 | | Due within one year | 1,080,558 | 644,459 | | Due after one year | 4,027,978 | 4,281,530 | - As of June 30, 2025, the Group's unutilized bank credit facilities were $2,036.5 million, an increase from $1,655.1 million as of December 31, 2024[24] Management Discussion and Analysis I. Operating Results and Analysis H1 2025 revenue and profit decreased due to Korean project issues, Chinese solar price drops, and a CHP project disposal; operating expenses and finance costs fell, and associate profits rose H1 2025 Operating Results Overview (million USD) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 856.5 | 982.3 | -12.8% | | Profit attributable to equity holders of the Company | 163.5 | 183.5 | -10.9% | | Profit for the period | 168.9 | 190.8 | -11.5% | Revenue H1 2025 revenue was $856.5 million, down 12.8% year-on-year, mainly due to lower Korean project electricity prices and generation, and reduced sales from a disposed China CHP project - Revenue decreased by 12.8%, primarily due to lower Korean project electricity prices and generation, and the disposal of a China CHP project[27] Operating Expenses H1 2025 operating expenses were $602.5 million, down 11.2% year-on-year, mainly due to reduced natural gas costs for Korean gas projects and lower coal costs after a China CHP project disposal - Operating expenses decreased by 11.2%, mainly due to reduced natural gas costs for Korean gas projects and lower coal costs after a China CHP project disposal[28] Operating Profit H1 2025 operating profit was $254.0 million, down 16.4% year-on-year, primarily due to lower Korean project electricity prices and generation, and falling Chinese solar prices - Operating profit decreased by 16.4%, primarily due to lower Korean project electricity prices and generation and falling Chinese solar project electricity prices[29] Other Income H1 2025 other income was $9.0 million, a $11.1 million year-on-year decrease, mainly due to reduced compensation from a Korean fuel cell project - Other income decreased by $11.1 million, mainly due to reduced compensation income from a Korean fuel cell project[30] Gain on Disposal of a Subsidiary The Group disposed of its entire equity interest in Nantong Meiya Cogeneration Co., Ltd. in March 2025, recognizing a $23.8 million gain on disposal - Disposal of entire equity interest in Nantong Meiya Cogeneration Co., Ltd., recognizing a gain on disposal of $23.8 million[31] Finance Costs H1 2025 finance costs were $80.3 million, down 12.3% year-on-year, primarily due to a decrease in the weighted average interest rate of bank borrowings - Finance costs decreased by 12.3%, primarily due to a decrease in the weighted average interest rate of bank borrowings[32] Share of Profits of Associates H1 2025 share of profits of associates was $11.3 million, a $6.7 million year-on-year increase, mainly due to falling market coal prices - Share of profits of associates increased by $6.7 million, mainly due to falling market coal prices during the period[33] Income Tax H1 2025 income tax expense was $43.6 million, a $1.5 million year-on-year increase, mainly due to the expiry of preferential tax rates for certain Chinese subsidiaries - Income tax expense increased by $1.5 million, mainly due to the expiry of preferential tax rates for certain Chinese subsidiaries[34] Liquidity and Capital Resources Group cash and cash equivalents increased, net debt-to-equity ratio decreased, but the Board resolved not to declare an interim dividend Cash and Cash Equivalents Cash and cash equivalents increased from $158.4 million (Dec 31, 2024) to $197.1 million (June 30, 2025), primarily due to increased net cash from financing activities - Cash and cash equivalents increased to $197.1 million, primarily due to increased net cash from financing activities[35] Net Debt-to-Equity Ratio Net debt-to-equity ratio decreased from 3.49 (Dec 31, 2024) to 3.35 (June 30, 2025), primarily due to an increase in equity - Net debt-to-equity ratio decreased to 3.35, primarily due to an increase in equity[36] Interim Dividend The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[37] Financial Position As of June 30, 2025, non-current and current assets increased; current liabilities rose due to increased short-term borrowings, while non-current liabilities decreased - Non-current assets increased to $7,154.2 million, primarily due to an increase in property, plant and equipment[38] - Current assets increased to $1,968.9 million, primarily due to an increase in trade receivables and contract assets[38] - Current liabilities increased to $2,935.0 million, primarily due to an increase in short-term bank borrowings and loans from fellow subsidiaries[38] - Non-current liabilities decreased to $4,279.4 million, primarily due to a decrease in long-term bank borrowings[38] Capital Expenditure Capital expenditure increased from $386.4 million (H1 2024) to $398.5 million (H1 2025), mainly due to increased capital expenditure for Korean gas projects - Capital expenditure increased by $12.1 million to $398.5 million, primarily due to increased capital expenditure for Korean gas projects[39] Contingent Liabilities As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities[40] Pledged Assets The Group pledged certain assets (PPE, receivables, contract assets, bank deposits) to secure credit facilities; total pledged assets increased to $2,192.2 million - The total carrying value of pledged assets increased to $2,192.2 million (December 31, 2024: $1,983.1 million)[41] Employees and Remuneration Policy As of June 30, 2025, the Group had approximately 1,998 full-time employees, mostly in China, providing remuneration, bonuses, and benefits, complying with social security schemes - As of June 30, 2025, the Group had approximately 1,998 full-time employees, mostly based in China[42] - The Group provides remuneration, bonuses, and employee benefits, including retirement, medical, and life insurance plans,