Operational Performance - As of June 30, 2023, the Group operated 113 solar power plants, 21 wind power plants, and 26 hydropower plants, with a total grid-connected installed capacity of approximately 6,809.80 megawatts (MW), an increase from approximately 5,603.44 MW as of December 31, 2022, representing a growth of about 21.5%[10] - The total electricity generated by the Group's power plants increased significantly from approximately 3,322,474 megawatt-hours (MWh) for the six months ended June 30, 2022, to approximately 5,078,765 MWh for the same period in 2023, marking an increase of approximately 53%[18] - The number of wind power plants operated by the Group increased from 20 to 21, and the number of hydropower plants increased from none to 26 during the reporting period[10] - The Group's associates hold an additional 2 solar power plants, 3 wind power plants, and 2 hydropower plants, with a total grid-connected installed capacity of approximately 887.30 MW as of June 30, 2023, up from approximately 223.80 MW as of December 31, 2022[10] - The company operates a total of 167 power plants, with an installed capacity of 7,697.10 MW and a total generation volume of 5,820,364 MWh for the six months ended June 30, 2023[30] - Solar power plants contributed 3,447,375 MWh to the total generation, while wind power plants generated 1,122,317 MWh, and hydropower plants produced 509,073 MWh[24] Financial Performance - Revenue increased to approximately RMB2,574 million, up from RMB1,985 million, representing a growth of about 29.6% year-on-year[45] - EBITDA for the period was approximately RMB2,129 million, compared to RMB1,679 million in the previous year, reflecting a year-on-year increase of approximately 27%[45] - The Group recorded a net profit of approximately RMB247 million for the period, a decrease from RMB286 million in the same period last year, primarily due to increased finance costs[44] - The average electricity tariff per kWh for the company's power plants was RMB 0.51 for the six months ended June 30, 2023, with total revenue of RMB 2,828 million[30] - The profit attributable to equity holders of the company was RMB 107 million, compared to RMB 181 million in the previous year, indicating a decrease of 40.8%[144] Financing and Capital Management - The effective interest rate for bank and other borrowings as of June 30, 2023, was approximately 4.25%, up from 4.18% at the end of 2022, due to rising US borrowing rates[33] - The Group successfully issued Asset-Backed Commercial Papers (ABCP) totaling approximately RMB 1,000 million in March 2023, diversifying its fundraising channels[34] - The Group is exploring various financing channels to enhance its financing capability and reduce finance costs, reflecting its strategic focus on improving financial health[33] - The Group's total borrowings amounted to RMB 49,307 million, with RMB 10,841 million due within one year[63] - The Group's treasury policy aims to lower funding costs and manage exposure to interest rate fluctuations[72] Asset and Liability Management - As of June 30, 2023, the Group recorded current assets of approximately RMB 18,229 million and current liabilities of approximately RMB 15,989 million[71] - The total assets increased to RMB 68,726 million as of June 30, 2023, up from RMB 60,328 million as of December 31, 2022, reflecting a growth of approximately 13.3%[151] - Total liabilities as of June 30, 2023, were RMB 56,369 million, an increase from RMB 50,145 million as of December 31, 2022[196] - The gearing ratio remained stable at 77.8% as of June 30, 2023, compared to 78.0% as of December 31, 2022[80] - The debt to EBITDA ratio increased to approximately 20.3 as of June 30, 2023, compared to approximately 18.4 on June 30, 2022[68] Strategic Focus and Future Plans - The Group plans to continue focusing on the development of solar, wind, and hydropower businesses in the short term while diversifying its clean energy portfolios for long-term energy supply[17] - The company aims to focus on large-scale clean energy projects and integrated projects of source, grid, load, and storage, emphasizing the transformation application scenarios for large-scale green power[122] - The company will establish a green hydrogen and downstream product market, focusing on the integrated construction of bases for wind and solar energy and hydrogen-produced green ammonia[128] - The company is committed to digital transformation, leveraging strengths in the green electricity sector to expand into new sectors and businesses[132] - The company aims to improve its capital operations to enhance asset value, focusing on equity capital introduction and asset securitization strategies[135] Employee and Operational Costs - The total employee benefits expenses for the period amounted to approximately RMB198 million, an increase from approximately RMB161 million as of June 30, 2022[99] - The Group's EBITDA margin ratio decreased from approximately 85% for the six months ended June 30, 2022, to approximately 83% for the current period, primarily due to increased operating expenses[65] - Total finance costs rose significantly by approximately 53.6%, from RMB692 million to RMB1,063 million, due to increased average financing scale and higher US$ borrowing rates[47] Market and Industry Context - As of the first half of 2023, China's installed capacity of renewable energy reached 1.322 billion kilowatts, marking a year-on-year increase of 18.2% and accounting for approximately 48.8% of the nation's total installed capacity[117] - The National Energy Administration of the PRC has identified four major characteristics of the new power system: safety and efficiency, clean and low-carbon, flexibility and adaptability, and smart integration[116] - The newly grid-connected installed capacity of wind power and photovoltaic power exceeded 100 million kilowatts, further accelerating large-scale development in China's energy sector[117]
北京能源国际(00686) - 2023 - 中期财报