Financial Performance - For the six months ended June 30, 2022, the company reported consolidated operating revenue of RMB 116.869 billion, an increase of 22.68% year-on-year[2]. - The net loss attributable to equity holders of the company was RMB 3.22 billion, a decrease of 176.91% compared to the same period last year, with a loss per share of RMB 0.27[2]. - The company's consolidated operating revenue for the first half of 2022 reached RMB 116.87 billion, an increase of 22.68% compared to RMB 95.26 billion in the same period last year[17]. - The company's consolidated operating costs for the first half of 2022 amounted to RMB 116.57 billion, up 37.12% year-on-year[19]. - The company's net loss attributable to equity holders in the first half of 2022 was RMB 3.220 billion, a decrease of 176.91% compared to a net profit of RMB 4.187 billion in the same period last year[24]. - The company reported a pre-tax loss of RMB 4,534,896 thousand for the six months ended June 30, 2022, compared to a profit of RMB 6,043,355 thousand in the same period of 2021[106]. - The company reported a significant increase in depreciation of property, plant, and equipment to RMB 11,519,864 thousand from RMB 10,750,687 thousand year-over-year[106]. - The company’s financial expenses, net, totaled RMB 5,024,325 thousand for the six months ended June 30, 2022, compared to RMB 4,323,261 thousand in the same period of 2021, indicating an increase of approximately 16.2%[100]. Electricity Generation - The total electricity generation from the company's operating power plants in China was 196.544 billion kWh, a year-on-year decrease of 5.61%[3]. - In the first half of 2022, the company's coal-fired power generation decreased by 8.04% year-on-year, totaling 1,673.38 billion kWh[12]. - Wind power generation increased by 30.61% year-on-year, reaching 137.61 billion kWh in the first half of 2022[12]. - Solar power generation saw a significant increase of 69.63% year-on-year, totaling 27.35 billion kWh in the first half of 2022[12]. - The company's hydropower generation increased by 17.32% year-on-year, amounting to 5.10 billion kWh in the first half of 2022[12]. - The overall clean energy generation increased, with wind and solar power contributing significantly to the growth despite declines in coal and gas generation[12]. Market and Pricing - The average on-grid electricity settlement price for the company's domestic power plants was RMB 505.69 per MWh, an increase of 20.70% year-on-year[2]. - The proportion of market-based trading electricity volume reached 87.81%, an increase of 26.76 percentage points year-on-year[3]. - Domestic operating revenue increased by RMB 11.95 billion, primarily due to a rise in average settlement electricity prices[17]. - The company plans to maximize overall benefits by closely tracking regional electricity demand growth and leveraging seasonal peaks in electricity consumption[9]. - The company aims to achieve 100% signing, performance, and execution of long-term contract pricing policies[9]. Costs and Expenses - The company's fuel cost for electricity sold increased by 50.49% year-on-year due to high coal prices[6]. - The increase in domestic operating costs was RMB 22.35 billion, mainly driven by higher fuel costs[19]. - The company's cash flow hedge effective portion fair value change was RMB 1,367,092 thousand for the six months ended June 30, 2022, compared to RMB 991,452 thousand in the same period of 2021, reflecting a significant increase[102]. Investments and Financing - The company will strengthen capital operations and innovate financing tools to broaden financing channels[9]. - The company has over RMB 300 billion in unused comprehensive credit lines from major banks as of June 30, 2022, indicating strong financing capabilities[31]. - The company plans to continue funding capital expenditures through self-owned funds, cash flows from operations, and debt and equity financing[31]. - The company acquired a 25% stake in Shenzhen Energy Group for RMB 2.39 billion, which is expected to provide stable investment returns in the future, contributing RMB 230 million to equity profits in the first half of 2022[34]. Governance and Compliance - The company has established a comprehensive governance structure to maximize shareholder value and ensure compliance with applicable laws and regulations[55]. - The company has implemented various measures to enhance corporate governance and operational quality, including regular reviews of governance policies and training for directors and senior management[58]. - The company has formed an information disclosure committee to oversee the preparation of periodic reports and ensure timely disclosure of significant matters[58]. - The company has adhered to the Corporate Governance Code as stipulated in the listing rules during the reporting period[55]. Environmental and Operational Strategy - The company is committed to green low-carbon development and will accelerate the development of new energy projects[9]. - The company plans to accelerate its green transformation and increase the proportion of clean energy in its energy mix to adapt to the "dual carbon" goals[39]. - The company is actively addressing environmental risks by improving wastewater treatment systems and enhancing coal yard management to comply with strict government regulations[41]. Shareholder Information - The board of directors recommended not to distribute dividends for the year 2021 due to negative net profit attributable to shareholders, which was approved at the annual shareholders' meeting[32]. - The company decided not to declare any dividends for the mid-year of 2022[53]. - The company has issued a total of 15,698,093,359 shares as of June 30, 2022, with 10,997,709,919 shares (70.06%) held by domestic investors and 4,700,383,440 shares (29.94%) held by foreign investors[43].
华能国际电力股份(00902) - 2022 - 中期财报