Financial Performance - The company's operating revenue was approximately RMB 55.598 billion, an increase of about 9.99% compared to the first half of 2021[7]. - The total profit before tax was approximately RMB 2.024 billion, a decrease of about 37.43% compared to the first half of 2021[8]. - The net profit attributable to equity holders of the company was approximately RMB 1.440 billion, a decrease of about 19.22% compared to the first half of 2021[8]. - Basic earnings per share attributable to shareholders was approximately RMB 0.0382, a decrease of RMB 0.0197 per share compared to the first half of 2021[7]. - Operating profit decreased to RMB 4,119,011 thousand, down 19.7% from RMB 5,133,045 thousand year-over-year[37]. - Net profit for the period was RMB 1,368,530 thousand, a decline of 44% compared to RMB 2,440,478 thousand in the previous year[38]. - Total comprehensive income for the period was RMB 1,575,485 thousand, compared to RMB 2,415,910 thousand in the prior year, reflecting a decrease of 34.8%[38]. - The company reported a total profit of RMB 2,023,648 thousand under International Financial Reporting Standards for the six months ended June 30, 2022, down from RMB 3,234,277 thousand in the previous year[64]. - The company's profit for the six months ended June 30, 2022, was RMB 707,821,000, a decrease of 34% compared to RMB 1,070,629,000 for the same period in 2021[75]. Revenue and Sales - Operating revenue for the six months ended June 30, 2022, was RMB 55,597,855 thousand, an increase of 10.1% from RMB 50,549,185 thousand in the same period of 2021[37]. - The revenue from electricity and heat sales was RMB 52,072,169,000, compared to RMB 47,837,081,000 in the previous year, reflecting a growth of 4.9%[57]. - The total revenue for the first half of 2022 was RMB 18,506,711 thousand, compared to RMB 14,338,410 thousand in the same period last year[149]. - The total revenue from coal sales and transportation by Datang (Beijing) Coal Sales Co., Ltd. was RMB 229,231,000 for the six months ended June 30, 2022, compared to RMB 37,980,000 in the same period of 2021, representing a significant increase of 503.5%[98]. - The company reported a total inter-segment revenue of RMB 4,736,213 thousand for the six months ended June 30, 2022, compared to RMB 3,388,207 thousand in the same period of 2021, indicating an increase of approximately 39.9%[169]. Operating Costs and Expenses - The total operating costs amounted to approximately RMB 51.479 billion, an increase of about RMB 6.063 billion or 13.35% compared to the same period last year[12]. - The company reported a decrease in total operating costs to RMB 51,478,844 thousand from RMB 45,416,140 thousand year-over-year, reflecting a rise in fuel costs[145]. - The total cost of property, plant, and equipment purchased in the six months ended June 30, 2022, was RMB 4,116,150,000, an increase from RMB 3,436,471,000 in the same period of 2021[76]. - The company's environmental protection costs were RMB 1,316,813,000 for the six months ended June 30, 2022, compared to RMB 1,418,477,000 in the previous year[73]. Assets and Liabilities - As of June 30, 2022, the company's total assets were approximately RMB 293.315 billion, a decrease of about RMB 3.334 billion compared to the end of 2021[12]. - The company's debt-to-asset ratio was 72.56% as of June 30, 2022[12]. - The total liabilities as of June 30, 2022, were RMB 212,807,304 thousand, down from RMB 220,079,044 thousand at the end of 2021, representing a decrease of approximately 3.3%[171]. - The company's total liabilities decreased to RMB 26,768,512,000 as of June 30, 2022, from RMB 30,878,506,000 at the end of 2021, a reduction of approximately 13%[190]. - The company's net current liabilities were approximately RMB 50,969,193 thousand, with available bank financing exceeding RMB 150 billion, ensuring sufficient liquidity for operational needs[154]. Financing and Capital Structure - The company has raised approximately HKD 62.22 billion from the issuance of 2,794,943,820 H shares, with funds primarily allocated for general corporate purposes[21]. - The company issued a total of RMB 9.55 billion in ultra-short-term financing bonds during the reporting period[26]. - The company issued RMB 13.29 billion in medium-term notes, including RMB 290 million in the first batch of transformation bonds[26]. - The company redeemed a perpetual bond, paying a total of RMB 4.1884 billion in principal and interest[26]. - The company continues to pledge its H-shares to Wing Lung Bank, with the pledge period extended until March 17, 2025[6]. - The company issued perpetual bonds totaling RMB 7,000,000,000 with a coupon rate ranging from 2.97% to 3.18%, netting RMB 6,997,776,000 after issuance costs[85]. Governance and Compliance - The board of directors recommended not to declare an interim dividend for 2022[15]. - The company confirmed that its public float of H-shares and A-shares complies with listing rules as of June 30, 2022[33]. - The audit committee reviewed the interim results and confirmed compliance with applicable accounting standards[35]. - The company has maintained compliance with the Corporate Governance Code during the reporting period, with no significant deviations noted[30]. - The company has not engaged in the purchase, sale, or redemption of its listed securities during the reporting period[29]. Employee and Management - As of June 30, 2022, the total number of employees in the group was 32,641, with a focus on performance-oriented salary management[13]. - The board of directors has undergone changes, with new appointments including Jin Rifeng as deputy general manager and Sun Yanwen as chief accountant[26][28]. Strategic Initiatives - The company aims to maximize efficiency by implementing lean management principles across all operational processes, including safety production and investment development[14]. - The company is focused on enhancing profitability by optimizing asset structure and controlling costs while exploring new financing categories[14]. - The company plans to continue expanding its new energy resources and improve project implementation capabilities[14]. - The company continues to focus on resource allocation and performance evaluation based on pre-tax profits under Chinese accounting standards[62]. - The company plans to continue expanding its power generation capacity and coal trading operations to enhance revenue streams in the upcoming periods[153].
大唐发电(00991) - 2022 - 中期财报