Power Generation Capacity and Operations - The company operates a total of 42 power plants with a combined installed capacity of approximately 53,355.55 MW, including 42,360 MW from coal-fired power, 8,589.05 MW from gas-fired power, and 2,403 MW from hydropower[26]. - The company holds a 100% ownership in several key power plants, including Zouxian Power Plant (2,575 MW) and Shiliquan Power Plant (2,120 MW)[27]. - The company has a significant stake in joint ventures, such as 69% in Zouxian Company (2,000 MW) and 75% in Laizhou Company (4,000 MW)[27]. - The company has a diversified power generation portfolio, with significant contributions from both coal and gas-fired plants[27]. - The company has a total installed capacity of 6,855.6 MW in Hubei, with an ownership interest of 82.56%[28]. - The company operates multiple power plants, including 1,320 MW in Changde with a 48.98% ownership and 1,200 MW in Changsha with a 70% ownership[28]. - The company has a significant presence in renewable energy, with 1,360 MW capacity in Hubei, holding a 50% stake[29]. - The company’s coal-fired plants include a significant 2,570 MW capacity in Jiangling, with a 100% ownership[29]. - The company’s gas-fired plants include a capacity of 1,310.2 MW in Shijiazhuang, with an 82% ownership[28]. - The company completed the commissioning of 3,885.9 MW of new power generation projects in 2021, including coal, gas, and hydropower installations[37]. Financial Performance - The company achieved a revenue of approximately RMB 100.98 billion in 2021, marking a 12.98% increase compared to 2020[37]. - The total power generation reached 232.80 million MWh, representing a year-on-year growth of approximately 7.52%[37]. - The company reported an operating loss of approximately RMB 14.40 billion in 2021, a significant decline from an operating profit of RMB 8.79 billion in 2020, primarily due to soaring coal prices[37]. - The installed capacity of the company reached approximately 53,355.55 MW, with a clean energy proportion of about 20.60%[37]. - The company’s asset-liability ratio at the end of the year was 66%, an increase of 6 percentage points from the beginning of the year[37]. - The group reported an operating loss of RMB 14,399,328 thousand for 2021, compared to an operating profit of RMB 8,790,151 thousand in 2020, indicating a significant decline in operational performance[182]. - The net loss attributable to equity holders for the year was RMB 5,215,889 thousand, a decrease from a profit of RMB 5,675,631 thousand in 2020[182]. - The company reported a significant increase in fuel costs, which rose to RMB (74,471,831) thousand in 2021 from RMB (41,394,152) thousand in 2020, impacting overall profitability[182]. Shareholder Information and Dividends - The company has issued approximately 688.16 million A-shares and 14,701,590 convertible bonds in September 2021[26]. - The company has a total of 8,152,624,615 A-shares, accounting for 82.60% of its total share capital, and 1,717,233,600 H-shares, accounting for 17.40%[26]. - The company proposed a cash dividend of RMB 0.25 per share for the fiscal year ending December 31, 2021[35]. - The company plans to distribute at least 50% of the annual distributable profit as cash dividends from 2020 to 2022[35]. - The company plans to distribute a minimum of RMB 0.2 per share in dividends during the 2020-2022 period[165]. Investments and Acquisitions - The company completed the acquisition of 45.15% equity in Inner Mongolia Huadian Mengdong Energy Co., Ltd. and 36.86% equity in Tianjin Huadian Fuyuan Thermal Power Co., Ltd. as part of a share purchase agreement approved on May 28, 2021[91]. - The company agreed to sell 65% equity in Ningxia Lingwu Power Co., Ltd. for a final transaction price of RMB 2.85 billion and 53% equity in Ningxia Huadian Heating Co., Ltd. for RMB 1.486 billion[95]. - The company completed the acquisition of regional companies in Hunan, including 70% equity in Changsha, 48.98% in Changde, and 100% in Pingjiang, for a total consideration of RMB 3.495 billion[98]. - The company agreed to inject approximately RMB 21.24 billion into Fuxin Development through the transfer of equity in its renewable energy company, totaling around RMB 13.61 billion, and a cash contribution of no less than RMB 7.63 billion[105]. Risk Management and Compliance - The group faces risks from the ongoing COVID-19 pandemic, which could impact macroeconomic recovery, electricity demand, and coal production[47]. - The group is addressing the risk of high coal prices, which have significantly increased since September 2021, by optimizing coal procurement strategies[47]. - The company has established a risk management and internal control system, which is reviewed at least annually to ensure its effectiveness[151]. - The company believes that enhancing risk management and internal control capabilities will strengthen corporate governance[153]. - The company has implemented policies to ensure assets are not used or disposed of without authorization, maintaining reliable financial records[152]. Governance and Management - The company has a structured approach to ensure that all securities transactions by directors are reported and approved[148]. - The board consists of 11 members, including 4 independent non-executive directors, ensuring a diverse range of skills and experiences[135]. - The company has established a strategic committee in addition to the audit, remuneration, and nomination committees[132]. - The company encourages directors to participate in professional development courses to enhance their knowledge and skills[135]. - The management team includes professionals with extensive backgrounds in financial management, corporate governance, and energy sector reforms, ensuring robust oversight and strategic direction[50]. Environmental and Social Responsibility - The company is focusing on the development of renewable energy to meet the national carbon peak goals by 2030[44]. - The group has achieved ultra-low emissions standards for all 95 coal-fired generating units as of the report date[73]. - The company has complied with the "comply or explain" provisions of the Environmental, Social, and Governance (ESG) reporting guidelines during the reporting period[169]. - The group will actively follow environmental regulations and improve waste management practices to mitigate environmental risks[48]. Employee and Human Resources - The company has a workforce of 25,139 employees as of December 31, 2021[26]. - The total number of employees as of December 31, 2021, was 25,139, with a focus on performance-based compensation and a fair distribution mechanism[160]. - The remuneration committee reviewed and proposed improvements to the compensation policies for directors and senior management, ensuring alignment with company performance[155].
华电国际电力股份(01071) - 2021 - 年度财报