Financial Performance - In 2021, CGN Power achieved a revenue of RMB 80,678.7 million, representing a 14.30% increase compared to 2020[20] - The net profit attributable to shareholders of the parent company was RMB 9,732.6 million, reflecting a growth of 2.48% from the previous year[22] - The EBITDA for 2021 was RMB 36,757.6 million, which is a 1.95% increase year-over-year[20] - The total profit margin for 2021 was RMB 18,126.1 million, an increase from RMB 16,850.1 million in 2020[23] - Operating revenue for 2021 reached RMB 80,678,744.76 thousand, an increase of 14.3% compared to RMB 70,584,710.56 thousand in 2020[55] - Net profit attributable to shareholders was approximately RMB 9.733 billion, up 1.8% from 2020[31] - The proposed dividend for the year is RMB 0.084 per share (tax included), representing a 5.0% increase from 2020[31] - The dividend payout ratio for the year is 43.58%, an increase of 1.33 percentage points from 2020[32] Asset and Liability Management - Total current assets increased to approximately $67.97 billion in 2021, up from $63.24 billion in 2020, representing a growth of 4.3%[24] - Total non-current assets reached approximately $332.03 billion in 2021, compared to $328.65 billion in 2020, reflecting a slight increase of 1.1%[24] - Total liabilities decreased to approximately $249.08 billion in 2021 from $250.27 billion in 2020, a reduction of 0.5%[24] - Total equity attributable to shareholders increased to approximately $100.91 billion in 2021, up from $95.27 billion in 2020, marking a growth of 6.9%[24] - The debt-to-asset ratio improved to 62.3% in 2021 from 63.9% in 2020[54] - The company reported cash and cash equivalents of approximately RMB 15,827.7 million, which helps to reduce cash flow volatility[200] Operational Capacity and Efficiency - The total installed capacity of operational nuclear power units reached 28,261 MW, accounting for 53.01% of the total in mainland China[21] - The company operates 25 nuclear power units, contributing significantly to its market position[21] - The average capacity factor of the company's 25 operating nuclear power units reached 92%, maintaining world-class levels for four consecutive years[39] - The average utilization hours of nuclear power units in 2021 were 7,731 hours, an increase from the previous three-year average of 7,457 hours[39] - The company completed all 16 planned refueling outages in 2021, achieving both schedule and quality targets despite challenges from the COVID-19 pandemic[39] Environmental Impact and Safety - The company reported a total CO2 reduction contribution of approximately 16.74 million tons from its power generation activities[19] - The safety management system operated effectively in 2021, with no INES Level 2 or above incidents reported across all operating units[38] - The company maintained a good safety record, with no Level 2 or above nuclear incidents reported in its operational nuclear power stations[81] - The company’s radioactive gas emissions were recorded at 0.46% of the national approved limits in 2021, showing a slight increase from 0.42% in 2020[94] - The total amount of radioactive waste managed by the company in 2021 was significantly below the national approved limits, with liquid waste emissions at 0.24% of the limit[94] Research and Development - The company applied for a total of 1,282 patents in 2021, with 893 patents granted, including four invention patents awarded the 22nd China Patent Excellence Award[41] - The company has over 4,700 R&D personnel and has built a national engineering technology center, a national key laboratory, and five national-level R&D centers to support its technological advancements[137] - The company has developed the ACPR1000 technology, which incorporates 31 safety technology improvements based on the CPR1000 technology, aligning with the latest international safety standards[135] - The company is actively pursuing the development of third-generation nuclear technology, specifically the Hualong One, which is based on over 30 years of experience in nuclear power design, construction, and operation[135] Strategic Planning and Future Outlook - CGN Power's strategic plan for the nuclear industry and the 14th Five-Year Plan was approved by the board on August 26, 2021[17] - The company aims to achieve excellent performance indicators in nuclear power safety operations, engineering construction, and operational efficiency by 2035[34] - The company plans to continue investing in the construction of nuclear power plants and technological upgrades for operational performance in 2022[71] - The company anticipates a 5%-6% growth in national electricity consumption in 2022, with a focus on ensuring stable operation of all nuclear power units[44] Employee Development and Training - The total number of employees at the end of 2021 was 18,248, a slight decrease from 18,264 in 2020[145] - The average training hours per employee in 2021 were 109 hours, reflecting the company's commitment to continuous skill enhancement[153] - The company has established 145 training rooms covering 518 skill training projects, with a total area of approximately 96,700 square meters[162] - The company has developed over 5,000 training courses, utilizing various training methods including in-person, online, and mobile learning[162] Financing and Capital Structure - The company's debt financing is primarily composed of long-term bank loans, accounting for approximately 92.1% of total borrowings, with a total borrowing amount reduced by approximately RMB 1,976.9 million compared to the end of 2020[181] - The company has established a comprehensive debt risk management system to control costs and mitigate financial risks through hedging strategies[194] - The company aims to maintain a balanced debt maturity structure to align with long-term cash flows from nuclear power projects, thereby reducing refinancing risks[186] - The company has confirmed that there are no external guarantees provided as of December 31, 2021[68]
中广核电力(01816) - 2021 - 年度财报