浙能电力(600023) - 2020 Q3 - 季度财报

Important Notice Statement on Report Authenticity and Completeness The company's management affirms the truthfulness and completeness of this unaudited quarterly report, assuming full legal responsibility - Company management guarantees the report's content is true, accurate, and complete[4] - This company's third-quarter report is unaudited[4] Company Basic Information Key Financial Data For the first three quarters of 2020, revenue declined by 6.96%, while net profit attributable to shareholders surged by 43.59% to CNY 0.38 EPS, and operating cash flow decreased by 21.61% Key Financial Data for Q1-Q3 2020 | Indicator | Year-to-Date (Jan-Sep) | Prior Year-to-Date (Jan-Sep) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 36,896,975,048.11 | 39,655,555,222.64 | -6.96% | | Net Profit Attributable to Shareholders (CNY) | 5,207,659,133.66 | 3,626,867,660.70 | 43.59% | | Net Cash Flow from Operating Activities (CNY) | 6,362,215,590.40 | 8,115,981,138.53 | -21.61% | | Basic EPS (CNY/share) | 0.38 | 0.27 | 40.74% | | Weighted Average ROE (%) | 7.98% | 5.75% | Increased by 2.23 percentage points | - In the first three quarters of 2020, the company's non-recurring gains and losses totaled CNY 149 million, primarily from government subsidies[7] Shareholder Ownership As of period-end, the company had 159,848 shareholders, with Zhejiang Provincial Energy Group as the controlling shareholder at 68.47% ownership, including 2.694 billion pledged shares - As of the end of the reporting period, the company had 159,848 shareholders[8] Top Five Shareholders' Holdings | Shareholder Name | Shares Held at Period-End | Proportion (%) | | :--- | :--- | :--- | | Zhejiang Provincial Energy Group Co., Ltd. | 9,312,667,001 | 68.47 | | China Huaneng Group Co., Ltd. | 573,115,691 | 4.21 | | Zhejiang Zheneng Xingyuan Energy Saving Technology Co., Ltd. | 500,500,000 | 3.68 | | China Securities Finance Corporation Limited | 406,901,339 | 2.99 | | Hebei Port Group Co., Ltd. | 211,809,000 | 1.56 | - Controlling shareholder Zhejiang Provincial Energy Group Co., Ltd. pledged 2.694 billion shares of its holdings[8] Preferred Shareholder Information The company had no preferred shareholders at the end of the reporting period - During this reporting period, the company had no preferred share-related matters[9] Significant Matters Analysis of Significant Changes in Key Financial Statement Items Several financial indicators showed significant changes, with revenue and costs decreasing, while investment income surged by 37.94% and construction in progress increased by 53.06% due to project investments Significant Changes in Financial Indicators | Account | Change (%) | Reason for Change | | :--- | :--- | :--- | | Construction in Progress | 53.06 | Primarily due to increased investment in the Zhenhai Power Plant relocation project | | Non-current Liabilities Due Within One Year | 113.51 | Primarily due to an increase in long-term borrowings due within one year | | Investment Income | 37.94 | Primarily due to increased investment income from associates and joint ventures | | Operating Revenue | -6.96 | Primarily due to decreased power generation | | Operating Cost | -10.73 | Primarily due to lower coal prices and reduced coal consumption from decreased power generation | Progress of Significant Matters The company is acquiring a 25.62% stake in Singapore-listed Jinjiang Environment and completed the spin-off and reorganization of Huaizhe Coal Power, now holding 51% of Huaizhe Power - The company intends to acquire a 25.62% stake in Singapore-listed Jinjiang Environment Holdings Co., Ltd. through its wholly-owned subsidiary and issue a tender offer to other shareholders[11] - Joint venture Huaizhe Coal Power Co., Ltd. completed its spin-off and reorganization, with the company now holding a 51% equity stake in the newly established Huaizhe Power Co., Ltd[11] Commitments The company had no unfulfilled commitments beyond their due date during the reporting period - No unfulfilled commitments beyond their due date were present during the reporting period[11] Performance Forecast The company has not issued any significant change warning for cumulative net profit through the next reporting period - The company has not issued a significant performance change warning[11] Appendix Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, and cash flow statements for Q3 2020 Consolidated Balance Sheet As of September 30, 2020, total assets were CNY 111.023 billion (+0.05%), total liabilities were CNY 36.595 billion (decrease), and net assets attributable to shareholders were CNY 66.004 billion (+2.86%) Consolidated Balance Sheet Key Items (Unit: CNY Billion) | Item | Sep 30, 2020 (CNY Billion) | Dec 31, 2019 (CNY Billion) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1110.23 | 1109.70 | +0.05% | | Total Liabilities | 365.95 | 384.73 | -4.88% | | Total Equity Attributable to Parent Company Shareholders | 660.04 | 641.67 | +2.86% | Parent Company Balance Sheet As of September 30, 2020, parent company total assets were CNY 66.385 billion, primarily long-term equity investments at CNY 46.731 billion, with total liabilities at CNY 1.767 billion Parent Company Balance Sheet Key Items (Unit: CNY Billion) | Item | Sep 30, 2020 (CNY Billion) | Dec 31, 2019 (CNY Billion) | | :--- | :--- | :--- | | Total Assets | 663.85 | 655.90 | | Long-term Equity Investments | 467.31 | 450.27 | | Total Liabilities | 17.67 | 22.67 | Consolidated Income Statement For Q1-Q3 2020, operating revenue was CNY 36.897 billion (-6.96%), while net profit attributable to parent company surged by 43.59% to CNY 5.208 billion due to cost control and investment income Consolidated Income Statement Key Items (Jan-Sep 2020) | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 36,896,975,048.11 | 39,655,555,222.64 | -6.96% | | Operating Cost | 31,002,521,837.97 | 34,726,806,933.92 | -10.73% | | Investment Income | 2,642,335,277.35 | 1,915,582,939.39 | +37.94% | | Net Profit Attributable to Parent Company Shareholders | 5,207,659,133.66 | 3,626,867,660.70 | +43.59% | Parent Company Income Statement For Q1-Q3 2020, parent company net profit was CNY 4.665 billion (+28.27%), primarily driven by investment income of CNY 4.649 billion, with minor operating profit contribution Parent Company Income Statement Key Items (Jan-Sep 2020) | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,214,459,975.11 | 2,240,324,012.77 | -1.15% | | Investment Income | 4,649,263,804.44 | 3,691,475,691.68 | +25.95% | | Net Profit | 4,665,355,288.19 | 3,637,205,994.10 | +28.27% | Consolidated Cash Flow Statement For Q1-Q3 2020, operating cash flow was CNY 6.362 billion (-21.61%), with net outflows of CNY 810 million from investing and CNY 5.802 billion from financing activities Consolidated Cash Flow Statement Summary (Jan-Sep 2020) | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 6,362,215,590.40 | 8,115,981,138.53 | | Net Cash Flow from Investing Activities | -810,448,875.82 | -687,990,135.39 | | Net Cash Flow from Financing Activities | -5,802,094,098.94 | -4,920,370,118.33 | Parent Company Cash Flow Statement For Q1-Q3 2020, parent company operating cash flow was a net outflow of CNY 39 million, investing cash flow was a net inflow of CNY 3.122 billion, and financing cash flow was a net outflow of CNY 2.788 billion Parent Company Cash Flow Statement Summary (Jan-Sep 2020) | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -39,036,319.95 | 121,700,837.88 | | Net Cash Flow from Investing Activities | 3,122,137,002.37 | 2,792,426,250.77 | | Net Cash Flow from Financing Activities | -2,787,898,341.78 | -2,419,353,798.63 | Accounting Standard Change Adjustments Effective January 1, 2020, the company adopted new revenue standards, reclassifying CNY 74.65 million from 'Advances from Customers' to 'Contract Liabilities' in consolidated statements, with no impact on opening retained earnings - The company first adopted new revenue standards in 2020, adjusting relevant items in its opening financial statements[32] Consolidated Balance Sheet Adjustments | Item | Before Adjustment (CNY) | After Adjustment (CNY) | Adjustment Amount (CNY) | | :--- | :--- | :--- | :--- | | Advances from Customers | 125,254,333.44 | 50,606,738.08 | -74,647,595.36 | | Contract Liabilities | - | 74,647,595.36 | 74,647,595.36 | Retrospective Adjustment Explanation The company did not retrospectively adjust prior period comparative data when adopting new accounting standards - The company did not retrospectively adjust prior period comparative data[39] Audit Report This quarterly report remains unaudited - This quarterly financial report is unaudited[39][4]