华电国际(600027) - 2022 Q1 - 季度财报

Company Overview Key Financial Data and Indicators In Q1 2022, operating revenue slightly decreased by 3.98%, while net profit attributable to shareholders significantly declined by 50.26% due to rising coal prices, with operating cash flow remaining stable and retrospective adjustments disclosed | Indicator (Thousand RMB) | Current Period | Prior Period (Restated) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 28,815,896 | 30,010,563 | -3.98% | | Net Profit Attributable to Shareholders | 616,670 | 1,239,728 | -50.26% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | 450,249 | 1,086,463 | -58.56% | | Net Cash Flow from Operating Activities | 4,039,639 | 4,254,501 | -5.05% | | Basic Earnings Per Share (RMB/share) | 0.040 | 0.099 | -59.60% | | Weighted Average Return on Net Assets (%) | 1.01% | 1.95% | -48.21% | - The significant year-over-year decline in profit was primarily due to increased operating costs from rising coal prices, with current period operating costs approximately 28.288 billion RMB, a 6.98% year-over-year increase[8] - Investment income significantly increased by 518.09% year-over-year, reaching approximately 1.179 billion RMB, primarily due to improved performance of associates and joint ventures[8] - The company retrospectively adjusted prior period data due to: 1) the 2021 acquisition of equity in certain China Huadian Group companies in Hunan, included in the consolidated financial statements; and 2) the adoption of 'Interpretation No. 15 of Accounting Standards for Business Enterprises' from 2022, requiring retrospective adjustment for trial operation sales[3][4][5] Non-recurring Gains and Losses | Non-recurring Gains and Losses (Thousand RMB) | Current Period Amount | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 81,747 | | Government Grants | 156,733 | | Other Non-operating Income and Expenses | 21,889 | | Total | 166,421 | Shareholder Information As of the end of the reporting period, the company had 124,843 common shareholders, with the top two shareholders, China Huadian Group Co., Ltd. and HKSCC Nominees Limited, holding over 65% combined, indicating a relatively concentrated equity structure - As of the end of the reporting period, the company had a total of 124,843 common shareholders[9] Top Ten Shareholders | Top Ten Shareholders | Shareholding Percentage (%) | Nature of Shares | | :--- | :--- | :--- | | China Huadian Group Co., Ltd. | 46.81 | State-owned Legal Person | | HKSCC Nominees Limited | 18.37 | Overseas Legal Person | | Shandong Development Investment Holding Group Co., Ltd. | 7.67 | State-owned Legal Person | | China Securities Finance Corporation Limited | 3.89 | Unknown | | Shenergy Company Limited | 1.32 | State-owned Legal Person | Other Reminders Other Reminders During the reporting period, the company has no other significant operational information requiring special attention from investors - The company confirms there is no other significant information regarding its operations during the reporting period that requires investor attention[12] Quarterly Financial Statements Audit Opinion The financial statements for this quarter are unaudited - The company's Q1 2022 financial statements are unaudited[2][12] Financial Statement Analysis Financial statements indicate a slight decrease in total assets, significant pressure on profitability with a sharp decline in net profit due to high coal prices, stable operating cash flow, reduced investment outflows, and increased financing outflows, reflecting a strategy of slowing capital expenditure and active debt repayment this quarter Consolidated Balance Sheet As of March 31, 2022, total assets were 213.892 billion RMB, a 2.25% decrease from year-end, primarily due to a 63.79% drop in inventory from reduced coal stock and a 79.50% decrease in contract liabilities as heating season ended, with total liabilities decreasing and owner's equity slightly increasing | Item (Thousand RMB) | March 31, 2022 | December 31, 2021 | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 213,892,228 | 218,860,429 | -2.25% | | Total Liabilities | 139,926,249 | 145,294,314 | -3.70% | | Equity Attributable to Parent Company Owners | 62,362,256 | 61,829,644 | +0.92% | - Inventory decreased by 63.79% from the end of the previous year, primarily due to a reduction in coal stock[7] - Contract liabilities decreased by 79.50% from the end of the previous year, mainly because of reduced advance heating fees as the heating season concluded[7] Consolidated Income Statement In Q1 2022, operating revenue was 28.816 billion RMB, a 3.98% year-over-year decrease; operating costs rose 6.98% to 28.288 billion RMB due to higher coal prices, severely squeezing gross margins, resulting in net profit attributable to parent company shareholders of 616.67 million RMB, a 50.26% year-over-year decline | Item (Thousand RMB) | Q1 2022 | Q1 2021 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 28,815,896 | 30,010,563 | -3.98% | | Operating Cost | 28,288,361 | 26,443,717 | +6.98% | | Investment Income | 1,179,450 | 190,823 | +518.09% | | Total Profit | 531,383 | 2,284,305 | -76.74% | | Net Profit Attributable to Parent Company Shareholders | 616,670 | 1,239,728 | -50.26% | Consolidated Cash Flow Statement During the reporting period, net cash flow from operating activities was 4.040 billion RMB, a 5.05% slight year-over-year decrease, remaining largely stable; net cash outflow from investing activities was 1.365 billion RMB, a 56.94% significant year-over-year reduction due to decreased capital expenditures; net cash outflow from financing activities was 2.315 billion RMB, a 79.88% year-over-year increase primarily due to increased debt repayment | Item (Thousand RMB) | Q1 2022 | Q1 2021 (Restated) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 4,039,639 | 4,254,501 | -5.05% | | Net Cash Flow from Investing Activities | -1,365,290 | -3,170,570 | Outflow decreased by 56.94% | | Net Cash Flow from Financing Activities | -2,314,722 | -1,286,792 | Outflow increased by 79.88% | - Net cash outflow from investing activities decreased year-over-year, primarily due to reduced capital expenditures[8] - Net cash outflow from financing activities increased year-over-year, primarily due to increased debt repayment by the company[8] Accounting Standard Changes and Adjustments Effective January 1, 2022, the company adopted 'Interpretation No. 15 of Accounting Standards for Business Enterprises' regarding trial operation sales, retrospectively adjusting relevant financial data, impacting opening balances of fixed assets, construction in progress, surplus reserves, and retained earnings, resulting in a 34.285 million RMB reduction in total opening equity attributable to parent company owners - The company adopted 'Interpretation No. 15 of Accounting Standards for Business Enterprises' effective January 1, 2022, retrospectively adjusting trial operation sales occurring on or after January 1, 2021[29][35] Key Adjustment Items (Consolidated Statements) | Key Adjustment Items (Consolidated Statements) | Adjustment Amount (Thousand RMB) | | :--- | :--- | | Fixed Assets | -38,787 | | Construction in Progress | -3,368 | | Surplus Reserves | -509 | | Retained Earnings | -33,776 | | Total Equity Attributable to Parent Company Owners | -34,285 | | Non-controlling Interests | -7,870 |