CHINA COAL ENERGY(601898)2021-03-24 16:00Financial Performance - The net profit attributable to shareholders for the year ended December 31, 2020, was CNY 5,904,167,000 under Chinese accounting standards, with a proposed cash dividend of CNY 1,771,250,100, representing 30% of the net profit[5]. - The company plans to distribute a cash dividend of CNY 0.134 per share based on the total issued share capital of 13,258,663,400 shares[5]. - In 2020, the company's operating revenue reached CNY 140,961,304 thousand, representing a 9.0% increase compared to CNY 129,334,706 thousand in 2019[22]. - The net profit attributable to shareholders was CNY 5,904,167 thousand, a 4.9% increase from CNY 5,628,607 thousand in the previous year[22]. - The basic earnings per share for 2020 was CNY 0.45, up 7.1% from CNY 0.42 in 2019[23]. - The total assets at the end of 2020 amounted to CNY 281,686,377 thousand, reflecting a 3.3% increase from CNY 272,565,137 thousand in 2019[22]. - The net cash flow from operating activities was CNY 22,631,996 thousand, a 3.0% increase compared to CNY 21,980,611 thousand in 2019[22]. - The company achieved a total operating revenue of RMB 140.96 billion in 2020, an increase of RMB 11.63 billion or 9.0% year-on-year[62]. - The net profit attributable to shareholders of the parent company was RMB 5.90 billion, up RMB 0.28 billion or 4.9% year-on-year[62]. - The company's total profit increased by 1.4% to 12.325 billion RMB in 2020, compared to 12.151 billion RMB in 2019[104]. Risk Management - The company faces risks related to macroeconomic fluctuations, product price volatility, safety production, project investment, environmental protection, rising costs, and exchange rates, which are detailed in the report[8]. - The company emphasizes the importance of risk management, particularly in safety, environmental protection, and project investment[168][172][171]. - The company will adjust its operational plans based on actual market conditions and potential risks from external factors[163]. Governance and Compliance - The company has received a standard unqualified audit report from Deloitte Huayong Accounting Firm[4]. - The board of directors guarantees the authenticity, accuracy, and completeness of the annual report, with no false records or misleading statements[9]. - The company does not have any non-operating fund occupation by controlling shareholders or related parties[6]. - The company does not have any violations in decision-making procedures for providing guarantees[6]. - The supervisory board confirmed that the financial reports were audited without any reservations, reflecting the company's financial status accurately[181]. - The supervisory board found no violations of laws or regulations by the company's directors and senior management during the reporting period[180]. - The company has committed to distributing at least 20% of its annual distributable profits as cash dividends to shareholders, based on the lower of the amounts calculated under Chinese accounting standards and international financial reporting standards[194]. Operational Highlights - The company maintained a zero infection rate among its employees during the COVID-19 pandemic while achieving significant operational performance[33]. - The company achieved a coal sales volume of 265.44 million tons in 2020, a year-on-year increase of 14.8%, with accounts receivable turnover days controlled within 10 days[44]. - The company produced and sold 147.4 million tons of polyolefins, 224.8 million tons of urea, and 68.8 million tons of methanol in 2020, with a 100% collection rate for receivables[47]. - The company completed a coal production of 110 million tons, an increase of 8.17 million tons year-on-year, and a growth of 15.3% compared to 2015[34]. - The company achieved a total coal production of 110.01 million tons and sales of 111.05 million tons, exceeding its annual production and operation plan[160]. Investment and Capital Expenditure - The company completed capital expenditures of 10.411 billion RMB, achieving 76.18% of the planned 13.666 billion RMB[137]. - The company invested 3.16 billion RMB in external equity investments during 2020, primarily for local coal mine integration and capital contributions[144]. - The capital expenditure plan for 2021 is set at 11.789 billion yuan, a decrease of 1.877 billion yuan (13.73%) compared to 2020[164]. - The investment in coal is planned at 9.046 billion yuan, which is an increase of 8.86% from the previous year's completion of 8.31 billion yuan[166]. Future Outlook - The company plans to continue optimizing its industrial structure and accelerating the layout of new energy projects in 2021, aiming for high-quality development[38]. - The company aims to become a world-class clean energy supplier and service provider, focusing on safety, green production, and high-efficiency utilization[157]. - The company plans to enhance its marketing capabilities to optimize regional coal resource integration and increase revenue generation[161]. - The company plans to produce and sell over 105 million tons of self-produced coal, 1.4 million tons of polyolefin products, and 2 million tons of urea in 2021[161].