晋控电力(000767) - 2019 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2019 was ¥12,025,002,573.32, representing a 7.08% increase compared to ¥11,230,044,071.67 in 2018[24] - The net profit attributable to shareholders for 2019 was ¥68,131,964.33, a decrease of 78.67% from ¥319,388,063.92 in 2018[24] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥55,123,416.22, showing a 91.50% improvement from -¥648,577,254.54 in 2018[24] - The basic earnings per share for 2019 were ¥0.0221, down 78.71% from ¥0.1038 in 2018[24] - The diluted earnings per share for 2019 were also ¥0.0221, reflecting the same decline of 78.71% from ¥0.1038 in 2018[24] - The weighted average return on equity for 2019 was 0.90%, a decrease of 3.42% from 4.32% in 2018[24] Cash Flow and Assets - The net cash flow from operating activities was ¥2,216,905,412.48, an increase of 9.84% from ¥2,018,353,229.28 in 2018[24] - The total assets at the end of 2019 were ¥50,935,982,708.41, a 1.09% increase from ¥50,388,527,840.85 at the end of 2018[24] - The net assets attributable to shareholders at the end of 2019 were ¥7,614,028,344.88, a slight increase of 0.90% from ¥7,545,896,380.55 at the end of 2018[24] - The company reported a significant difference between net cash flow from operating activities and net profit, with a discrepancy of CNY 2,200,625,070.45[81] - Total assets included cash and cash equivalents of CNY 4,177,047,512.65, accounting for 8.20% of total assets[86] Revenue Breakdown - The electricity segment contributed ¥9,914,979,354.10, accounting for 82.45% of total revenue, with a year-on-year growth of 15.37%[51] - Coal-fired power revenue decreased by 45.81% to ¥801,773,687.39, down from ¥1,479,597,672.77 in 2018[51] - The company sold 3,282,488.57 million kWh of electricity in 2019, a 12.12% increase from 2,927,640.23 million kWh in 2018[57] - The revenue from energy-saving technology services plummeted by 89.32% to ¥6,442,096.80, down from ¥60,332,209.79 in 2018[51] - The company reported a significant increase in revenue from other services, which rose by 176.12% to ¥214,839,600.70[54] Costs and Expenses - The total operating cost for 2019 was ¥8,061,023,224.22, reflecting a 1.44% increase from ¥7,946,364,493.00 in 2018[58] - The company’s fuel costs accounted for 46.18% of total operating costs, amounting to ¥4,612,741,740.29[58] - Sales expenses decreased by 43.57% to ¥1,188,430.09 compared to the previous year[67] - Management expenses increased by 7.34% to ¥178,056,588.60, primarily due to increased employee compensation[67] - Financial expenses rose by 6.84% to ¥1,710,003,779.06, mainly due to an increase in financing lease borrowings[67] Investments and Projects - The total investment amount for the reporting period was CNY 3,049,293,820.48, a staggering increase of 876.07% compared to the previous year[90] - The investment progress for the first phase of the Jiangxian Chen Village Wind Power Project (100MW) reached 97.75% with a cumulative investment of CNY 67.84 million[101] - The new Longxi Town 30MW photovoltaic project achieved an investment progress of 83.40% with a cumulative investment of CNY 20.18 million[101] - The He Feng 100MWp photovoltaic project reached 96.80% investment progress with a cumulative investment of CNY 72.21 million[101] - The Akto County 40MW grid-connected photovoltaic project achieved 92.36% investment progress with a cumulative investment of CNY 37.41 million[101] Subsidiaries and Market Position - The company expanded its consolidated scope, adding 2 subsidiaries and reducing 6, resulting in a total of 71 subsidiaries included in the consolidation[62] - The major subsidiaries contributing over 10% to the company's net profit include Hejin Water Supply Co., Shanxi Linfen Thermal Co., and Shanxi Zhangdian Datang Power Co.[130] - Total revenue for Shanxi Zhangze Electric Power Co., Ltd. reached approximately CNY 11.65 billion, with a net profit of CNY 297.25 million[137] Future Plans and Strategies - The company aims to achieve an electricity generation target of 35.2 billion kWh for the year 2020[141] - The company plans to enhance market marketing efforts to secure additional electricity generation capacity within the province[141] - The company plans to implement a pricing mechanism based on market trends to ensure transaction prices do not fall below the provincial average[141] - The company aims to increase the proportion of long-term coal supply to over 55% for the year, while reducing general materials and parts procurement costs by 10% year-on-year[142] - The company is targeting an upgrade of its credit rating from AA+ stable to AAA to enhance its financing capabilities and market image[143] Environmental and Compliance Commitments - The company is committed to environmental management, ensuring compliance with pollutant discharge standards and participating in national carbon emission trading[142] - The company has pledged to comply with laws regarding external guarantees and will not provide illegal guarantees or misuse funds[166] - The company has committed to maintaining independence from its controlling shareholder, ensuring no conflicts in personnel, finance, assets, and operations during the period of control[163] - The company has reported that it will avoid any competition with its controlling shareholder's core business and will adhere to relevant regulations during shareholder meetings[169] - The company faced environmental penalties for exceeding nitrogen oxide and sulfur dioxide emissions, with fines of 100,000 yuan each for three incidents[195]