长源电力(000966) - 2022 Q4 - 年度财报

Financial Performance - Hanchuan Yifa achieved a total power generation of 6.253 billion kWh and a net profit of -42.52 million yuan, with a year-on-year increase in net profit of 77.87 million yuan due to increased power generation and average selling price[3] - Jingmen Company completed a power generation of 6.452 billion kWh, with a net profit of 23.68 million yuan, reflecting a year-on-year increase of 191.83 million yuan attributed to higher power generation and selling prices[3] - Jingzhou Company reported a power generation of 3.374 billion kWh and a net profit of 39.31 million yuan, with a year-on-year increase of 74.37 million yuan driven by increased power generation and selling prices[3] - Changyuan Yifa generated 1.779 billion kWh, resulting in a net profit of -27.43 million yuan, with a year-on-year increase of 13.21 million yuan due to higher power generation and selling prices[4] - Hubei New Energy achieved a power generation of 477 million kWh and a net profit of 70.83 million yuan, with a year-on-year increase of 7.67 million yuan attributed to increased power generation[4] - Hubei Electric reported a net profit of 175.12 million yuan, a year-on-year decrease of 12.84 million yuan due to reduced power generation from its hydropower plants[4] - Hanchuan Company generated 10.219 billion kWh, achieving a net profit of 347.63 million yuan, with a year-on-year increase of 176.09 million yuan driven by increased power generation and selling prices[4] - Qingshan Company reported a power generation of 3.136 billion kWh and a net profit of -109.19 million yuan, with a year-on-year increase of 51.86 million yuan due to higher selling prices offsetting coal price increases[4] - Enshi Hydropower generated 907 million kWh, resulting in a net profit of -59.27 million yuan, with a year-on-year decrease of 121.15 million yuan due to reduced water inflow affecting power generation[4] Asset and Financial Management - Shiyan Hydropower reported a total asset value of CNY 780.31 million and a net asset value of CNY 430.27 million, with a net profit decrease of CNY 43.41 million year-on-year due to reduced hydropower generation caused by drought[13] - Hanchuan New Energy achieved a total asset value of CNY 472.06 million, net profit of CNY 15.35 million, and an operating profit of CNY 15.15 million during the reporting period[14] - Shishou Comprehensive Energy reported total assets of CNY 430.78 million, net profit of CNY 20.84 million, and an operating profit of CNY 20.73 million, with a generation output of 0.9 billion kWh[16] - Jingmen New Energy, with total assets of CNY 1.10 billion, reported an operating income of CNY 1.38 million, but was still in the construction phase and not yet operational[17] - Public Security New Energy generated 0.16 billion kWh, with total assets of CNY 490.09 million and a net profit of CNY 5.93 million[18] - Huagong Chuangtou reported total assets of CNY 783.71 million, net profit of CNY 122.88 million, and an operating income of CNY 62.55 million during the reporting period[21] Corporate Governance - The company completed the payment of remuneration to directors, supervisors, and senior management as per regulations during the reporting period[28] - The independent directors' allowances are determined based on the company's scale and industry, referencing similar listed companies[28] - The board of directors held a total of 12 meetings during the reporting period, with an average attendance rate of 5 out of 12 for directors[30] - The company did not receive any objections from directors regarding company matters during the reporting period[32] - The company’s financial statements for the year ended December 31, 2021, were prepared in accordance with accounting standards and fairly reflect its financial position[37] - The company agreed to write off long-term receivables amounting to 281,000 yuan from its wholly-owned subsidiary during the reporting period[37] - The company’s internal control self-assessment report and audit report were approved, indicating compliance with regulatory requirements[37] - The company’s management is advised to adjust its basic management system in response to evolving circumstances and regulatory requirements[37] - The company’s board of directors actively coordinated communication between management, internal audit, and external audit institutions[37] - The company’s remuneration distribution management plan for senior management was reviewed and approved by the remuneration and assessment committee[28] Leadership Changes - The company announced the election of a new chairman, Wang Dong, on April 21, 2023, following the resignation of Zhao Hu on March 24, 2023[47] - The company reported a significant leadership change with the appointment of Hu Qian as Deputy General Manager on May 20, 2022[47] - The company has a new independent director, Zhang Hong, elected on May 20, 2022, to strengthen its governance structure[47] - The company is focusing on expanding its market presence and enhancing its operational efficiency through strategic leadership appointments[47] - The company’s financial performance and future outlook were discussed, emphasizing the importance of leadership stability in achieving growth targets[47] Strategic Initiatives - The company is committed to ongoing research and development of new technologies to improve its service offerings and operational capabilities[48] - The company aims to leverage its leadership expertise to drive strategic initiatives and enhance shareholder value[48] - The company is actively pursuing opportunities for market expansion and potential mergers and acquisitions to strengthen its competitive position[48] - The company’s board restructuring is expected to align with its long-term strategic goals and enhance decision-making processes[48] - The company is focused on maintaining a robust governance framework to support its growth and operational strategies[48] Remuneration and Compensation - The total pre-tax remuneration for the board members amounted to CNY 727.38 million[54] - Zhao Hu, the former chairman, received a pre-tax remuneration of CNY 90.66 million before leaving the position[54] - The current vice general managers, including Qiu Hua, Hu Qian, Li Jun, and Liu Jun, received pre-tax remunerations of CNY 78.36 million, CNY 75.44 million, CNY 76.89 million, and CNY 73.53 million respectively[54] - The company has multiple directors serving in other organizations, including Liu Zhiqiang and Li Liang, who hold directorships in energy-related companies[50][51] - The company is actively involved in corporate governance, with independent directors like Tang Xiangxi and Zhang Hong receiving remuneration for their roles[54] - The company has a structured decision-making process for board member remuneration, ensuring transparency and compliance[53] - The total remuneration for the current board members reflects a strategic approach to attract and retain talent in key positions[54] - The company continues to expand its governance framework by appointing experienced professionals in various capacities[50][51] - The board's performance and decision-making are regularly documented and disclosed to maintain accountability[55] Dividend Policy - The company reported a cash dividend of 38,490,587.79 CNY, which represents 31.33% of the total profit distribution[72] - The company did not propose any cash dividend distribution plan despite having a positive profit available for distribution to shareholders[71] - The company maintained a clear dividend policy without any adjustments during the reporting period, ensuring the protection of minority shareholders' rights[71] - The company’s available profit for distribution was reported at 122,832,480.51 CNY[72] - The proposed cash dividend is 0.14 yuan per 10 shares, amounting to 38.4906 million yuan, which represents 31.33% of the distributable profit for 2022[94] Environmental Compliance - The company completed environmental upgrades, including ultra-low emissions modifications for three pollutants, achieving compliance with national standards[86] - The company installed dust removal, desulfurization, and denitrification facilities across all coal-fired power plants, ensuring normal operation[85] - The total emissions of sulfur dioxide from Jingmen Company were 385 tons, well below the permitted total of 1359 tons[84] - The total emissions of nitrogen oxides from Hanchuan Company were 972 tons, also below the permitted total of 5960 tons[84] - The company has complied with pollution discharge regulations, with annual emissions of sulfur dioxide, nitrogen oxides, and smoke dust recorded at 1,796 tons, 12,779 tons, and 455 tons respectively[108] - The company has not experienced any environmental pollution incidents during the reporting period and has established emergency response plans for environmental emergencies[106] - The company invested approximately 110 million yuan in environmental protection projects in 2022, with plans to invest 140 million yuan in 2023 for further improvements[125] - The company paid 8.072 million yuan in environmental protection taxes during the reporting period[125] Social Responsibility - The company invested 1.47 million yuan in targeted poverty alleviation efforts, completing all annual assistance goals[110] - The company is committed to helping stabilize poverty alleviation results and will continue to innovate and improve long-term development plans for the village's industry in 2023[131] - The company organized a two-day investment promotion activity with local enterprises, focusing on labor employment, agricultural product sales, and characteristic industries[131] - The company conducted a comprehensive investigation of poverty-stricken households, focusing on 10 households at risk of falling back into poverty[131] - The company has implemented various training activities, including safety training for employees of local enterprises[131] Related Party Transactions - The company received a total of 9.9069 million yuan from related party rental income and property fees, which is within the estimated 13 million yuan for 2022[171] - The project for the expansion of the Jingzhou Thermal Power Phase II with a contract amount of 101.7717 million yuan was awarded to a related party[171] - The company signed a contract for the EPC project of the 2×640MW ammonia-to-urea project with a contract amount of 27.290841 million yuan[171] - The project for the construction of the smart management platform (IMS) for the new power generation project in Suizhou was awarded to a related party with a contract amount of 41.86815703 million yuan[171] - The company has engaged in various related party transactions, including rental agreements and project contracts, with significant amounts involved[171] Internal Control and Audit - The company maintained effective internal control over financial reporting in 2022, with no significant deficiencies identified[79] - The internal control audit report was disclosed on April 26, 2023, with a standard unqualified opinion[79] - The company’s audit committee communicated with external auditors regarding the audit process and findings[62] - The company has established a comprehensive internal control system, with no significant deficiencies found in financial and non-financial reporting during the reporting period[95] Risk Management - The company identified five major risks, including investment risk and market competition risk, all of which are considered manageable[95]