CHINA COAL ENERGY(SH:601898)2024-03-20 16:00Financial Performance - The net profit attributable to shareholders for the year ended December 31, 2023, was CNY 20,183,598,000 under IFRS and CNY 19,534,049,000 under Chinese GAAP, with a proposed cash dividend of CNY 5,860,214,700, representing 30% of the net profit under Chinese GAAP, equating to CNY 0.442 per share[4]. - The company's operating revenue for 2023 was CNY 192,968,833, a decrease of 12.5% compared to CNY 220,576,859 in 2022[15]. - The net profit attributable to shareholders for 2023 was CNY 19,534,049, representing a 7.0% increase from CNY 18,259,055 in 2022[15]. - The net cash flow from operating activities for 2023 was CNY 42,965,340, a decline of 1.5% from CNY 43,634,064 in 2022[15]. - The basic earnings per share for 2023 was CNY 1.47, up 6.5% from CNY 1.38 in 2022[17]. - The company achieved a total profit of 33.049 billion yuan in 2023, a 0.5% increase from the previous year and a 26.8% increase compared to 2021, with a three-year compound growth rate of 12.6%[27]. - Net profit attributable to shareholders reached 19.534 billion yuan, up 7.0% year-on-year and 42.2% compared to 2021, with a three-year compound growth rate of 19.2%[27]. - The company maintained a strong cash flow with net cash inflow from operating activities at 42.965 billion yuan, consistently above 40 billion yuan over the past three years[27]. Production and Sales - The production of self-produced commercial coal was 134.22 million tons, an increase of 15.05 million tons or 12.6% year-on-year[24]. - The sales volume of self-produced commercial coal was 133.91 million tons, an increase of 13.57 million tons or 11.3% year-on-year[24]. - The total coal production for the year was 133.42 million tons, with sales volume at 133.91 million tons, generating sales revenue of 80.62 billion RMB[98]. - The company achieved a record coal production of 134.22 million tons in 2023, an increase of 12.6% from 119.17 million tons in 2022[30]. - Total coal sales volume reached 284.94 million tons, up 8.4% from 262.95 million tons in 2022, with self-produced coal sales increasing by 11.3% to 133.91 million tons[33]. Cost Management - The unit sales cost of self-produced commercial coal decreased by 16 RMB per ton, a decline of 4.9%, contributing an additional profit of 2.1 billion RMB[25]. - The company’s asset-liability ratio decreased by 3.8 percentage points to 47.7%, reflecting improved financial stability[24]. - The company’s coal business operating costs were CNY 122.14 billion, a decrease of CNY 20.34 billion or 14.3% compared to CNY 142.49 billion in 2022[59]. - The gross profit for the coal business in 2023 was CNY 40.54 billion, down CNY 7.89 billion or 16.3% from CNY 48.43 billion in 2022, with a gross margin of 24.9%[63]. Investments and Projects - The company is advancing the construction of a 900,000-ton polyolefin project in Yulin, Shaanxi, and has completed investment decisions for the "Liquid Sunshine" project, which is included in the national energy innovation plan[26]. - The Dahu Coal Mine project has been approved to increase its construction scale from 15 million tons/year to 20 million tons/year, with a total investment of RMB 17.066 billion, and completed an investment of RMB 2.249 billion in 2023, totaling RMB 16.964 billion[105]. - The company’s capital expenditure for 2023 was planned at 18.02 billion RMB, with actual spending reaching 15.76 billion RMB, achieving 87.44% of the target[102]. - The company plans to allocate a capital expenditure of 16.009 billion yuan for 2024, representing a 1.6% increase from the 15.757 billion yuan completed in 2023[123]. Environmental and Social Responsibility - The company is actively participating in carbon peak and carbon neutrality initiatives, aligning with national environmental goals[179]. - The company has invested in ecological restoration projects, adhering to environmental red line regulations and focusing on land reclamation and soil conservation[184]. - The company has been recognized as a national "Green Factory" for its commitment to ecological and environmental responsibilities[179]. - The company invested CNY 32.6714 million in rural revitalization projects, benefiting over 30,470 people[196]. Governance and Compliance - The company established a governance structure consisting of the shareholders' meeting, party committee, board of directors, supervisory board, and management, ensuring clear responsibilities and regulatory compliance[134]. - The company has implemented a comprehensive internal control system, ensuring effective management and supervision of significant decisions and financial transactions[174]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties, nor any violations in decision-making procedures for external guarantees[5]. - The company plans to continue strict compliance with laws and regulations to protect the interests of shareholders in 2024[133]. Future Outlook and Strategy - The company plans to produce and sell over 129 million tons of coal in 2024, with polyolefin products and urea production targets set at 1.45 million tons and 1.85 million tons, respectively[114]. - The company aims to enhance coal supply capacity and industry leadership by optimizing production and marketing strategies, focusing on efficient collaboration between production and sales[115]. - The company is committed to achieving a "zero death" safety goal and will strengthen risk management and safety culture to support high-quality development[115]. - The company aims to create a world-class energy enterprise by 2035, focusing on multi-energy complementarity and green low-carbon development[113].