Financial Performance - The company's operating revenue for the year ended December 31, 2023, was approximately RMB 122.40 billion, an increase of about 4.77% compared to the previous year[3]. - The pre-tax profit reached approximately RMB 5.70 billion, showing a significant increase of approximately 7,307.79% year-on-year[3]. - The net profit attributable to equity holders of the company was approximately RMB 1.44 billion, a turnaround from a net loss of RMB 0.33 billion in 2022, representing a 540.06% improvement[3]. - Basic earnings per share improved to a loss of RMB 0.0115, compared to a loss of RMB 0.0921 in the previous year, marking an 87.51% reduction in losses[3]. - The total operating costs for the year amounted to approximately RMB 114.38 billion, reflecting a slight increase of about 0.54% year-on-year due to increased power generation costs[13]. - The net financial expenses for the year were approximately RMB 5.77 billion, a decrease of about 14.07% year-on-year, attributed to a reduction in debt financing scale and controlled financing costs[14]. - The total profit before tax for the year was approximately RMB 5.70 billion, representing a significant increase of about 7,307.79% year-on-year, with net profit attributable to equity holders of the company at approximately RMB 1.44 billion, compared to a net loss of RMB 327 million in 2022[15]. - The company's operating revenue for the year ended December 31, 2023, was RMB 122,404,466 thousand, an increase from RMB 116,828,044 thousand in 2022, representing a growth of approximately 4.5%[43]. - The operating profit for the year was RMB 8,023,565 thousand, a significant increase from RMB 3,061,886 thousand in the previous year, reflecting a growth of approximately 162.5%[43]. - The net profit attributable to the company's equity holders for the year was RMB 3,101,495 thousand, compared to a loss of RMB 780,091 thousand in 2022, marking a substantial turnaround[43]. - The company reported a net profit of RMB 3,101,495 thousand for the year ended December 31, 2023, compared to a loss of RMB 780,091 thousand in 2022, indicating a significant turnaround in performance[44]. - Total comprehensive income for the year was RMB 3,365,191 thousand, a recovery from a loss of RMB 737,208 thousand in the previous year[44]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.0075 per share for the fiscal year 2023[3]. - The company proposed a cash dividend of RMB 0.0075 per share, amounting to a total of approximately RMB 138.8 million based on the total share capital of 18,506,710,504 shares as of December 31, 2023[26]. - The company will complete profit distribution matters within two months after shareholder meeting approval[28]. - The company proposed a final dividend of RMB 0.0075 per share for the year ended December 31, 2023, totaling RMB 138,800,000[77]. Asset and Liability Management - As of December 31, 2023, the total assets of the group were approximately RMB 304.04 billion, a decrease of about RMB 1.15 billion from the end of 2022, mainly due to a reduction in prepaid fuel payments[16]. - The total liabilities of the group as of December 31, 2023, were approximately RMB 215.60 billion, a decrease of about RMB 13.26 billion from the end of 2022, primarily due to a reduction in interest-bearing debt financing[16]. - The group had a debt ratio of approximately 70.91% and a net debt-to-equity ratio of approximately 183.25% as of December 31, 2023[18]. - The company's total liabilities decreased to RMB 28,639,574 in 2023 from RMB 31,996,684 in 2022[83]. - The company's total assets less current liabilities amounted to RMB 212,809,141 thousand in 2023, compared to RMB 202,756,342 thousand in 2022, reflecting an increase of about 4.9%[46]. - The total assets for the reporting segments as of December 31, 2023, were RMB 303,998,918 thousand, slightly down from RMB 305,132,264 thousand in 2022[64]. - The total liabilities for the reporting segments decreased to RMB 215,532,968 thousand in 2023 from RMB 228,827,927 thousand in 2022, showing a reduction of about 5.8%[64]. Operational Developments - The company added a total of 4,799.2 MW of new generating capacity in 2023, with 2,047.5 MW from wind projects and 1,604.7 MW from solar projects, increasing the proportion of low-carbon clean energy capacity to 37.75%[10]. - A total of 184 power projects were approved during the reporting period, with an approved capacity of 12,782.43 MW, including 4,000 MW from two coal-fired projects[11]. - The company is advancing its green transformation strategy, focusing on the development of new energy and the upgrading of existing coal power projects[10]. - The company is committed to energy security and has successfully completed major power supply tasks for significant events, demonstrating its capability in energy supply assurance[10]. - The company is focusing on the transformation and development of new energy and clean coal power, emphasizing green transformation and resource optimization[27]. Corporate Governance and Compliance - The company has made significant progress in corporate governance, enhancing its governance system and risk control measures, and has received multiple awards for its corporate brand image[11]. - The company has adhered to corporate governance codes throughout the year, with specific exceptions noted[34]. - The company has undergone significant changes in its board of directors, with new appointments effective from February 21, 2023, and December 21, 2023[31][32]. - The company is committed to improving its internal control system and risk management to ensure effective operation[27]. Future Outlook - The outlook for 2024 includes a focus on safety management and cost control to maximize overall efficiency and profitability[24]. - The company plans to enhance its R&D investment management and stimulate employee participation in technological innovation[27]. - The company aims to enhance its brand image and value creation capabilities through comprehensive management improvements[27]. Employee and Compensation - The total number of employees in the group was 29,077 as of December 31, 2023, with a focus on performance-based compensation and talent incentives[20]. - Employee costs totaled RMB 11,184,197 thousand in 2023, up from RMB 9,053,290 thousand in 2022, indicating a growth of approximately 23.5%[75]. Tax and Financial Reporting - The company’s tax expense for the year was RMB (2,602,793) thousand, compared to RMB (856,686) thousand in the previous year, indicating an increase in tax obligations[43]. - The company reported a total income tax expense for 2023 of RMB 2,602,793 thousand, significantly higher than RMB 856,686 thousand in 2022, indicating a substantial rise in tax obligations[74]. - The application of the revised International Financial Reporting Standards (IFRS) has resulted in an increase in income tax expenses by RMB 5,535,000 for the year ending December 31, 2023, compared to a decrease of RMB 2,432,000 in 2022[55]. - The company aims to enhance its financial reporting accuracy by addressing the discrepancies between IFRS and Chinese Accounting Standards in future disclosures[94].
大唐发电(00991) - 2023 - 年度业绩