Financial Performance - For the year ended December 31, 2022, the revenue was $2,430.1 million, an increase of 36.9% compared to $1,775.3 million for the year ended December 31, 2021[3]. - The profit for the year ended December 31, 2022, was $214.4 million, a decrease of 17.9% from $261.1 million for the year ended December 31, 2021[3]. - The profit attributable to equity shareholders for the year ended December 31, 2022, was $195.1 million, down 20.1% from $244.3 million for the year ended December 31, 2021[3]. - The basic earnings per share for the year ended December 31, 2022, was 4.55 cents, a decline of 20.1% from 5.69 cents for the year ended December 31, 2021[5]. - The total operating expenses for the year ended December 31, 2022, amounted to $1,840.4 million, compared to $1,295.7 million for the year ended December 31, 2021[4]. - The operating profit for the year ended December 31, 2022, was $589.7 million, an increase from $479.6 million for the year ended December 31, 2021[4]. - The pre-tax profit for the year was $272.99 million, down from $295.18 million in the previous year[10]. - Other income for 2022 was $42.7 million, a slight increase of 3.4% from $41.3 million in the previous year[25]. - Financial expenses rose to $227.1 million, an increase of 20.7% from $188.2 million in the previous year, mainly due to increased interest expenses as wind power projects commenced operations[27]. - The company's income tax expense for 2022 was USD 58.6 million, an increase of USD 24.5 million or 71.9% compared to USD 34.1 million in the previous year, primarily due to the expiration of preferential tax rates for certain subsidiaries in China[30]. Assets and Liabilities - Non-current assets as of December 31, 2022, were $6,451.0 million, down from $7,074.5 million as of December 31, 2021[6]. - Current assets as of December 31, 2022, totaled $1,892.9 million, compared to $1,659.4 million as of December 31, 2021[6]. - As of December 31, 2022, total assets amounted to $8,343.9 million, a decrease from $8,733.9 million as of December 31, 2021[12]. - The net current liabilities were approximately $(574.5) million, improved from $(1,145.7) million in the previous year[15]. - Total equity increased slightly to $1,499.9 million from $1,495.2 million year-over-year[8]. - Non-current liabilities decreased to $4,376.6 million from $4,433.6 million year-over-year[12]. - The company reported a total of $3,407.1 million in bank borrowings due after one year, a slight decrease from $3,482.4 million[12]. - The company has $1,398.7 million in undrawn general financing available for use within the next twelve months[15]. - Trade receivables as of December 31, 2022, amounted to USD 739.3 million, slightly down from USD 744.5 million in 2021, with a notable increase in receivables from electricity sales[36]. - The group's total bank borrowings increased from USD 4,245.9 million on December 31, 2021, to USD 4,364.5 million on December 31, 2022, with secured borrowings at USD 2,864.2 million and unsecured borrowings at USD 1,500.3 million[41]. Revenue Sources - Revenue from the Chinese power plants was $1,024.8 million, while revenue from the Korean power plants was $1,377.4 million for the year ended December 31, 2022[11]. - Revenue from wind power projects in China was $692.8 million, a 21.7% increase from $569.2 million in the previous year[22]. - Revenue from Korea increased by 62.2% to $1,377.4 million, driven by significant increases in electricity prices and contributions from a biomass project that began operations in April 2021[22]. - The total revenue for the group was $2,430.1 million, reflecting growth compared to the previous year's total[11]. Operational Highlights - The company added 569.7 MW of wind power capacity in China during 2022, contributing to an increase in operating profit by $42.7 million to $394.9 million[60]. - The company’s solar power projects added 50.0 MW of capacity in 2022, resulting in a slight profit increase of $3.8 million to $45.7 million[61]. - The company’s Korean projects saw net profit rise from $25.0 million to $62.7 million, primarily due to increased fuel margins and contributions from a biomass project[59]. - The company’s coal, thermal, and gas projects in China reported a loss increase from $16.7 million to $43.2 million, mainly due to rising coal prices[60]. - The company’s clean and renewable energy projects accounted for 82.6% of its total installed capacity of 8,986.5 MW as of December 31, 2022[57]. Strategic Initiatives - The company is positioned to benefit from supportive local policies for offshore wind projects in Shandong, with subsidies of RMB 800, 500, and 300 per kW for projects completed by 2024[54]. - The company is actively participating in the development of a unified national electricity market in China, with pilot programs already initiated in various regions[55]. - The company aims to enhance its core capabilities and achieve high-quality development by focusing on traditional business development and improving operational efficiency[90]. - The company plans to implement five lean management projects to strengthen project development, design, procurement, cost management, and operational cost management[91]. - The company is committed to achieving carbon peak and carbon neutrality goals by enhancing its capabilities in wind and solar power development[69]. Sustainability and Environmental Efforts - The company is committed to sustainability, with plans to reduce carbon emissions by 40% by 2030[106]. - The company actively participated in rural revitalization efforts and contributed to environmental protection initiatives, including donations for pandemic prevention and ecological restoration projects[80]. - The company launched its first marine biological release activity in May 2022, promoting the recovery of local crab resources and enhancing ecological balance[81]. - The company’s projects have been recognized for their environmental protection efforts, with awards for practical technologies and demonstration projects in ecological conservation[81]. Governance and Compliance - The annual performance review for the year ending December 31, 2022, was conducted by the audit committee, confirming the financial statements align with the preliminary announcement[99]. - The company has adhered to all applicable corporate governance code provisions for the year ending December 31, 2022, except for the separation of roles between the chairman and CEO[96]. - The board believes that the current arrangement of having the same individual serve as both chairman and CEO is appropriate for the company's strategic execution[97]. - The company has adopted a customized code for securities trading by directors, which is not less stringent than the standard code[98]. Risks and Challenges - The company faces risks related to fuel price fluctuations, regulatory changes, and extreme weather conditions affecting its power projects in China and South Korea[86][87]. - The company is exposed to interest rate risks due to its floating-rate debt, which is used to support asset acquisitions and operational needs[88]. - The company manages foreign exchange risks through forward contracts, as its functional currency is USD while most revenues are in RMB and KRW[89].
中广核新能源(01811) - 2022 - 年度业绩