Financial Performance - For the year ended December 31, 2023, the operating revenue was RMB 12,802.29 million, an increase of 2.42% compared to the previous year[2]. - For the same period, the profit before tax was RMB 3,623.35 million, a decrease of 16.58% year-on-year[2]. - The net profit attributable to the owners of the parent company was RMB 2,753.23 million, down 21.00% from the previous year[2]. - Basic earnings per share attributable to ordinary shareholders was RMB 0.3079, a decline of 23.54% compared to last year[2]. - The company reported a net profit of RMB 2,239,635,000 for the year 2023, compared to RMB 2,753,227,000 in 2022, indicating a decrease of about 18.6%[10]. - The company’s total income tax expense included adjustments for prior year tax estimates, resulting in a net tax expense of RMB 570,121 thousand for 2023[57]. - The income tax expense for 2023 was RMB 529,646 thousand, an increase from RMB 452,471 thousand in 2022, reflecting a rise in corporate income tax due to higher pre-tax profits[57]. - The effective tax rate increased to 14.6% in 2023 from 10.4% in 2022, primarily due to reduced tax benefits as some subsidiaries reached the end of their tax holiday periods[57]. - The company's government subsidies amounted to RMB 338.91 million, up 15.39% from RMB 293.72 million in 2022[122]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 101,545.31 million, an increase from RMB 97,548.27 million in 2022[7]. - The total liabilities were RMB 65,587.32 million, compared to RMB 63,278.35 million in 2022[8]. - The net assets increased to RMB 35,957.98 million from RMB 34,269.93 million in the previous year[8]. - The total equity attributable to shareholders as of December 31, 2023, is RMB 32,039,107,000, an increase from RMB 30,186,896,000 in 2022, reflecting a growth of approximately 6.1%[9]. - The total amount raised from issuing bonds and short-term notes in 2023 was RMB 699,801 thousand, a significant decrease from RMB 5,098,262 thousand in 2022, indicating a reduction of approximately 86.3%[15]. - The company’s total borrowings as of December 31, 2023, amounted to RMB 54,150,005 thousand, up from RMB 52,034,374 thousand in 2022, indicating a growth of about 4.1%[98]. - The total cost of property, plant, and equipment as of December 31, 2023, was RMB 114,951,727 thousand, compared to RMB 109,831,030 thousand in 2022, indicating a growth of about 4.1%[66]. Cash Flow and Financing Activities - The net cash generated from operating activities decreased significantly to RMB 7,140,036 in 2023 from RMB 13,231,320 in 2022, indicating a decline of approximately 46.0%[13]. - The net cash flow from investing activities for 2023 was RMB (6,519,407) thousand, a decrease from RMB (6,848,812) thousand in 2022, indicating a reduction of approximately 4.8%[14]. - The net cash flow from financing activities in 2023 was RMB (5,614) thousand, significantly improved from RMB (7,066,699) thousand in 2022, reflecting a decrease of approximately 99.9%[15]. - The net increase in cash and cash equivalents for 2023 was RMB 615,015 thousand, compared to a decrease of RMB (684,191) thousand in 2022, showing a turnaround in cash flow[16]. - As of December 31, 2023, the group had unused bank credit facilities amounting to approximately RMB 83,176 million, with RMB 17,474.8 million not requiring renewal within the next 12 months[22]. Operational Performance - The company’s total power generation reached 31,607,760 MWh in 2023, with a construction target of 3,580 MWh and installed capacity of 15,418.72 MW[103]. - Wind power generation accounted for 12,981.20 million, with a year-on-year increase of 293.30 million or 2.31%[106]. - The company's installed photovoltaic capacity increased significantly to 2,437.52 million, representing a growth of 937.05 million or 62.45% from the previous year[107]. - The total power generation for the year was 31,607,760 MWh, reflecting a year-on-year growth rate of 9.80%[110]. - The average utilization hours for wind power reached 2,269 hours, an increase of 7 hours year-on-year, while photovoltaic average utilization hours increased by 123 hours to 1,537 hours[111]. - The company maintained a strong safety record with no production accidents reported throughout the year[109]. Governance and Compliance - The company has adhered strictly to the Corporate Governance Code and has confirmed that all directors and supervisors complied with the standards for securities trading during the reporting period[148]. - The financial statements for the year ending December 31, 2023, have been reviewed by the audit committee and prepared in accordance with international financial reporting standards[150]. - The company has engaged international and domestic auditors for the financial year ending December 31, 2023, ensuring the accuracy of the consolidated financial statements[149]. Future Outlook - In 2024, the company aims to enhance operational efficiency and revenue through improved management of electricity pricing and volume[141]. - The company anticipates a continued implementation of proactive fiscal and stable monetary policies in 2024, which may lead to further interest rate reductions[139]. - The company will focus on capital structure balance to meet the funding needs of new project developments, given the capital-intensive nature of its business[138]. - The company recognizes 2024 as a critical year for deepening state-owned enterprise reforms and enhancing management practices[140].
大唐新能源(01798) - 2023 - 年度业绩