Financial Performance - The group achieved a revenue of approximately RMB 116.38 billion in 2023, representing an increase of about 9.83% compared to 2022[2]. - The net profit attributable to shareholders for the year was approximately RMB 4.601 billion, with basic earnings per share of RMB 0.355[2]. - Operating profit for 2023 was approximately RMB 4.101 billion, an increase of RMB 8.285 billion from the previous year, primarily due to lower fuel prices and contributions from new projects[16]. - The company reported a net profit attributable to equity holders of RMB 4,601,094 thousand in 2023, compared to a loss of RMB 14,322 thousand in 2022[88]. - Basic earnings per share improved to RMB 0.355 in 2023 compared to a loss of RMB 0.093 in 2022, indicating a significant turnaround[88]. - The company reported a basic earnings per share of RMB 0.35 for 2023, recovering from a loss of RMB 0.08 per share in 2022[104]. - Total revenue for the year 2023 reached RMB 117,176,125 thousand, an increase of 9.9% compared to RMB 107,058,536 thousand in 2022[103]. Dividend and Shareholder Information - The board proposed a final cash dividend of RMB 0.15 per share, totaling approximately RMB 1.534 billion, subject to shareholder approval[3]. - The proposed cash dividend is expected to be paid on or before August 30, 2024, pending approval at the upcoming annual general meeting[3]. - Proposed final dividend per share for 2023 is RMB 0.15, down from RMB 0.20 in 2022, totaling RMB 1,534,134 thousand[95]. - Major shareholder China Huadian holds 44.33% of the total issued A-shares and 0.84% of the total issued H-shares as of December 31, 2023[50]. Operational Highlights - In 2023, the total electricity generation of the group was 223.80 million MWh, an increase of approximately 1.30% year-on-year[2]. - The total on-grid electricity generated was 209.55 million MWh, reflecting a year-on-year growth of about 1.21%[14]. - The average annual utilization hours for the group's power generation units were 3,956 hours, with coal-fired units at 4,301 hours and gas-fired units at 2,188 hours[14]. - The group operates 45 power generation companies with a total installed capacity of 58,449.78 MW, including 46,890 MW from coal-fired power and 9,094.59 MW from gas-fired power[4]. - The group maintains a diversified portfolio of power generation assets, including coal, gas, and hydropower plants, to ensure stable energy supply[4]. Investment and Future Plans - The group plans to invest approximately RMB 9.7 billion in 2024 for power generation projects, environmental protection, and energy-saving technology upgrades[21]. - The group plans to continue expanding its renewable energy projects and enhancing operational efficiency in existing power plants[4]. - The group aims to maintain stable operating hours for power generation equipment in 2024, with an expected generation volume of around 220 billion kWh, remaining flat compared to the previous year[21]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[103]. Financial Position and Liabilities - As of December 31, 2023, the total borrowings of the group amounted to approximately RMB 93.532 billion, with a debt-to-asset ratio of approximately 62.07%[34]. - The total liabilities of the group as of December 31, 2023, were RMB 139,656,521 thousand, down from RMB 152,833,689 thousand in 2022, indicating a reduction of 8.6%[101]. - The group's total equity increased to RMB 83,379,778 thousand from RMB 70,426,781 thousand, reflecting a growth of 18.4% year-over-year[102]. - The company's total assets at the end of 2023 were RMB 71,638,659 thousand, an increase from RMB 61,408,847 thousand at the beginning of the year[106]. Governance and Compliance - The company emphasizes adherence to corporate governance principles, enhancing management innovation and compliance with relevant laws and regulations[53]. - The company has adopted a comprehensive corporate governance code, including rules for board meetings and independent director systems[54]. - The company has established a strategic committee in addition to the audit, remuneration, and nomination committees, enhancing its governance structure[57]. - The new regulations effective from March 31, 2023, eliminate the distinction between A-share and H-share holders, simplifying shareholder meetings[46].
华电国际电力股份(01071) - 2023 - 年度业绩