Announcement of 2011 Annual Results
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited
take no responsibility for the contents of this announcement, make no representation
as to its accuracy or completeness and expressly disclaim any liability whatsoever
for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.
DATANG INTERNATIONAL POWER GENERATION CO., LTD.
(a sino-foreign joint stock limited company incorporated in the
People's Republic of China)
(Stock Code: 00991)
ANNOUNCEMENT OF 2011 ANNUAL RESULTS
OPERATING AND FINANCIAL HIGHLIGHTS:
-- Operating revenue amounted to approximately RMB72,382 million, representing an
increase of approximately 19.3% over 2010.
-- Net profit attributable to equity holders of the Company amounted to
approximately RMB1,971 million, representing a decrease of approximately 23.29%
over 2010.
-- Basic earnings per share attributable to equity holders of the Company amounted
to approximately RMB0.15, representing a decrease of approximately RMB0.06 per
share over 2010.
-- The Board has recommended the distribution of a final dividend of RMB0.11 per
share (tax included) for the year of 2011.
I. COMPANY RESULTS
The board of directors (the "Board") of Datang International Power Generation
Co., Ltd. (the "Company") hereby announces the consolidated operating results of
the audited financial statements of the Company and its subsidiaries (the
"Group") prepared in conformity with International Financial Reporting Standards
("IFRS") for the year ended 31 December 2011 (the "Year"), together with the
audited consolidated operating results of the year of 2010 (the "Previous Year")
for comparison. Such operating results have been reviewed and confirmed by the
Company's audit committee (the "Audit Committee").
Consolidated operating revenue of the Group for the Year was approximately
RMB72,382 million, representing an increase of approximately 19.30% as compared
to the Previous Year. Net profit attributable to equity holders of the Company
was approximately RMB1,971 million, representing a decrease of approximately
23.29% as compared to the Previous Year. Basic earnings per share attributable
to equity holders of the Company amounted to approximately RMB0.15, representing
a decrease of approximately RMB0.06 per share as compared to the Previous Year.
In view of the operating results of the Group during the Year, the Board has
recommended the distribution of a final dividend of RMB0.11 per share (tax
included) for the Year (please refer to item 3 under section III set out below
for details).
Please refer to the audited financial statements set out in the Appendix for
details of the consolidated operating results.
II. MANAGEMENT DISCUSSION AND ANALYSIS
A. Overview
The Company, principally engaged in power generation business focusing on
coal-fired power generation, is one of the largest independent power generation
company in the People's Republic of China (the "PRC"). In 2011, the Group adhered
to implementing the strategy of "focusing in the power generation business whilst
complementing with synergistic diversifications". It established an innovative
management mechanism to enhance its control capabilities. Faced with a
challenging situation in its production and operation, it unleashed its potential
according to its benchmarks, created excellence and improved efficiency,
constantly enhanced economic benefits and shareholder returns of the Company as
well as resource conservation and environmental protection, and earnestly
fulfilled its social responsibilities, thereby successfully achieving the
business targets set for the Year.
1. Safe Production was Stably Maintained
The Company aims to build a fundamentally safe enterprise and to further deepen
the establishment of a long-term mechanism for safe production. The Company has
experienced no significant incidents at its facilities and no casualties during
the Year. It has fulfilled its role of securing power supply during the Year.
2. Overall Accomplishment of Operation Targets
The Company's power generation amounted to 203.7156 billion kWh for the Year,
representing an increase of 14.14% year-on-year. Consolidated operating revenue
amounted to approximately RMB72,382 million, representing an increase of
approximately 19.30% over the Previous Year. Net profit attributable to equity
holders of the Company amounted to approximately RMB1,971 million, representing a
decrease of approximately 23.29% over the Previous Year. As at 31 December 2011,
total consolidated assets of the Group amounted to RMB247,697 million,
representing an increase of 16.34% year-on-year. Net assets attributable to the
parent company of the Company amounted to RMB38,941 million, representing an
increase of 26.23% year-on-year. The assets-to-liabilities ratio was 79.52%,
representing a decrease of 2.43 percentage points year-on-year.
3. Breakthrough on Preliminary Works
For the Year, fourteen power generation projects were approved, including three
coal-fired power projects, four hydropower projects, five wind power projects and
two photovoltaic power projects, with total approved generation capacity of
3,270.6 MW. Phase 2 of Shengli Coal Mine East Unit 2, with a capacity of 20
million tonnes per year, was approved and was also the first approved largest
single open-pit coal mine in the PRC.
4. Frequent Reports of Success in Commencement of Project Construction
Total generating capacity recorded an increase of 2,183.9 MW. As at 31 December
2011, the Group's installed capacity amounted to 38,484.2 MW, representing an
increase of 6.02% year-on-year. Of such capacity, coal-fired power amounts to
32,360 MW, accounting for 84.08%; hydropower amounts to 4,825.6 MW, accounting
for 12.54%; wind power amounts to 1,268.6 MW, accounting for 3.30%; and
photovoltaic power amounts to 30 MW, accounting for 0.08%.
5. Energy Conservation and Emissions Reduction Proceeded in an Orderly Manner
In 2011, the Group achieved coal consumption for power supply of 319.69 g/kWh, a
decrease of 3.90 g/kWh year-on-year. The emission rates of sulphur dioxide,
nitrogen oxides, smoke ash and waste water of the Group have decreased by 9.90%,
5.01%, 6.06% and 20.48% year-on-year to 0.38g/kWh, 1.33g/kWh, 0.12g/kWh and
60g/kWh respectively, which are substantially lower than the national average
levels.
6. Capital Operation Reaped Better Results
In 2011, the Company completed the acquisition of equity interests in Sichuan
Jinkang Hydropower Development Co., Ltd., increasing its installed hydropower
capacity in operation and under construction by 380 MW. The Company successfully
completed the non-public issuance of an additional one billion A shares, with net
proceeds raised from the issue amounting to RMB6,740 million. The Company
successfully issued RMB3,000 million of corporate bonds carrying a rate of 23%
lower than the lending rate during the same period, the lowest level against
comparable interest rates during the same period in China.
7. Ongoing Innovation of Management Mechanism
The Company's management system "overall accountability management and all-staff
performance appraisal" officially came online in 2011 which realized the coverage
of performance orientation and accountability management. The Company established
its internal controls in full swing by systematically making smooth the business
processes in various fields, identifying various types of risks at all levels and
setting up an information management platform for internal controls in a
regulated manner. The concept of project-based management was introduced to the
Company by establishing a regular scheduling mechanism that shaped a unique
pattern of project-based management.
8. Winning Honours in the Capital Market
The Company once again ranked among the "Top 250 Global Energy Company Rankings"
by Platts Energy Information, ranking 162th in the general ranking and 8th among
independent power generation enterprises around the world. It ranked 17th among
the "Top 50 Chinese Domestic Companies" in the rankings of the "Top 100 Chinese
Corporations' Corporate Social Responsibility", published by Fortune, the only
independent power generation company in the rankings. It received a "Titanium
Award for Corporate Governance, Social and Environmental Responsibility and
Investor Relations Management" from The Asset Magazine, the only large-scale
power generation company in the PRC that ever won this award.
B. Review by the Management on the Performance of Various Business Operations
(Financial data are shown according to China Accounting Standards for Business
Enterprise ("PRC GAAP"). For segment information, please refer to Note 5 to the
audited financial information below:)
1. The Power Generation Business
(1) Business Review
The Company is one of the largest independent power generation company in the
PRC. As at the end of 2011, the Group managed a total installed capacity of
approximately 38,484.2 MW. The power generation business of the Group is mainly
distributed across the power grids of North China, Gansu, Jiangsu, Zhejiang,
Yunnan, Fujian, Guangdong, Chongqing, Jiangxi, Liaoning, Ningxia, Qinghai, and
Sichuan.
In 2011, the PRC's overall economy operated with a good momentum, reaching a
year-on-year 9.2% Gross Domestic Product (GDP) growth. Both power generation and
power consumption nationwide continued to grow in a stable manner. According to
the relevant statistics, during the Year, the nationwide capacity of power
generating facilities grew by approximately 9.2% year-on-year. Social power
consumption increased by 11.7% over the Previous Year, while nationwide power
generation increased by approximately 11.7% over the Previous Year. Overall, the
power supply was tight across the country in 2011, with shortages more severe in
certain areas and during certain periods primarily due to a number of factors
such as the decline in hydropower output, tension in the supply of thermal coal,
imbalance in the structure of power resources and power grid as well as rapid
growth in the economy and power demand. Although the utilisation hours of power
generating facilities continued to rise, the profitability of coal- fired power
enterprises was significantly undermined as the prices of coal for power
generation increased substantially and stayed high. The Group maintained a
certain level of profitability despite the impact on its power generation
business under such a challenging business environment.
(i) Maintenance of Safe and Stable Power Production
During the Year, total power generation of the Group amounted to 203.7156
billion kWh, representing an increase of 14.14% over the Previous Year. The
accumulative on-grid power generation amounted to 192.1434 billion kWh,
representing an increase of 14.22% over the Previous Year. The increases in
power generation and on-grid power generation were mainly attributable to an
increase in the capacity of operational generating units of the Group, safe and
stable operation of the generating units and a steadily increasing power demand
in the service territories. During the Year, the Group added new installed
capacity of 2,183.9 MW. Utilisation hours of power generation amounted to 5,376
hours, an increase of 379 hours year-on-year. No casualties or material damage
to the facilities occurred to the Group during the course of power production
during the Year. The equivalent availability coefficient of the operational
generating units amounted to 93.64%.
(ii) Steady Progress in Energy Conservation and Emissions Reduction
During the Year, the Company adhered to management by objective, program
control, dynamic benchmarking and monitoring; enhanced management on energy
conservation; focused on economic operation of power generating facilities; and
intensified technological renovation on energy conservation and facilities
treatment, thereby enhancing the utilisation efficiency of generating units.
During the Year, coal consumption for power supply was 319.69 g/kWh,
representing a decrease of approximately 3.90 g/kWh over the Previous Year.
Consolidated electricity consumption rate of power plants was 5.74%,
representing a decrease of 0.08 percentage-point year- on-year. The
desulphurisation facilities operation rate and an overall desulphurisation
efficiency rate amounted to 99.54% and 93.76%, respectively. The coal-fired
generating units of the Group continued to achieve a desulphurisation
facilities installation rate of 100%. The emission rates of sulphur dioxide,
nitrogen oxides, smoke ash and waste water decreased by 9.90%, 5.01%, 6.06% and
20.48% year-on-year to 0.38 g/kWh, 1.33 g/kWh, 0.12 g/kWh and 60 g/kWh,
respectively, which were lower than the national average levels.
(iii) Reinforced Economic Analysis and Improved Operational Management Efficiency
During the Year, the Company continued to encounter various unfavourable
situations such as rising and high coal prices and inability to realize tariff
adjustments target. Faced with such an ongoing challenging operating
environment, the Company closely monitored the market situation, actively
conducted researches on budget plans, strengthened internal management and
adjusted its strategies to adapt the external environment for pushing forward
production and operation in a rigorous manner: (1) Management accountability
was implemented level-by-level, and targets of power generation were achieved.
The accumulated utilisation hours of generating units amounted to 5,376 hours,
an increase of 379 hours year-on-year; (2) Through measurements such as
developing economical coal to secure fuel supply, enhancing coal blending and
mixed burning and setting up an improved platform on fuel management indices,
fuel costs were effectively controlled; (3) Cash allocation and capital
availability according to needs were improved, loans were repaid on a timely
basis to reduce capital sedimentation, optimise loan portfolio and lower
capital costs.
(iv) Actively Pushed Forward Projects Construction and Increased Green Energy
Capacity
During the Year, 14 power projects of the Company were approved by the State
including three coal-fired power projects with an approved total capacity of
1,834 MW, four hydropower projects with an approved total capacity of
1,054.6 MW, five wind power projects with an approved total capacity of 342 MW,
and two photovoltaic power projects with an approved total capacity of 40 MW.
Details on the approved projects are as follows:
-- Coal-fired power projects: two 350 MW generating units at Shizhu Coal-fired
Power Project in Chongqing; two 452 MW generating units at Jiangbin Gas
Thermal Power Project in Shaoxing; and two 115 MW generating units at
Xincheng Gas Thermal Power Project in Jiangshan.
-- Hydropower projects: 850 MW generating units at Huangjinping Hydropower
Station Project in Sichuan; 9.6 MW generating units at Bodui Hydropower
Station Project in Tibet; 125 MW generating units at Haokou Hydropower
Station Project in Chongqing; and 70 MW generating units at Jiaomutang
Hydropower Station Project in Guizhou.
-- Wind power projects: 150 MW generating units at Wanshengyong Wind Power
Project in Hebei; the Phase 3 project for 48 MW generating units at Faku
Wind Power in Liaoning; the Phase 1 project for 48 MW generating units at
Shengjiadun Wind Power in Qingtongxia, Ningxia; the Phase 1 project for
48 MW generating units at Jishang Wind Power in Jiangxi; and 48 MW
generating units at Songmenshan Wind Power Project in Jiangxi.
-- Photovoltaic power projects: the Phase 2 project for 20 MW generating units
at Qingtongxia Photovoltaic Power in Ningxia and the Phase 1 project for
20 MW generating units at Golmud Photovoltaic Power in Qinghai.
-- Coal mine projects: Phase 2 project with annual output of 20 million tonnes
for Shengli Coal Mine East Unit 2 in Xilinhaote, Inner Mongolia.
In 2011, a number of major power generation projects of the Company commenced
operation one after another, with newly installed capacity amounting to
approximately 2,183.9 MW:
-- Coal-fired power project: newly installed capacity of 600 MW, including two
300 MW generating units at Linfen Thermal Power Company;
-- Hydropower projects: newly installed capacity of 989.7 MW, including four
150 MW hydropower generating units at Yinpan Hydropower Station in
Chongqing, 150 MW hydropower generating units at Liguo, in Chengdu, one
100 MW hydropower generating units at Malutang and two 65 MW hydropower
generating units at Shimenkan of Yunnan Electric Power Company Limited and
a 9.7 MW hydropower generating units at Yuneng Group;
-- Wind power projects: newly installed capacity of 834.2 MW, including 345 MW
generating units at Hebei Wind Power Company, 194.25 MW generating units at
Inner Mongolia Wind Power Company, 246 MW generating units at Liaoning Wind
Power Company, 28 MW generating units at Fujian Wind Power Company, and
21 MW generating units at Shanxi Zuoyun Wind Power Company; and
-- Photovoltaic power projects: newly installed capacity of 30 MW, including
30 MW generating units at Qingtongxia Photovoltaic Power Project in Ningxia.
As at the end of 2011, the generation capacities of coal-fired power,
hydropower, wind power and photovoltaic power accounted for 84.08%, 12.54%,
3.30% and 0.08% of the Company's installed power generation capacity,
respectively. As compared to the Previous Year, the proportion of capacity in
clean and renewable energy increased to 15.92%, representing an increase of
4.10 percentage points year-on-year, making the Company's power generation
structure further optimised.
(2) Major Financial Indicators and Analysis
(i) Operating Revenue
During the Year, revenues from electricity sales and heat sales of the Group
accounted for approximately 89.92% of the consolidated operating revenue of the
Group. Of which, revenue from electricity sales accounted for 88.93% of the
consolidated operating revenue.
During the Year, revenues from electricity sales and heat sales of the Group
amounted to approximately RMB64,367 million and RMB719 million, respectively,
representing increases of approximately 20.10% and 33.23% over the Previous
Year, respectively. In particular, the increase in revenue from electricity
sales was mainly due to the increases in on-grid power generation and average
tariff of on-grid power. During the Year, the commencements of operation of the
Group's generating units in coastal regions optimised the power generation
structure of the Group and raised the average on-grid power tariff. The average
on-grid power tariff of the Group increased by 5.1% over the Previous Year, and
the operating revenue from electricity increased by approximately RMB3,150
million accordingly. The increase in on-grid power generation resulted in the
increase of approximately RMB7,623 million in the Group's revenue.
(ii) Operating Costs
During the Year, the power fuel expenses incurred by the Group amounted to
RMB41,160 million, representing an increase of RMB9,695 million as compared to
RMB31,465 million in the Previous Year. The increase is mainly due to: 1) an
increase of RMB4,435 million in fuel cost caused by the increase of 21.946
billion kWh in on-grid coal-fired power generation over the Previous Year;
2) an increase of RMB5,260 million in fuel cost caused by the increase of
RMB29.61/MWh in unit fuel cost over the Previous Year.
(iii) Operating Profit
During the Year, operating profit from electricity and heat amounted to
approximately RMB11,022 million, while the gross profit margin was
approximately 16.93%, representing a decrease of approximately 2.82% over the
Previous Year.
2. Coal Chemical Business
(1) The Duolun Coal Chemical Project, developed and constructed by the Group as a
controlling interest is located at Duolun County, Xilinguole Pledge, Inner
Mongolia. It uses lignite coal from the Inner Mongolia Shengli Coal Mine as raw
materials; and it applies advanced technologies in the world including the
technology of vaporising coal ash, the syngas purification technology, the
large-scale ethanol synthesis technology, the technology to convert methanol to
propylene, and the propylene polymerisation technology to produce chemical
products. The final product of the project is 460,000 tonnes/year of
polypropylene and other by-products.
In the first half of 2011, the Duolun Coal Chemical Project succeeded in the
first trial run of two gasifiers. The accomplishment of certain critical phases
such as the successful operation of the response system of the
methanolto-propylene (MTP) facility on the first attempt and the production of
alkene with qualified constituents marked significant breakthroughs in the
development of the core technologies of the Duolun
Coal Chemical Project. In June 2011, the project produced qualified methanol,
and on 28 September 2011, the project's entire device was ready for full
operation to produce qualified polypropylene end-product. On 16 March 2012, the
Duolun Coal Chemical Project underwent trial production. It is expected that
the project will become a new profit growth point of the Group upon its
successful development and operation.
(2) The Keqi Coal-based Natural Gas Project with an annual output of 4 billion
cubic meters, developed and constructed by the Group with controlling
interests, is located in Keshiketeng Qi, Chifeng City, the Inner Mongolia
Autonomous Region. Upon its completion, the major supply targets of the project
are Beijing City and cities along the gas transmission pipeline. As a political,
cultural and financial centre of the PRC, Beijing City has a strong demand for
clean energy such as natural gas, given the city's higher requirement for the
quality of the air environment. The Company believes that following the
completion of the Keqi Coal-based Natural Gas Project, it will benefit from the
growing demand for clean energy in Beijing City and the cities along the gas
transmission pipeline, thereby increasing the overall profitability of the
Company.
During the Year, the Keqi Coal-based Natural Gas Project achieved its targets
for the trial operation of air separation and ignition of the first gasifier.
On 26 August 2011, the No. 8 gasifier at gasification plant was ignited
successfully on its first attempt, and on 28 November 2011, the air separation
plant made a successful test run and produced oxygen and nitrogen that met the
required standards. Other construction works are proceeding at an accelerated
speed, with the aim of launching the project for operation in 2012.
(3) The Fuxin Coal-based Natural Gas Project in Liaoning with an annual output of
4 billion cubic meters, developed and constructed by the Group with controlling
interests, is located in Fuxin City, Liaoning Province. The project was
approved and commenced construction in 2010. Upon its completion, the project
aims to supply natural gas largely to Shenyang City in Liaoning Province and
nearby cities such as Tieling, Fushun, Benxi and Fuxin. Liaoning Province has
experienced fast economic growth. With the acceleration of urbanisation, the
reform in coal-fired boilers and the development of gas buses and industries
using natural gas as raw material, the supply gap of natural gas in the above
cities will grow bigger and bigger. Following the completion of the Fuxin
Coal-based Natural Gas Project, the Company will benefit from the growing
demand for clean energy in Shenyang and nearby cities which have experienced
rapid economic development, thereby increasing the overall profitability of the
Company. During the Year, the Fuxin Coal-based Natural Gas Project successfully
hoisted its first gasifier. Other construction works are proceeding at an
accelerated speed, with the aim of launching the project for operation in 2013.
(4) The High-Aluminium Pulverised Fuel Ash Project of Inner Mongolia Renewable
Energy Resource Development Company Limited, constructed by the Company with
controlling interests, proceeded smoothly. During the Year, the project was
fully completed and is currently achieving continuous production of alumina and
the quality of product has been verified by a professional assessment
institution. The project provides technical support to the Group's deployment
of its recycling economy businesses.
3. The Coal Business
(1) Business Review
The Shengli Coal Mine East Unit 2, developed and constructed by the Group, is
located in the central part of Shengli Coal Mine in Inner Mongolia with a
planned construction scale of 60 million tonnes. Its coal products will mainly
be supplied as raw materials to the coal chemical and coal-based natural gas
projects including the Duolun Coal Chemical Project, the Keshiketeng Qi
Coal-based Natural Gas Project and Fuxin Coal- based Natural Gas Project. In
particular, the annual production capacity of Phase 1 project amounted to 10
million tonnes. The Phase 2 project with an annual production capacity of 20
million tonnes was approved by the National Development and Reform Commission
in March 2011, and was the first approved largest single open-pit coal mine in
the PRC. During the Year, the raw coal output of the Shengli Coal Mine East
Unit 2 reached 10.71 million tonnes.
During the Year, Inner Mongolia Baoli Coal Mine, in which the Company has
controlling interests, produced 1.31 million tonnes of coal. Meanwhile, the
Company is currently engaged in preliminary development works on the Wujianfang
Coal Mine, the Kongduigou Coal Mine and the Changtan Coal Mine. The successful
developments of the above-said coal mine projects will increase the
self-sufficiency ratio of coal consumption of the Company's power plants.
The Tashan Coal Mine and the Yuzhou Coal Mine, constructed by the Company with
holding interests, produced 23 million tonnes and 7.2 million tonnes of raw
coal, respectively, thereby assuring stable coal sources for the Company.
(2) Major Financial Indicators and Analysis
(i) Operating Revenue
During the Year, the coal self-sufficiency ratio of the Group further increased.
During the Year, operating revenue from the coal business after consolidation
elimination amounted to approximately RMB2,938 million, accounting for 4.06% of
the Group's total operating revenue, representing an increase of approximately
4.05% over the Previous Year.
(ii) Operating Costs
During the Year, operating costs in the coal business amounted to approximately
RMB2,331 million, representing a decrease of approximately RMB363 million over
the Previous Year. The decrease in operating costs was mainly attributable to
the increase in coal exports of its self-owned coal mines and the decrease in
the unit cost of coal per tonne.
(iii) Operating Profit
During the Year, operating profit from the coal business amounted to
approximately RMB606 million, while the gross profit margin was approximately
20.63%, representing an increase of approximately 16.05% over the Previous
Year.
C. Management's Review on Consolidated Operating Results
1. Operating Revenue
During the Year, consolidated operating revenues of the Group amounted to
approximately RMB72,382 million, representing an increase of approximately
19.30% over the Previous Year. Of the operating revenue, revenue from
electricity sales increased by approximately RMB10,773 million.
2. Operating Costs
During the Year, total operating costs of the Group amounted to approximately
RMB62,829 million, representing an increase of approximately RMB11,360 million,
or approximately 22.07%, over the Previous Year. Among the operating costs,
fuel costs accounted for approximately 70.80%, and depreciation accounted for
approximately 13.70% of the operating costs.
3. Net Finance Costs
During the Year, the Group's finance costs amounted to approximately RMB7,102
million, representing an increase of approximately RMB1,729 million or
approximately 32.17% over the Previous Year. The significant increase was
mainly due to an increase in borrowings and the cessation of capitalisation of
interest for newly operated generating units.
4. Profit before Tax and Net Profit
During the Year, the Group reported a profit before tax amounting to
approximately RMB3,710 million, representing a decrease of approximately
21.07% over the Previous Year. Net profit attributable to equity holders of the
Company amounted to approximately RMB1,971 million, representing a decrease of
23.29% over the Previous Year. The decrease in the Group's profit was mainly
due to the increase in fuel costs and finance costs.
5. Financial Position
As at 31 December 2011, total assets of the Group amounted to approximately
RMB247,697 million, representing an increase of approximately RMB34,782 million
as compared to the end of 2010. The increase in total assets mainly resulted
from the implementation of the expansion strategy by the Group which led to a
corresponding increase in investments in projects under construction.
Total liabilities of the Group amounted to approximately RMB196,965 million,
representing an increase of approximately RMB22,483 million over the end of the
Previous Year. Of the total liabilities, non-current liabilities increased by
approximately RMB13,351 million over the end of the Previous Year. The increase
in total liabilities was mainly due to an increase in the Group's borrowings so
as to meet the needs of daily operations and infrastructure construction.
Equity attributable to equity holders of the Company amounted to approximately
RMB38,941 million, representing an increase of approximately RMB8,091 million
over the end of the Previous Year. Net asset value per share attributable to
equity holders of the Company amounted to RMB2.93, representing an increase of
approximately RMB0.42 per share over the end of the Previous Year.
6. Liquidity
As at 31 December 2011, the asset-to-liability ratio of the Group was
approximately 79.52%. The net debt-to-equity ratio [i.e. (loans + short-term
bonds + long-term bonds - cash and cash equivalents)/total equity] was
approximately 315.88%.
As at 31 December 2011, the cash and cash equivalents held by the Group
amounted to approximately RMB4,467 million, of which deposits equivalent to
approximately RMB308 million were foreign currency deposits. During the Year,
the Group had no entrusted deposits or overdue fixed deposits.
As at 31 December 2011, short-term loans of the Group amounted to approximately
RMB21,524 million, bearing annual interest rates ranging from 1.31% to 8.50%.
Long-term loans (excluding those repayable within one year) amounted to
approximately RMB117,654 million and long-term loans repayable within one year
amounted to approximately RMB15,202 million. Long-term loans (including those
repayable within one year) were at annual interest rates ranging from 1% to
7.76%. Loans of approximately RMB1,570 million were denominated in US dollar,
and loans equivalent of approximately RMB563 million were denominated in HK
dollar. The Group constantly pays close attention to foreign exchange market
fluctuations and cautiously assesses foreign currency risks.
7. Welfare Policy
As at 31 December 2011, the number of staff of the Group totalled 19,365.
During the Year, the costs of salaries and staff welfare of the Group amounted
to RMB2,367 million. The Group adopts the basic salary system on the basis of
position-points salary distribution. The Group carries out comprehensive
accountability management and the performance appraisal for all staff of its
subordinated enterprises based on a profit accountability system. The Group is
concerned about personal growth and occupational training of its staff, and
implements a reward mechanism of "unification of training, usage and
remuneration". Led by the strategy of developing a strong corporation with
talents, the Group relies on a three-tier management organizational structure
and implements an all-staff training scheme for various levels.
D. Outlook for 2012
The year 2012 marks the final year for the Company to achieve the targets for
the second phase of its medium-term development plan, a year for both
opportunities and challenges. The Company will meet new challenges and make new
strides by leveraging new opportunities under new situations.
Looking forward to 2012, the Company will encounter opportunities while facing
challenges at the same time. With respect to challenges, firstly, China's
economic growth will slow down due to the impact of the structural adjustment of
the macro economy. Secondly, the development of enterprises will be limited due
to lack of funds. Thirdly, the State issued higher standards on energy
conservation and emissions reduction. With respect to opportunities, firstly,
pressure on the Company's operations is expected to be alleviated. Secondly, the
advantage of diversified businesses will be revealed gradually. Thirdly, the
efficiency of management will be further improved.
The Company will continue to adhere to the strategy of "focusing in the power
generation business whilst complementing with synergistic diversifications",
and will keep on implementing the development strategy of "optimising its
coal-fired power, aggressively expanding its hydropower, continuously
developing wind power, strategically developing nuclear power, appropriately
developing solar power, focusing on suitable coal operations, actively and
steadily developing coal-to-chemical business, pushing forward the development
of alumina, and securing a complementary development of railway, port and
shipping". The Company will commit effort into the following six areas to reach
its annual work targets.
1. Deepen the Building of a "Four-feature" Enterprise
The Company will accelerate the establishment of a new type of enterprise
featuring fundamental safety, resources conservation, green environment and
technology innovation. It will continue to further implement a comprehensive
accountability management system and a performance appraisal system for all
staff, building a "four-feature" enterprise with a focus on fundamental safety.
2. Enhance Profitability
The Company will strive to increase power generation, strictly control the
price of thermal coal, strengthen cost controls, strive for policy concessions
and to turn loss into profit for loss-making enterprises. It will further
improve the comprehensive budget management, with the objective of enhancing
profits. Focusing on capital flows and emphasising cost controls, it will
increase power generation with all efforts and to control coal prices by
applying various measures, with an aim to enhance the profitability of the
Company. In 2012, the Company will strive to accomplish a power generation of
205 billion kWh and realize an increase in sales revenue of more than 15%
year-on-year.
3. Continuously Optimise the Business Structure
The Company will continue to strengthen its power generation business, excel in
its non-power businesses and promote synergistic diversification. In its power
generation business, the Company will step up the development and exploration
of alternative energy, clean energy and renewable energy to increase their
proportion in the total installed capacity. In respect of its non-power
businesses, it will strive to obtain coal resources through all means, and
achieve the target of realising continued profits through stabilising coal
sources. The Company will accelerate the commercial operation of the Duolun
Coal Chemical Project, Keqi Coal-based Natural Gas Project and the project of
alumina-extraction from high-aluminium pulverised fuel ash by the renewable
energy company, to increase their contribution to the overall profitability of
the Company and further propel the Company into the regions with resources
advantages.
4. Actively Push Forward Capital Operation
The Company will further leverage its financing platform as a listed company,
strengthen the direct financing function, step up efforts in the integration of
the Company's internal assets, further optimise the Company's equity structure
and actively pursue acquisitions of quality assets, with a view to achieving
maximum investment returns for the Company.
5. Continuously Intensify Energy Conservation and Emissions Reduction
Adapting the plan of energy conservation and emissions reduction during the
"Twelfth Five-year" period, the Company is accelerating the construction of key
projects, enhancing the comparison and selection of technologies in
environmental protection and efficiency improvement, and participating in market
research with regard to the trading of carbon emission and pollution discharge
rights. Focusing on the denitration transformation, the Company will manage and
schedule energy conservation for coal- fired generating units, basins for
hydropower stations and regional optimization for wind farms.
6. Establish Comprehensive Internal Control System
In 2012, the Company will comprehensively implement the State's "Basic
Standards for Enterprise Internal Control", as well as its application
guidelines, evaluation guidelines and auditing guidelines. According to the
principle of integrating of "job duties, mechanisms and systems, standards and
criteria, operation flows, evaluation and auditing and performance appraisal,"
the Company will complete the establishment of operation flow management system
to optimise the flow, and will complete the compilation of the "Internal
Control Management Manual", "Risk Control Manual" and "Internal Control
Evaluation Manual" to carry out comprehensive internal control evaluations and
audits so as to carry out a transformation from external supervision to
internal supervision.
III. SHARE CAPITAL AND DIVIDENDS
1. Share Capital
As at 31 December 2011, the total share capital of the Company amounted to
13,310,037,578 shares, divided into 13,310,037,578 shares carrying a nominal
value of RMB1.00 each.
2. Shareholding of Substantial Shareholders
So far as the directors of the Company are aware, as at 31 December 2011, the
persons listed below hold the interests or underlying shares or short positions
in the shares of the Company which are required to be disclosed to the Company
under section 336 of the Securities and Futures Ordinance (the "SFO") (Chapter
571 of the Laws of Hong Kong):
Approximate
percentage Approximate Approximate
to total percentage to percentage to
issued share total issued total issued
Class of Number of capital of A shares of H shares of
Name of Shareholder Shares shares held the Company the Company the Company
(share) (%) (%) (%)
China Datang A shares 4,138,977,414 31.10 41.41 -
Corporation H shares 480,680,000(L) 3.61(L) - 14.50(L)
Tianjin Jinneng
Investment Company A shares 1,296,012,600 9.74 12.97 -
Hebei Construction
Investment (Group)
Company Limited A shares 1,281,872,927 9.63 12.83 -
Beijing Energy
Investment (Group)
Company Limited A shares 1,260,988,672 9.47 12.62 -
(L) means Long Position (S) means Short Position (P) means Lending Pool
3. Dividends
The Board recommends the proposed distribution of cash dividends totalling
approximately RMB1,464 million. Based on the total of 13,310,037,578 shares of
the Company as at 31 December 2011, the proposed distribution of cash dividends
is approximately RMB0.11 per share (tax included).
4. Shareholding of the directors and supervisors
As at 31 December 2011, Mr. Fang Qinghai, a director of the Company, was
interested in 24,000 A shares of the Company. Save as disclosed above, none of
the directors, supervisors and chief executives of the Company nor their
associates had any interest, underlying shares and equity and short positions
in the debentures of the Company or any of its associated corporation (within
the meaning of Part XV of the SFO) that were required to be notified to the
Company and The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock
Exchange") under the provisions of Divisions 7 and 8 of Part XV of the SFO, or
required to be recorded in the register mentioned in the SFO pursuant to
section 352 or otherwise required to be notified to the Company and the Hong
Kong Stock Exchange pursuant to the Model Code for Securities Transactions by
Directors of Listed Issuers (the "Model Code") in Appendix 10 of the Rules
Governing the Listing of Securities on the Hong Kong Stock Exchange (the
"Listing Rules").
IV. SIGNIFICANT EVENTS
1. Pursuant to the resolutions passed at the 2011 second extraordinary general
meeting of the Company held on 26 August 2011, the Company distributed a 2010
cash dividend of RMB0.07 per share (tax included) to all shareholders on the
basis of the total share capital of 13,310,037,578 shares as at 31 May 2011.
2. Pursuant to the resolutions passed at the seventh meeting of the seventh
session of the supervisory committee held on 25 October 2011, the supervisory
committee approved the nomination of Mr. Zhou Xinnong as the candidate of
shareholders' representative of the seventh session of the supervisory
committee of the Company. Due to the work arrangement, Mr. Fu Guoqiang would no
longer assume the office of supervisor of the Company. The afore-mentioned
matters regarding the change of supervisors were submitted to the 2011 fourth
extraordinary general meeting of the Company held on 6 December 2011 for
consideration and approval.
3. Pursuant to the approval by "Reply on the Approval of Non-public Offering of
Shares by Datang International Power Generation Co., Ltd." (CSRC Approval No.
[2010]1842) issued by the China Securities Regulatory Commission on 16 December
2010, the Company completed the non-public offering of A shares in May 2011.
Upon completion of the non-public issue of A shares, the total issued share
capital of the Company amounted to 13,310,037,578 shares with newly issued A
shares of 1,000,000,000 shares.
V. PURCHASE, SALE AND REDEMPTION OF THE COMPANY'S LISTED SECURITIES
During the Year, the Group has not purchased, sold or redeemed any of its
listed securities.
VI. COMPLIANCE WITH THE CODE ON CORPORATE GOVERNANCE PRACTICES
To the knowledge of the Board, the Company has complied with all the code
provisions under the Code on Corporate Governance Practices as set out in
Appendix 14 of the Listing Rules during the Year.
VII. COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS OF
LISTED ISSUERS
Upon specific enquiries made to all the directors of the Company and in
accordance with the information provided, the Board confirmed that all directors
of the Company have complied with the provisions under the Model Code for
Securities Transactions by Directors of Listed Issuers as set out in Appendix 10
to the Listing Rules during the Year.
VIII. AUDIT COMMITTEE
In accordance with the Listing Rules, the Company has set up an Audit
Committee, comprising 3 independent non-executive directors and 2 non-executive
directors. The committee is responsible for, amongst other things, reviewing
the Company's financial reporting procedures and internal controls.
The Audit Committee has reviewed the accounting principles and methods adopted
by the Group with the management of the Company. They have also discussed
matters regarding internal controls and the annual financial statements,
including the review of the financial statements for the 12 months ended 31
December 2011.
The Audit Committee considers that the 2011 annual financial report of the
Group has complied with the applicable accounting standards, and that the
Company has made appropriate disclosure thereof.
By Order of the Board
Liu Shunda
Chairman
Beijing, the PRC, 23 March 2012
As at the date of this announcement, the directors of the Company are:
Liu Shunda, Hu Shengmu, Cao Jingshan, Fang Qinghai, Zhou Gang, Liu Haixia, Guan
Tiangang, Su Tiegang, Ye Yonghui, Li Gengsheng, Li Yanmeng*, Zhao Zunlian*, Li
Hengyuan*, Zhao Jie*, Jiang Guohua*
* independent non-executive directors
A. FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL STATEMENTS PREPARED UNDER IFRS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2011
Note 2011 2010
RMB'000 RMB'000
Operating revenue 4 72,381,865 60,672,375
Operating costs
Fuel for power and heat generation (42,152,791) (32,143,481)
Fuel for coal sales (2,331,552) (2,693,996)
Depreciation (8,604,808) (7,381,972)
Repairs and maintenance (1,898,832) (1,897,715)
Salaries and staff welfare (2,367,473) (2,047,788)
Local government surcharges (568,654) (395,380)
Others (4,904,592) (4,908,348)
------------ ------------
Total operating costs (62,828,702) (51,468,680)
------------ ------------
Operating profit 9,553,163 9,203,695
Shares of profits of associates 945,970 718,231
Shares of profits of jointly controlled entities 94,229 1,104
Investment income 50,191 10,015
Other gains 58,564 102,377
Interest income 109,820 38,215
Finance costs 6 (7,102,202) (5,373,337)
------------ ------------
Profit before tax 3,709,935 4,700,300
Income tax expense 7 (667,786) (871,355)
------------ ------------
Profit for the year 3,042,149 3,828,945
------------ ------------
Other comprehensive income after tax:
Reclassification adjustments for amounts
transferred to profit or loss upon disposals
of available-for-sale investments (4) (14,605)
Fair value loss on available-for-sale
investments (28,519) (55,120)
Share of other comprehensive income of
associates (63,516) (25,900)
Foreign currency translation differences 21,825 17,610
Income tax relating to components of other
comprehensive income 7,131 17,430
Other comprehensive income for the year,
net of tax (63,083) (60,585)
Total comprehensive income for the year 2,979,066 3,768,360
Profit for the year attributable to:
Owners of the Company 1,971,200 2,569,734
Non-controlling interests 1,070,949 1,259,211
3,042,149 3,828,945
Total comprehensive income for the year
attributable to:
Owners of the Company 1,908,050 2,513,417
Non-controlling interests 1,071,016 1,254,943
2,979,066 3,768,360
Proposed dividends 8 1,464,104 861,703
Dividends paid 961,703 861,703
RMB RMB
Earnings per share
Basic and diluted 9 0.15 0.21
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 31 DECEMBER 2011
Note 2011 2010
RMB'000 RMB'000
ASSETS
Non-current assets
Property, plant and equipment 200,923,064 179,233,770
Investment properties 502,302 211,866
Intangible assets 2,644,303 2,498,329
Investments in associates 5,289,166 4,591,838
Investments in jointly controlled entities 3,585,867 2,649,778
Available-for-sale investments 2,710,073 2,304,158
Deferred housing benefits 102,839 132,530
Deferred tax assets 1,453,359 972,760
Other non-current assets 412,628 428,477
------------- -------------
217,623,601 193,023,506
------------- -------------
Current assets
Inventories 6,093,786 4,011,713
Accounts and notes receivables 10 10,208,546 8,158,622
Prepayments and other receivables 8,877,100 4,101,545
Short-term entrusted loans to a jointly
controlled entity 365,198 100,153
Tax recoverable 61,586 76,820
Cash and cash equivalents 4,467,372 3,442,976
------------- -------------
30,073,588 19,891,829
------------- -------------
TOTAL ASSETS 247,697,189 212,915,335
------------- -------------
EQUITY AND LIABILITIES
Capital and reserves
Share capital 11 13,310,038 12,310,038
Reserves 23,037,968 15,343,804
Retained earnings
Proposed dividends 8 1,464,104 861,703
Others 1,128,582 2,334,526
------------- -------------
Equity attributable to owners of the Company 38,940,692 30,850,071
Non-controlling interests 11,791,362 7,582,760
------------- -------------
Total equity 50,732,054 38,432,831
------------- -------------
Non-current liabilities
Long-term loans 117,654,356 109,585,377
Long-term bonds 8,937,277 5,949,018
Deferred income 504,071 460,989
Deferred tax liabilities 585,488 439,226
Provisions 41,680 41,603
Other non-current liabilities 5,827,268 3,723,182
------------- -------------
133,550,140 120,199,395
------------- -------------
Current liabilities
Accounts payables and accrued liabilities 12 23,940,013 18,930,066
Taxes payables 771,475 1,165,696
Dividends payables 154,881 2,336
Short-term loans 21,523,709 19,374,828
Short-term bonds 1,400,000 -
Current portion of non-current liabilities 15,624,917 14,810,183
------------- -------------
63,414,995 54,283,109
------------- -------------
Total liabilities 196,965,135 174,482,504
------------- -------------
TOTAL EQUITY AND LIABILITIES 247,697,189 212,915,335
------------- -------------
Net current liabilities (33,341,407) (34,391,280)
------------- -------------
Total assets less current liabilities 184,282,194 158,632,226
------------- -------------
Note:
1. BASIS OF PREPARATION
The consolidated financial statements of Datang International Power Generation
Co., Ltd. (the "Company") and its subsidiaries (collectively referred to as the
"Group") have been prepared in accordance with International Financial Reporting
Standards ("IFRSs") and the applicable disclosures required by the Rules
Governing the Listing of Securities on The Stock Exchange of Hong Kong and by
the Hong Kong Companies Ordinance. These financial statements have been prepared
under the historical cost convention, as modified by the revaluation of certain
available-for-sale investments.
At 31 December 2011, a significant portion of the funding requirements of the
Group for capital expenditures was satisfied by short-term borrowings.
Consequently, at 31 December 2011, the Group had net current liabilities of
approximately RMB33.34 billion. The Group had significant undrawn borrowing
facilities, subject to certain conditions, amounting to approximately RMB145.35
billion and may refinance and/or restructure certain short-term borrowings into
long-term borrowings and will also consider alternative sources of financing,
where applicable. The directors of the Company are of the opinion that the Group
will be able to meet its liabilities as and when they fall due within the next
twelve months and have prepared these financial statements on a going concern
basis.
2. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies have been consistently applied to all the years
presented, unless otherwise stated. In the current year, the Group has adopted
all the new and revised International Financial Reporting Standards that are
relevant to its operations and effective for its accounting year beginning on 1
January 2011. IFRSs comprise International Financial Reporting Standards
("IFRS"); International Accounting Standards ("IAS"); and Interpretations. The
adoption of these new and revised IFRSs did not result in significant changes to
the Group's accounting policies and amounts reported for the current year and
prior years except as stated below.
Related party disclosures
IAS 24 (Revised) "Related Party Disclosures" revises the definition of a related
party and provides a partial exemption of disclosing related party transactions
for government-related entities.
A related party is a person or entity that is related to the Group.
(A) A person or a close member of that person's family is related to the Group
if that person:
(i) has control or joint control over the Group;
(ii) has significant influence over the Group; or
(iii) is a member of the key management personnel of the Company or of a
parent of the Company.
(B) An entity is related to the Group (reporting entity) if any of the
following conditions applies:
(i) The entity and the Company are members of the same group (which means
that each parent, subsidiary and fellow subsidiary is related to the
others).
(ii) One entity is an associate or joint venture of the other entity (or
an associate or joint venture of a member of a group of which the
other entity is a member).
(iii) Both entities are joint ventures of the same third party.
(iv) One entity is a joint venture of a third entity and the other entity
is an associate of the third entity.
(v) The entity is a post-employment benefit plan for the benefit of
employees of either the Group or an entity related to the Group. If
the Group is itself such a plan, the sponsoring employers are also
related to the Group.
(vi) The entity is controlled or jointly controlled by a person
identified in (A).
(vii) A person identified in (A)(i) has significant influence over the
entity or is a member of the key management personnel of the entity
(or of a parent of the entity).
IAS 24 (Revised) exempts an entity from the disclosure requirements in relation
to related party transactions and outstanding balances, including commitments,
with
-- a government that has control, joint control or significant influence over
the entity; and
-- another entity that is a related party because the same government has
control, joint control or significant influence over both entities.
The entity that applies the exemption is required to disclose the following:
-- the name of the government and the nature of its relationship with the
entity (i.e. control, joint control or significant influence); and
-- the following information in sufficient detail to enable users of the
entity's financial statements to understand the effect of related party
transactions on its financial statements:
i. the nature and amount of each individually significant transaction; and
ii. for other transactions that are collectively, but not individually,
significant, a qualitative or quantitative indication of their extent.
The revision of the definition of a related party has no material impact on the
financial statements of the Group. The partial disclosure exemption relating to
transactions between the Group and government- related entities has been applied
retrospectively. The Group discloses only individually or collectively
significant transactions with government-related entities.
The Group has not applied the new IFRSs that have been issued but are not yet
effective. The Group has already commenced an assessment of the impact of these
new IFRSs but is not yet in a position to state whether these new IFRSs would
have a material impact on its results of operations and financial position.
3. MAJOR ACQUISITION AND DISPOSAL OF SUBSIDIARIES
Business combinations other than under common control
On 31 March 2011, the Group acquired 100% of the respective issued capital of
Chengdu Liguo Energy Company Limited, Chengdu Qingjiangyuan Energy Company
Limited and Chengdu Zhongfu Energy Company Limited in order to gain 54.44%
indirect equity interest in Sichuan Jinkang Electricity Development Company
Limited ("Jinkang Company") for a total cash consideration of RMB996,835
thousand. Jinkang Company was engaged in hydropower generation during the year.
The carrying amount and the fair value of the identifiable assets and liabilities
of the above subsidiaries acquired as at their date of acquisition are as
follows:
Carrying Fair value
amount adjustments Fair value
RMB'000 RMB'000 RMB'000
Net assets acquired:
Property, plant and equipment 1,323,236 1,387,509 2,710,745
Cash and cash equivalents 86,798 - 86,798
Other current assets 182,415 - 182,415
Loans (1,140,000) - (1,140,000)
Deferred tax liabilities - (208,126) (208,126)
Other current liabilities (78,338) - (78,338)
----------- ----------- -----------
374,111 1,179,383 1,553,494
Non-controlling interests (150,162) (537,327) (687,489)
----------- -----------
Goodwill 130,830
-----------
Satisfied by:
Cash 996,835
-----------
Net cash outflow arising on acquisition:
Cash consideration paid (996,835)
Cash and cash equivalents acquired 86,798
-----------
(910,037)
-----------
The goodwill arising on the acquisition of above subsidiaries is attributable to
the anticipated profitability of their hydropower generation operations and the
anticipated future operating synergies from the combination.
The above subsidiaries contributed RMB4,835 thousand to the Group's profit for
the year between their date of acquisition and the end of the reporting period.
If the above acquisition had been completed on 1 January 2011, total Group
revenue for the year would have been RMB72,501,467 thousand, and profit for the
year would have been RMB3,044,420 thousand. The proforma information is for
illustrative purposes only and is not necessarily an indication of the revenue
and results of operations of the Group that actually would have been achieved
had the acquisition been completed on 1 January 2011, nor is intended to be a
projection of future results.
Disposal of a subsidiary
On 1 January 2011, the Group disposed of all its 90.43% equity interest in Hebei
Datang International Huaze Hydropower Development Company Limited.
Net assets at the date of disposal were as follows:
RMB'000
Property, plant and equipment 143,936
Cash and cash equivalents 4,164
Other current assets 705
Long-term bank loans (72,500)
Other current liabilities (1,040)
---------
Net assets disposed of 75,265
Non-controlling interests (7,203)
Gain on disposal of a subsidiary 58,239
---------
Total consideration - satisfied by cash 126,301
---------
Net cash inflow arising on disposal:
Cash consideration received 126,301
Cash and cash equivalents disposed of (4,164)
---------
122,137
---------
4. OPERATING REVENUE
The Group's operating revenue which primarily represents sales of electricity,
heat, coal and chemical products is as follows:
2011 2010
RMB'000 RMB'000
Sales of electricity 64,367,360 53,593,750
Heat supply 719,013 539,680
Sales of coal 2,937,638 2,823,291
Sales of chemical products 3,070,651 2,692,513
Others 1,287,203 1,023,141
------------- -------------
72,381,865 60,672,375
------------- -------------
5. SEGMENT INFORMATION
Executive directors and certain senior management (including chief accountant)
of the Company (collectively referred to as the "Senior Management") perform the
function as chief operating decision makers. The Senior Management reviews the
internal reporting of the Group in order to assess performance and allocate
resources. Senior Management has determined the operating segments based on
these reports.
Senior Management considers the business from a product perspective. Senior
Management primarily assesses the performance of power generation, coal and
chemical separately. Other operating activities primarily include sales of
properties and cement products and sales of coal ash, etc., and are included in
"other segments".
Senior Management assesses the performance of the operating segments based on a
measure of profit before tax prepared under China Accounting Standards for
Business Enterprises ("PRC GAAP").
Segment profits or losses do not include dividend income from available-for-sale
investments and gain on disposals of available-for-sale investments. Segment
assets exclude deferred tax assets and available- for-sale investments. Segment
liabilities exclude the current tax liabilities and deferred tax liabilities.
Sales between operating segments are marked to market or contracted close to
market price and have been eliminated at consolidation level. Unless otherwise
noted below, all such financial information in the segment tables below is
prepared under PRC GAAP.
Information about reportable segment profit or loss, assets and liabilities:
Power
generation Coal Chemical Other
segment segment segment segments Total
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Year ended 31 December 2011
Revenue from external
customers 65,275,284 2,986,809 3,100,132 1,019,640 72,381,865
Intersegment revenue 425,307 23,512,906 4,500 156,728 24,099,441
----------------------------------- ----------- ------------
Segment profit 1,329,805 1,658,588 471,600 197,314 3,657,307
----------------------------------- ----------- ------------
Depreciation and
amortisation 8,425,131 56,425 71,490 98,129 8,651,175
Gain/(loss) on disposals
of property, plant and
equipment 13,004 - 14 (3) 13,015
Loss on disposal of
intangible assets - - - (419) (419)
Gain on disposals of
long-term investments 58,239 - - - 58,239
Interest income 97,324 4,558 4,695 3,243 109,820
Interest expense 6,594,829 315,227 48,755 119,409 7,078,220
Share of profits of
associates 2,396 663,761 - 202,760 868,917
Shares of (losses)/profits
of jointly controlled
entities (9,076) 57,190 - - 48,114
Income tax expense 346,797 248,745 49,909 20,356 665,807
----------------------------------- ----------- ------------
Year ended 31 December 2010
Revenue from external
customers 54,122,551 2,825,178 2,712,214 1,012,432 60,672,375
Intersegment revenue 74,030 21,770,917 - 95,186 21,940,133
----------------------------------- ----------- ------------
Segment profit 3,314,713 841,185 331,707 141,885 4,629,490
----------------------------------- ----------- ------------
Depreciation and
amortisation 7,036,509 189,173 101,466 102,770 7,429,918
Net gain on disposals of
property, plant and
equipment 47,810 - 27 10,084 57,921
Gain on disposals of
investment properties - - - 26,813 26,813
Gain on disposals of
long-term investments 11 - - 93,800 93,811
Interest income 29,211 1,347 1,670 5,987 38,215
Interest expense 4,800,594 238,386 37,986 126,053 5,203,019
Share of profits of
associates 7,653 474,427 - 109,179 591,259
Shares of losses of
jointly controlled
entities (14,384) (2,657) - - (17,041)
Income tax expense 715,456 87,872 83,219 57,906 944,453
----------------------------------- ----------- ------------
At 31 December 2011
Segment assets 173,575,788 22,574,026 49,088,856 11,223,724 256,462,394
Including:
Investments in
associates 505,662 1,927,786 - 2,817,723 5,251,171
Investments in jointly
controlled entities 2,506,286 942,342 - - 3,448,628
Additions to non-current
assets (other than
financial assets and
deferred tax assets) 14,882,988 2,485,568 17,125,982 140,152 34,634,690
----------------------------------- ----------- ------------
Segment liabilities 148,527,057 15,622,773 37,287,079 3,440,531 204,877,440
----------------------------------- ----------- ------------
At 31 December 2010
Segment assets 152,509,810 16,058,293 39,345,040 10,625,419 218,538,562
Including:
Investments in
associates 490,467 1,682,565 - 2,447,088 4,620,120
Investments in jointly
controlled entities 1,693,442 845,959 - - 2,539,401
Additions to non-current
assets (other than
financial assets and
deferred tax assets) 22,657,532 1,191,307 10,084,264 148,405 34,081,508
----------------------------------- ----------- ------------
Segment liabilities 134,105,377 10,067,614 29,220,166 3,473,751 176,866,908
----------------------------------- ----------- ------------
Reconciliations of reportable segment revenue, profit or loss, assets, liabilities and
other material items:
2011 2010
RMB'000 RMB'000
Revenue
Total revenue of reportable segments 96,481,306 82,612,508
Elimination of intersegment revenue (24,099,441) (21,940,133)
-------------
Consolidated revenue 72,381,865 60,672,375
-------------
Profit or loss
Total profit or loss of reportable segments 3,657,307 4,629,490
Gain on disposals of available-for-sale investments 5 8,212
Dividend income from available-for-sale investments 4,940 40
Elimination of intersegment profits (9,463) (13,861)
IFRS adjustment on reversal of general provision
on mining funds 86,837 107,273
Other IFRS adjustments (29,691) (30,854)
-------------
Consolidated profit before tax 3,709,935 4,700,300
-------------
Assets
Total assets of reportable segments 256,462,394 218,538,562
Deferred tax assets 1,425,210 944,269
Available-for-sale investments 67,531 91,043
Elimination of intersegment assets (13,885,059) (8,818,003)
Reclassification of non-income taxes recoverable 3,426,857 2,022,816
IFRS adjustment on reversal of general provision
on mining funds 175,734 82,095
Other IFRS adjustments 24,522 54,553
Consolidated total assets 247,697,189 212,915,335
-------------
Liabilities
Total liabilities of reportable segments (204,877,440) (176,866,908)
Current tax liabilities (318,588) (339,967)
Deferred tax liabilities (556,624) (414,377)
Elimination of intersegment liabilities 12,243,238 5,186,413
Reclassification of non-income taxes recoverable (3,426,857) (2,022,816)
Other IFRS adjustments (28,864) (24,849)
-------------
Consolidated total liabilities (196,965,135) (174,482,504)
-------------
Other material items
Total per
consolidated
IFRS statement of
adjustment on financial
reversal of position /
Total of general statement of
reportable Elimination of provision on Other IFRS comprehensive
segments intersegment mining funds adjustments income
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Year ended
31 December 2011
Share of profits of
associates 868,917 - 77,053 - 945,970
Shares of profits of
jointly controlled
entities 48,114 - 46,115 - 94,229
Income tax expense 665,807 (2,377) 7,601 (3,245) 667,786
-----------
Year ended
31 December 2010
Share of profits of
associates 591,259 - 126,972 - 718,231
Shares of
(losses)/profits of
jointly controlled
entities (17,041) - 18,145 - 1,104
Income tax expense 944,453 (60,294) (9,389) (3,415) 871,355
At 31 December 2011
Investments in
associates 5,251,171 - 37,995 - 5,289,166
Investments in
jointly controlled
entities 3,448,628 - 137,239 - 3,585,867
At 31 December 2010
Investments in
associates 4,620,120 - (28,282) - 4,591,838
Investments in
jointly controlled
entities 2,539,401 - 110,377 - 2,649,778
Geographical information (under IFRS):
During the years ended 31 December 2011 and 2010, all revenues from external customers are
generated domestically. At 31 December 2011, non-current assets (excluding financial assets
and deferred tax assets) amounted to RMB213,318,898 thousand (2010: RMB189,360,741 thousand)
and RMB44,904 thousand (2010: RMB47,444 thousand) are located in the PRC and foreign countries,
respectively.
In presenting the geographical information, revenue is based on the locations of the customers.
Revenue from major customers:
2011 2010
RMB'000 RMB'000
Power generation segment
North China Grid Company Limited 19,658,707 17,948,672
Guangdong Power Grid Corporation 8,298,202 4,822,035
State Grid Corporation of China 6,029,222 5,495,123
6. FINANCE COSTS
2011 2010
RMB'000 RMB'000
Interest expense on:
Short-term bank loans 885,719 844,812
Other short-term loans 210,303 194,894
Short-term entrusted loans - 361
Long-term bank loans
- Wholly repayable within five years 1,523,851 1,376,004
- Not wholly repayable within five years 5,822,812 4,283,599
Other long-term loans
- Wholly repayable within five years 174,387 211,696
- Not wholly repayable within five years 89,290 24,674
Short-term bonds 13,975 -
Long-term bonds 394,993 283,474
Finance leases 354,683 190,243
Acquisitions of property, plant and equipment
by instalments 1,650 3,354
Discounted notes receivables 52,173 50,092
Others 23,504 -
Total borrowing costs 9,547,340 7,463,203
Amount capitalised (2,469,120) (2,083,847)
7,078,220 5,379,356
Exchange gain, net (38,107) (28,069)
Others 61,889 22,050
7,102,002 5,373,337
Borrowing costs on funds borrowed generally are capitalised at a rate of 6.06%
(2010: 5.33%) per annum.
7. INCOME TAX EXPENSE
2011 2010
RMB'000 RMB'000
Current tax - PRC Enterprise Income Tax
Provision for the year 1,193,292 1,125,789
Under/(over)-provision in prior years 9,826 (833)
1,203,118 1,124,956
Deferred tax (535,332) (253,601)
667,786 871,355
The Company and its subsidiaries, other than as stated below, are generally
subject to PRC Enterprise Income Tax statutory rate of 25% (2010: 25%).
(i) As newly set up domestic invested enterprises engaged in power generation
in the western area of the PRC, certain subsidiaries are exempted from
PRC Enterprise Income Tax during the first and second years of operation
and have been granted a tax concession to pay PRC Enterprise Income Tax
at 50% of the preferential rate of 15% from the third to fifth year of
operation. This preferential income tax treatment will expire from 31
December 2010 to 31 December 2012.
(ii) Pursuant to document Cai Shui Zi [2006]88 issued by the Ministry of
Finance of the PRC (the "MOF"), a subsidiary of the Company, being a
high and new technology industrial development enterprise set up in the
high and new technology industrial development zone approved by the
State Council, and as approved by Tax Bureau of Beijing Fengtai District,
is exempted from PRC Enterprise Income Tax in the first two operating
years and then applies 15% being the preferential rate from the third
year, counting from the first year when this subsidiary starts to make
profit.
(iii) As a newly set up foreign invested enterprise engaged in power
generation in the western area of the PRC approved by the local tax
authority, a subsidiary of the Company is exempted from PRC Enterprise
Income Tax during the first and second years of operation and has been
granted a tax concession to pay PRC Enterprise Income Tax at 50% of the
preferential rate of 15% from the third to fifth year of operation since
the year 2008.
(iv) Pursuant to documents Cai Shui [2008]46 and [2008]116 issued by the MOF,
certain subsidiaries are exempted from PRC Enterprise Income Tax during
the first three years of operation commencing from the year of assessment
in which the first sale transaction is reported and have been granted a
tax concession to pay PRC Enterprise Income Tax at 50% of the statutory
rate of 25% from the fourth to sixth year of operation in respect of
their operating profit derived from investments in new wind power
generation projects approved by government investment task forces after
1 January 2008. This preferential tax treatment will expire after 31
December 2014.
(v) Pursuant to document Cai Shui [2011]58 "Further Implementing the Western
China Development Strategy" issued by the MOF, the General Administration
of Customs and the State Administration of Taxation of the PRC, certain
subsidiaries set up in the western area of the PRC and engaged in a
business encouraged by the State are eligible to pay PRC Enterprise
Income Tax at a preferential rate of 15% from 1 January 2011 to 31
December 2020.
8. PROFIT APPROPRIATION
DIVIDENDS
2011 2010
RMB'000 RMB'000
Proposed final of RMB0.11 (2010: RMB0.07) per share 1,464,104 861,703
Pursuant to the PRC Enterprise Income Tax Law, the Company is required to
withhold 10% PRC enterprise income tax when it distributes dividends to its
non-PRC resident enterprise shareholders.
Statutory surplus reserve
In accordance with the relevant laws and regulations of the PRC and the
articles of association of the Company, it is required to appropriate 10% of
its net profit under PRC GAAP, after offsetting any prior years' losses, to the
statutory surplus reserve. When the balance of such a reserve reaches 50% of
the Company's share capital, any further appropriation is optional.
The statutory surplus reserve can be used to offset prior years' losses, if any,
and may be converted into share capital by issuing new shares to shareholders
in proportion to their existing shareholding or by increasing the par value of
the shares currently held by them, provided that the remaining balance of the
reserve after such an issue is not less than 25% of share capital. The statutory
surplus reserve is non-distributable.
Discretionary surplus reserve
Pursuant to the articles of association of the Company, the appropriation of
profit to the discretionary surplus reserve and its utilisation are made in
accordance with the recommendation of the Board of Directors and is subject to
shareholders' approval at their general meeting.
The discretionary surplus reserve can be used to offset prior years' losses, if
any, and may be converted into share capital by issuing new shares to
shareholders in proportion to their existing shareholding or by increasing the
par value of the shares currently held by them. The discretionary surplus
reserve is distributable.
Restricted reserve
Pursuant to relevant regulations and guidance issued by the MOF, certain
deferred housing benefits are charged to equity directly when incurred under
PRC GAAP. In order to reflect such undistributable retained earnings in these
financial statements prepared under IFRS, a restricted reserve is set up to
reduce the balance of retained earnings with an amount equals to the residual
balance of deferred housing benefits, net of tax.
Pursuant to relevant PRC regulations, coal mining companies are required to set
aside an amount to a fund for future development and work safety which they
transferred certain amounts from retained earnings to restricted reserve. The
fund can then be used for future development and work safety of the coal mining
operations, and is not available for distribution to shareholders. When
qualifying development expenditure and improvements of safety incurred, an
equivalent amount is transferred from restricted reserve to retained earnings.
9. EARNINGS PER SHARE
Basic earnings per share
The calculation of basic earnings per share attributable to owners of the
Company is based on the profit for the year attributable to owners of the
Company of RMB1,971,200 thousand (2010: RMB2,569,734 thousand) and the weighted
average number of ordinary shares of 12,893,371 thousand (2010: 12,192,421
thousand) in issue during the year.
Diluted earnings per share
During the years ended 31 December 2011 and 2010, the Company did not have any
dilutive potential ordinary shares. Therefore, diluted earnings per share is
equal to basic earnings per share.
10. ACCOUNTS AND NOTES RECEIVABLES
Accounts and notes receivables of the Group primarily represent receivables
from regional or provincial grid companies for tariff revenue and coal sales
customers and comprise the following:
2011 2010
RMB'000 RMB'000
Accounts receivables from third parties 9,872,875 7,966,699
Notes receivables from third parties 257,818 190,185
Accounts and notes receivables from related parties 77,853 1,738
10,208,546 8,158,622
The Group usually grants credit period of approximately 1 month to local power
grid customers and coal purchase customers from the month end after sales and
sale transactions made, respectively.
The ageing analysis of accounts and notes receivables is as follows:
2011 2010
RMB'000 RMB'000
Within one year 10,044,753 8,013,428
Between one to two years 74,133 143,990
Between two to three years 89,009 1,096
Over three years 651 108
10,208,546 8,158,622
11. SHARE CAPITAL
Number of shares Amount
A shares (i) H shares (i) Total A shares H shares Total
'000 '000 '000 RMB'000 RMB'000 RMB'000
Registered, issued and
fully paid:
Shares of RMB1
(2010: RMB1) each
At 1 January 2010 8,464,360 3,315,678 11,780,038 8,464,360 3,315,678 11,780,038
Issue of shares (ii) 530,000 - 530,000 530,000 - 530,000
At 31 December 2010 and
1 January 2011 (iii) 8,994,360 3,315,678 12,310,038 8,994,360 3,315,678 12,310,038
Issue of shares (iv) 1,000,000 - 1,000,000 1,000,000 - 1,000,000
At 31 December 2011 (v) 9,994,360 3,315,678 13,310,038 9,994,360 3,315,678 13,310,038
Note:
(i) Both A shares and H shares rank pari passu to each other.
(ii) In March 2010, the Company issued 530,000,000 A shares to specific investors by way of
non-public offering at a subscription price of RMB6.23 per share for a total cash
consideration of RMB3,301,900 thousand. The premium on the issue of shares, amounting to
RMB2,718,372 thousand, net of share issue expenses, was credited to the Company's capital
reserve account.
(iii) At 31 December 2010, 530,000,000 A shares were subject to lock-up periods and were not
freely tradable.
(iv) In May 2011, the Company issued 1,000,000,000 A shares to specific investors by way of
non-public offering at a subscription price of RMB6.74 per share for a total cash
consideration of RMB6,740,000 thousand. The premium on the issue of shares, amounting to
RMB5,670,950 thousand, net of share issue expenses, was credited to the Company's capital
reserve account.
(v) At 31 December 2011, 1,000,000,000 A shares were subject to lock-up periods and were not
freely tradable.
12. ACCOUNTS PAYABLES AND ACCRUED LIABILITIES
2011 2010
RMB'000 RMB'000
Accounts and notes payables
Fuel and materials payables to third parties 8,323,277 7,100,568
Fuel and materials payables to related parties 153,138 49,076
Notes payables to third parties 1,685,269 980,127
------------ ------------
10,161,684 8,129,771
------------ ------------
Construction payables to third parties 9,462,257 8,132,531
Construction payables to related parties 341,430 209,902
Acquisition considerations payables 164,989 91,627
Receipts in advance from related parties 11,312 591
Receipts in advance from third parties 556,701 621,925
Salaries and welfares payables 64,346 51,444
Interests payables 580,359 390,087
Other payables to related parties 204,789 95,528
Others 2,392,146 1,206,660
------------ ------------
23,940,013 18,930,066
------------ ------------
The ageing analysis of the accounts and notes payables is as follows:
2011 2010
RMB'000 RMB'000
Within one year 9,537,844 8,129,771
Between one to two years 623,840 -
------------ ------------
10,161,684 8,129,771
------------ ------------
13. EVENTS AFTER THE REPORTING PERIOD
On 8 January 2012, the Company entered into the Zhong Rong - Qiantai Energy
Equity Interest Investment Single Trust Fund Agreement with Zhong Rong
International Trust Company Limited ("Zhong Rong Trust"), pursuant to which
the Company agreed to contribute RMB2 billion to invest in the specific trust
scheme set up by Zhong Rong Trust for a term of three years. During the term
of the specific trust scheme, Zhong Rong Trust agreed to use such trust fund
to make capital contribution to the Inner Mongolia Qiantai Energy Investment
Company Limited ("Project Company") under the name of the trustee for the
purpose of integrating the relevant coal mines within Dalate Qi in Erdos City.
Zhong Rong Trust will hold 50% equity interest in the Project Company on
behalf of the Company upon completion of the increase in capital contribution
by the specific trust scheme to the Project Company. Upon expiration of the
term of the specific trust scheme and the completion of the integration of the
relevant coal mines, Zhong Rong Trust will transfer 50% equity interest in the
Project Company to the Company. The beneficiary and trustor of the specific
trust scheme is the Company. The trustee is Zhong Rong Trust. The annual
income to be generated from the specific trust scheme is expected to be RMB400
million.
B. FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL STATEMENTS PREPARED UNDER PRC
GAAP
1. FINANCIAL HIGHLIGHTS AND FINANCIAL RATIOS
2011 2010 Variance
RMB'000 RMB'000 %
(unless (unless
otherwise otherwise
stated) stated)
Revenue from operations 72,381,865 60,672,375 19.30%
Profit before taxation and
minority interests 3,652,789 4,623,881 (21.00%)
Net profit (attributable to
equity holders of the Company) 1,910,111 2,473,684 (22.78%)
Net profit (attributable to
equity holders of the Company and
excluding non-recurring items) 1,598,958 2,108,452 (24.16%)
Earnings per share (weighted average)
(RMB) 0.1481 0.2031 (27.08%)
Earnings per share calculated
based on net profit attributable to
equity holders of the Company and
excluding non-recurring items
(weighted average) (RMB) 0.1481 0.1731 (14.44%)
Return on net assets (weighted average) 5.37% 8.37% (3.00%)
Return on net assets calculated
based on net profit attributable to
equity holders of the Company and
excluding non-recurring items
(weighted average) 4.50% 7.13% (2.63%)
Net cash flows from operating activities 12,934,714 17,509,589 (26.13%)
Net cash flows from operating activities
per share (RMB) 0.97 1.42 (31.69%)
Total assets 244,070,076 210,755,870 15.81%
Shareholders' equity (including
minority interests) 50,560,662 38,321,031 31.94%
Net assets (attributable to
equity holders of the Company)
per share (RMB) 2.91 2.50 16.40%
2. PROFIT AND LOSS ACCOUNT
2011 2010
RMB'000 RMB'000
Operating revenue 72,381,865 60,672,375
Less: Operating costs (59,844,336) (49,427,960)
Sales tax and surcharges (568,654) (395,380)
Selling expenses (611,939) (192,259)
General and administration expenses (2,189,056) (1,846,469)
Financial expenses, net (6,992,182) (5,335,122)
Asset impairment loss 255 41,815
Add: Investment income 1,025,786 686,610
------------ ------------
Operating profit 3,201,739 4,203,610
Add: Non-operating income 500,737 466,271
Less: Non-operating expenses (49,687) (46,000)
------------ ------------
Profit before taxation and minority interests 3,652,789 4,623,881
Less: Income tax expense (663,430) (884,159)
------------ ------------
Net profit 2,989,359 3,739,722
------------ ------------
Attributable to:
Equity holders of the Company 1,910,111 2,473,684
Non-controlling interests 1,079,248 1,266,038
Other comprehensive loss (63,083) (60,585)
Total comprehensive income 2,926,276 3,679,137
Attributable to:
Equity holders of the Company 1,846,961 2,417,368
Non-controlling interests 1,079,315 1,261,769
RMB RMB
Earnings per share
Basic 0.1481 0.2031
Diluted 0.1481 0.2031
3. DIFFERENCES BETWEEN FINANCIAL STATEMENTS
The consolidated financial statements which are prepared by the Group in
conformity with IFRS, differ in certain respects from PRC GAAP. Major
differences between IFRS and PRC GAAP ("GAAP Differences"), which affect the
net assets and net profit of the Group, are summarised as follows:
Note Net assets
2011 2010
RMB'000 RMB'000
Net assets attributable to owners
of the Company under IFRS 38,940,692 30,850,071
Impact of IFRS adjustments:
Difference in the commencement of
depreciation of property, plant and
equipment (a) 106,466 106,466
Difference in accounting treatment
on monetary housing benefits (b) (102,839) (132,530)
Difference in accounting treatment
on mining funds (c) (175,734) (82,095)
Applicable deferred tax impact
of the above GAAP Differences 715 (3,641)
Non-controlling interests' impact
of the above GAAP Differences after tax 18,564 (1,015)
------------ ------------
Net assets attributable to owners
of the Company under PRC GAAP 38,787,864 30,737,256
------------ ------------
Note Net profit
2011 2010
RMB'000 RMB'000
Profit for the year attributable to owners
of the Company under IFRS 1,971,200 2,569,734
Impact of IFRS adjustments:
Difference in accounting treatment
on monetary housing benefits (b) 29,691 30,854
Difference in accounting treatment
on mining funds (c) (86,838) (107,273)
Applicable deferred tax impact
of the above GAAP Differences 4,357 (12,804)
Non-controlling interests' impact
of the above GAAP Differences after tax (8,299) (6,827)
------------ ------------
Net profit for the year attributable to owners
of the Company under PRC GAAP 1,910,111 2,473,684
------------ ------------
Note:
(a) Difference in the commencement of depreciation of property, plant and
equipment
This represents the depreciation difference arose from the different
timing of the start of depreciation charge in previous years.
(b) Difference in accounting treatment on monetary housing benefits
Under PRC GAAP, the monetary housing benefits provided to employees who
started work before 31 December 1998 were directly deducted from the
retained earnings and statutory public welfare fund after approval by the
general meeting of the Company and its subsidiaries
Under IFRS, these benefits are recorded as deferred assets and amortised
on a straight-line basis over the estimated remaining average service
lives of relevant employees.
(c) Difference in accounting treatment on mining funds
Under PRC GAAP, accrual of future development and work safety expenses
are included in respective product cost or current period profit or loss
and recorded in a specific reserve accordingly. When such future
development and work safety expenses are applied and related to revenue
expenditures, specific reserve is directly offset when expenses incurred.
When capital expenditures are incurred, they are included in construction
in progress and transferred to fixed assets when the related assets reach
the expected use condition. They are then offset against specific reserve
based on the amount included in fixed assets while corresponding amount
is recognised in accumulated depreciation. Such fixed assets are not
depreciated in subsequent periods.
Under IFRS, coal mining companies are required to set aside an amount to
a fund for future development and work safety through transferring from
retained earnings to restricted reserve. When qualifying revenue
expenditures are incurred, such expenses are recorded in the profit or
loss as incurred. When capital expenditures are incurred, an amount is
transferred to property, plant and equipment and is depreciated in
accordance with the depreciation policy of the Group. Internal equity
items transfers take place based on the actual application amount of
future development and work safety expenses whereas restricted reserve is
offset against retained earnings to the extent of zero.
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