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Datang Power Announces 2012 Annual Results

Net Profit Surges 106.08% to RMB4,062 Million

Drawing Synergy from Diversified Growth for Greater Success

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HONG KONG, March 26, 2013 /PRNewswire/ --

Financial Highlights: 


Year ended 31 December

RMB million

2012

2011

Approximate change 

Operating revenue

77,598

73,382

+7.21%

Net profit attributable to owners of the
   Company

4,062

1,971

+106.08%

Basic earnings per share attributable to owners
   of the Company (RMB)

0.31

0.15

0.16

Datang International Power Generation Co., Ltd. ("Datang Power" or the "Company")(991:HK; 601991:SH; DAT:LN; DIPGY:US) announced the audited consolidated operating results of the Company and its subsidiaries (the "Group") for the year ended 31 December 2012.

In accordance with the International Financial Reporting Standards, consolidated operating revenue of the Group for 2012 rose by 7.21% to RMB77,598 million. Net profit attributable to equity holders of the Company increased substantially by 106.08% to RMB4,062 million, mainly due to increase in operating revenue and decrease in fuel costs. Basic earnings per share attributable to equity holders of the Company were approximately RMB0.31, up approximately RMB0.16 per share comparing with the same period last year. The board has recommended the distribution of a final dividend of RMB0.1 per share (tax included) for the year of 2012.

Mr. Cao Jingshan, Vice Chairman & President of Datang Power, said, "In 2012, the operating environment was complicated and full of changes, the Company's development encountered tremendous challenges. Despite the favorable opportunities arise from lower coal price in the market, the pressure in operation brought by the year-on-year negative growth in power generation remained. To seize the opportunities arising from industry recovery, the Group continues to push forward the business strategy of "focusing on the power generation business whilst complementing with synergistic diversifications", and achieved breakthrough in various projects such as various preliminary power generation project. Benefitting from the increase in operating profit and the decrease in fuel cost, Datang Power realized the best operating performance among the 18 years since establishment."  

Business Review

In 2012, the Group's power generation maintained a stable production, however due to the slowdown of economic growth, cumulative on-grid power generation amount to 202.1456 billion kWh and 191.181 billion kWh respectively, representing a slight decreased by approximately 0.77% and 0.50% respectively.

The Group adhered to focus on economic operation of power generation facilities, therefore the Group deepen the technological renovation on energy conservation and strengthen facilities treatment to implement energy conservation, and reaped remarkable results. In 2012, coal consumption for power supply was 317.31g/kWh, representing a decrease of approximately 2.38 g/kWh over the previous year. The electricity consumption rate of power plants recorded a year-on-year decrease of 0.32 percentage-point to 4.56%. The total desulfurisation facilities operation rate and the total overall desulfurisation efficiency rate amounted to 99.67% and 94.18%, respectively. In addition, the emission rates of sulfur dioxide, nitrogen oxides, smoke ash and waste water were decreased year-on-year of approximately 2.63%, 8.27%, 16.67% and 16.67%, respectively. During the Year, a total of 11 power generating units of power generation companies of the Company carried out denitrification transformation projects.

In 2012, the Group achieved breakthrough in progress of preliminary works. 14 power generation projects of the Company were officially approved, including 2 coal-fired power (gas turbine) projects with total approved capacity of 2,226 MW, a hydropower project with total approved capacity of 125 MW, 6 wind power projects with total approved capacity of 276 MW, and 5 photovoltaic power projects with total approved capacity of 80 MW.

Meanwhile, the Group continued to expand power-related upstream and downstream projects. With prolonged practice and innovative improvements based on the construction and operation of the Duolun Coal Chemical project, the continuous and stable trial operation at a heavy loading rate of 70% was completed during the Year, and the construction-in-progress was successively transferred to fixed assets since December 2012. For the Series 1 of Phase 1 of Keqi Coal-based Natural Gas Project has produced qualified natural gas, while the startup of 8 facilities has been completed in Phase 2, other devices also made good progress. the Fuxin Coal-based Natural Gas Project proceeded smoothly. Meanwhile, the Phase 1 project of Shengli Open-cut Coal Mine East Unit 2 in Shengli area of Inner Mongolia, developed and constructed by the Company, reached 10 million tonnes; Phase 2 project with an annual production capacity of 20 million tonnes is currently undergoing construction of infrastructure as scheduled. The preliminary development works of the Wujianfang Coal Mine, the Kongduigou Coal Mine and the Changtan Coal Mine carried out by the Company in Inner Mongolia region proceeded in an orderly manner. The successful development of the above-said coal mine projects would also increase the coal self-sufficiency ratio of the Company.

Outlook

Looking forward to 2013, the Company expected that electricity demand will drive by rebounded economic environment, which would set to drive the actual growth of electricity demand. Provided that the overall slowdown of domestic economic growth is an inevitable trend, the growth in power generation and coal market prices may challenge the Group's business environment.

Mr. Cao concluded, "Diversified business deployment of the Company has been gradually paving the way to the harvest stage of the diversified and synergistic development. The core business of the Company will see another new height, aiming to achieve total power generation in 2013 to exceed 200 billion kWh, and the preliminary works for power generation projects of approximately 3,900 mWh are expected to make significant breakthrough, which are conducive to the strengthening of core competitiveness of the Company. The Company will follow the strategy of "focusing on the power generation business whilst complementing with synergistic diversifications", to further enhance production safety management, step up capital efforts, continue to intensify energy conservation and emissions reduction and comprehensively strengthen risk prevention and control.  

The Group will aim to enhance the profitability of the Group and, with its synergistic diversifications advantages to seize opportunities to generate maximum returns for the shareholders."

Datang International Power Generation Co., Ltd. (991:HK; 601991:SH; DAT:LN; DIPGY:US)

Datang International Power Generation Co., Ltd. is one of the largest independent power producers in China and the first Chinese power company list in Hong Kong, London and Shanghai simultaneously. Its American Depositary Receipts are traded in the U.S. over-the-counter market. The Company is principally engaged in the construction and operation of power plants, the sale of electricity and thermal power, the repair, testing and maintenance of power generating facilities and power-related technology services. Currently, the Company manages over 100 wholly-owned and holding power generation companies or other project companies, which are located in over 18 provinces/municipalities/autonomous regions in China. As at 31 December 2011, the Company's total installed capacity in operation amounted to 38,484.2MW.

For more information, please visit the Company's website: http://www.dtpower.com/.

Encl: Extract of Condensed Consolidated Statement of Comprehensive Income (audited)

 

 

Datang International Power Generation Co., Ltd.

2012 Annual Results

(prepared in conformity with International Financial Reporting Standards)

Extract of Condensed Consolidated Statement of Comprehensive Income (audited)

 



year ended 31 December



2012


2011



RMB'000


RMB'000






Operating revenue


77,598,143


72,381,865






Operating costs





Fuel for power and heat generation


(39,116,040)


(42,152,791)

Fuel for coal sales


(5,352,767)


(2,331,552)

Depreciation


(8,820,051)


(8,604,808)

Repairs and maintenance


(2,361,659)


(1,898,832)

Salaries and staff welfare


(2,748,148)


(2,367,473)

Local government surcharges


(669,965)


(568,654)

Others


(5,019,331)


(4,904,592)






Total operating costs


(64,087,961)


(62,828,702)






Operating profit


13,510,182


9,553,163

Share of profits of associates


748,539


945,970

Share of profits of jointly controlled entities


43,824


94,229

Investment income


474,365


50,191

Other gains


1,305,804


58,564

Interest income


71,868


109,820

Finance costs


(8,568,230)


(7,102,002)






Profit before tax


7,586,352


3,709,935

Income tax expense


(1,361,102)


(667,786)






Profit for the year


6,225,250


3,042,149






Other comprehensive income after tax:





Reclassification adjustments for amounts transferred to 
    profit or loss upon disposals of available-for-sale 
    investments


-


(4)

Fair value gain(loss) on available-for-sale investments


38,333


(28,519)

Share of other comprehensive income of associates


(1,462)


(63,516)

Foreign currency translation differences


(2,968)


21,825

Income tax relating to components of other
    comprehensive income


(7,637)


7,131






Other comprehensive income for the year, net of tax


26,266


(63,083)






Total comprehensive income for the year


6,251,516


2,979,066






Profit for the period attributable to:





    Owners of the Company


4,062,268


1,971,200

    Non-controlling interests


2,162,982


1,070,949








6,225,250


3,042,149






Total comprehensive income for the year attributable to:





    Owners of the Company


4,088,534


1,908,050

    Non-controlling interests


2,162,982


1,071,016








6,251,516


2,979,066






Proposed dividends


1,331,004


1,464,104






Dividends paid


1,464,104


961,703








RMB


RMB

Earnings per share





    Basic and diluted


0.31


0.15

 

SOURCE Datang International Power Generation Co., Ltd.



RELATED LINKS
http://www.dtpower.com

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