Friday 21 August, 2009
Zhejiang Southeast
Half Yearly Report
RNS Number : 8067X Zhejiang Southeast Elec Power Co Ld 21 August 2009
Zhejiang Southeast Electric Power Company Limited
Interim Results 2009
Unit: RMB yuan
|
|
At End of Current Period
|
At End of Prior Year
|
Increase/decrease at end of current period compared with ending amount of prior year (%)
|
|
Total Assets
|
16,936,985,197.18
|
15,637,758,966.04
|
8.31
|
|
Owner's Equity (or Shareholders' Equity)
|
9,106,747,115.39
|
7,463,832,556.96
|
22.01
|
|
Net Assets per Share (yuan)
|
4.53
|
3.71
|
22.10
|
|
|
Current Period
(Jan.-June)
|
Prior Period
|
Increase/decrease in current period compared with prior period (%)
|
|
Operating Profit
|
306,021,117.07
|
390,361,003.05
|
-21.61
|
|
Total Profit
|
303,230,258.98
|
382,462,241.88
|
-20.72
|
|
Net Profit
|
241,179,065.00
|
302,525,314.10
|
-20.28
|
|
Net Profit after Deducting Non-recurring Gains & Losses
|
241,158,658.43
|
-77,540,445.12
|
411.01
|
|
Earnings per Share (yuan)
|
0.1200
|
0.1505
|
-20.27
|
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Earnings per Share after Deducting Non-recurring Gains & Losses (yuan)
|
0.1200
|
-0.0386
|
410.88
|
|
Yield on Net Assets (%)
|
2.65
|
3.48
|
Decreased by 0.83%
|
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Net Cash Flow Generated from Operating Activities
|
1,032,036,710.15
|
108,043,408.60
|
855.21
|
|
Net Cash Flow Generated from Operating Activities per Share
|
0.5135
|
0.0538
|
854.46
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2. Non-recurring Gains & Losses
Unit: RMB yuan
|
Items of Non-recurring gains and losses
|
Ending Amount
|
|
Gains and losses on disposal of non-current assets
|
990,803.59
|
|
Government subsidies recorded as current gains and losses (except those in close connection with the Company's normal operations continuously provided in accordance with the government policy and standards)
|
2,408,312.60
|
|
Other non-operating income and expenses than the above
|
-3,338,853.90
|
|
Subtotal
|
60,262.29
|
|
Less: Impact of income tax (with decrease denoted by '-')
|
15,065.57
|
|
Impact of minority shareholders' equity
|
24,790.15
|
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Net value of non-recurring gains and losses belonging to shareholders of the Company
|
20,406.57
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3. Review and Analysis of Overall Business Operations
Due to continual impact of the global financial crisis on the real economy (especially the export economy) and the accelerating industrial upgrading, the power consumption by the whole society of Zhejiang from January to June this year registered a negative growth. At the same time, with the rapid increase in installed generator capacity in recent years in Zhejiang, the utilization hours of the generating units dropped markedly. In the current reporting period, the electricity generation completed by the Company decreased by 13.82% to 8.570 billion kwh, and the electricity sales up to the power grid by the Company decreased by 13.73% to 7.935 billion kwh compared with those in the prior period.
In line with the related documents issued by Zhejiang Provincial Pricing Bureau, the electricity sale tariff applicable to the generating units owned by the power plants under the Company was duly adjusted in the second half of last year. The raise of the electricity tariff effectively alleviated the effect of the electricity generation drop on the operating income of the Company. The operating income achieved by the Company in the current reporting period amounted to RMB 3.249 billion yuan, declining by 3.05% compared with that in the prior period.
In the current reporting period, the coal supply for the Company was generally in a steady state, with stable coal price and assured coal quality. Due to stabilized coal price and reduced coal consumption for power generation, the fuel cost incurred by the Company dropped by RMB 420 million yuan or 17.28% compared with that in the prior period.
In the current reporting period, the net profit belonging to the owners of the parent Company after deducting non-recurring gains and losses made by the Company in the current reporting period reached RMB 241 million yuan, which turned the loss-making principal business of the Company into profit.
4. Analysis of Significant Change in Profit Breakdown Compared with Prior Year
Unit: RMB yuan
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Item
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Current Period
|
Prior Period
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Increase/Decrease (%)
|
Cause of Change
|
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Operating Income
|
3,249,477,904.10
|
3,351,783,934.63
|
-3.05
|
|
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Operating Cost
|
2,770,481,504.58
|
3,192,510,504.60
|
-13.22
|
[Note 1]
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Returns on Investment
|
159,668,006.97
|
581,788,388.54
|
-72.56
|
[Note 2]
|
|
Operating Profit
|
306,021,117.07
|
390,361,003.05
|
-21.61
|
|
|
Net Profit Belonging to Owners of Parent Company
|
241,179,065.00
|
302,525,314.10
|
-20.28
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|
[Note 1]: which is mainly because the stabilized coal price and the reduced coal consumption for power generation led to a decrease in fuel cost amounting to RMB 420 million yuan.
[Note 2]: which is mainly because the partial reduction of the Company's shareholding of listed banks in the prior period resulted in investment return amounting to RMB 511.8 million yuan, whereas no reduction of the Company's shareholding of the listed banks in the current period made the investment return go down substantially.
5. Shares of Other Listed Companies Held
Unit: RMB yuan
|
Code of Security
|
Name of Security
|
Initial Investment
|
Percentage of Total Shares
|
Ending Book Value
|
Gains & Losses in Current Period
|
Changes in Shareholders' Equity in Current Period
|
Accounting Title
|
Source of Stock
|
|
601328
|
Bank of Communication
|
277,840,363.00
|
0.2985
|
1,317,548,247.70
|
0.00
|
624,409,657.90
|
Available-for-sale financial assets
|
Funded by shareholders
|
|
600036
|
Merchants Bank
|
80,222,224.79
|
0.2806
|
924,726,240.00
|
0.00
|
422,956,000.00
|
Available-for-sale financial assets
|
Funded by shareholders
|
|
601166
|
Industrial Bank
|
75,190,000.00
|
0.7300
|
1,354,515,000.00
|
16,425,000.00
[Note]
|
821,615,000.00
|
Available-for-sale financial assets
|
Funded by shareholders
|
|
Total
|
433,252,587.79
|
|
3,596,789,487.70
|
16,425,000.00
|
1,868,980,657.90
|
|
|
[Note]: which is the dividend distribution for 2008 from Industrial Bank to the Company.
6. Consolidated Statement of Profit (Unaudited)
Unit: RMB yuan
|
Item
|
Current Amount
|
Prior Amount
|
|
1. Total operating income
|
3,249,477,904.10
|
3,351,783,934.63
|
|
Including: operating income
|
3,249,477,904.10
|
3,351,783,934.63
|
|
Interest income
|
|
|
|
Insurance premium income
|
|
|
|
Service charges and commission income
|
|
|
|
2. Total operating cost
|
3,103,124,794.00
|
3,543,994,320.12
|
|
Including: operating cost
|
2,770,481,504.58
|
3,192,510,504.60
|
|
Interest expenditure
|
|
|
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Service charges and commission expenditure
|
|
|
|
Refunded insurance premium
|
|
|
|
Net value of compensation expenditure
|
|
|
|
Net value of insurance contract allowance
|
|
|
|
Payment of insurance policy dividends
|
|
|
|
Reinsurance expenses
|
|
|
|
Operating tax and surcharges
|
22,536,028.98
|
26,059,461.23
|
|
Marketing expenses
|
|
|
|
Administrative expenses
|
134,857,982.62
|
175,635,006.28
|
|
Financial expenses
|
175,249,277.82
|
149,789,348.01
|
|
Asset devaluation loss
|
|
|
|
Add: gains from changes in fair values (with loss denoted by '-
')
|
|
783,000.00
|
|
Return on investment (with loss denoted by '-')
|
159,668,006.97
|
581,788,388.54
|
|
Including: returns on investment in affiliated enterprises and joint ventures
|
143,243,006.97
|
35,196,608.43
|
|
Foreign exchange income (with loss denoted by '-')
|
|
|
|
3. Operating profit (with loss denoted by '-')
|
306,021,117.07
|
390,361,003.05
|
|
Add: non-operating income
|
3,623,554.86
|
1,832,574.71
|
|
Less: non-operating expenses
|
6,414,412.95
|
9,731,335.88
|
|
Including: loss on disposal of non-current assets
|
|
|
|
4. Total profit (with loss denoted by '-')
|
303,230,258.98
|
382,462,241.88
|
|
Less: income tax expenditure
|
35,890,563.03
|
100,690,185.01
|
|
5. Net profit (with net loss denoted by '-')
|
267,339,695.95
|
281,772,056.87
|
|
Net profit belonging to owners of the parent company
|
241,179,065.00
|
302,525,314.10
|
|
Minority shareholders' equity
|
26,160,630.95
|
-20,753,257.23
|
|
6. Earnings per Share
|
|
|
|
(1) Basic earnings per share
|
0.1200
|
0.1505
|
|
(2) Diluted earnings per share
|
|
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Board of Directors
Zhejiang Southeast Electric Power Company Limited
19 August 2009
This information is provided by RNS
The company news service from the London Stock Exchange END IR GLGDICDDGGCB
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