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Public company info - Huaneng Renewables Corporation Ltd. - H Shares , 00958.HK

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Huaneng Renewables Corporation Ltd. - H Shares, 00958.HK - Company Profile
Chairman LIN Gang
Share Issued (share) 5,031,000,000
Par Currency Renminbi
Par Value 1.0
Industry Alternative Energy
Corporate Profile Business Summary: The Group is mainly engaged in wind power and solar ower generation and sale in the PRC. Performance for the year: For the year ended 31 December 2018, the Group achieved revenue of RMB11,650.3 million, representing a year-on-year increase of 10.4%. The Group’s profit before taxation was RMB3,695.2 million, representing a year-on-year increase of 8.4%. The Group’s net profit was RMB3,128.5 million, representing a year-on-year increase of 2.2%. Net profit attributable to equity shareholders of the Company was RMB3,086.4 million, representing a year-on-year increase of 2.5%. Earnings per share amounted to RMB0.2921, representing a year-on-year decrease of 0.6%. As at 31 December 2018, net assets per share (excluding interests held by non-controlling shareholders) amounted to RMB2.59. Business Review In 2018, the Company’s management, together with all its staff, made joint efforts to proactively cope with the challenges brought about by the increasingly stringent eco-environmental protection requirements, changes in tariff fixing mechanism and the increased difficulties in obtaining project approvals. Adhering to the principle of high-quality development, the Company maintained a stable momentum of safe operation and achieved a stable growth of operating performance. 1. Power generation The Company precisely grasped the orientation of the State policies, closely kept up with the dynamics of power market, actively reflected the industry appeals and continuously lowered the curtailment rate. Adhering to the “economic efficiency centric” principle, the Company endeavored to consummate its marketing mechanism, and optimize its market trading strategies, consequently achieved the most optimal economic outcome. In 2018, the gross power generation of the Company reached 24,973,793.2 MWh, representing a year-on-year increase of 11.3%, of which wind power generation amounted to 23,563,445.2 MWh, representing a year-on-year increase of 11.2%; solar power generation amounted to 1,410,348.0 MWh, representing a year-on-year increase of 13.5%. The weighted average utilization hours of the Company’s wind farms in 2018 were 2,234 hours, representing an increase of 152 hours as compared to 2017, achieving an industry-leading position. The weighted average utilization hours of the Company’s solar power projects in 2018 were 1,642 hours, representing an increase of 52 hours as compared to 2017. 2. Project construction The Company promoted project construction in full swing and reinforced quality control of construction, which ensured the successful on-grid commissioning of the poverty alleviation photovoltaic project in Bayannaoer, Inner Mongolia, the poverty alleviation photovoltaic project in Wuchuan and the phase II photovoltaic project of Shilin Xijiekou, Yunnan by 30 June 2018. The on-grid commissioning of the wind power project in Meiqiao town, Hunan marked an operating coverage breakthrough of the Company in Hunan Province. In 2018, the newly installed capacity was 398.0 MW, of which wind power projects and photovoltaic power projects amounted to 346.5 MW and 51.5 MW, respectively. As at 31 December 2018, the Company accumulated a total installed capacity of 11,964.8 MW, of which the total installed capacity of wind power projects and photovoltaic projects was 11,033.3 MW and 931.5 MW, respectively. 3. Preliminary development In response to the State’s policy trend of speeding up the reduction of subsidies and promoting grid parity of new energy projects, the Company actively carried out its work to enrich resources reservation. During the year, 332.0MW capacity of wind power projects (including 32.0MW capacity of distributed wind power projects) were included in the annual wind power development plan; 150.0 MW capacity of wind power project was were approved; 1.6MW capacity of photovoltaic project was filed and obtained construction scale. 4. Cost control The Company strengthened cost management in the entire process of project construction, strictly examined project settlement and effectively controlled the project costs. The Company also seized favorable market windows to issue super short-term debentures with an amount of RMB5 billion, which has effectively controlled its capital cost. 5. Science and technology support Adhering to the doctrine of having science and technology to take the leading role, the Company continuously deepened the integration between preliminary development of projects and technology innovation in order to improve the project efficiency in full life cycle . The Company has completed 11 intellectual properties such as One Kind of Variable Pitch Slip-ring for Onshore Wind Turbines and established three national or industrial standards including the Basic Technical Requirements for Offshore Wind Turbines. 6. Awards in the capital market In 2018, the Company won multiple awards in the capital market. The Company was granted the “Best Investor Relations Management Listed Company” of the 8th China Securities Golden Bauhinia Awards, Chairman LIN Gang was entitled the “Outstanding Contribution Entrepreneur in the Forty Years Course of Reform and Opening Up”. The Company won the highest corporate governance award “Platinum Award” presented by “The Assets”, and was named as the “Most Valuable Company in Energy and Resources Sector” for the first time in Golden H share listed company Awards organized by Zhitong Caijing. Prospects: In 2019, China will adhere to the green and low-carbon development mode and will accelerate the optimization of energy structure. In virtue of policy impetus, gird structure renovation and the continuous improvement of market mechanism, the consumption of renewable energy will maintain a good momentum and the curtailment issue will be further alleviated with a dual reduction in rate and volume. Concurrently, faced with the reduction in subsidies and the accelerated process of grid parity, the Company will encounter additional challenges in its operation and development. Confronted with complicated and variable external situation and increasingly fierce market competition, the Company will continually take quality and efficiency as its core task and take reform and innovation as its driving force, actively adapt to market changes, pre-emptively seize opportunities, develop in an innovative way, so as to further improve its market competitiveness and promote the realization of the sustainable high-quality development. In 2019, the Company will focus on the following aspects: 1. In terms of safe operation, the Company will further consolidate the foundation of safe operation, intensify the equipment management and improve the operating efficiency. 2. In terms of cost control, the Company will optimize its financing structure and strengthen the refined cost control to achieve cost reduction and efficiency enhancement. 3. In terms of project construction, the Company will firmly seize the time gap prior to grid parity, advance the commissioning of projects and secure the project’s returns. 4. In terms of preliminary development, the Company will pre-emptively layout base-form, scaled and economically efficient projects and enrich quality reservation. 5. In terms of power market, the Company will pay close attention to the policy trend and the introduction of supporting measures, actively conduct research on business operating arrangements in order to capture market opportunities in the first instance. 6. In terms of scientific and technological innovation, the Company will proactively exert the leading role of scientific and technological innovation and promote the profound application of scientific and technological achievements in the project’s full life cycle.

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