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Annual Report 年度報告 2018 Annual Report

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Annual Report 年度報告 2018 Annual Report (A joint stock limited company incorporated in the People’s Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） Stock Code: 00816 股份代號：00816 2018 2018 ANNUAL REPORT 年度報告 2018 ANNUAL REPORT ANNUAL 2018 年度報告 Contents Chairman’s Statement 2 General Manager’s Statement 3 Key Operating and Financial Data 4 5 Years Summary of Consolidated Statement of 6 Profit or Loss and Other Comprehensive Income 5 Years Summary of Consolidated Statement of 7 Financial Position Company Profile 8 Corporate Shareholding Structure 9 Corporate Milestones in 2018 10 Directors’ Report 12 Biographies of Directors, Supervisors and Senior 30 Management Management Discussion and Analysis 44 Environmental, Social and Governance Report 57 Corporate Governance Report 94 Report of the Board of Supervisors 114 Independent Auditor’s Report 117 Consolidated Statement of Profit or Loss and 122 Other Comprehensive Income Consolidated Statement of Financial Position 124 Consolidated Statement of Changes in Equity 126 Consolidated Statement of Cash Flows 128 Notes to Financial Statements 130 Definition and Glossary of Technical Terms 258 Corporate Information 261 Chairman’s Statement Chairman - Huang Shaoxiong Dear Shareholders, direction, strive to grow its wind and solar power business with a focus on quality and efficiency Over the past year, Huadian Fuxin earnestly studied enhancement, fully exploit its investment and and put into practice Xi Jinping Thought on Socialism financing capability and further strengthen all-round with Chinese Characteristics for a New Era and risk control, so as to consistently enhance its vitality, the guiding principles from the 19th CPC National control, influence and global competitiveness and Congress. Adhering to the strategy-led approach, build itself into an internationally leading listed clean Huadian Fuxin concentrated on upgrading business energy company featuring low carbon, safety and high development, strived for efficiency improvement and efficiency. explored innovative financing alternatives while giving due regard to safety and environmental protection In 2019, which marks the 70th anniversary of the and enhancing internal management, thus achieving founding of the PRC, is a key year for China to secure positive results in every area of work. As of the end of a decisive victory in building a moderately prosperous 2018, its consolidated installed capacity in operation society in all respects to achieve the first centenary amounted to 16,284.4 MW, of which 77.9% was goal, and also a critical year for Huadian Fuxin to attributed to clean energy; total consolidated assets carry through its development strategy and promote amounted to RMB108,304 million, up 1.0% year on high-quality development. Huadian Fuxin will delve year; the owners’ equity was RMB33,102 million, up into and act on Xi Jinping Thought on Socialism with 25.1% year on year; profit attributable to equity holders Chinese Characteristics for a New Era and the guiding of the Company was RMB2,268 million, up 7.2% year principles from the 19th CPC National Congress. on year; and operating revenue reached RMB18,330 Specifically, it will amplify investment capability, million, up 9.0% year on year. In particular, the wind enhance capital operation, innovate financing modes, and solar power business, which has always been the develop a specialized platform and deepen risk control Company’s focused area of development, recorded and management, thereby achieving high quality profit of RMB2,224 million, up 25% year on year, development, delivering better returns to shareholders making it a major profit contributor. and contributing more to the building of ecological civilization and a beautiful China. As socialism with Chinese characteristics has entered a new era, China’s energy development is Last but not least, on behalf of the Board, I would like strategically transforming from fossil energy towards to extend my sincere gratitude to all shareholders, renewable energy. With continuous integration of people and friends from all walks of life for their trust policy adjustment and industrial transformation and and support! upgrading, China’s energy industry overall is showing mixed growth trends. Huadian Fuxin will firmly grasp Chairman the opportunities arising from the strategic period, Huang Shaoxiong maintain its strategic composure and development Annual Report 2018 2 General Manager’s Statement General Manager - Wu Jianchun Dear Shareholders, result of these efforts, the Company’s power generation for the year amounted to 44,573,721.3 MWh; total profit In 2018, faced with unfavorable factors such as rising before taxation amounted to RMB2,758 million; return fuel costs, intensified market competition, and extremely on net assets was 9.84%, and gearing ratio decreased inadequate rainfall for hydropower generation, the by 5.88 percentage points year on year to 69.44%. Company, under the strong leadership of the Board of The Company explored innovative financial alternatives, Directors, rose up to the challenges, made solid efforts and raised funds of RMB10,619 million through direct to tackle the unfavorable conditions and thus maintained financing with financing cost being the lowest among a good development momentum. Adhering to the comparable fund-raising activities in the industry in the strategy-led approach and emphasizing value creation, same period. In particular, the Company explored new the Company sped up the development of clean energy financing instruments and issued two tranches of asset- business and obtained approval for an aggregate capacity backed securities (ABS) and asset-backed notes (ABN) of 705 MW during the year. In particular, with its 500 MW respectively, which effectively solved the inadequacy offshore wind power project in Yangjiang of Guangdong of subsidies for renewable energy that had plagued the province being approved, the Company formed a well- industry for years and found a long-term solution for paced development trend among its wind power projects funding the development of the wind and solar power at preliminary stage, in approval process and under industry as a whole. construction. The Company obtained approvals for its first distributed wind power project of 20 MW located In 2019, Huadian Fuxin will earnestly study and act in Yiyang, Luoyang of Henan province and a new gas- on Xi Jinping Thought on Socialism with Chinese fired distributed power project of 116 MW located in Characteristics for a New Era and the guiding principles Jiangdu, Yangzhou of Jiangsu province in the Yangtze from the 19th CPC National Congress. It will seize River Delta region, and its wind power project of 100 the major opportunities for the development of clean MW connected to high-voltage power transmission energy sources such as wind and solar power, focus on networks in Zhenglan Banner in Inner Mongolia also enhancing investment capability, and further promote proceeded smoothly. Thanks to its efforts in speeding high-quality development. Besides, it will make greater up construction and commencement of operation of efforts to build a professional platform to further increase projects, the Company had added 744.1 MW to its total economic benefits, enhance capital operation to further consolidated installed capacity. The photovoltaic project revitalize stock assets, innovate financing modes to better in Changjiang of Hainan province, the Company’s first satisfy its funding needs, and reinforce risk prevention and project in the province, commenced construction, and control to further improve management efficiency, thereby the wind power project in Yichun of Jiangxi province, building up its core competitiveness in the new era. In the Company’s first wind project in the province, was a word, it will strive to grow itself into an internationally being prepared for construction, effectively filling the leading listed clean energy company featuring low carbon, gap in the development of wind power and photovoltaic safety and high efficiency, and bring ever better returns to power in these two provincial-level regions. The No. 1 all shareholders. and No. 2 generating units of Sanmen Nuclear Power Plant in which the Company has a stake were put into Lastly, on behalf of the management team of the operation, which, together with the four generating units Company, I would like to extend my gratitude to all of Fuqing Nuclear Power Plant that commenced operation shareholders, the Board of Directors and the Board of previously, brought steady income for the nuclear power Supervisors of the Company for their trust and support, segment of the Company. In addition, the Company and also to all employees for their hard work and strived to boost economic benefits by focusing on quality contribution! and efficiency enhancement, increasing income and reducing expenditure, and enhancing cost control. As a General Manager Wu Jianchun 3 Huadian Fuxin Energy Corporation Limited Key Operating and Financial Data 1. REVENUE Revenue (RMB’000,000) 18,329.71 18,000 16,812.68 16,000 14,000 12,000 10,000 8,000 6,000 9.02% 4,000 2,000 0 2017 2018 2. PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY Profit attributable to equity holders of the Company (RMB’000,000) 2,268.47 2,117.04 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 7.15% 600 400 200 0 2017 2018 3. BASIC AND DILUTED EARNINGS PER SHARE Basic and diluted earnings per share (RMB cents/share) 25 23.62 23.71 20 15 10 0.38% 5 0 2017 2018 Annual Report 2018 4 Key Operating and Financial Data 4. CONSOLIDATED INSTALLED CAPACITY Consolidated installed capacity (MW) 7,698.2 7,993.0 8,000 7,000 6,000 5,000 4,000 3,600.0 3,600 3.8% 3,000 2,507.9 2,607.9 0.0% 2,000 1,155.6 1,155.6 4.0% 63.2%902.6 1,000 0.0% 553.2 0.0% 25.3 0 25.3 Wind Solar Hydropower Coal-red Natural Other power power power gas-red clean power energy (distributed) power 2017 2018 5.
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