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China Longyuan Power Group Corporation Limited2020 Interim Results Conference

PublishedTime:2020-08-12
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On 12 August, China Longyuan Power Group Corporation Limited (the “Company”) held an interim results teleconference in Beijing. Sun Jinbiao, the General Manager and executive director of the Company, attended the meeting and introduced the operating results of the Company ended 30 June 2020. In addition, the Board Secretary and Chief Accountant of the Company, and 216 representatives and analysts from UBS, Citigroup, Goldman Sachs, Bank of America, Morgan Stanley and Credit Suisse, etc. attended the meeting.

In the first half of 2020, the consolidated revenue of the Company accounted to RMB 14.218 billion, representing an increase of 1.3% year on year; profit before taxation accounted to RMB 4.594 billion, representing an increase of 4.8% year on year; net profit attributable to equity holders accounted to RMB 3.331 billion, representing an increase of 3.8% year on year; earnings per share accounted to RMB 0.3994.

Fight against the pandemic with scientific management, and maintain the sustained production and operation. Following the outbreak of COVID-19, the Company has conscientiously implemented the deployment of “One Prevention and Three Guarantees” and established a joint prevention and control system covering domestic and overseas organizations. Moreover, each layer of responsibility has been identified and implemented, with attention paid to various prevention and control measures. Besides, the Company has strengthened its care and concerning for the employees and provided complete protective supplies and sufficient logistical supports. During the pandemic, the employees of both the domestic and overseas organizations of the Company have enthusiastically made donations to the pandemic area and actively performed the social responsibilities of the Central Government-controlled state-owned enterprises. Along with the pandemic prevention and control, the Company also actively and steadily promoted the work resumption. Since March, the sites of Company resumed normal shifts, and all projects under construction were resumed, which provided solid guarantee for winning the pandemic and promoting the production and development.

Realize upgraded management for hierarchical control and take well-targeted steps for safe production. The Company has made considerable headway in continuously promoting the governance of equipment and facilities, standardizing the safe operation standards, and deepening the building of intellectualization and informatization. In addition, the Company has established and improved the hierarchical control standards of operation risks, and taken multiple measures and well-targeted steps during implementation for safe production. In the first half of the year, the Company generated a cumulative gross electricity output of 26,925 GWh, including 22,772 GWh of wind power, representing an increase of 6.19% year on year. The average utilization hours of wind power segment accounted to 1187 hours, representing a year-on-year increase of 15 hours, which was 64 hours higher than that of the industry.

Give full play to the scale advantages of wind power and realize the simultaneous development of wind and photovoltaic power. The Company made the overall plan for the development strategies, and focused on the development of large bases, offshore and decentralized projects. Besides, it accelerated the development of large base projects in the northern region with sound resource endowments and delivery channels, intensified the feasibility study of offshore project evaluation, and reserved high-quality marine resources. The Company distributed two energy bases with a capacity of 10 million kW-level each, deepened comprehensive development of energy utilization such as “coal power, wind and photovoltaic power storage”, accelerated the construction of a batch of new energy bases with a capacity of million-kW-level and developed photovoltaics on a large scale. According to the principles of “introducing mechanism, expanding scale and improving efficiency”, the Company steadily promoted strategic cooperation among enterprises, innovated cooperation models, and spared no effort to promote the win-win cooperation featuring complementary advantages and mutual benefit. In the first half of the year, the Company entered into new agreement for development of wind and photovoltaic power of 13,115 MW, far exceeding the level of the same period last year. These projects are all located in areas with better resources. Among them, wind power is 6,220 MW and photovoltaic power is 6,895 MW, with the approved (recorded) project capacity reaching 605 MW.

Maintain the construction in progress safe and stable, and standardize management and strengthen control. In the first half of 2020, project construction of the Company was safe and stable without safety, quality, environmental protection accidents at significant or higher level or mass incidents affecting social stability and COVID-19 infection cases, and the project cost was controllable and under practical control. Affected by the pandemic, the overall resumption of the project has been delayed by more than two months. By prior planning before the resumption and taking multiple measures after the resumption, the progress of work was recovered. As of the end of June, each project has been progressed as scheduled, which was basically in step with the schedule, laying the foundation for ensuring the completion of the annual commissioning. Meanwhile, in the first half of the year, four new wind power projects of the Company commenced operation, with the newly-added consolidated installed capacity of 193.5 MW. As of June 30, the consolidated installed capacity of the Company was 22,350.5 MW, including 20,225.5 MW of wind power, 1,875 MW of thermal power and 250 MW of other renewable energy segments.

Strengthen marketing management and remain tariffs stable. The Company energetically expanded the channels of active consumption and faced the competition for high-quality trading, effectively reducing the negative impact of electricity load reduction due to the pandemic. It also actively coordinated with the power grid companies to seek to broaden the outgoing channels to improve the structural power rationing. Besides, the Company paid close attention to the key links of power grid companies and financial departments in subsidy payment issuance process, immediately grasped the distribution node, and focused on the management and monitoring of receivables and outstanding, to ensure that the subsidy recovery rate is not lower than the proportion of regional installed capacity. In the first half of 2020, the average on-grid tariffs for overall power generation segments of the Company amounted to RMB 465 per MWh (VAT exclusive), representing an increase of RMB 8 per MWh year on year. The average on-grid tariffs for wind power amounted to RMB 484 per MWh (VAT exclusive), representing a year-on-year increase of RMB 6 per MWh, which was primarily due to the combined impact of significant increase in sale volume of offshore wind power with higher tariffs and the decrease in VAT rate. The average on-grid tariffs for thermal power amounted to RMB 331 per MWh (VAT exclusive), representing a year-on-year decrease of RMB 4 per MWh, which was primarily due to the combined impact of decrease in market transaction tariffs and the decrease in VAT rate.

Continue to deepen innovation in financing and strengthen the advantages in acquiring fund. The Company has overcome the impact of the pandemic, established an emergency response mechanism, and studied and formulated relevant measures to guarantee the availability of funding, so as to ensure the safety of the capital chain during the harsh times. Meanwhile, the Company captured the opportunity of easy capital market to withdraw low-cost funds through multiple channels, and utilized its funding strengthen by guaranteeing funds supply and controlling the cost. In the first half of the year, the Company continued to deepen its financing innovation and successfully issued two branches of debentures for the pandemic prevention and control. One of them is the first debenture with a LPR interest rate swap mechanism nested in China, demonstrating the core competitive advantage of financial innovation in leading the creation of enterprise value. In addition, the Company continued to dig into traditional financing channels and successfully issued 6 ultra-short-term financing debentures and 1 mid-term notes, of which, the interest rate of 1.28% of the fourth-tranche ultra-short-term financing debentures is the lowest interest rate in the history of financing debentures issued by the Company; the interest rate of three-year financing debentures has dropped by nearly 50% from the benchmark.

Attach great importance to scientific and technological innovation, and obtain new achievements doubled year on year. In the first half of 2020, the Company completed the approval procedures for 5 CHN Energy technical projects and 15 self-developed technical projects. There are currently 53 technical projects under research. Additionally, the Company took the lead in compiling the Technical Guidelines for Intelligent Wind Farm, the first domestic energy industry standard in the field of intelligent wind power, and has completed the outline of the standard. Besides, the Company obtained 19 new patents including 2 invention patents and 17 utility model patents, both doubled year on year. It has published more than 30 papers in various scientific journals and written 20 various technical reports.

Promote “Going Global” strategy in a proactive and steady manner, and achieve positive performance in overseas businesses. The Company implemented the overall arrangements for reform and development step by step. According to the requirements of creating a world-class new energy enterprise with international competitiveness, the Company implemented substantive operation reform for its overseas companies to meet the needs of international development of the Company. It also adhered to the development routine of “simultaneous development of wind and photovoltaic power and multi-energy complementarity” and firmly implemented the strategy of internationalization. In addition, the Company proactively responded to the adverse impact of the pandemic, and, under the support and guidance of the CHN Energy, the construction of Ukraine Yuzhne Wind Power Project is able to start in an unfavorable circumstance, and at the same time, the Company took multiple measures to seek more projects and market resources. Besides, the Company conducted in-depth research on a number of wind and photovoltaic projects in Europe, Southeast Asia and Australia, and some projects have met the conditions for project approval or have been approved. Meanwhile, the Company continued to improve the level of refined management, and the project in operation was in good condition. Dufferin Wind Farm of the Company in Canada recorded accumulative power generation of 146.68 GWh and utilization hours of 1,480 hours, realizing a total of 2,038 days of safe production as of 30 June 2020 The De Aar Wind Farm in South Africa recorded accumulative power generation of is 333.12 GWh and the utilization hours were 1,362 hours, and maintained safe production for a total of 974 days as of 30 June 2020.

In the interim results conference, the Company clearly indicates that it will adhere to the guidance of Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era and earnestly implement the Work Deployment of the CHN Energy, and will strive for the goal of developing the Company into a world-class new energy giant with global competitiveness, highlight the orientation of high-quality sustainable development and value creation, and lay a solid foundation for Party-building and safe production of new energy segment. Meanwhile, it will Speed up the construction of informatization and intelligence, develop the domestic and international markets and build up two teams of both high-quality management cadres and professional talents, and lay a solid foundation for developing a world-class new energy giant with global competitiveness through striving to complete various targets and tasks according to the requirements of “No change of target, No reduction of task, No Lowering of standards”. In the second half of 2020, the Company will focus on the following five areas: firstly, it will adhere to comprehensively strict governance of the Party, continue to strengthen the Party-building, and further improve the quality and effectiveness of Party-building; secondly, it will strengthen the implementation of responsibility, accelerate system construction, and constantly improve the level of intrinsic safety; thirdly, it will strengthen confidence in development, boost the driving force for development, and continuously improve quality and efficiency of development; fourthly, it will deepen the improvement of quality and efficiency; fifthly, it will deepen reform and innovation, promote management improvement, and accelerate the construction of a world-class new energy company.

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