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Name | Symbol | Market | Type |
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Barclays 27 | LSE:BQ36 | London | Medium Term Loan |
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RNS Number:5257R Zhejiang Southeast Elec Power Co Ld 31 October 2003 Zhejiang Southeast Electric Power Company Limited Announcement on Third Quarterly Results of 2003 I. Particulars of the Company Share Name Abbreviation ZSEPC B Share Share Code 900949 Company Address Floor 22-23, Biao Li Tower, 528 Yan'an Road, Hangzhou Telephone No. 86-571-85774566 Fax No. 86-571-85774321 II. Main Accounting Data and Financial Indicators Table 1 Unit: RMB yuan 30 September 2003 31 December Increase/Decrease Compared with That at End of Previous Year (%) 2002 Total Assets 8,964,570,382.97 8,602,419,267.42 4.21 Shareholders' Equity (excluding 6,055,533,184.88 5,386,781,727.00 12.41 minority shareholders' equity) Net Assets per Share 3.01 2.68 12.31 Adjusted Net Assets per Share 3.00 2.67 12.36 Table 2 Unit: RMB yuan July-September January - Increase/Decrease Compared with 2003 September 2003 That at Same Period of Previous Year (%) Net Cash Flow from Operating - 1,483,786,722.30 - Activities Earnings per Share 0.157 0.333 102.95 Yield on Net Assets (%) 5.20 11.04 95.49 Yield on Net Assets after Deducting 5.48 11.56 92.28 Non-recurring Gains & Losses (%) (according to weighted average method) Non-recurring Gains & Losses Amount ( Losses Denoted by "-") January - September 2003 1 Net Losses on -18,187,264.67 Disposal of Fixed Assets 2 Donations -1,187,500.00 3 Penalties -67,967.63 4 Miscellaneous 265,420.37 Total -19,177,311.93 III. Brief Analysis of Operations of the Company In the 3rd quarter of 2003, the principal operating income and net profit realized by the Company increased to RMB 1,526 million yuan and RMB 314 million yuan respectively representing an increase of 77.98% and 102.95% respectively as compared with those in the same period of the previous year. The electricity sales completed in this period went up to 4.465 billion kwh, representing an increase of 75.30% (1.918 billion kwh) compared with that in the same period of the previous year. The increase in the amount of electricity sales is primarily due to the improved operating results of the Company in the 3rd quarter of 2003 in comparison with the same period of the previous year. The increase in electricity sales was caused by (a) the addition of 1.186 billion kwh generated by the two newly-commissioned 300 MW generating units of Zhejiang Changxing Power Generating Company Limited which is a subsidiary of the Company; and (b) the increase in sales brought about by the Company who made full use of its generating capacity within the safety limits to combat the unprecedented power shortage in Zhejiang caused by the sustained rapid economic development and the lasting heat wave in the 3rd quarter of 2003 in Zhejiang. In addition, all the electricity sales of the Company in the 3rd quarter of 2003 were settled at the contractual price as the Zhejiang power market was suspended in the 3rd quarter of 2003 due to the severe power shortage, whereas 20% of the electricity sales over the same period in the previous year was settled at the market price. This to a certain extent increased the settlement price of the electricity sales and consequently further increased the principal operating income of the Company. For the period from January to September 2003, the Company's electricity sales has completed an aggregate of 10.471 billion kwh representing an increase of 47.19% as compared with the same period of the previous year. Its principal operating income and net profit were RMB 3,532 million yuan and RMB 668 million yuan respectively representing an increase of 44.10% and 47.95% respectively as compared with those in the same period of the previous year. Board of Directors Zhejiang Southeast Electric Power Company Limited 30 October 2003 This information is provided by RNS The company news service from the London Stock Exchange END QRTFGMFGDMGGFZG
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