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Barclays 27 | LSE:BQ36 | London | Medium Term Loan |
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RNS Number:5263R Zhejiang Southeast Elec Power Co Ld 31 October 2003 Zhejiang Southeast Electric Power Company Limited The 3rd Quarterly Report I. Important Notice 1. The Directors of Zhejiang Southeast Electric Power Company Limited (the Company) confirm that there are no false records, misleading statements or material omissions in this Report, and jointly and severally accept full responsibility for the authenticity, accuracy and completeness of the information contained herein. 2. The Chairman of the Company Sun Yongsen, General Manager Shou Desheng, Chief Accountant Hu Senjian and Deputy Manager of the Finance Department Yang Xiaodong state that the financial statements contained herein are true and complete. 3. The financial data hereof are unaudited. II. Basic Conditions of the Company 1. Particulars of the Company Share Name ZSEPC B Share Abbreviation Share Code 900949 Secretary to Board of Directors Representative of Securities Affairs Name Xia Jinghan - Address Floor 22-23, Biao Li Tower, - 528 Yan'an Road, Hangzhou Telephone No. 0571-85774566 - Fax No. 0571-85774321 - E-mail xjh@zsepc.com - 2. Financial Data (1) Major Accounting Data and Financial Indicators Table 1 Unit: RMB yuan 30 Sept. 2003 31 Dec. 2002 Increase/Decrease Compared with That at End of Previous Year (%) 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-Sept.2003 Jan.-Sept. 2003 Increase/Decrease Compared with That during the Same Period of the 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 Profits & Losses (calculated according to weighted average method) (%) Non-recurring Profits & Losses Amount ( Losses Denoted by "-") Jan.-Sept. 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 (2) Statement of Profit (attached) 3. Total Number of Shareholders As At End of Reporting Period As at the end of this reporting period, the number of shareholders of the Company totals 85,417. III. The Management's Discussions and Analysis 1. Brief Analysis of Operations of the Company during the Reporting Period In the 3rd quarter of 2003, the principal operating income and net profit realized by the Company increased by 77.98% and 102.95% to RMB 1,526 million yuan and RMB 314 million yuan respectively when compared with those in the same period of the previous year. The electricity sales completed in this period increased by 1.918 billion kwh, or 75.30% to 4.465 billion kwh when compared with that in the same period of the previous year. The increase in the amount of electricity sales is a primary contributor to the improved operating records of the Company in the 3rd quarter of 2003 in comparison with the same period of the previous year. The electricity sales increase resulted from (a) the addition of 1.186 billion kwh generated by the two newly commissioned 300 MW units of Zhejiang Changxing Power Generating Company Limited, a subsidiary controlled by the Company; and (b) the sales increase 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 its sustained rapid economic development and the lasting heat wave in the 3rd quarter of 2003. In addition, all the electricity sales of the Company were settled at the contractual price as price bidding in 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 were settled at the market price. This raised the settlement price of the electricity sales to a certain extent and consequently increased the principal operating income of the Company. During the period from January to September 2003, the Company's electricity sales grew by 47.19% to 10.471 billion kwh when compared with the same period of the previous year; its principal operating income and net profit rose by 44.10% and 47.95% to RMB 3,532 million yuan and RMB 668 million yuan respectively when compared with those in the same period of the previous year. (1) Business or product accounting for over 10% of the principal operating income or principal operating profit Business or Product Principal Operating Income Principal Operating Cost Gross Profit (RMB yuan) (RMB yuan) Ratio % Electricity Generation 3,532,203,349.00 2,233,782,257.22 36.76 Of which: Connected 0.00 0.00 0.00 transaction (2) Seasonal or cyclic feature of the Company's operations Applicable V Not Applicable (3) Composition of profit (significant changes in the ratio of the principal operating profit, other operating profit, expenses during the period, return on investment, subsidy income and net value of non-operating income/expenses to the total amount of profit when compared with the previous reporting period and causes of such changes) Items July-Sept. 2003 Jan.-June 2003 Increase/ Amount Percentage Amount Percentage Decrease of Total of Total (RMB yuan) Profit (%) (RMB yuan) Profit (%) % Principal Operating 598,311,732.33 114.05 659,894,423.25 123.66 -7.77 Profit Other Operating Profit 274,047.74 0.05 461,422.94 0.09 -44.44 Expenses during the 81,145,009.78 15.47 120,199,087.69 22.52 -31.31 Period Return on Investment 21,040,000.00 4.01 0.00 0.00 - Subsidy Income 0.00 0.00 0.00 0.00 - Net Value of -13,872,453.20 -2.64 -6,507,538.19 -1.22 116.39 Non-operating Income/ Expenses a. The rapid increase in the principal operating profit of the Company in the 3rd quarter is mainly attributable to the increase in the principal operating income of the Company. b. The rapid increase in the principal operating profit in the 3rd quarter led to a drop in the ratio of the other operating profit to the total profit and the ratio of the expenses to the total profit by 44.44% and 31.31% respectively when compared with those in the first half of 2003. c. The return on investment is the dividend received by the Company from the investees in 2002, of which RMB 3.60 million yuan from the Merchant Bank, RMB 4.40 million yuan from the Reconstruction Bank, RMB 7.04 million yuan from the China Everbright Bank and RMB 6 million yuan from the Bank of Communication. d. The net value of non-operating income/expenses of the Company in the 3rd quarter is mainly the net losses on retirement of fixed assets in the sum of RMB 11.7853 million yuan. The net losses on retirement of fixed assets from January to June 2003 amounted to RMB 6.402 million yuan. (4) Significant changes in principal operation and its structure and causes of such changes in comparison with the previous reporting period Applicable V Not Applicable (5) Significant changes in profitability (gross profit ratio) of principal operation and causes of such changes in comparison with the previous reporting period Applicable V Not Applicable 2. Analysis of major events and their impact and solutions (1) The first interim shareholders' general meeting for 2003 was held on 10 August 2003. During the meeting, it was approved that the Company shall use its own funds to invest in 25% of the equity of Tankeng Hydropower Station. Under the Tankeng Hydropower Project, 3 x 200 MW generating units will be built. (2) The second interim shareholders' general meeting for 2003 was held on 16 October 2003. During the meeting, it was approved that the Company shall use its own funds to invest in the Xiaoshan Gas Turbine Power Project. Under the Xiaoshan Gas Turbine Power Project, 2 x 300 MW generating units will be built. The principal activities of the Company are power generation. The acute power shortage in Zhejiang at present offers a good development opportunity for the Company. Its investment in the new power plants in Zhejiang will further enlarge the Company's installed capacity, increase its generation income and boost its core competitiveness. (3) In accordance with the requirement of the 10th National Environmental Protection Five-year Plan to promote desulfurization of the active thermal power plants and "dual control zones", the Company selected Zhejiang Tiandi Environmental Protection Engineering Co. through bidding in August 2003 to undertake the desulfurization project for the 2 x 125 MW coal-fired generating units in Xiaoshan Power Plant. Based on Document Zhe Ji Ji Chu No.(2003)240 Approval of Feasibility Study Report on Xiaoshan Power plant Flue Gas Desulfurization Project issued by Zhejiang Provincial Development Planning Commission, the planned total investment of the project amounts to RMB 183.18 million yuan. It is planned that construction will commence in December 2003, and the desulfurization plant will be put into commercial operation by the end of 2005. 3. Changes in accounting policies, accounting assumptions, scope of consolidation and significant accounting errors and causes of such changes Applicable V Not Applicable 4. Statement issued by the board of directors and the supervisory committee in response to "non-standard opinion" made by auditors after auditing Applicable V Not Applicable 5. Warnings and reasons for potential deficit or significant changes in accumulated net profit from the beginning of the year to the end of the next reporting period when compared with the same period of the previous year Applicable V Not Applicable 6. Rolling adjustment to the annual operational plan or budget disclosed by the Company Applicable V Not Applicable Zhejiang Southeast Electric Power Company Limited 31 October 2003 Attachment Balance Sheet Prepared by: Zhejiang Southeast Electric Power Company Limited 30 Sept. 2003 Unit: RMB yuan Assets 30 Sept. 2003 31 Dec. 2002 Parent Company Consolidated Parent Company Consolidated Current assets: Monetary assets 975,579,654.86 1,154,926,598.90 1,275,444,909.15 1,316,602,765.12 Short term investments 543,899,280.00 293,899,280.00 245,339,100.00 45,066,100.00 Bills receivable Share dividends receivable Interests receivable Accounts receivable 120,615,638.38 266,070,749.40 101,911,910.02 189,310,963.44 Other receivables 62,551,104.26 84,795,768.68 34,336,919.77 34,892,310.31 Prepayments 33,932,300.60 34,054,800.60 12,461,180.00 12,461,180.00 Subsidy receivable Inventories 91,514,346.84 113,040,295.17 89,186,432.87 109,881,758.45 Deferred expenses 1,180,802.97 1,180,802.97 Long term investments in bond due within 1 year Other current assets Total current assets 1,829,273,127.91 1,947,968,295.72 1,758,680,451.81 1,708,215,077.32 Long term investments: Long term equity investments 1,831,889,828.77 1,388,550,000.00 1,567,688,293.33 1,208,550,000.00 Long term debt investments Total long term investments 1,831,889,828.77 1,388,550,000.00 1,567,688,293.33 1,208,550,000.00 Including: consolidated price differences Including: equity investment differences Fixed assets: Costs of fixed assets 6,687,509,937.81 8,839,829,574.13 6,663,381,995.97 8,262,163,609.22 Less: Accumulated depreciation 3,552,076,217.01 3,664,312,614.65 3,313,017,453.44 3,315,214,904.61 Net value of fixed assets 3,135,433,720.80 5,175,516,959.48 3,350,364,542.53 4,946,948,704.61 Less: Reserve for fixed assets devaluation Net value of fixed assets 3,135,433,720.80 5,175,516,959.48 3,350,364,542.53 4,946,948,704.61 Project materials 6,506,627.19 70,285,898.59 21,012,643.90 32,013,043.90 Construction in progress 75,393,083.23 145,185,539.44 80,280,204.67 458,328,216.40 Disposal of fixed assets Total fixed assets 3,217,333,431.22 5,390,998,397.51 3,451,657,391.10 5,437,289,964.91 Intangible assets and other assets: Intangible assets 217,414,788.58 217,562,788.58 221,098,737.29 221,098,737.29 Long term deferred expenses 19,500,901.16 19,500,901.16 24,564,741.71 27,265,487.90 Other long term assets Total intangible and other assets 236,915,689.74 237,063,689.74 245,663,479.00 248,364,225.19 Deferred tax: Deferred tax debit Total assets 7,115,412,077.64 8,964,570,382.97 7,023,689,615.24 8,602,419,267.42 Liabilities and Owners' Equity Current liabilities: Short term borrowings 25,390,000.00 641,390,000.00 3,390,000.00 553,390,000.00 Bills payable 56,963,000.00 Accounts payable 172,808,221.47 591,728,136.73 144,452,442.30 456,384,684.26 Accounts received in advance Salaries payable 73,223,583.59 74,556,857.39 86,879,011.39 86,668,618.65 Welfare expenses payable 26,999,740.32 29,728,825.28 26,056,228.71 26,425,375.38 Dividends payable 498,480,000.00 498,480,000.00 Tax payable 181,302,477.26 252,097,039.17 108,557,056.55 116,153,980.49 Other payments due 3,919,528.61 7,108,779.41 1,320,983.85 1,584,804.17 Other payables 81,001,233.45 88,472,005.80 115,652,165.44 122,446,669.53 Pre-allocated expenses 87,659,108.06 87,659,108.06 934,800.00 Anticipated liabilities Long term liabilities due 81,515,000.00 81,515,000.00 326,060,000.00 326,060,000.00 within one year Other current liabilities Total current liabilities 733,818,892.76 1,854,255,751.84 1,310,847,888.24 2,245,491,932.48 Long term liabilities: Long term borrowings 326,060,000.00 816,060,000.00 326,060,000.00 776,763,450.00 Bonds payable Long term payables Special payables Other long term liabilities Total long term liabilities 326,060,000.00 816,060,000.00 326,060,000.00 776,763,450.00 Deferred taxes: Deferred tax credit Total liabilities 1,059,878,892.76 2,670,315,751.84 1,636,907,888.24 3,022,255,382.48 Minority shareholders' equity 238,721,446.25 193,382,157.94 Shareholders' equity: Share capital 2,010,000,000.00 2,010,000,000.00 2,010,000,000.00 2,010,000,000.00 Less: investments paid back Net value of share capital 2,010,000,000.00 2,010,000,000.00 2,010,000,000.00 2,010,000,000.00 Capital reserve 1,863,272,079.51 1,863,272,079.51 1,863,272,079.51 1,863,272,079.51 Surplus reserve 763,152,307.26 763,152,307.26 763,152,307.26 763,152,307.26 Including: statutory common 381,576,153.63 381,576,153.63 381,576,153.63 381,576,153.63 welfare reserves Undistributed profits 1,419,108,798.11 1,419,108,798.11 750,357,340.23 750,357,340.23 Foreign currency statement conversion difference Total shareholders' equity 6,055,533,184.88 6,055,533,184.88 5,386,781,727.00 5,386,781,727.00 Total liabilities and owners' 7,115,412,077.64 8,964,570,382.97 7,023,689,615.24 8,602,419,267.42 equity Statement of Profit January-September 2003 Prepared by: Zhejiang Southeast Electric Power Company Limited Unit: RMB yuan Item 2003 Parent Company Consolidated Jul.-Sept. Jan.-Sept. Jul.-Sept. Jan.-Sept. 1. Income from principal 1,140,494,893.18 2,819,139,853.02 1,525,992,474.58 3,532,203,349.00 operating activities Less: Principal operating costs 691,566,852.09 1,778,673,681.92 910,603,108.96 2,233,782,257.22 Principal operating tax 13,068,340.37 31,852,998.88 17,077,633.29 40,214,936.20 and surtax 2. Profit from principal 435,859,700.72 1,008,613,172.22 598,311,732.33 1,258,206,155.58 operating activities Add: Profit from other 274,047.74 735,470.68 274,047.74 735,470.68 activities Less: Operating expenses Administrative expenses 54,159,804.40 134,774,113.57 59,921,969.36 152,103,093.31 Financial expenses 7,328,054.18 17,564,315.54 21,223,040.42 49,241,004.16 3.Operating profit 374,645,889.88 857,010,213.79 517,440,770.29 1,057,597,528.79 Add: Return on investment 85,806,411.07 115,685,089.85 21,040,000.00 21,040,000.00 Subsidy income Non-operating income 300.00 852,546.95 300.00 852,546.95 Less: Non-operating expenses 13,387,255.62 20,412,270.40 13,872,753.20 21,232,538.34 4.Gross profit 447,065,345.33 953,135,580.19 524,608,317.09 1,058,257,537.40 Less: Income tax 132,456,906.20 284,384,122.31 177,212,994.91 344,166,791.21 Less: Minority shareholders' 32,786,883.05 45,339,288.31 profits and losses 5.Net profit 314,608,439.13 668,751,457.88 314,608,439.13 668,751,457.88 Item 2002 Parent Company Consolidated Jul.-Sept. Jan.-Sept. Jul.-Sept. Jan.-Sept. 1. Income from principal operating 857,386,913.82 2,451,237,828.99 857,386,913.82 2,451,237,828.99 activities Less: Principal operating costs 587,968,621.80 1,627,531,837.41 587,968,621.80 1,627,531,837.41 Principal operating tax and 10,557,991.28 32,417,994.62 10,557,991.28 32,417,994.62 surtax 2. Profit from principal operating 258,860,300.74 791,287,996.96 258,860,300.74 791,287,996.96 activities Add: Profit from other activities 88,837.30 368,324.22 88,837.30 368,324.22 Less: Operating expenses Administrative expenses 37,245,325.41 84,678,940.49 37,245,325.41 84,678,940.49 Financial expenses 8,013,241.26 29,349,186.91 8,013,241.26 29,349,186.91 3.Operating profit 213,690,571.37 677,628,193.78 213,690,571.37 677,628,193.78 Add: Return on investment 16,193,147.29 19,623,372.26 14,796,368.79 15,845,629.95 Subsidy income Non-operating income 31,423.11 399,686.67 31,423.11 399,686.67 Less: Non-operating expenses 13,420,115.78 33,289,240.69 13,420,115.78 33,289,240.69 4.Gross profit 216,495,025.99 664,362,012.02 215,098,247.49 660,584,269.71 Less: Income tax 60,082,372.74 208,574,512.71 60,082,372.74 208,574,512.71 Less: Minority shareholders' profits and losses 5.Net profit 156,412,653.25 455,787,499.31 155,015,874.75 452,009,757.00 Statement of Cash Flow January-September 2003 Prepared by: Zhejiang Southeast Electric Power Company Limited Unit: RMB yuan Item Parent Company Consolidated 1.Cash flow generated from operating activities Cash received from sale of goods, supply of labor services 3,280,613,350.26 4,177,688,710.76 Cash received from refund of taxes Other cash received relating to operating activities 22,014,092.90 29,479,225.21 Sub-total of cash inflow 3,302,627,443.16 4,207,167,935.97 Cash paid for purchase of goods and labor services 1,317,999,609.74 1,611,696,974.60 Cash paid to and for the employees 303,999,045.43 330,810,182.61 Taxes paid 578,543,654.38 685,400,679.98 Other cash paid relating to operating activities 86,537,165.09 95,473,376.48 Sub-total of cash outflow 2,287,079,474.64 2,723,381,213.67 Net cash flow generated from operating activities 1,015,547,968.52 1,483,786,722.30 2.Cash flow generated from investment activities Cash received from investment recovery 100,000,000.00 Cash received from investment return 31,483,554.41 21,040,000.00 Net cash received from disposal of fixed assets, intangible assets 567,909.78 567,909.78 and other long-term assets Other cash received relating to investment activities 1,263,068.93 1,271,989.53 Sub-total of cash inflow 133,314,533.12 22,879,899.31 Cash paid for purchase/building of fixed assets, intangible assets 115,903,577.19 537,921,538.59 and other long-term assets Cash paid for investment 580,008,610.00 430,008,610.00 Other cash paid relating to investment activities 7,147,928.33 Sub-total of cash outflow 695,912,187.19 975,078,076.92 Net cash flow generated from investment activities -562,597,654.07 -952,198,177.61 3. Cash flow from financing activities Cash received by absorbing investment Of which: cash received by subsidiaries by absorbing minority shareholders' equity Cash received from borrowings 22,000,000.00 618,000,000.00 Other cash received in relation to financing activities 394,889.01 Sub-total of cash inflow 22,000,000.00 618,394,889.01 Cash paid for debt service 244,545,000.00 734,545,000.00 Cash paid for distribution of dividend or profit or repayment of 530,192,712.41 577,036,743.59 interest Of which: dividends paid by subsidiaries to minority shareholders Other cash paid in relation to financing activities Sub-total of cash outflow 774,737,712.41 1,311,581,743.59 Net cash flow generated from financing activities -752,737,712.41 -693,186,854.58 4. Impact of foreign exchange fluctuation on cash -77,856.33 -77,856.33 5. Net increase in cash and cash equivalents -299,865,254.29 -161,676,166.22 Supplementary Information 1. Net profit converted to operating cash flow: Net profit 668,751,457.88 668,751,457.88 Add: Minority shareholders' losses/profits 45,339,288.31 Allocated reserve for assets devaluation Depreciation of fixed assets 321,564,397.95 431,603,344.42 Amortization of intangible assets 4,721,370.71 4,721,370.71 Amortization of long term deferred expenses 5,063,840.55 7,764,586.74 Decrease in deferred expenses (less: increase) -1,180,892.97 -1,180,892.97 Increase in pre-allocated expenses (less: decrease) 87,659,108.06 86,451,308.06 Loss on disposal of fixed assets, intangible assets and 18,219,624.59 18,219,624.59 other long-term assets (less: income) Loss on retirement of fixed assets Financial expenses 30,812,670.00 62,489,358.62 Loss on investment (less: income) -94,645,089.85 Deferred tax credit (less: debit) Decrease in inventory (less: increase) -2,327,913.97 -3,158,536.72 Decrease in operational receivables (less: increase) -99,610,084.86 -158,766,697.83 Increase in operational payables (less: decrease) 76,519,480.43 321,552,510.49 Others Net cash flow generated from operating activities 1,015,547,968.52 1,483,786,722.30 2. Investment and financing activities not involving cash income and expenditure Debt converted to capital Convertible corporate bonds due within 1 year Fixed assets leased in by financing lease 3. Net increase in cash and cash equivalents: Balance of cash at the end of the period 975,579,654.86 1,154,926,598.90 Less: Balance of cash at the beginning of the period 1,275,444,909.15 1,316,602,765.12 Add: Balance of cash equivalents at the end of the period Less: Balance of cash equivalents at the beginning of the period Net increase in cash and cash equivalents -299,865,254.29 -161,676,166.22 This information is provided by RNS The company news service from the London Stock Exchange END QRTIIFLRIVLLVIV
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