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CGN Power co.,ltd. holds 2020 annual results announcement

Source: 发布时间: 2021/03/24


CGN Power Co., Ltd. (Shenzhen Stock Exchange: Stock Abbreviation “CGN”, Stock Code: 003816; Hong Kong Stock Exchange: Stock Abbreviation  “CGN Power”, Stock Code: 01816, Hereinafter referred to as “the Company”) holds a results announcement in Shenzhen today to announce its annual results as of December 31, 2020. In 2020, the Company promoted the key work of business development and epidemic prevention and control, ensured safe operation of all units throughout the year, and realized steady growth of business performance.

The annual on-grid power generation increased by 4.20% year-on-year, and the revenue and profit increased steadily

The unexpected outbreak of COVID-19 caused a great impact on the demand of the whole society electricity need.   Nuclear power units managed by the Company operated at reduced load or shut down on standby after the Spring Festival in 2020. According to the electricity demand of the whole society and the operation of units, the Company quickly organized the operation analysis, actively communicated with the provincial power grid companies, reasonably optimized the outage plans for the units in the year, and increased the annual power generation time by more than 80 days. In the second quarter of 2020, the national economy began to stabilize, and the power consumption of the whole society rose steadily. The Company seized the opportunity to take various measures to strengthen electricity marketing, actively strive for more on-grid power generation, strive to improve the utilization rate of the units, and simultaneously carry out the “Austerity” Action.

In 2020, the Company achieved steady growth in operating performance: on-grid power generation was 186.487 Twh, an increase of 4.2% over 2019; the Company's revenue was RMB 70.585 billion, an increase of 15.9% over the previous year; the net profit attributable to the shareholders of the parent company was RMB 9.562 billion, an increase of 1.0% over the previous year; the net profit attributable to the shareholders of the parent company after deducting the non-recurring profit and loss was RMB 9.408 billion, an increase of 3.5% over the previous year. According to the operation performance of the Company, the board of directors recommended a payment of final cash dividend of RMB 0.080 (inclusive of tax) per share, an increase of about 5.3% over the same period of last year.

Excellent operation with 72.57% of performance indicators of units having reached the world’s advanced level

In 2020, the Company’s safety management system operated effectively, 24 nuclear power units in operation managed by us maintained safe and stable operation, the proportion of advanced value of WANO indicators continued to be high with 72.57% of units' performance indicators entering the world's advanced level. Among them, all 12 performance indicators of Ningde Nuclear Power Station Unit 2 reached the world's excellent level; the WANO comprehensive index of 6 units in Daya Bay Nuclear Power Base reached the world's advanced level for the first time with full marks, which was the best level since its commercial operation.

Nuclear safety is the cornerstone of the Company’s existence and development. We always adhere to the concept of “nuclear safety is paramount” and the basic principles of “Safety First, Quality First, Pursuit of Excellence”, promote the construction of safety culture in an institutionalized way, continuously improve our safety and quality management level, and ensure the safe and stable operation of all nuclear power units in operation.

Clean development with annual on-grid power generation emission reduction effect being equivalent to 410000 hectares of forest

The Company adheres to the attitude of being highly responsible for the environment and attaches importance to the construction of environmental monitoring system. According to the requirements of laws and regulations, each nuclear power base of the Company has established a special environmental protection management organization, equipped with professional environmental protection personnel, implemented a unified environmental monitoring system, and formed a complete set of environmental monitoring system. The environmental monitoring results in 2020 show that the environmental monitoring results around the nuclear power plants managed by us are normal and have no adverse impact on the environment.

In 2020, equivalent emission reduction effect of our annual on-grid power generation was about 56.97 million tons of standard coal and 156.27 million tons of carbon dioxide, and the emission reduction effect was equivalent to planting more than 410000 hectares of forest.

Actively and orderly develop nuclear power and put forward dividend plan for the next five years

President Xi Jinping announced to the international community at the Seventy-fifth General Assembly of the United Nations and the Climate Ambition Summit that China will adopt more effective policies and measures to achieve the peak of carbon dioxide emissions by 2030 and strive to achieve carbon neutrality by 2060. In order to achieve the goal of carbon neutrality by 2060, China needs to develop clean energy. As a stable and efficient clean energy, nuclear power is the only base-load energy source that can replace traditional fossil energy on a large scale.

Mr. Yang Changli, Chairman of the board of directors of CGN Power, said that the Board and management of the Company have full confidence in the development prospects of nuclear power and the Company’s stable operation. The Company will continue to focus on cash dividends and shareholder returns. In the premise of no major changes in the business, operating results and financial position of the Company, subject to the approval at the general meeting in the relevant year, the Company will maintain a reasonable increase in the dividend ratio for the coming five years based on the dividend ratio in 2020. 

In the future, the Company will closely follow the changes of external environment, actively respond, plan carefully and seize the development opportunities. Meanwhile, we will also strive to comprehensively improve the scientific and technological innovation and corporate governance, actively implement the corporate social responsibility and implement the work style of Stringency, Prudence, Meticulosity and Pragmatism” , continuously promoting the high-quality development of the Company, return to shareholders by stable business performance, and achieve the goal of striving to be world-class level.