RNS Number:8511U
Zhejiang Southeast Elec Power Co Ld
22 April 2002
Zhejiang Southeast Electric Power Company Limited
First Quarterly Report 2002
Important: The Directors of the Company confirm that there are no false
representations, 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.
I. Particulars of the Company
1. Registered name of the Company :
Zhejiang Southeast Electric Power Company Limited
Registered Address of the Company and its Office Location:
23 Floor, Triplenic Mansion, No. 528 Yanan Road, Hangzhou, Zhejiang, the
People's Republic of China
Postal Code: 310006
Web Site Address: http://www.zsepc.com
2. Listing Place of B shares: Shanghai Stock Exchange
Abbreviation of B shares: ZSEPC B Shares
Code of B shares: 900949
Listing place of GDRs: London Stock Exchange
Code of GDRs: 0949QLT
3. Legal representative of the Company: Hu Jiangchao
Secretary to the Board of Directors of the Company: Dai Jiancheng
Telephone No.: 0571-85774585 or 85774566
Facsimile No.: 0571-85774321
E-mail Address: djc@zsepc.com
4. Website Addresses for the publication of the Quarterly Report of the
Company:
www.sse.com.cn or www.zsepc.com
Press for Publication of the Quarterly Report of the Company:
Shanghai Securities, China Securities, South China Morning Post (Hong Kong),
Wen Wei Po (Hong Kong).
Places for inspection of the Quarterly Report:
Head Office of the Company, Shanghai Stock Exchange, London Stock Exchange
and Herbert Smith (Hong Kong & London)
II. share capital and shareholders
1. Share capital structure
The aggregate share capital of the Company is 2,010,000,000 shares, of
which 1,320,000,000 shares are promoters' shares and 690,000,000 shares
are B shares. There has not been any change in the share capital
structure of the Company in this quarter.
2. Number of shareholders
As at 8th April 2002, the Company has 87,062 shareholders, of which 5
shareholders are promoters and the remaining are B share shareholders.
3. Shareholdings of the top 10 shareholders
As at 8th April 2002, the shareholdings of the top 10 shareholders of
the Company are as follows:
Name of Shareholders Shareholding
(number of
shares)
Zhejiang Provincial Electric Power Development Company 799,963,200
Zhejiang Provincial Electric Power Company 514,036,800
NAITO Securities Co. Ltd. 12,689,974
Toyo Securities Asia Ltd. A/C Client 8,862,300
SCBHK A/C Nomura TB/Nomura ITM 7,098,151
Huacong Investment Company Limited 6,307,825
Zhejiang Bada Company Limited 4,000,000
HKSBCSB S/A HSBC (Nom) S/A ABN 4,000,000
AMRO Bank NV
British Airways Pension 3,999,999
JPMCB/RBS Balanced Fund 2,806,400
Note: Zhejiang Provincial Power Company is the sole purchaser of Zhejiang
power grid. The power generation of the power plant invested by Zhejiang
Provincial Power Development Company is sold to Zhejiang Provincial Power
Company.
4. There has not been any pledge or lock-up in relation to the shares held
by shareholders holding more than 5% of the shares of the Company.
III. Operating results and financial conditions
1. Production
The Company is principally engaged in investment, development and
operation of the power business. During this quarter, the Company
completed a total generation of 2.473 billion kwh and a total
electricity sale of 2.276 billion kwh. Combining with the overhaul of
Unit 1 of Xiaoshan Power Plant of the Company, the technical renovation
for the refurbishment of the steam passage has been carried out within
this reporting quarter, which ended up with an installed capacity
increase of the Company from 125MW to 130MW. The maintenance and medium
overhaul of Units 5 and 6 of Taizhou Power Plant have been completed
according to the maintenance plans. Due to the increase of the technical
renovation and the planned maintenance tasks compared with the same
period of the preceding year, the generation and the electricity sale
have decreased 0.168 billion kwh and 0.164 billion kwh respectively,
representing a decrease of 6.36% and 6.72% respectively.
2. Operation
Unit: RMB ,000 yuan
Item January to March 2002 January to March 2001 Percentage of
Change (%)
Income from principal operating activities 802,228 829,251 -3.26
Profit from principal 274,208 313,574 -12.55
Operating activities
Expenses during the period 27,688 46,291 -40.19
Net non-operating income and expenses -7,865 -2,818 179.10
Net profit 160,049 177,291 -9.73
Earnings per share 0.0796 0.0882 -9.75
(yuan/ share)
1. The decrease in the income from principal operating activities is
due to the decrease in generation of the Company compared with
the figures of the same period of the preceding year. In this
quarter, the Company further increased its efforts in the
competition of electricity sale in the power market, made timely
adjustment to the pricing strategy according to market
conditions and obtained better results. The average settlement
price of the Company's power sale was 0.35 yuan/kwh in this
quarter, representing an increase of 0.01 yuan/kwh over the same
period of the preceding year.
2. The decrease in the profit from principal operating activities is
due to the decrease of 27,020,000 yuan in the income of
principal operating activities and the increase of 10,400,000
yuan in the cost of principal operating activities. The increase
in the cost of principal operating activities is primarily
attributable to the change of the examination form implemented
by the Company to the power plants, so that the benefit wages of
the power plants previously listed in the administrative
expenses was listed in the cost of principal operating
activities in this year.
3. The decrease in the expenses during the period is primarily
attributable to the decrease in the financial expenses of the
Company of 14,090,000 yuan compared with the same period of the
preceding year.
4. The increase in the net non-operating income and expenses is
primarily due to the scrapping of fixed assets of the Company.
5. The decrease in the net profit is primarily due to the decrease
of electricity generation that led to the decrease of the
principal operating income.
3. Operation of the major controlling company
Zhejiang Changxing Electric Generation Company Limited ( the company for
the project of Zhejiang Changxing Power Plant Phase IV) is a controlling
subsidiary of the Company, and 65% of its shares was held by the
Company. At the end of this quarter, Changxing Power Plant Phase IV is
still under construction and thus has not made any profit.
4. Assets (completed according to the combined statement)
Unit: RMB ,000 yuan
Item At the end of the period At the beginning of the Percentage of
period change (%)
Short term investments 100,483 483 20703.93
Accounts receivable 133,177 88,563 50.38
Inventories 81,144 106,430 -23.76
Construction in progress 1,175,897 970,571 21.15
Short term borrowings 260,000 200,000 30.00
Bills payable 106,488 - -
Long term borrowings 752,120 672,127 11.90
1. The increase in short term investment is because the Company has
entrusted Zhejiang Provincial International Trust Investment
Company with trust fund management business on January 4th 2002,
with an amount of 100 million yuan for a term of 1 year.
2. The accounts receivable at the beginning of the period was the
electricity sale income for the last ten-day period of December
last year, the accounts receivable at the end of the period was
the electricity sale income for the last ten-day period of March
this year.
3. The decrease in inventories is due to the decrease of 25,700,000
yuan fuel coal in stock.
4. The increase in the construction in progress is due to the
construction fees of Zhejiang Changxing Power Plant Phase
IV.
5. The increase in short term borrowings is due to the borrowing of
a loan in the sum of 60,000,000 yuan by Zhejiang Changxing
Electric Generation Company Limited.
6. The increase in bills payable is attributable to the bank
acceptance draft of a term of 6 months issued by Zhejiang
Changxing Electric Generation Company Limited for the purchase
of equipments.
7. The increase in long term borrowings is due to the borrowings
from Changxing Construction Bank by Zhejiang Changxing Electric
Generation Company Limited for the purchase of fixed assets.
IV. Other important Matters
1. The Company was not subjected to any events of litigation or
arbitration.
2. Except those disclosed to the public, the Company does not have any
new entrusted finance, connected transactions and guarantees.
V. Financial Information (unaudited)
1. Financial Statements
1. Simplified combined profit statement
Unit: RMB ,000 yuan
January to March 2002
Income of principal operating activities 802,228
Profit of principal operating activities 274,208
Profit of other activities 223
Expenses during the period 27,688
Investment income -
Net non-operating income and expenses -7,865
Income tax 78,830
Net profit 160,049
2. Simplified combined balance sheet
Unit: RMB ,000 yuan
31st December 2001 31st March 2002
Current assets 1,687,244 1,880,628
Long term investment 1,208,550 1,208,550
Net value of fixed assets 3,677,331 3,576,510
Intangible assets and other assets 231,061 234,336
Total assets 7,816,314 8,102,153
Current liabilities 1,564,828 1,610,625
Long term liabilities 672,127 752,120
Minority shareholders' equity 213,500 213,500
Shareholders' equity 5,365,859 5,525,908
2. Notes to the financial statements
The accounting policies and assumptions of the Company and the scope for the
consolidation of financial statements underwent no changes compared with the
annual report of 2001.
VI. documents for inspection
1. The quarterly report discussed and adopted by the board of directors.
2. Accounting statements signed by legal representatives, financial
controller, chief accountant and accounting supervisory personnel with
the chop of the Company affixed thereon.
Board of Directors
Zhejiang Southeast Electric Power Company
Limited
20th April 2002
Balance Sheet
As at 31st March 2002
Prepared by: Zhejiang Southeast Electric Power Company Limited
Unit: RMB yuan
Assets At the end of the period At the beginning of the period
Combined Parent company Combined Parent company
Current asset:
Monetary assets 1,472,301,216.15 1,425,939,899.83 1,459,410,636.05 1,430,831,373.27
Short term investments 100,482,890.00 200,523,515.00 482,890.00 50,523,515.00
Bills receivable
Share dividends receivable
Interests receivable
Accounts receivable 133,177,364.84 133,177,364.84 88,563,205.11 88,563,205.11
Other receivables 37,437,577.40 36,228,967.68 22,210,487.95 21,675,119.65
Prepayments for goods 56,085,126.00 18,167,736.00 10,146,885.57 4,296,885.57
Subsidy receivable
Inventories 81,144,154.30 81,144,154.30 106,429,581.19 106,429,581.19
Deferred expenses
Long term investments in bond
due within 1 year
Other current assets
Total current assets 1,880,628,328.69 1,895,181,637.65 1,687,243,685.87 1,702,319,679.79
Long term investments:
Long term equity investments 1,208,550,000.00 1,605,050,000.00 1,208,550,000.00 1,605,050,000.00
Long term debt investments
Total long term investments 1,208,550,000.00 1,605,050,000.00 1,208,550,000.00 1,605,050,000.00
Fixed assets:
Cost of fixed assets 6,636,158,531.14 6,629,230,054.14 6,644,095,956.77 6,637,486,567.77
Less: Accumulated depreciation 3,059,649,017.37 3,058,788,934.56 2,966,765,248.60 2,966,147,451.48
Net value of fixed assets 3,576,509,513.77 3,570,441,119.58 3,677,330,708.17 3,671,339,116.29
Less: Provision for diminution in
value of fixed assets
Net amount of fixed assets 3,576,509,513.77 3,570,441,119.58 3,677,330,708.17 3,671,339,116.29
Project material 26,252,216.00 84,996.00 41,556,517.00 13,075,066.00
Construction in progress 1,175,896,689.51 59,850,047.12 970,571,471.38 52,417,570.37
Disposal of fixed assets -20,000.00 -20,000.00
Total fixed assets 4,778,638,419.28 3,630,356,162.70 4,689,458,696.55 3,736,831,752.66
Intangible assets and other assets:
Intangible assets 227,168,408.71 227,168,408.71 227,502,198.31 227,502,198.31
Long term deferred expenses 7,167,601.10 296,724.95 3,559,195.52 444,637.46
Other long term assets
Total intangible assets and other 234,336,009.81 227,465,133.66 231,061,393.83 227,946,835.77
assets
Deferred tax:
Deferred tax debit
Total assets 8,102,152,757.78 7,358,052,934.01 7,816,313,776.25 7,272,148,268.22
Liabilities and owners' equity At the end of the period At the beginning of the period
Combined Parent company Combined Parent company
Current liabilities:
Short term borrowings 260,000,000.00 200,000,000.00
Bills payable 106,487,800.00
Accounts payable 157,358,902.49 96,469,814.39 233,465,102.22 125,644.647.62
Advances receipts for goods
Wages payable 89,864,768.78 89,864,768.78 110,963,634.40 111,255,157.17
Welfare expenses payable 22,797,316.05 22,406,324.33 24,948,130.18 24,156,928.09
Dividends payable 502,518,757.94 502,518,757.94 502,500,000.00 502,500,000.00
Tax payable 132,783,034.61 132,776,359.63 107,126,219.56 107,108,076.24
Other payments due 7,019,226.67 6,985,042.27 4,863,247.04 4,851,621.04
Other payables 58,144,774.54 55,272,439.97 47,497,510.70 45,473,180.91
Pre-allocated expenses 29,105,375.02 29,146,000.02 7,404,293.09 7,079,293.09
Estimated liabilities
Long term liabilities due within 1 244,545,000.00 244,545,000.00 326,060,000.00 326,060,000.00
year
Other current liabilities
Total current liabilities 1,610,624,956.10 1,179,984,507.33 1,564,828,137.19 1,254,128,904.16
Long term liabilities:
Long term borrowings 752,120,000.00 652,120,000.00 672,126,900.00 652,120,000.00
Bonds payable
Long term payables
Special payables
Other long term liabilities
Total long term liabilities 752,120,000.00 652,120,000.00 672,126,900.00 652,120,000.00
Deferred tax:
Deferred tax credit
Total liabilities 2,362,744,956.10 1,832,104,507.33 2,236,955,037.19 1,906,248,904.16
Minority shareholders' equity 213,500,000.00 213,500,000.00
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: Returned investments
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 fund 1,863,272,079.51 1,863,272,079.51 1,863,272,079.51 1,863,272,079.51
Surplus reserve fund 659,279,834.68 659,279,834.68 659,279,834.68 659,279,834.68
Including: Statutory welfare fund 329,639,917.34 329,639,917.34 329,639,917.34 329,639,917.34
Undistributed profits 993,355,887.49 993,396,512.49 833,306,824.87 833,347,449.87
Total shareholders' equity 5,525,907,801.68 5,525,948,426.68 5,365,858,739.06 5,365,899,364.06
Total liabilities and owners' 8,102,152,757.78 7,358,052,934.01 7,816,313,776.25 7,272,148,268.22
interests
Profit Statement
January-March 2002
Prepared by: Zhejiang Southeast Electric Power Company Limited
Unit: RMB yuan
Item During this period
Combined Parent company
1. Income from principal operating activities 802,228,393.10 802,228,393.10
Less: Principal operating costs 515,340,670.57 515,340,670.57
Principal operating tax and surtax 12,679,346.95 12,679,346.95
Profit from principal operating activities (loss indicated by "-") 274,208,375.58 274,208,375.58
Add: Profit from other activities (loss indicated by "-") 223,354.85 223,354.85
Less: Operating expenses
Administrative expenses 28,610,524.97 28,610,524.97
Financial expenses -922,791.47 -922,791.47
Operating profit (loss indicated by "-") 246,743,996.93 246,743,996.93
Add: Investment income (loss indicated by "-")
Subsidy income
Non-operating income 130,167.06 130,167.06
Less: Non-operating expenses 7,994,966.04 7,994,966.04
Gross profit (loss indicated by "-") 238,879,197.95 238,879,197.95
Less: Income tax 78,830,135.33 78,830,135.33
Net profit (loss indicated by "-") 160,049,062.62 160,049,062.62
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