RNS Number:3379Z
Zhejiang Southeast Elec Power Co Ld
31 July 2002
Zhejiang Southeast Electric Power Company Limited
Interim Results 2002
Important:
The Board of Directors of Zhejiang Southeast Electric Power Company Limited (the
"Company") confirms that there are no false representations, misleading
statements or material omissions in this announcement, and they jointly and
severally accept full responsibility for the authenticity, accuracy and
completeness of the information contained herein.
The interim financial statements attached to this announcement have not been
audited.
The text of this Interim Results is prepared in both Chinese and English. Should
there be any discrepancies between the Chinese version and the English version,
the Chinese version shall prevail.
I. Particulars of the Company
1. Particulars of the Company
(1) 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
(2) Secretary to the Board of Directors: Dai Jiancheng
Address: 22-23 Floor, Biao Li Tower, 528 Yan'an Road,
Hangzhou, Zhejiang Province, P.R.C.
Postal Code: 310006
Tel: 86571-85774566
Fax: 86571-85774321
2. Summary of Financial Data and Indicators
(based on consolidated financial statements)
Unit:
RMB yuan
January - June
2002 January - June 2001
Net Profit
296,993,882.25 351,866,282.41
Net Profit after Deducting Non-recurring Profits &
304,837,129.24 353,020,747.31
Losses
Yield on Net Assets (diluted) (in %)
5.24 6.41
Earnings per Share (Diluted) (yuan/share)
0.148 0.175
30 June
2002 31 December 2001
Shareholders' Equity (excluding minority
5,664,423,370.60 5,367,429,488.35
shareholders)
Net Assets per Share
2.82 2.67
II. Shareholding of Major Shareholders
1. There was no change in the total number of shares or the shareholding
structure of the Company in this reporting period.
2. Total number of shareholders as at the end of the period
As at the end of the reporting period, the Company's shareholders
numbered 86,262 in total.
3. Shareholding of top 10 shareholders
As at the end of this reporting period, the top 10 shareholders of the
Company are as follows:
Name Number of Shares
Percentage of Type of Shares
Held
Shareholding
Zhejiang Provincial Electric Power Development Co. 799,963,200
39.80 State-owned legal
(ZPEPDC)
person's shares
Zhejiang Provincial Electric Power Co. (ZPEPC) 514,036,800
25.57 State-owned legal
person's shares
NAITO SECURITIES CO.,LTD 14,198,374
0.71 B shares
TOYO SECURITIES ASIA LTD. A/C CLIENT 8,456,900
0.42 B shares
Huacong Investment Co. Ltd 6,307,825
0.31 B shares
SCBHK A/C BROWN BROTHERS HARRIMAN AND COBOSTON S/A CMO 5,126,959
0.26 B shares
EMERGING MARKETS FUND
Zhejiang Bada Co. Ltd 4,000,000
0.20 Legal person's
shares
HKSBCSB S/A HSBC(NOM) S/A ABN AMRO BANK NV 4,000,000
0.20 B shares
SCBHK A/C NOMURA TB/NOMURA ITM 3,700,000
0.18 B shares
BRITISH AIRWAYS PENSIONS 3,023,999
0.15 B shares
III. Management Discussion and Analysis
1. Analysis of Operational and Financial Status (based on consolidated
financial statements)
Unit: RMB '000 yuan
Item January - June 2002
January - June 2001 Increase/Decrease
(%)
Principal Operating Income 1,593,850.9
1,639,633.9 -2.79
Principal Operating Profit 532,427.7
586,238.7 -9.18
Net Profit 296,993.9
351,866.3 -15.59
Item 30 June 2002
1 January 2002 Increase/Decrease
(%)
Total Assets 8,263,379.0
7,817,884.5 5.70
Shareholders' Equity 5,664,423.4
5,367,429.5 5.53
1. The drop in the principal operating income by 2.79% was caused by a
reduction in the Company's generation by 4.89% compared with the
same period in the previous year. Please refer to "Main Operations
in the Reporting Period" for details.
2. The drop in the principal operating profit in this reporting period
is attributable to the decrease in the principal operating income
and the increase in cost.
3. The drop in the net profit is mainly attributable to the decrease in
the principal operating income. It is also due to the following
factors:
a. As the bank deposit and the interest rate on bank deposit
declined compared with the same period in the previous year, the
Company's interest income decreased significantly in this
reporting period whereas its financial expenses increased.
b. The non-operating expenditure increased in this reporting period
due to losses on assignment of non-operating assets and
abandonment of fixed assets.
c. As the income tax refund will normally be obtained in the
following period, the refund of the local income tax for the 4th
quarter of 2001 amounting to RMB 16.53 million yuan will be
obtained in the 2nd half of this year. In the same period of the
previous year, the refund of the local income tax for the 4th
quarter of 2000 amounting to RMB 11.01 million yuan was credited
before 30 June 2001.
4. The total assets increased by RMB 445.4945 million yuan, of which the
construction in progress increased by RMB 679.2431 million yuan
compared with the same period in the previous year because of the
increase in the infrastructure construction of Zhejiang Changxing
Power Generation Co. Ltd.
5. The increase in the shareholders' equity resulted from the increased
net profit realized by the Company in this reporting period.
2. Major Operations in the Reporting Period
The Company specializes in operation and management of power generating
companies, with all of its principal operating income deriving from the
sale of electric power. The composition of the Company's principal
operating income and cost is as follows:
Unit: RMB'000 yuan
Item
Current
Amount Percentage (%)
Principal Operating Income
Electricity Sale
1,593,850.9 100.00
Total
1,593,850.9 100.00
Principal Operating Cost
Cost of Electricity Sale
1,039,563.2 100.00
Total
1,039,563.2 100.00
In this reporting period, the generation completed by the Company
amounts to 4.963 billion kwh, which decreased by 255 million kwh or
4.89% in comparison with the generation of 5.218 billion kwh over the
same period in the previous year. The main factors affecting the
Company's generation are as follows:
1. Based on the maintenance plan, some generating units underwent
necessary maintenance in the 1st half of the year while the system
load was relatively low. Compared with the same period in the
previous year, 432 maintenance hours for a 330 MW unit and 672
maintenance hours for a 125 MW unit were additionally arranged in
this reporting period.
2. The power purchase from other provinces in Zhejiang power grid
increased significantly, offsetting part of the power consumption
increase due to Zhejiang's economic development.
If compared with the same period in the preceding year, on the one hand,
the Company's principal income reduced by RMB 81.90 million yuan due to
reduction of generation; on the other hand, the Company stepped up the
analysis and study of the power market and improved its bidding tactics
to make up for the generation loss to some degree so that the Company's
actual settlement price for the electricity sale in the 1st half of the
year rose by RMB 0.008 yuan/kwh in comparison with that over the same
period in the previous year resulting in an increase in the principal
operating income of RMB 36.12 million yuan. To sum up the above two
factors, the net result is a decrease in the principal operating income
by RMB 45.78 million yuan or 2.79%.
In order to enhance the competitiveness of its generating units and
lower the unit generation cost, a sustained effort was made to retrofit
the turbine steam path of the 125 MW-sized units. The retrofit of Unit 1
of Xiaoshan Power Plant was completed on 28 January this year, which
increased its capacity from 125 MW to 130 MW. Beginning on 10 May this
year, the retrofit of Unit 2 of Taizhou Power Plant is underway. After
completion of the retrofit, the capacity of Unit 2 of Taizhou Power
Plant will increase from 125 MW to 135 MW.
3. Comparison of Operating Results in this Reporting Period vs Annual Plan
Unit:
RMB'000 yuan
1st Half Year
Annual Plan Completion (%)
Principal Operating Income 1,593,850.9
3,216,337.3 49.55
Gross Profit 445,486.0
820,639.8 54.29
Net Profit 296,993.9
533,328.6 55.69
4. Investment Progress and Returns
1. Investment Utilizing Remainder of Proceeds Raised
Pursuant to the resolutions passed at the Extraordinary General
Meeting of year 2001, the remainder of the proceeds raised from
share issuance by ZSEPC is to be injected into Zhejiang Jiahua Power
Generation Co. Ltd. (Zhejiang Jiaxing Power Plant Phase II with 4 x
600 MW generating units) in the form of capital contribution, making
up 24% of its stock. Its registered capital will be injected by
installment. The paid-in capital of ZSEPC has amounted to RMB 133.25
million yuan. The Company made no new capital injection within this
reporting period. Currently, construction work of Jiaxing Power
Plant Phase II is underway. Based on the construction schedule, Unit
1 of Jiaxing Power Plant Phase II will be brought into operation by
the end of 2004; and all four units will be brought into commercial
operation one after another by June 2006.
2. Other Investment
a. Zhejiang Changxing Power Generation Co. Ltd
b. The Company holds 65% of the shares of Zhejiang Changxing Power
Generation Co. Ltd (Zhejiang Changxing Power Plant Phase IV with
2 x 300 MW generating units). Currently, project construction is
progressing smoothly. As at the end of this reporting period,
64.3% of the project construction had been completed. Based on
the construction schedule, the 1st unit will commence operation
at the end of this year; the 2nd unit will commence operation at
the end of June next year.
c. In this reporting period, the Company obtained returns on
investment totaling RMB 1,049,300 yuan, of which RMB 911,600
yuan was the dividends for the year 2001 from investee companies
received as at the Company by the end of this reporting period,
comprising RMB 600,000 yuan from Zhejiang Venture Capital
Investment Co. Ltd and RMB 311,600 yuan from Jiaojiang Phoenix
Hotel Co. Ltd.
5. Business Plan for the Second Half of the Year
1. On the basis of safe production, centering around economic benefits,
orienting towards the power market and strengthening cost control,
the Company will continue to conduct its principal operations well
and make every effort to meet the goal of realizing a total profit
of RMB 821 million yuan for the whole year set in the Shareholders'
General Meeting.
2. Efforts will be made to expedite the retrofit of the steam path of
the 125 MW turbines. Following the completion of the retrofit of
Unit 2 of Taizhou Power Plant, it is planned that retrofit will be
performed in the second half of the year to Unit 2 of Xiaoshan Power
Plant and Unit 3 of Taizhou Power Plant.
3. Management of the ongoing construction projects such as Changxing
Power Plant Phase IV and Jiaxing Power Plant Phase II will be
strengthened in an effort to make quality projects. The focus of the
work for the second half of the year is to ensure the commencement
of production of the first unit of Changxing Power Plant Phase IV by
the end of the year so as to create a new profit center for the
Company in the following year.
4. Further effort will be made to make in-depth and sound preparation
for the initial stage of investment projects in terms of project
investigation, study and analysis and to actively seek support from
various parties, aiming for new progress in this regard.
IV. Important Matters
1. The board of directors of the Company decided not to make any interim
profit distribution in 2002, nor to convert any public reserve fund into
the share capital.
2. The profit distribution plan of the Company for 2001 was to distribute
cash dividend RMB 0.25 yuan per share (including tax), in which the
dividends of B shares will be converted into US dollars for
distribution, i.e. USD 0.030204 per B share (including tax). China
Securities Registration & Settlement Co. Ltd Shanghai Branch was
entrusted to distribute the dividends of B shares on behalf of the
Company. Dividends payable to the shareholders of domestic shares were
directly credited to the designated accounts.
3. The Company was not subject to any major litigation or arbitration.
4. Asset Acquisition, Sale or Disposal
1. In this reporting period, the Company did not make any major asset
acquisition.
2. In order to make non-operating assets operational, the Company
transferred the collective dormitory, the staff training center with
ancillary facilities in the living quarters of Xiaoshan Power Plant
as well as the land use right in connection therewith to Hangzhou
Xiaoshan Linjiang Industrial & Trade Co. Ltd upon inspection and
valuation by Zhejiang Pan-China Certified Public Accountants
(Document No. Zhe Tian Ping Bao Zi (2002) 42). The book value of the
above assets is RMB 11.8675 million yuan, and their assessed value
is RMB 5.4782 million yuan. The price of the transfer was based on
the assessed value, i.e. RMB 5.4782 million yuan.
5. Important Connected Transactions
1. Commodity Sale and Purchase
a. Power Sales
Because of the special characteristics and current status of the
power industry, ZPEPC is the single buyer in Zhejiang power
grids. All of the electricity generated by the power plants
under the Company is sold to ZPEPC. ZPEPC is the second largest
shareholder of the Company.
In this reporting period, the Company made a power sale of 4.567
billion kwh to ZPEPC, generating a sale income of RMB 1.594
billion yuan, accounting for 100% of the principal operating
income. In accordance with the Market Code governing competitive
bidding in the Zhejiang power generation market, about 80% of
the Company's power sale was billed at the contractual price
approved by Zhejiang Provincial Commodity Pricing Bureau, and
about 20% of its power sale was settled at the spot market
price. If compared with the same period in the preceding year,
there is no change in the contractual price. The competitive
bidding price applied to the Company in this reporting period
averaged RMB 0.338 yuan/kwh.
b. Coal Purchase
Coal supply for power generation by the Company was solely sourced
from Zhejiang Fuxing Power Fuel Co., Ltd, which is a subsidiary with
its controlling shares held by Zhejiang Provincial Power Fuel Corp.
(a wholly-owned subsidiary of ZPEPC) and part of its shares are held
by the Company. In this reporting period, as the Company had not
reached any agreement on the coal price for this year with the coal
suppliers, the Company made coal payment amounting to RMB 576
million yuan for the 1st half of the year at the price level
prevailing at the end of the preceding year. Please refer to "Other
Important Matters and Events Subsequent to Balance Sheet Date" for
the details of coal price.
2. Guarantees
The Company provided Zhejiang Changxing Power Generation Co. Ltd
(Zhejiang Changxing Power Plant Phase IV) and Zhejiang Jiahua Power
Generation Co. Ltd (Zhejiang Jiaxing Power Plant Phase II)
respectively with shareholders' guarantees proportional to its
investment in them in 2001, which was disclosed in the 2001 Annual
Report. The above guarantees show no signs of potential
indebtedness. No additional guarantees were provided in this
reporting period.
3. Trusted Loan
In order to improve the capital use efficiency, the Company
entrusted Industrial and Commercial Bank of China, Hangzhou
Qingchunlu Branch in December 2001 and January 2002 respectively to
grant loans to the Company's subsidiary Zhejiang Changxing Power
Generation Co. Ltd totaling RMB 100 million yuan at an annual
interest rate of 5.85% for a term of 1 year.
4. Repayment of Long-term Liabilities
Pursuant to the Repayment Agreement for 2001 and Subsequent Years
between the Company and ZPEPDC as well as ZPEPC, the outstanding
long-term liabilities owing to the two creditors as at the end of 2001
amounted to RMB 978,180,000.00 yuan, of which long-term liabilities due
within 1 year amounted to RMB 326,060,000.00 yuan. In this reporting
period, the Company repaid the principal of the long-term liabilities
amounting to RMB 163,030,000.00 yuan.
6. Trust Fund Management
In line with the Company's board resolution to authorize the management
team to invest in State treasury bonds and other securities with an
amount less than RMB 300 million yuan, the Company signed 3 Trust Fund
Management Agreements with Zhejiang Provincial International Trust
Investment Corp. separately.
Trustee Amount
Term
(in millions yuan)
Zhejiang Provincial International Trust 100 From 4
January 2002 to 4 January 2003
Investment Corp.
Zhejiang Provincial International Trust 100 From
22 April 2002 to 22 April 2003
Investment Corp.
Zhejiang Provincial International Trust 100 From
23 June 2002 to 23 June 2003
Investment Corp.
The above 3 Agreements have not provided for a specific rate of return
on capital. As the Agreements have not become due, no return has been
generated to date.
7. Other Important Matters and Events Subsequent to the Balance Sheet Date
1. In accordance with the stipulations issued by the Ministry of
Finance, the Company was subject to a corporate income tax at the
statutory taxation rate of 33% starting from 1 January 2002, which
put an end to the old policy requiring a taxation rate of 33%
payable to both central and local governments but allowing a refund
of 18% of the local portion of the tax collected.
2. In line with Document Zhe Cai Gong Zi (2001)229 Letter of Consent on
Refund of Corporate Income Tax to ZSEPC, in 2001 the Company
received a refund equal to 18% of local portion of the tax payment
for the period of January to September 2001 amounting to RMB 89.77
million yuan. The 18% of the local portion of the tax payment from
November to December 2001 amounting to RMB 16.53 million yuan will
be refunded in the latter half of this year.
3. In this reporting period, as the Company had not reached an agreement
with the coal suppliers in relation to the coal price applicable
this year, the coal payment by the Company for power generation in
the 1st half of the year was accounted for in the principal
operating cost provisionally as per the price level prevailing at
the end of the previous year. The Company reached an agreement on
the coal price of Taizhou Power Plant with the coal supplier on 22
July 2002. On the basis that the coal price should not be higher
than the price of the same type of coal purchased within Zhejiang
power system with different prices for different qualities of coal
taking into account the actual transportation/sundry costs. Compared
with the average coal price in the previous year, the average coal
price of Taizhou Power Plant went up by RMB 8.9 yuan/ton this year.
The agreement was performed starting from 1 January 2002, and it is
anticipated that the principal operating cost of the Company in the
1st half of the year will increase by about RMB 14.46 million yuan.
The coal price for Xiaoshan Power Plant is now still under
negotiation.
4. Pursuant to the notice requiring provincial enterprises to conduct
self-examination of tax payment issued by the Tax Inspection Bureau
under the Zhejiang Branch of the State Taxation Bureau, a
self-examination of the tax payment in 2001 was conducted by the
Company. Upon examination, it was found that the Company had to make
additional payment for income tax in relation to cost and expenses
amounting to RMB 1.47 million yuan, tax payment in relation to tax
adjustment amounting to RMB 20.53 million yuan, and overdue payment
amounting to RMB 1.10 million yuan. The above payments were made by
the Company on 24 July 2002. The Company also needs to make
additional payment for VAT amounting to RMB 7.5 million yuan, which
has not yet been paid.
V. Financial Statements (Unaudited)
1. Balance Sheet and Statement of Profit
2. Notes to Financial Statements
Based on Document Zhe Guo Shui Zhi (2002)093 Approval on Deduction of
ZSEPC's Asset Loss Before Tax, the difference between the submitted
amount of the Company's fixed assets abandonment loss in 2001 and the
approved amount is RMB 1,570,749.29 yuan. The amounts of undistributed
profit and the fixed assets disposal at the beginning of the year in the
financial statements were adjusted in accordance with the enterprise
accounting system. The adjusted beginning amount of the undistributed
profit at the beginning of the year in 2002 is RMB 834,877,574.16 yuan
(the audited beginning amount of the undistributed profit at the
beginning of the year in 2002 prior to adjustment is RMB 833,306,824.87
yuan); the adjusted amount of the fixed assets disposal at the beginning
of the year is RMB 1,570,749.29 yuan (the audited beginning amount of
the fixed assets disposal at the beginning of the year in 2002 prior to
adjustment is 0.00 yuan).
Balance Sheet
As at 30 June 2002
Prepared by: Zhejiang Southeast Electric Power Company Limited Unit: RMB
Yuan
Assets Ending Amount
Beginning Amount
Consolidated Company
Consolidated Company
Current assets
Monetary fund 1,124,868,538.73 1,086,051,130.59
1,459,410,636.05 1,430,831,373.27
Short term investments 300,411,730.00 400,411,730.00
482,890.00 50,523,515.00
Bills receivable
Share dividend receivable
Interests receivable
Accounts receivable 88,889,638.29 88,889,638.29
88,563,205.11 88,563,205.11
Other receivable 26,577,721.62 25,796,841.55
22,210,487.95 21,675,119.65
Prepayments 73,924,459.31 35,786,569.31
10,146,885.57 4,296,885.57
Subsidy receivable
Inventories 90,652,592.62 90,652,592.62
106,429,581.19 106,429,581.19
Deferred expenses 2,360,199.21 2,360,199.21
Long term investments in debt due
within 1 year
Other current assets
Total current assets 1,707,684,879.78 1,729,948,701.57
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:
Costs of fixed assets 6,614,441,378.55 6,606,373,277.16
6,644,095,956.77 6,637,486,567.77
Less: Accumulated
depreciation 3,153,699,760.53 3,152,498,960.49
2,966,765,248.60 2,966,147,451.48
Net value of fixed assets 3,460,741,618.02 3,453,874,316.67
3,677,330,708.17 3,671,339,116.29
Less: Reserve for fixed assets
devaluation
Net amount of fixed assets 3,460,741,618.02 3,453,874,316.67
3,677,330,708.17 3,671,339,116.29
Project material 516,829.50 123,375.00
41,556,517.00 13,075,066.00
Construction in progress 1,649,814,553.52 86,878,650.04
970,571,471.38 52,417,570.37
Disposal of fixed assets 1,523,578.00 1,523,578.00
1,570,749.29 1,570,749.29
Total fixed assets 5,112,596,579.04 3,542,399,919.71
4,691,029,445.84 3,738,402,501.95
Intangible assets and other assets:
Intangible assets 224,042,607.13 224,042,607.13
227,502,198.31 227,502,198.31
Long term deferred expenses 10,504,949.16 148,512.44
3,559,195.52 444,637.46
Other long term assets
Total intangible and other
assets 234,547,556.29 224,191,119.57
231,061,393.83 227,946,835.77
Deferred tax:
Deferred tax debit
Total assets 8,263,379,015.11 7,101,589,740.85
7,817,884,525.54 7,273,719,017.51
Ending Amount
Beginning Amount
Liabilities and shareholders' equity Consolidated Company
Consolidated Company
Current liabilities:
Short term borrowings 430,000,000.00
200,000,000.00
Bills payable 222,081,802.00
Accounts payable 257,821,334.92 82,813,413.82
233,465,102.22 125,644,647.62
Accounts received in advance
Wages payable 90,567,884.18 90,567,884.18
110,963,634.40 111,255,157.17
Welfare expenses payable 20,699,258.36 19,626,915.72
24,948,130.18 24,156,928.09
Dividend payable 199,990,800.00 199,990,800.00
502,500,000.00 502,500,000.00
Tax payable 110,736,509.57 110,724,399.18
107,126,219.56 107,108,076.24
Other payments due 9,438,764.26 9,378,982.66
4,863,247.04 4,851,621.04
Other payables 53,867,844.49 51,390,939.15
47,497,510.70 45,473,180.91
Accruals 55,101,446.73 55,101,446.73
7,404,293.09 7,079,293.09
Estimated liabilities
Long term liabilities due within
one year 163,030,000.00 163,030,000.00
326,060,000.00 326,060,000.00
Other current liabilities
Total current liabilities 1,613,335,644.51 782,624,781.44
1,564,828,137.19 1,254,128,904.16
Long term liabilities:
Long term borrowings 772,120,000.00 652,120,000.00
672,126,900.00 652,120,000.00
Bonds payable
Long term payables
Special payables
Other long term liabilities
Total long term liabilities 772,120,000.00 652,120,000.00
672,126,900.00 652,120,000.00
Deferred tax:
Deferred tax credit
Total liabilities 2,385,455,644.51 1,434,744,781.44
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: 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 659,279,834.68 659,279,834.68
659,279,834.68 659,279,834.68
Including: statutory common
welfare reserve 329,639,917.34 329,639,917.34
329,639,917.34 329,639,917.34
Undistributed profits 1,131,871,456.41 1,134,293,045.22
834,877,574.16 834,918,199.16
Total shareholders' equity 5,664,423,370.60 5,666,844,959.41
5,367,429,488.35 5,367,470,113.35
Total liabilities and owners'
equity 8,263,379,015.11 7,101,589,740.85
7,817,884,525.54 7,273,719,017.51
Statement of Profit
January - June 2002
Prepared by: Zhejiang Southeast Electric Power Company Limited Unit: RMB
Yuan
January -
June 2002 January - June 2001
Item Consolidated
Company
1. Income from principal operating activities 1,593,850,915.17
1,593,850,915.17 1,639,633,895.83
Less: Principal operating costs 1,039,563,215.61
1,039,563,215.61 1,032,670,525.13
Principal operating tax and surtax 21,860,003.34
21,860,003.34 20,724,647.08
2. Profit from principal operating activities 532,427,696.22
532,427,696.22 586,238,723.62
(loss indicated by "-")
Add: Profit from other activities 279,486.92
279,486.92 307,972.10
(loss indicated by "-")
Less: Operating expenses
Administrative expenses 47,433,615.08
47,433,615.08 66,790,011.45
Financial expenses 21,335,945.65
21,335,945.65 6,478,760.91
3. Operating profit 463,937,622.41
463,937,622.41 513,277,923.36
(loss indicated by "-")
Add: Investment income 1,049,261.16
3,430,224.97
(loss indicated by "-")
Subsidy income
Non-operating income 368,263.56
368,263.56 171,571.51
Less: Non-operating expenses 19,869,124.91
19,869,124.91 4,693,849.48
4. Gross profit 445,486,022.22
447,866,986.03 508,755,645.39
(loss indicated by "-")
Less: Income tax 148,492,139.97
148,492,139.97 156,889,362.98
5. Net profit 296,993,882.25
299,374,846.06 351,866,282.41
(loss indicated by "-")
Board of Directors
Zhejiang Southeast Electric Power Company
Limited
31 July 2002
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SDESIFSESEFW
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