On August 16, CR Power has released the interim performance result as of June 30, 2017.
In the first half year, the total electricity sales amount of power plant affiliated to CR Power was 76,978,660MWh, increased by 8.5% compared to the same period of last year and promoted the annual total turnover to increase by 10.1% and amount to HK$ 34.092 billion. Because coal prices soared in the first half of the year, the average unit price of standard coal of affiliated coal-fired power plant has increased by 64.5% compared to the same period of last year. The rising coal costs had a direct impact on corporate profits, resulting in the profit (net profit) attributable to the company owners and the basic earnings per share reduced by 65.3%. Under this situation, CR Power has still decided to distribute the interim dividends with HK$ 0.125 per share, which was flat with that of last year and fully demonstrated the company's commitment to shareholders. Based on strong high-dividend commitments, Goldman Sachs and many other investment banks have listed CR Power into the Conviction Buy list.
In the first half year, CR Power committed to the efficient operating characteristics, and the utilization hours of both thermal power and wind power were all higher than the national average. In that period, the average utilization hours of full load units of 30-affiliated coal power plants was 2,366 hours, which was higher than the national average utilization hours of thermal power generating units in the first half year (356 hours). Moreover, the average utilization hours of full load units of wind farm units in the same period were 1,141 hours, which was higher than the national average utilization hours of wind power generating units in the first half year (157 hours). As one of the most profitable wind power operators in China, as of June 30, 2017, attributable installed capacity of wind power operation under CR Power has amounted to 5,330MW, increasing by 15.1% compared to that of the end of December 2016.
In terms of electricity sales in the first half year, the total electricity sales amount generated by CR Power from direct supply of power has amounted to 25,357,138MWh, accounting for 32.9% of total electricity sales amount of affiliated power plants. CR Power has directly supplied power to brother companies including CR Cement and CR Microelectronics. The discount difference of electric price between direct supply power and grid power has been greatly reduced to 7.6%. The projected percentage of electricity sales amount by direct supply power is to 35% at the end of year.
CR Power has actively fulfilled its environmental responsibility and continued to promote energy conservation and emission reduction. In the first half year, it has performed ultra-low emission reconstruction to four units with a total of 1,180MW attributable installed capacity, and it has planed to complete the ultra-low emission reconstruction to two coal-fired units with a total of 401MW attributable installed capacity in the second half year. Moreover, CR Power will continue to respond positively to the national energy policy, slow down the construction of coal-fired power plants, shut down inefficient power plants, promote the construction and development of wind power and photovoltaic projects, and promote the green sustainable development of the company.