CGN New Energy Announced its 2018 Annual Results
( 2019-03-21 )

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On 21 March 2019, CGN New Energy Holdings Co., Ltd. (“CGN New Energy” or the “Company”, Stock Code 1811.HK) held its 2018 Annual Results Announcement Meeting in Hong Kong, releasing the annual results of the Company and its subsidiaries (the “Group”) for the year ended 31 December 2018. Chairman Mr. Chen Sui, President and Executive Director Mr. Li Yilun, Chief Accountant Mr. Liu Chao and Assistant President & Company Secretary Mr. Lee Kin presented at the meeting.

Electricity Sales Increased by 16.4%     Steady Growth of Revenue & Profit

As at 31 December 2018, the attributable installed capacity of the Group reached 5,274.5 MW, representing an increase of 6.3% from last year, among which, attributable installed capacity of wind power was 1,308.8 MW, representing a year-on-year increase of 9.0%, while that of solar power amounted to 403.8 MW with a year-on-year increase of 92.9%.

As of 31 December 2018, the electricity sales by the Group’s consolidated power generation projects amounted to 12,643.0 GWh, increased by 16.4% as compared with that of last year. The electricity sales by wind power projects and solar power projects reached 2,405.0 GWh and 406.2 GWh, representing growth rates of 21.7% and 37.6% respectively.

The revenue and profit of the  Group grew steadily in 2018. Revenue for the year ended 31 December 2018 amounted to US$1,358.5 million, representing an increase of 22.5% compared with that of last year. Profit attributable to owners of the Company for the year ended 31 December 2018 amounted to US$88.2 million, representing an increase of 42.5% compared with last year. The Board recommended a final dividend for the year ended 31 December 2018 of 0.51 US cents per share (equivalent to 4.01 HK cents per share). Payout ratio of the proposed dividend is 25%.

Pushing forward Project Development and Enhancing Quality Resources Reservation

The Group continued to optimise the development layout of wind power and solar power, thereby maintaining sustainable development and preparing for resources reservation. In 2018, there was a total installed capacity of over 1,000 MW in respect of additional wind power projects which have been approved and not yet commenced construction. All these projects were located in the regions that were not subject to grid curtailment.

As at 31 December 2018, the offshore wind power projects of the Company and entrusted to be managed by the Company, which have been approved but not yet commenced construction, has accumulated over 8,000 MW, which are located in Guangdong Province, Jiangsu Province and Zhejiang Province. The Company will manage the construction of its projects and the pace of their operation in accordance with the national policies and the Company’s overall strategy.

It is expected that the total newly installed capacity in 2019 will keep steady growth.

Embracing Changes and Looking Forward to a Better Future

With grid parity projects gradually replacing subsidized projects to become an inevitable trend for the development of the new energy industry in China, the market players who adopt business models with technological innovation, quality and efficiency enhancement and cost reduction may gain room for development in the era of grid parity.

CGN New Energy actively responds to the changes arising from the new situation, where price competition takes place. With a focus on price competition, We strive to excel and achieve breakthrough in the businesses such as bidding projects, grid parity bases, photovoltaic frontrunner projects, major bases and offshore wind power, etc.

The Group will continue to develop and acquire clean and renewable power generation projects with solid returns to develop its core capacity in the business operation of the wind power and solar power;continue to leverage the huge potential of CGNPC in concentrated solar power, pumped-storage power, comprehensive energy, etc., to provide sound safeguard for sustainable development. Also, we shall continue to enhance our competitiveness and market position in the non-nuclear clean energy sector,so as to reward shareholders with excellent outcome and maximize shareholder interests.

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