On 22 August 2019, CGN New Energy Holdings Co., Ltd. (“CGN New Energy” or the “Company”, Stock Code 1811.HK) held its 2019 Interim Results Announcement Meeting in Hong Kong, releasing the unaudited condensed consolidated interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2019. Chairman Mr. Chen Sui, Senior Vice President Mr. Li Jing, Chief Accountant Mr. Liu Chao and Assistant President & Company Secretary Mr. Lee Kin presented at the meeting.About 50 analysts and investors attended the meeting.
As at 30 June 2019, the Group’s attributable installed capacity reached 5,566.2 MW, representing an increase of 485.7 MW or 9.6% from the same period of last year, which included an attributable installed capacity of wind power of 1,494.4 MW, representing an increase of 185.6 MW or 14.2% from the same period of last year; whereas the attributable installed capacity of solar power amounted to 479.9 MW, representing an increase of 260.1 MW or 118.3% from the same period of last year. For the six months ended 30 June 2019, the electricity generated by the Group’s consolidated power generation projects amounted to 6,588.9 GWh, representing a decrease of 2.0% from 6,723.8 GWh for the six months ended 30 June 2018. The electricity generated by wind power projects and solar power projects reached 1,565.2 GWh and 419.3 GWh, representing growth rates of 13.0% and 118.2% respectively. The revenue of the Group amounted to US$662.0 million, representing a decrease of 4.2% compared with US$690.7 million of the first half of 2018. The operating profit, which is equal to revenue minus operating expenses, of the Group amounted to US$130.0 million, representing an increase of US$22.1 million or 20.5% compared with US$107.9 million of the first half of 2018. Profit attributable to owners of the Company amounted to US$73.4 million, representing an increase of US$4.6 million or 6.7% compared with US$68.8 million of the first half of 2018.
The Company has been adhering to the principle of high-quality development and expedited project development. As at 30 June 2019, the capacity under construction of the Company was approximately 400 MW. It is expected that the growth of new operating capacity in 2019 will be steady. In the first half of 2019, the Company successfully won the bidding for 75 MW wind power projects. The Company’s projects were included in the 2019 first batch of national indicative grid parity wind power and photovoltaic power projects with an installed capacity of 610 MW, among which photovoltaic power projects of 310 MW were filed, which provides a strong support to the onward sustainable development of the Company.
As at 30 June 2019, the aggregate accumulated capacity of offshore wind power projects of the Company and those entrusted to be managed by the Company, which have been approved but not yet commenced construction, reached over 8,000 MW and were located in Guangdong Province, Jiangsu Province and Zhejiang Province. The Company’s offshore wind power projects which have been approved but not yet commenced construction include the Rudong project H8# in Jiangsu Province with a capacity of 300 MW (with a shareholding of 60%) and Shengsi project 5#, 6# in Zhejiang Province with a capacity of 282 MW. The Company has formulated reasonable construction timelines for the projects and strived to complete grid connection within the designated construction periods in order to secure the high subsidized tariff and maximize its profit.
The Group will continue to develop and acquire clean and renewable energy power generation projects with stable returns and enhance the core capacity in operating and maintaining wind and solar power businesses with the aim of improving its competitiveness and market position in the non-nuclear clean energy industry.
2019 is a year of massive changes in the renewable energy market environment. Under the new trend of grid parity and competitive bidding, the Company will continue its business approach of quality and sustainable development to ride out the transitional period of grid parity and low price and reward its shareholders with excellent business results.