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Huarun electric power (0836.HK), the main comprehensive power supplier in China, announced that its net profit fell 40% over the same period last year, which is in line with market expectations. The company raised dividend payout rate to 90.2% and set a record in.
Announcement shows that Huarun electric in 2017 1-12 months net profit of HK $4 billion 623 million, forecast and Thomson Reuters SmartEstimate 11 analysts from HK $4 billion 437 million to HK $7 billion 708 million, a year earlier; earnings decline is mainly involved in the coal price rise to power business profits, and years of coal-fired power plants and to stop development of the provision, has invested funds, due to the technological transformation of power assets scrapped impairment.
The board recommended a final dividend of HK $0.75 per share, the annual dividend payout of HK $0.875, relative to the basic earnings of HK $0.97, and the dividend payout rate reached 90.2%, a record high since 2003. The previous year was 54%.
Huarun said that the net current liabilities of approximately HK $39 billion 911 million at the end of last year, after considering the current availability of bank credit and its internal financial resources, has sufficient working capital to meet the current needs; at the same time, the capital structure of stable group, in support of its future development plan and operation.
"The capital management of the company's aim to ensure that entities within the group will be able to operate at the same time, through the optimization of debt and capital structure, bring the maximum return for shareholders." The company said.
By the end of last year, Huarun's net debt to stockholders' equity ratio was 126.9%, total liabilities to total capital ratio was 55.7%, cash and cash equivalents were HK $5 billion 382 million.
Looking forward to this year, Huarun Electric said it is expected that the growth of social electricity consumption will remain stable and the price of coal will fall somewhat. Coal-fired unit investment this year including Hebei Caofeidian two 1 units of 1000 MW ultra supercritical unit and Jiangsu Changzhou 108 MW distributed gas project, and is expected to cash capital expenditures increased by 11% to approximately HK $18 billion 200 million, of which 60% funds for wind energy, photovoltaic power plants and hydropower station construction and acquisition.

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