CPI Website /CNStock.com: 2013 Net profit of Shanghai Electric Power Increased by 33.35%

Shanghai Electric Power released its 2013 annual financial report on March 24. The report shows that by the end of 2013, the company has equity installed capacity of 8469.7MW, a year-on-year increase of 1307.8MW with 18.26% growth rate. The company produced 31.119 billion kWh electricity, a year-on-year increase of 1.70%. The net profit attributed to the shareholders was 1.181 billion Yuan, a year-on-year increase of 33.35%; the weighted average ROE is 15.79%, a year-on-year increase of 2.01%. The EPS was 0.552 Yuan, an increase of 33.35%; the net asset attributable to the shareholders was 3.70 Yuan, an increase of 13.27%. The pre-arranged plan of profit distribution is 0.20 Yuan per share (including tax).

In recent years, SEP made great efforts to change business modes to develop a low-carbon, high efficient and clean energy and focus on quality and efficiency improvement, structure adjustment and asset structure optimization. On the basis of low-carbon and efficient development, the company actively develops wind power, solar power and other renewable new energy industries, accelerates the development of gas electricity, IGCC and other clean energy projects and increases the ratio of distributed energy generation. When providing electricity, SEP also focuses on downstream and upstream businesses that has extended the industrial and value chains. The company relays on its own internal advantages like talented staff, technology and operational management to expand power plant management, , technical services, operations , repair and maintenance and other energy services. On the base of national power plant services, SEP extended its services abroad. It has started the thermal power plant services in Equatorial Guinea, Iraq, Turkey and other overseas countries. In 2013, the revenues generated by power plant services overseas increased significantly.

 On the same day, Shanghai Electric Power also announced that the Board of Directors has approved the 2X 660 MW coal-fired power plant project in Hunutlu, Turkey. The Board of Directors authorized the company to handle and sign the relevant legal procedures and documents and submit to shareholders’ meeting for approval. In this project, the static and dynamic investment of this project is $1.6028 billion USD and $1.726664 billion USD respectively. Total capital accounts for 20% of the dynamic investment and the rest capital will be financed by commercial loans. Shanghai Electric Power, AVIC International, and Turkey shareholders is the three investors of the project in which Shanghai Electric Power owns 50.01%, AVIC International owns 2.99%, and Turkey owns 47%.

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