CGN Power Co (Stock code: 1816 HK) held its 2017 annual general meeting in Hong Kong on May 30. More than 400 shareholders and representatives attended the general meeting.
It reviewed the 2017 annual report of the board of directors, the report of the board of supervisors, the company’s annual report and audited financial reports, the profit distribution plan, the investment plan and capital expenditure budget for 2018.
All resolutions were passed by shareholders attending the meeting.
CGN Power Chairman Zhang Shanming chaired the meeting and reported to shareholders on the company's performance during 2017, as well as highlighting the key work plan for 2018 on behalf of the company's board of directors.
Gao Ligang, executive director, and Shi Bing, non-executive director, attended the meeting along with the other board members. Shareholders’ questions on the process of the company’s return to A-shares, the construction progress of the company’s Taishan project, and market value management were all discussed at length during the meeting.
In 2017, CGN Power managed a total of 20 operating nuclear power units, with an installed capacity of 21.47 GW, which accounted for 59.96 percent of the in-service nuclear power market across the Chinese mainland. Eight units under construction have installed capacity of 10.27 GW, accounting for 46.10 percent of the total.
CGN has been active in responding to the challenges of power consumption. The annual on-grid power recorded was 137.74 billion kWh, an increase of 19.2 percent compared to the same period during the previous year.
In 2017, the company achieved steady growth in revenue and profits, with total revenue reaching 45.62 billion yuan ($7.12 billion), up 38.7 percent year on year.
The company owners’ attributable annual profits reached 9.5 billion yuan, a year-on-year increase of 30.4 percent. Excluding the effects of net foreign exchange gain/loss and gain on remeasurement of previously held interest in a joint venture becoming a subsidiary, the profits attributable to CGN Power’s owners were 8.28 billion yuan, up 9.7 percent year on year. Based on 2017 earnings, the board of directors recommended the payment of a final cash dividend of 0.068 yuan (tax included) per share.
In 2017, CGN Power's operating nuclear power units all performed well and maintained safe operations. Of 240 WANO indicators for 20 in-service units, 177 have reached the world's first quartile (advanced level). The proportion has increased steadily to its current level of 73.8 percent.
Unit 1 of Ling Ao Nuclear Power Plant has operated continuously for 4,300 days –– a new world record. It ranked first among units of the same type.
The comprehensive rating of quality and safety benchmarks onsite at the nuclear power project currently under construction, have now reached the international advanced level of 7 or above.
CGN has always been committed to making positive contributions to the adjustment of China's energy structure.
Zhang Shanming stated at the meeting that in 2017, if the amount of electricity produced by the company had been generated using standard coal, then 42.56 million tons would need to be burned, which would equal carbon dioxide emissions of around 111.29 million tons. The environmental impact of the clean energy generated by the company was equivalent to an increase of 310,000 hectares of forest.
Meanwhile, CGN continues to attach great importance to protecting the local environment. The environmental monitoring results from 2017 reveal that all indicators at nuclear power plants managed by the company were within normal ranges.