(26 March 2024 - Hong Kong) CGN New Energy Holdings Co., Ltd. (“CGN New Energy” or the “Company”, Stock Code: 1811.HK) announces the annual results of the Company and its subsidiaries (the “Group”) for the year ended 31 December 2023.

  Highlights of the Annual Results for the Year Ended of 31 December 2023
Revenue amounted to US$2,193.0 million, representing a decrease of 9.8% compared with last year.
Profit attributable to equity shareholders of the Company amounted to US$267.7 million, representing an increase of 37.2% compared with last year.
The increase in profit was mainly attributable to (1) the decrease in impairment losses recognized in respect of property, plant and equipment; and (2) share of results of associates turned around from loss to profit.
If one-off adjustments were taken out, which mainly include (1) post-tax impairment losses recognized in respect of property, plant and equipment of US$7.7 million and US$61.8 million in 2023 and 2022 respectively, and (2) impairment losses recognized in respect of goodwill of US$8.7 million in 2023, the profit attributable to equity shareholders of the Company for the year ended 31 December 2023 would have increased by 10.6% comparing with last year.
Earnings per share amounted to 6.24 US cents, representing an increase of 37.2 % compared with last year.
The Board recommended the payment of a final dividend for the year ended 31 December 2023 of 1.56 US cents per Share (equivalent to 12.17 HK cents per Share), equivalent to 25% of profit for the year attributable to equity shareholders of the Company for the financial year of 2023 as dividends.

  (26 March 2024 - Hong Kong) CGN New Energy Holdings Co., Ltd. (“CGN New Energy” or the “Company”, Stock Code: 1811.HK) announces the annual results of the Company and its subsidiaries (the “Group”) for the year ended 31 December 2023.

  In 2023, the revenue of the Group amounted to US$2,193.0 million, representing a decrease of 9.8% compared with last year.  The revenue derived from wind projects in the PRC amounted to US$702.4 million, representing an increase of 1.4% compared with US$692.8 million of last year. Such increase was mainly attributable to the increase in power generation from the wind projects. The revenue derived from Korea in 2023 amounted to US$1,151.0 million, representing a decrease of 16.4% compared with US$1,377.4 million of last year. Such decrease in revenue was mainly attributable to the decrease in power generation as well as decrease in weighted average tariff of electricity.

  The profit attributable to equity shareholders of the Company in 2023 amounted to US$267.7 million, representing an increase of US$72.6 million or 37.2% compared with last year. If one-off adjustments were taken out, which mainly include (1) post-tax impairment losses recognized in respect of property, plant and equipment of US$7.7 million and US$61.8 million in 2023 and 2022 respectively, and (2) impairment losses recognized in respect of goodwill of US$8.7 million in 2023, the profit attributable to equity shareholders of the Company for the year ended 31 December 2023 would have increased by 10.6% comparing with last year.

  The increase in profit was mainly attributable to (1) the decrease in impairment losses recognized in respect of property, plant and equipment; and (2) share of results of associates turned around from loss to profit.

  The Board recommended the payment of a final dividend for the year ended 31 December 2023 of 1.56 US cents per Share (equivalent to 12.17 HK cents per Share), equivalent to 25% of profit for the year attributable to equity shareholders of the Company for the financial year of 2023 as dividends.

  Business Review

  The Group’s portfolio of assets comprises wind, solar, gas-fired, coal-fired, oil-fired, hydro, cogen, fuel cell and biomass projects, which are in the PRC and Korea power markets.

  As at 31 December 2023, the attributable installed capacity of the Group reached 9,622.8 MW, representing a year-on-year increase of 7.1%, in particular, the newly added attributable installed capacity of wind power and solar power amounted to 599.8 MW in total and the newly added attributable installed capacity of gas-fired power amounted to 45.0 MW. The attributable installed capacity of wind power amounted to 4,437.8 MW, representing a year-on-year increase of 18.7 MW or 0.4%; whereas the attributable installed capacity of solar power amounted to 1,759.4 MW, representing a year-on-year increase of 572.6 MW or 48.2%. The wind power and solar power accounted for 64.4% of the Group’s attributable installed capacity. As at 31 December 2023, the consolidated installed capacity of the power plants reached 8,906.7 MW.

  As of 31 December 2023, the operations in the PRC and Korea accounted for approximately 77.5% and 22.5% of the Group’s attributable installed capacity of 9,622.8 MW, respectively. Clean and renewable energy projects (namely, wind, solar, gas-fired, hydro, fuel cell and biomass projects) accounted for 83.8% of the Group’s attributable installed capacity; and conventional energy projects (namely, coal-fired, oil-fired and cogen projects) accounted for 16.2% of the Group’s attributable installed capacity.

  As of 31 December 2023, the electricity generated by the Group’s consolidated power generation projects amounted to 19,076.6 GWh, which remained basically stable as compared with that of last year. The electricity generated by PRC wind projects and PRC solar projects reached 10,367.7 GWh and 1,733.5 GWh respectively, representing growth rates of 10.6% and 2.4%, respectively.

  Prospects

  In 2024, the Group will actively and duly promote business developments, coordinate the key actions of “six resolutions” with innovation-oriented, reform-driven approach, striving for aggressive progresses and new achievements, so as to make all efforts to promote the high-quality developments.  The Group will resolutely strengthen the leadership and construction of the Party, to focus on creating a “practical” atmosphere; resolutely promote business developments and strive to improve “fast” developments; resolutely increase technological innovation, so as to foster a “strong” growth momentum; resolutely promote and deepen reform, so as to improve “sound” governance effects; resolutely enhance lean management, so as to create an “excellent” operation environment; resolutely fortify its red line and bottom line, so as to solidify a “steady” development foundation.