China WindPower Group Limited FY2013 Revenue and Profit Achieve Significant Growth

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China WindPower Group Limited is pleased to announce its annual results for the year ended 31 December 2013.

The Group’s consolidated revenue amounted to HK$1,882,610,000, increased by 71.17% compared to last year, profit attributable to equity holders of the Company totaled HK$151,117,000, increased by 274.18% compared to last year.

At the end of 2013, the Group’s net asset value totaled HK$4,993,886,000 and its cash and cash equivalents were HK$1,850,209,000.

Power Plant Investment, Development and Operation Business
The Group is principally engaged in the investment, development and operation of power plants. All these business segments delivered remarkable performance in the year. In terms of project development and resources reserves, the Group signed 1,550MW wind power and 1,410MW solar power exclusive development right agreements in 2013. As at the end of 2013, the Group’s wind resources amounted to over 28GW and solar power resources totaled to 6.5GW, which ensure the sustainable development of the Group.

In 2013, the Group continued to develop the projects which are located in central and southern regions with favorable construction conditions and good grid connection. In 2013, the Group obtained 16 final project approvals (total capacity of 740MW) from the provincial energy authorities, including 6 wind power projects with total capacity of 300MW and 10 solar power projects with total capacity of 440MW, which are expected to generate good investment returns upon completion. At the end of 2013, the Group possessed 1,074MW of wind power project approvals and 420MW of solar power project approvals. These projects are expected to be built within the next two years.

Meanwhile, the Group gave priority to investment and development of projects in southern regions without curtailment problems. According to the “Third Batch of Wind Farm Project Approvals under the 12th Five-Year Plan” issued by NEA, the Group got 18 wind power projects (total capacity of 880MW) enlisted in the third batch; 16 of which were in southern regions with good construction and grid connection conditions.

In addition, the Group also attained initiation approvals for 14 power projects with total capacity of 500MW from the provincial energy authorities, which include 6 wind power projects with total capacity of 300MW and 8 solar power projects with total capacity of 200MW. By the end of 2013, the Group had obtained initial approvals for a total of 2,180MW wind and 520MW solar power projects and is actively applying for the final approvals.

With regards to newly added installed capacity, the Group had 7 new power plants commenced operation, with total capacity of 265MW and attributable capacity of 158MW; of which 4 were wind power plants with capacity of 194MW and attributable capacity of 87MW and 3 were wholly-owned solar power plants with capacity of 71MW. As at the end of 2013, the Group had 35 grid-connected wind and solar power plants, with a total capacity of 1,526MW and attributable capacity of 702MW.

As for the business segment of power generation, the Group’s power plants generated electricity output of 2,400.48 million kWh in total in 2013, up 17.5% compared to 2012, of which wind power generation was 2,258.55 million kWh and solar power generation was 141.93 million kWh. The output attributable to the Group was 1,146.26 million kWh, representing an increase of 14.8% compared to 2012. The weighted average utilization hours of the Group’s wind power plants increased significantly to 1,871 hours and the weighted average utilization hours of the Group’s solar power plants were 1,551 hours. The average grid curtailment rate was 17.6%. All measures were improved compared with 2012.

This year, the revenue from the Group’s consolidated power plants achieved HK$ 114,273,000 and the share of results of associates and joint ventures power plants reached HK$63,266,000.

Renewable Energy Service Business
The Renewable Energy service segment, the other business arm of the Group, saw an improved performance during the year. In 2013, the number of projects undertaken by EPC segment increased and mostly as a “total solution” contract, which include the complete package of design, consultancy, equipment supply, procurement and construction. Thus, the revenue grew substantially. During the year, the Group’s EPC companies undertook 300MW wind power EPC project for China Power Investment Group’s Huolinhe recycling economy demonstration project and Huaneng New Energy Co. Limited ‘s 100MW solar power EPC project. Of which, 200MW of the wind power plants and the 100MW solar power plant commenced operation as agreed in the contracts. During the year, the Group’s EPC company generated a total revenue of HK$1,643,670,000.

Moreover, the Group’s O&M unit had provided service to 43 wind and solar power plants, 10 of which were to external wind and solar power plants. In addition, 20 scheduled inspection service contracts were signed with turbine manufacturers, and 15 service contracts for preventive tests, technical renovation overhaul and wind power forecast were signed with power plants. In 2013, the O&M business segment contributed revenue of HK$124,667,000.

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