In accordance to PRC Accounting Standards, Shanghai Electric achieved a turnover of RMB68.30 billion and net profit attributable to the equity holders of the Parent of RMB3.31 billion in 2011. Earnings per share were RMB25.81 cents. Under HKFRS, the revenue and net profit attributable to the equity holders of the Parent were RMB67.92 billion and RMB3.27 billion respectively, earnings per share were RMB25.48 cents.
The Board of Directors has recommended payment of a final dividend of RMB7.64 cents per share (tax inclusive) in 2011, up 17.4% when compared with that in 2010. The Company’s appropriation of profit for the year ended 31 December 2011 will be considered and tabled at 2011 Annual General Meeting which will be held on 29 May 2012 in Shanghai for approval.
Shanghai Electric (India) Company Limited, as a wholly-owned subsidiary of Shanghai Electric, was set up in India in 2011. It is a critical platform for the Company’s overseas operation and expansion. The subsidiary is primarily engaged in market exploration, project execution and power station operation support, maintenance and accessories services, with its core businesses comprising the supply of power generation equipment, power generation equipment complex and as main contractor for EPC projects and also plays an instrumental role in speeding up the internationalization of Shanghai Electric.
Through more than two decades of development and expansion, we have developed a scalable operation in the overseas markets and achieved revenue of RMB16 billion in 2011, increased by 34.1% year on year, on the heels of the rapid development in the recent years. We mainly provide solutions such as EPC and BTG in response to the region-specific requirements and client demand. Our footprint is spanning across India, Indonesia, Vietnam, the Middle East, Thailand and Africa. We follow closely developments in other overseas markets such as Russia, Saudi Arabia, the United Arab Emirates and Poland.
The increase in orders for gas turbine was due to: 1) gas supply became more sufficient than ever since the commencement of 2nd pipeline for the Project of Natural Gas Transmission from West to East China. 2) to meet the environmental protection requirements on energy saving and carbon emission reduction. 3) the brownouts in certain regions also initiated speeding up of the project construction cycle. 4) shutdowns of small thermal power generation units undergoing the equipment upgrade.
According to the development blueprint for natural gas prescribed for the 12th Five-Year Plan on, the supply of natural gas in China will exceed 240 billion cubic meters by 2015. Natural gas used for power generation will account for 21% of the country’s total consumption of natural gas, consuming some 48.3-52.5 billion cubic meters. It is envisaged that the shortage of natural gas, which the natural gas power plants currently under construction are, will be resolved completely by then. In addition, according to the blueprint for the development of the power sector prescribed for the 12th Five-Year Plan, the total capacity of centralized natural gas power plants will grow from 28 million KW to 60 million KW by 2015.
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