Kaidi Electric Power recently released its annual report. Despite that the performance of the company achieved a substantial year on year growth, the overall annual operating objectives were not reached in terms of biomass power generation plants. The company fired two executives: the General Manager Chen Yong and Deputy General Manager Xu Ying-Lin.
The annual report disclosed that in year 2011 Kaidi Electric Power's revenue reached 2.687 billion yuan, decreased 22.2%, profit of 1.005 billion yuan, increased 78.64% compared with last year. Net profit attributed to listed companies shareholders was of 755 million yuan, an increase of 147.93%. The basic earnings of per share was 0.80 yuan, the annual dividend is intended for 1 yuan every 10 shares.
Although the sales and desulfurization of raw coal and Electric Power construction contracting still contribute to the main revenues and profits, the directors board's report focused on biomass power generation.
The report shows that as of the end of year 2011, the company's six biomass power plants in operating (Laifeng Power Plant not included) annual grid-connected electricity was up to 788 million KWh, a substantial increase of 313 % over year 2010. Biomass power generation industry contributed to the company the net profit of 37.5835 million yuan for the whole year. Other 20 biomass power plants are under construction.
As for failure in achieving biomass industry annual sales income target of about 600 million yuan, net profit of over 100 million yuan (including CDM gains), the company holds that there are two reasons, one is that during the reporting period the number of biomass power plant projects in operation was lower than expected; the other reason is that by year 2011 the company could not confirm the project CDM profit.
The company said that the CDM projects of the 6 operating biomass power plants have been successfully registered in the United Nations, among which Wangjiang project and Tongcheng project have been approved by the DOE audit on the spot and are waiting for the last procedure.
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