The Board Meeting of DEC Ltd. Held to Consider and Approve 2013 Interim Results

On 28 August, 2013, Dongfang Electric Corporation Limited (the company) held the 9th meeting of the 7th Board of Directors to consider and approve the 2013 Interim Results of the company. Hosted by Mr. Si Zefu, chairman of DEC Ltd., 9 directors of the board attended the meeting in person or in proxy, with 3 supervisors, representatives from the Board Office and Department of Finance attending as nonvoting delegates.
The Unaudited Interim Financial Results and 2013 Interim Results of the company were discussed and unanimously approved during the meeting. In the first half of 2013, facing the complexity of the global economic development scenario along with the ever severer competition within the power generation equipment industry, the company steadfastly advanced “the three shifts”, centering around the overall requirement of “adjusting structure, driving innovation, strengthening management, and enhancing quality”, forging ahead with a sustainable growth despite a flattened market and laying solid foundation for the accomplishment of annual operational objectives. During the reporting period, the company yielded power-generating equipments with a total capacity of 17705 MW, with a year-on-year increase of 7%, which have accomplished more than half of the annual production target by the end of the first half of 2013. Pursuant to The Chinese Accounting Standard for Business Enterprises, the company have already realized a total revenue of RMB 20.5 Billion, up by 2.28% YoY; of which the net profit attributable to the shareholders of the company amounted to RMB 1.19 Billion, down by 4.65% YoY; EPS accounted to RMB 0.59; consolidated gross profit numbered 18.05%, down from the same period of last year of 1.3%.
The first two quarters of 2013 saw a continued downturn in the power generation equipment industry due to a slowdown of economic development in and out of China. Facing such unfavorable conditions, the overall workforce of the company pressed ahead with concerted efforts and made substantial breakthrough in the market exploration, winning new intake order of RMB 20.2 Billion, amongst which, the nuclear power division of the company awarded a series of VIP contracts while gas power division sustained its leading position in the mastery of 1000MW high-efficient parameter boiler market.
In the coming two quarters, with the sluggish recovery of the global economy and the progressing of Chinese economy in the pace of stability, the industry is prone to welcoming a new round of opportunity for development. On the other hand, the demand for Chinese conventional power generation equipment shall remain at a low-speed level, thereafter, the total demand for the power generation equipment will see a slight decrease; while overseas market is about to be retrenched due to a low demand, shortage of finance, project safety, commercial and technical issues. Despite a rigorous market conditions, the company is notwithstanding pulling through with intensity to explore further Chinese and overseas markets; to strengthen the quality assurance; to reinforce the capital management and control; to enhance the project execution so as to ensure the achievement of final target and sustain a healthy and steady development of the company.
The 2013 Interim Result of the company was simultaneously disclosed both in mainland China and Hong Kong on 29 August 2013.
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