China Renewable Energy Announces 2021 Annual Results - Net Profit Increased 32% to HK$113.4 Million

Excellent Wind Conditions and Full Operation of Songxian Wind Farm Contribute to Strong Growth 

Results Highlights:

• Profit attributable to equity holders increases 32% to HK$113.4 million (2020: HK$86.2 million).
• Earnings per share at HK4.52 cents per share (2020: HK3.44 cents per share).
• CRE's wind farm utilization hours increased 14% year on year to 2,100 hours.
• Net asset value per share of HK81.7 cents per share.
• Full year's dividends per share increased by 25% to HK1.0 cents per share. 

HONG KONG, March 18, 2022 /PRNewswire/ -- China Renewable Energy Investment Limited ("CRE" or the "Company", and with its subsidiaries, collectively, the "Group") (HKEx: 987) announced today its 2021 annual results.

For 2021, the Group's recorded turnover increased 21% to HK$250.3 million (HK$206.1 million for the same period in 2020). Gross profit increased 45% to HK$112.1 million (HK$77.1 million in 2020). The Group's associate companies performed well, contributing profits of HK$75.7 million, an increase of 39% compared to 2020. Combined with valuation gains in the Renminibi, the Group recorded an annual net profit after tax attributable to the equity holders of HK$113.4 million for 2021, an increase of 32% compared to the 2020 annual net profit of HK$86.2 million. Earnings per share was HK4.52 cents as compared to the previous year of HK3.44 cents per share. Given the strong performance, the Company has decided to increase full year's dividends per share by 25% to HK1.0 cents per share.

Mr. Eric Oei, Chief Executive Officer of CRE, said, "We were very pleased with our performance this year. Because of strong wind conditions and relatively low curtailment, our total power dispatch in 2021 increased 14% year on year to 1,541.2 Giga-Watt-hours or 2,100 utilization hours--the highest in the last decade. Wind resources were particularly strong in the peak months of January, February, November, and December. Our wind farms in Inner Mongolia and Gansu performed very well, with wind speeds 8% higher than in 2020. We are particularly pleased with the performance of our new 74Mega-Watt ("MW") Songxian wind farm in Henan. Songxian's utilization hours of 2,265 hours were 8% above the original feasibility study and has achieved a gross margin of 65%, the highest among the Group's wind farms."

With the full operation of Songxian, the company's 2021 results reflect the strong capacity growth built over the last decade, and the Company has achieved record revenues and profits. The Group currently has eight wind farms and one distributed solar project under operation. Net capacity has increased from 30 MW in 2009 to 427 MW in 2021, an increase of 13.2x.

Price for power is increasing with higher coal costs and the recent higher power costs around the world clearly demonstrate the need for renewable energy, particularly given global warming. The outlook for wind power in China remains promising over the long term as the industry is one of the major sectors that the Chinese government has prioritized for development. CRE will benefit from the government's goal for carbon emissions to peak no later than 2030 and for carbon neutrality by 2060.

About China Renewable Energy Investment Limited (stock code: 987)

CRE is one of the leading external investors and operators in the renewable energy business in China.  Currently, CRE has eight wind farms with a gross capacity of 738 MW (net capacity of 427 MW) under operation. Two 30 MW wind farms in Mudanjiang of Heilongjiang Province (with respective shareholdings of 86% and 86.6%); two 49.5 MW wind farms in Siziwang Qi of Inner Mongolia Autonomous Region (with shareholding of 100%); one 200 MW wind farm in Danjinghe and one 100 MW wind farm in Lunaobao of Hebei Province (with respective shareholding of 40% and 30%); one 201 MW wind farm in Changma of Gansu Province (with shareholding of 40%); one 74 MW wind farm in Songxian of Henan Province (with shareholding of 100%); and one 4 Mega-Watt-peak distributed solar project in Nanxun district of Huzhou in Zhejiang Province (with shareholding of 100%). For our minority projects, CRE is partnering with China Energy Conservation and Environmental Protection Group ("CECEP"), one of the largest and strongest state-owned renewable energy companies in China.