Jiaozuo Wanfang electricity shortage investment 2.8 billion yuan self-built power plant

As a large consumer of energy, electrolytic aluminum enterprises have been particularly concerned about the policy.　　In order to solve the company's electricity shortage problem, Jiaozuo Wanfang (000612) proposed to spend 2.791 billion yuan to build power plants. The announcement shows that in order to increase the proportion of the company from power supply, reduce the cost of electricity, the company's wholly-owned subsidiary Jiaozuo Wanfang Power Co., Ltd. to invest in the construction of 2 300,000-kilowatt thermoelectric units. Project construction dynamic total investment of 2.791 billion yuan (excluding plant outside the Heat network investment), of which, static total investment of 2.659 billion yuan, the construction period of 132 million yuan. Construction period of 2 years.　　The source of funds through the company self-financing, borrowing and other ways to solve. It is reported that Jiaozuo Wanfang main aluminum smelting, aluminum electrolytic capacity of 420,000 tons, the annual normal production of electricity required about 6 Billion-kilowatt. But at present, company-owned electricity can not meet the production needs of the company, still need to buy electricity from the Internet, the high price of electricity and continuous tension.　　Also due to power supply, from October 2010 onwards, the company to reduce production capacity of 1/3, that is, the impact of electrolytic aluminum production capacity of about 140,000 tons. Therefore, the above project investment and the company's main business is upstream and downstream relations, implementation will be conducive to the company to increase the proportion of power supply, reduce electricity costs, improve economic efficiency.　　At the same time, according to the Jiaozuo urban planning, the plant will provide thermal supply to the eastern Jiaozuo.　　Jiaozuo Wanfang said, the proposed project to build about 1.9 million tons of coal, but the company is located at the junction of Shanxi, a better geographical location, at the same time, the company shares coal enterprises, and Wanfang electric power with a number of coal enterprises to maintain years of cooperative relations, coal supply can be guaranteed. According to the preliminary research, the above-mentioned power plant project total investment financial internal rate of return of 8.25%, the total investment recovery period of about 11.46 years (including construction period), higher than the industry benchmark rate of return. However, according to the relevant accounting system, Jiaozuo Wanfang need to the Wanfang power fixed assets to reduce the value, and accounting for 2010 accounting statements, resulting in asset impairment of 319 million yuan, reduce the 2010 net profit of 239 million yuan. Performance letters show that the company's 2010 total operating income of 5.594 billion yuan, an increase of 9.6%, the realization of operating profit of 93.92 million yuan, a decrease of 62%, the return of the listed company shareholders of the net profit of 116 million yuan, the year-on-year decrease of 40%.