Investor Presentaiton
Financial management creates value and capital structure
remains excellent
The Company achieved significant cost reduction and efficiency increase through accurate judgment, seizing the window period,
innovating financing methods and raising low-cost funds through multiple channels
In 2020, financial expenses totaled RMB 4.986 billion, with a year-on-year decrease of RMB 225 million
Electricity charges receivable were collected to provide a strong financial guarantee for production and operation
Continued decline in financial
EBITDA interest protection
EBITDA-total debts ratio
(RMB 100 million)
expenses
(x)
multiples
70
9.53x
(x)
10
8.44x
3.8
59.0
58.5
60
8
7.34x
7.62x
3.63x
3.6
52.1
49.9
00
6
3.38x
3.34x
50
3.4
40
40
4
2
3.2
3.10x
3.0
30
2017
2018
2019
2020
2.8
2017
2018
2019
2020
2017
2018
2019
2020
Collection of electricity
charges receivable
Assets-liabilities ratio
Cash interest protection multiples (1)
(%)
56%
54.74%
(x)
12
120%
10.09x
100%
100%
100%
51.71%
8.98x
8.18x
8.45x
52%
90%
49.40%
8
48%
46.10%
60%
4
44%
30%
0%
40%
0
2018
2019
2020
2017
2018
2019
2020
2017
2018
2019
2020
长江电力
China Yangtze Power Co., Ltd.
(1) Cash interest protection multiples = (Net cash flow from operating activities + interest expenses + income tax) / interest expenses
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