Shanghai Electric Group Company Limited Provides Earning Guidance for the Period from 1 January 2022 to 31 December 2022
January 30, 2023 at 05:30 pm IST
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Shanghai Electric Group Company Limited provided earning guidance for the period from 1 January 2022 to 31 December 2022. Based on the preliminary review by the financial department of the Company, the net loss attributable to shareholders of the Company for the year of 2022 is estimated to be between RMB 3.2 billion to RMB 3.8 billion; the net loss attributable to shareholders of the Company after deducting non-recurring gain or loss for the year of 2022 is expected to be between RMB 4.2 billion to RMB 4.9 billion. The estimated annual results have not been audited by any accounting firms. The net loss attributable to shareholders of the Company for the year of 2021 was
RMB 9.988 billion. The net loss attributable to shareholders of the Company after deducting non-recurring gain or loss for the year of 2021 was RMB 11.890 billion. Basic loss per share of the Company for the year of 2021 was RMB 0.64 per share. The main reasons for the net loss attributable to shareholders of the Company for the year of 2022 are as follows: During the reporting period, due to the COVID-19 epidemic, some of domestic production and operation subsidiaries and invested enterprises of the Company experienced the situations such as logistics difficulties, supply chain disruption, stagnation of delivery and suspension of operation and production, and affected by factors such as rising raw material prices, rising logistics costs, and increased anti-epidemic expenditures, resulting in an increase in costs related to production and operation; During the reporting period, some of overseas engineering businesses of the Company were affected by factors such as the international situation, Russia-Ukraine conflicts, overseas inflation, projects execution and COVID-19 epidemic, resulting in a substantial increase in engineering construction costs and collection of receivables less than expected. During the reporting period, due to the impact of the capital market, the value of financial assets measured at fair value held by the Company fluctuated. It is estimated that the above factors posed a negative impact of approximately RMB 4.6 billion to RMB 5.3 billion on the Company's profit during the reporting period.
Shanghai Electric Group Company Limited specializes in the design, manufacturing and marketing of electrical and mechanical equipments. Net sales break down by activity as follows:
- sale of electromechanical equipments (42.9%): elevators, escalators, moving walkways, printing and packaging equipments and machine-tools;
- sale of electricity production and distribution equipments (36.1%). Additionally, the group sales equipments for heavy machines and for nuclear energy production;
- financial services (15.2%). Shanghai Electric Group also provides electric engineering services;
- other (5.8%).
China accounts for 88.9% of net sales.
SHANGHAI ELECTRIC GROUP COMPANY LIMITED 
