Analysts pointed out that since 2011, the price of electricity has been raised several times, and the price of coal has fallen by a large margin. Many home appliances companies have turned losses into profits, and performance evaluation is naturally outstanding.
For the hundreds of central SOEs under the supervision of the SASAC, the most attention paid by the industry every year is the final performance examination. However, since the beginning of 2004, the SASAC has conducted an annual assessment of the operating results of the heads of central enterprises and an evaluation of the three-year terms of office. The result of this year’s assessment appears to have attracted more attention.
On August 3, the SASAC official website released "The Third Term of the Central Enterprise Leader and the Results of the 2012 Business Performance Review." 45 companies were short-listed for the 2010-2012 Responsible Personnel Performance Evaluation A-level company, and 44 companies were rated as 2012 annual performance assessment A-level enterprise.
From 2010 to 2012, the reporter compared the SASAC's assessment of operating performance in the past three years. A-level companies found that among the top five power groups, in 2010 and 2011, only Guodian Group and Huaneng Group entered the list for two consecutive years. In 2012, all five major power groups were rated as A-rated companies for performance assessment.
Nearly 40% of the central enterprises enter the assessment of A-level
According to the Xinhua News Agency, as of now, there are 113 central enterprises supervised by the SASAC. Based on this calculation, 44 companies with A-level performance assessments accounted for about 40% of all central SOEs.
“The SASAC's assessment of the responsible person of the central enterprise began in 2004. I remember that at that time, Li Rongrong, the director of the SASAC, said that he wanted to let the head of the central enterprise not sleep, so that he could sleep well.†There is an unwillingness to name Academy of Social Sciences researchers told reporters.
This system was released in October 2003, the State-owned Assets Supervision and Administration Commission promulgated the Interim Measures for the Assessment of the Operational Performance of the Responsible Persons of Central Enterprises, and in 2004 began to conduct annual assessments of the performance of the heads of central enterprises and their three-year terms of assessment.
The "Measures" clearly stated that "In order to earnestly perform the duties of the state-owned assets contributors, safeguard the owners' rights and interests, implement the state-owned assets maintenance and appreciation responsibilities, and establish effective incentive and restraint mechanisms, the SASAC has formulated this approach."
It is reported that the central government's annual operating performance assessment indicators include basic indicators and classification indicators. Basic indicators include total profit and economic value added. The categorization index is determined by the SASAC according to the characteristics of the industry in which the company is located and the “short board†of the enterprise management, taking into account factors such as the level of the company's operation and management, investment in technological innovation, and risk control capabilities.
According to the scores of business managers' performance assessment, the final results of annual business performance assessment and term business performance assessment are divided into five levels of A, B, C, D, and E, and all assessment target values ​​(except for economic value added indicators) are grade C. Promotion point.
According to the above-mentioned sources from the Academy of Social Sciences, the SASAC's implementation of this measure is essentially starting from the perspective of maintaining and increasing the value of state-owned assets. Through the performance appraisal system, it supervises the responsible persons of the central enterprises.
All five major power groups are shortlisted
On the SASAC official website, the reporter read through the list of A-level companies for the performance evaluation of central SOE managers in the past three years. From 2010 to 2012, this time, the five largest power groups have not been absent for the first time, and all of them were rated as A-rated enterprises for performance assessment. .
In this regard, coal industry analysts told reporters that since 2011, the price of electricity has been raised several times, the rate of decline in coal prices is relatively large, most power companies have achieved a turnaround, natural performance assessment is more prominent.
Among them, China Guodian Corporation ranked 10th, followed by Huaneng Group, ranked 11th, China Huadian Group ranked 15th, China Datang Corporation ranked 33rd, China Power Investment Corporation ranked 39th.
“Guodian Power is a listed company controlled by China Guodian Corporation. More than 60% of the Group’s performance is contributed by Guodian Power. Therefore, the performance of Guodian Power directly determines the performance of the Group. In 2012, Guodian Power’s performance was good.†The above analysts said.
At present, China Guodian Corporation holds a 51.78% stake in Guodian Power. According to the company's 2012 annual report, Guodian Power's net profit attributable to shareholders of listed companies was 5.05 billion yuan, an increase of 38.44% year-on-year, and net profit after deducting non-recurring gains and losses increased by 59.5%. “The rapid development of new energy companies and the adjustment of electricity prices at the end of 2011 are the main reasons for the substantial increase in company operating revenue. Among thermal power companies, except for some power plants in the northwest and southern regions, which have experienced a decline in operating revenue due to the decline in regional power demand, other companies Both have achieved positive growth in operating revenue. The increase in North China and Northeast China has been particularly significant," the company explained.
Another China Power Group, one of the five largest power groups, holds 44.19% shares of Huadian International, a listed company. In 2012, Huadian Power achieved a net profit attributable to shareholders of listed companies at 1.42 billion yuan, an increase of 1690% over the same period of last year. The company stated that the National Development and Reform Commission has twice raised the on-grid tariff of power generation companies in 2011. After the two on-grid tariff adjustments, the weighted average on-grid tariffs of the company’s subordinate units were revised up by approximately 1.71 points/kWh and 2.68 points/kWh, respectively. The impact of the two price adjustments was reflected throughout 2012, and the company’s main business income increased. At the same time, in 2012, the company’s annual power generation amounted to 156.9 billion kilowatt hours, an increase of 4.1% year-on-year.
Datang Power’s net profit attributable to shareholders of listed companies in 2012 was approximately RMB 4.01 billion, an increase of 109.82% year-on-year. China Datang Group holds 34.71% shares in Datang Power.
"Overall, the reasons for the growth in the performance of electric power companies in 2012 were mostly due to factors such as the impact of power price adjustments in 2011, the decline in market coal prices in 2012, and the company's cost control. The industry's overall turnaround was significant," the analyst said.
The three major aviation companies have made it difficult
In 2010 and 2011, the results of the evaluation of the performance of the central government, the three major airline companies were all finalists in the A-class echelon, in 2012 the three companies are collectively left behind.
With the Big Five Power Group collectively categorizing the A-level echelon of the 2012 central business performance appraisal of the central enterprises, in stark contrast to the three major airline companies such as China National Aviation Group Corporation, China Eastern Airlines Group Corporation, and China Southern Airlines Group Corporation, all were eliminated. .
However, the three major airline companies were all short-listed for the A-level enterprise performance evaluation for the 2010-2012 term. However, the performance of the three major airlines does not seem very optimistic, especially China Eastern Airlines. In this regard, there are reluctance to name a CASS researcher told reporters that the SASAC conducts performance evaluations of central SOE managers. Profit indicators are certainly very important, but they must also consider factors such as the overall situation of the industry and the internal decision-making of the responsible person. Such results may be due to consideration in this regard.
Lost A-class echelon
Among the 44 A-rated enterprises announced by the SASAC in 2012, except for China Mobile, China National Petroleum Corporation, and the State Grid Corporation, which could not enter the central state-owned enterprises each year, the five major power groups are more eye-catching and all are short-listed. The three major aviation companies are the most surprising. They have not been listed in the A-level echelon.
The reporter reviewed the performance evaluation results of the SASAC in 2010 and 2011. In the past two years, the three major domestic aviation companies were all short-listed in the A-class echelon, and none of them were “left behindâ€. In 2012, the three companies made a big turn and collectively turned back.
“In 2012, from the perspective of the overall environment of the industry, aviation companies did not have the comfort of the past. The global economy is weak, fuel costs increase, coupled with the impact of high-speed rail, the performance will certainly decline.†Analysts in the aviation industry told reporters that state-owned assets The assessment of the company’s performance by the committee is definitely the most critical indicator.
In accordance with the Interim Measures for the Assessment of the Performance of Central Enterprises' Responsible Persons, revised by the SASAC in 2010, where the target value of the total annual profit of the enterprise is lower than the average value of the previous year's target value and the actual completion value, the final assessment result may not enter the A level in principle. However, except for companies that are still at the leading level compared with other companies in the industry, they are in a period of cyclical decline in the industry.
In other words, the assessment of the annual operating performance of the person in charge of the central enterprise is based on comprehensive consideration of the macroeconomic situation, the industry development cycle of the company, and the actual operating conditions of the company.
Some of the performance decline factors mentioned by the above analysts have been stated by the airlines in their annual reports. Eastern Airlines stated that in 2012, the global economic downturn led to insufficient demand for international and domestic passenger and freight markets. Fuel prices remain high and the company’s cost pressures are high. High-speed rail passengers are gradually normalizing and the competition on domestic routes is intensifying. In recent days, there have been reports that Air China has planned to stop the Hefei-Changsha route due to the impact of high-speed rail.
Finalist Responsibility Term Assessment Grade A
It must be said that although the three major airline companies have failed to evaluate their A-level echelon of business performance evaluation, they are all short-listed for the A-level enterprises of the central government's 2010-2012 heads of performance assessment.
It is understood that as of December 31, 2012, China Eastern Airlines Group had accumulated a loss of RMB 1.516 billion. At the same time, China Southern Airlines Group's 42.27%-owned listed company, China Southern Airlines, in 2012, the company's net profit attributable to shareholders of listed companies was approximately 2.6 billion yuan, a year-on-year drop of 48%, and the performance fell by nearly half.
China Aviation, which holds 51.83% of the listed company, China Airlines, achieved a net profit attributable to shareholders of listed companies of approximately 4.95 billion yuan in 2012, a year-on-year decrease of 33%. Under such circumstances, why is the person in charge of the company still able to qualify for the A-level echelon of performance evaluation?
In this regard, the "Measures" have a special formula for the assessment of the operating performance of the heads of state-owned enterprises. "Comprehensive score of operating performance assessment for term of office = (index of state-owned capital preservation value-added index score + average growth rate of main business income index + classification index score) × operating difficulty coefficient + annual operating performance evaluation index score within three years of the term - assessment Deduct points."
In response, the above-mentioned person from the Academy of Social Sciences stated that the assessment of the responsible person of the central SOE is not only concerned with the improvement of profits, but also that the individual's overall operating capacity, decision-making ability, and overall status of the industry should be within the scope of the assessment. All kinds of factors need to be considered.
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