中国燃气(00384) - 2024 - 中期业绩

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 36,049,154, a decrease of 16.1% compared to HKD 42,976,485 for the same period in 2022[2]. - Gross profit for the same period was HKD 5,723,573, down 17.9% from HKD 6,971,860 in the previous year[2]. - Core profit attributable to shareholders was HKD 2,458,926, a decline of 25.3% from HKD 3,289,857 year-on-year[2]. - Total comprehensive income for the period attributable to shareholders was HKD 1,830,412, down from HKD 3,260,039 in the previous year[5]. - The group reported a profit attributable to shareholders of HKD 1,830,412,000, a decrease of 43.9% compared to HKD 3,260,039,000 in the previous year[47]. - Financial expenses increased by 22.0% to HKD 994,471,000 due to rising average financing costs of foreign currency debts[48]. Cash Flow - Operating cash flow increased significantly to HKD 7,565,434, up 59.7% from HKD 4,736,177 in the prior period[2]. - Free cash flow surged to HKD 4,974,242, a remarkable increase of 491.6% compared to HKD 840,828 in the same period last year[2]. - The group maintained a cash balance of HKD 11,118,020,000, up from HKD 10,617,686,000 as of March 31, 2023, with a current ratio of 0.93 compared to 1.01 previously[52]. Assets and Liabilities - Total assets as of September 30, 2023, were HKD 100,925,608, a decrease from HKD 105,070,770 as of March 31, 2023[6]. - Current liabilities amounted to HKD 52,132,950, slightly up from HKD 51,780,203 at the end of March 2023[7]. - The net current liabilities position was HKD (3,703,076), compared to a positive net current assets position of HKD 440,236 as of March 31, 2023[7]. - As of September 30, 2023, the total assets of the group amounted to HKD 149,355,482,000, a decrease from HKD 157,291,209,000 as of March 31, 2023[52]. - The total bank loans and other loans amounted to HKD 55,430,323,000, down from HKD 60,010,801,000 as of March 31, 2023[54]. Revenue Segmentation - The total revenue from the segments for the six months ended September 30, 2023, was HKD 37,931,068 thousand, with external customer revenue amounting to HKD 36,049,154 thousand[13]. - The revenue from natural gas sales was HKD 21,718,489 thousand, while the revenue from liquefied petroleum gas (LPG) sales was HKD 8,421,663 thousand[13]. - The segment revenue from engineering design and construction was HKD 2,938,326 thousand, and from value-added services was HKD 1,804,486 thousand[13]. - The group achieved LPG sales of 1.98 million tons, a year-on-year increase of 9.8%, with wholesale sales at 1.58 million tons (up 8.7%) and retail sales at 399,000 tons (up 14%)[41]. Operational Highlights - The company reported a restructuring of its internal reporting structure, leading to changes in the composition of its operating and reportable segments[12]. - The company identified urban heating, integrated energy services, and supply chain services as independent operating and reportable segments[12]. - The company added 1,051,976 residential users, a decline of approximately 31.2% year-on-year, bringing the total to 46,446,673 users, which is a 4.0% increase from the previous year[33][37]. - The total number of industrial users reached 23,296, an increase of 8.7%, while commercial users grew by 9.8% to 344,577[33][37]. - The company sold 16.97 billion cubic meters of natural gas, a 1.7% increase compared to the previous year, with city and town networks accounting for 9.20 billion cubic meters, down 1.9%[40]. Dividends and Share Repurchase - The interim dividend declared was HKD 0.15 per share, reflecting a 50% increase from the previous interim dividend[2]. - The company has repurchased a total of 4,762,600 shares at a total cost of HKD 43,911,086 during the six months ended September 30, 2023[65]. - The repurchase was aimed at enhancing the net asset value per share and earnings per share[66]. Strategic Initiatives - The company is committed to green development and actively responds to the United Nations Sustainable Development Goals and national clean energy strategies[61]. - The company aims to improve the proportion of renewable energy and provide multi-energy coupling solutions[61]. - The company has established a detailed and executable long-term strategy for methane emission reduction as a member of the Oil and Gas Methane Partnership[61]. - The company aims to transition from a single natural gas supply service to a comprehensive energy supply service, enhancing its market presence and service offerings[60]. Market Context - The International Monetary Fund (IMF) projects a global economic growth of 3% for 2023, with a downward revision to 2.9% for 2024, indicating ongoing economic pressures[60]. - The overall apparent consumption of natural gas in China increased by 6.7% year-on-year to 194.9 billion cubic meters[26]. - The domestic retail sales of consumer goods reached RMB 34.2 trillion, a year-on-year increase of 6.8%, reflecting a 15.2% growth compared to the pre-pandemic level in 2019[43].