电能实业(00006) - 2024 - 中期业绩

Financial Performance - The group's unaudited profit for the six months ended June 30, 2024, was HKD 3.0606 billion, a 2% increase from HKD 2.959 billion in 2023[2]. - The group reported a profit attributable to shareholders of HKD 3,006 million for the six months ended June 30, 2024, compared to HKD 2,959 million in 2023, reflecting a slight increase of 1.6%[19]. - Total comprehensive income attributable to shareholders for the same period was HKD 2,159 million, a significant decrease from HKD 5,783 million in 2023, reflecting a decline of 62.6%[20]. - The group's operating profit for the same period was HKD 489 million, down from HKD 750 million in 2023, indicating a decrease of about 34.7%[19]. - The pre-tax profit for the six months ended June 30, 2024, was 3,134 million, compared to 3,061 million in the same period of 2023, showing a slight increase of about 2.4%[28]. - The income tax expense for the six months ended June 30, 2024, was 128 million, up from 102 million in the same period of 2023, representing an increase of approximately 25.5%[29]. - The earnings per share for the six months ended June 30, 2024, was 3.06 billion, compared to 2.95 billion in the same period of 2023, reflecting an increase of about 3.7%[30]. Dividends - The interim dividend declared is HKD 0.78 per share, unchanged from 2023[3]. - The company declared an interim dividend of HKD 1,662 million for the period, consistent with the previous year[22]. - The interim dividend declared was 1,662 million for the six months ended June 30, 2024, unchanged from the same period in 2023[33]. Business Segments - The UK business contributed HKD 1.550 billion in profit, up from HKD 1.398 billion in 2023, despite new price controls[6]. - The Australian business generated HKD 610 million in profit, an increase from HKD 558 million in 2023, driven by strong energy usage growth[7]. - The Hong Kong business saw a 1.8% increase in electricity sales, attributed to warmer weather and an extra day in February due to the leap year[10]. Investments and Acquisitions - The group acquired a 20% stake in Phoenix Energy, Northern Ireland's largest gas network, providing stable income and significant carbon reduction potential[4]. - The group has agreed to acquire a portfolio of onshore wind assets in the UK for approximately £350 million (around HKD 3.5 billion), which includes 32 wind farms with a total installed capacity of 175 MW and a net equity capacity of 137 MW[12]. - The group plans to invest HKD 22 billion in the 2024-2028 development plan, including the construction of a new gas combined cycle generator[10]. Financial Position - The group maintains a strong financial foundation with a net debt to total capital ratio of 2%, indicating low leverage[5]. - The net debt level as of June 30, 2024, was HKD 1,383 million, compared to a net cash position of HKD 1,140 million at the end of 2023, resulting in a net debt to total equity ratio of 2%[15]. - The group's total bank loans as of June 30, 2024, amounted to HKD 2,863 million, down from HKD 3,097 million at the end of 2023[14]. - The company’s cash and cash equivalents decreased to HKD 1,480 million from HKD 4,201 million, a decline of 64.8%[21]. - The company's non-current assets amounted to HKD 91,558 million as of June 30, 2024, slightly up from HKD 91,343 million at the end of 2023[21]. - The net asset value as of June 30, 2024, was HKD 86,563 million, down from HKD 88,752 million at the end of 2023, a decrease of 2.5%[21]. - Current liabilities increased to HKD 3,199 million from HKD 3,249 million, indicating a reduction of 1.5%[21]. Credit Rating and Governance - The group’s credit rating is confirmed as "A/stable" by Standard & Poor's, reflecting its robust financial strength[5]. - The group’s financial position remains strong, with a long-term credit rating of "A" reaffirmed by Standard & Poor's, maintaining a stable outlook since September 2018[15]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange Listing Rules during the six months ended June 30, 2024[36]. - All directors confirmed compliance with the standard code of conduct for securities trading during the six months ended June 30, 2024[37]. - The board consists of two executive directors, two non-executive directors, and five independent non-executive directors as of the announcement date[38]. Operational Challenges - For the six months ended June 30, 2024, the group's revenue was HKD 454 million, a decrease from HKD 662 million in the same period of 2023, representing a decline of approximately 31.5%[19]. - The group has invested in enhancing system resilience against extreme weather, including flood monitoring systems for power facilities[11]. - The company reported a foreign exchange loss of HKD 926 million from operations outside Hong Kong, compared to a gain of HKD 2,551 million in the previous year[20]. - The company's employee compensation for the six months ended June 30, 2024, totaled HKD 14 million, an increase from HKD 13 million in 2023[18].