中电控股(00002) - 2023 - 中期财报

Financial Performance - Total profit for the first half of 2023 was HKD 5,060 million, reversing a loss of HKD 4,855 million in the same period last year[3]. - Revenue for the six months ended June 30, 2023, was HKD 43,302 million, a decrease of HKD 4,292 million or 9.0% compared to HKD 47,594 million in the same period of 2022[10]. - EBITDAF for the same period was HKD 9,449 million, down HKD 227 million or 2.3% from HKD 9,676 million in 2022[10]. - The share of profit from joint ventures and associates after tax was HKD 1,931 million, an increase of HKD 763 million or 65.3% compared to HKD 1,168 million in 2022[10]. - The profit from the Hong Kong segment increased slightly by 2.3% to HKD 8,644 million, supported by ongoing investments in infrastructure projects[14]. - The company reported a net profit of HKD 5,060 million, compared to a loss of HKD 4,855 million in the same period of 2022, marking a significant turnaround[95]. Revenue Breakdown - Revenue from Hong Kong electricity business was HKD 24,252 million, while revenue from energy business outside Hong Kong was HKD 18,161 million, resulting in a total revenue of HKD 43,302 million, a decrease of 9.0% compared to the previous year[4]. - Revenue from Hong Kong increased by HKD 2,248 million or 9.8% to HKD 25,126 million, primarily due to higher fuel adjustment charges and a slight increase in electricity sales[12][13]. - Revenue from Australia decreased by HKD 4,104 million or 19.3% to HKD 17,199 million, impacted by a 6% drop in average AUD exchange rate and lower wholesale market prices[12][13]. - Revenue from electricity sales outside Hong Kong decreased to HKD 15,259 million, down 25.0% from HKD 20,368 million in the previous year[99]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.63 per share, consistent with the previous year[6]. - The company paid dividends totaling HKD 4,649 million to shareholders during the first half of 2023, consistent with the previous year's dividend payments[96]. Investments and Projects - The company is actively expanding its renewable energy investments in mainland China, with new projects including a 150 MW wind farm in Guangxi and an 80 MW solar photovoltaic power station in Jiangsu expected to commence operations soon[7]. - In India, the joint venture Apraava Energy is planning two wind farms with a total capacity exceeding 550 MW and has secured contracts for approximately 3 million smart meters[7]. - The company invested HKD 4.6 billion in major decarbonization infrastructure projects in Hong Kong, including offshore LNG receiving stations[19]. - The company is investing in new infrastructure projects, including a floating storage regasification unit for liquefied natural gas, which has commenced operations and will support Hong Kong's energy transition[32]. Financial Position and Assets - Total assets at the end of the reporting period were HKD 234,934 million, with total borrowings of HKD 61,228 million and shareholders' equity of HKD 105,534 million[4]. - The net debt to total capital ratio was 33.6%, an increase from 32.0% at the end of the previous year[4]. - The company's fixed assets, right-of-use assets, and investment properties totaled HKD 156,572 million as of June 30, 2023, a slight increase of 0.5%[18]. - The total liabilities of the company amounted to HKD 119,304 million, an increase from HKD 113,000 million in the previous year[100]. Operational Performance - The group's operating profit before fair value changes increased by 19.3% to HKD 4,955 million, driven by strong performance in Hong Kong and increased electricity generation from two nuclear power stations in mainland China[3]. - Operating cash flow improved significantly to HKD 7.5 billion for the six months ended June 30, 2023, compared to a cash outflow of HKD 1.7 billion in the same period of 2022[23]. - The group achieved a significant recovery in operating cash flow in Australia, returning to an inflow of HKD 400 million compared to an outflow of HKD 6.9 billion in 2022[23]. Debt and Financing - The net debt as of June 30, 2023, was HKD 58,861 million, reflecting an increase of 7.2% from HKD 54,931 million at the end of 2022[18]. - The group maintained a strong liquidity position with HKD 31.2 billion in undrawn bank loan facilities and HKD 2.4 billion in bank balances as of June 30, 2023[24]. - EnergyAustralia secured a three-year loan facility of AUD 630 million (approximately HKD 3.3 billion) from nine banks to refinance existing loans, ensuring ample liquidity for operations[25]. Regulatory and Governance - The company continues to collaborate closely with the Hong Kong government on the regulatory framework for the 2024-2028 development plan, which is crucial for long-term planning and investment[6]. - The company fully complied with the corporate governance code as of June 30, 2023, with only one deviation regarding the publication of quarterly results[65]. - The board of directors saw changes, including the appointment of Ms. Ruan Su Shaomei as a non-executive director and Mr. Bao Lixian as vice chairman on January 1, 2023[66]. Sustainability and Environmental Initiatives - The company is committed to ensuring stable and sustainable electricity services to support Hong Kong's economic recovery and development[8]. - The company is committed to supporting the Hong Kong government's long-term economic and infrastructure development while promoting energy transition towards a lower carbon future[37]. - The company is collaborating with public transport operators to support the electrification of public transport, including the provision of charging specifications for over 50 new double-decker electric buses[36]. - The company has installed rainwater harvesting systems and automatic drip irrigation systems at five new substations in Hong Kong to reduce water usage[50]. Employee and Community Engagement - As of June 30, 2023, the company employed 7,879 full-time and part-time employees, a decrease from 8,183 in the same period of 2022[46]. - The company engaged in community service projects, benefiting approximately 28,000 local residents through healthcare initiatives in India[56]. - The company awarded scholarships of HKD 10,000 each to students overcoming adversity through its "New Generation • New Power Award Scheme"[59]. Future Outlook - The company plans to expand its operations in Australia and India, focusing on increasing market share in these regions[100]. - The company plans to continue its market expansion and product development strategies to enhance future growth prospects[103].