电能实业(00006) - 2022 - 年度财报

Financial Performance - Shareholder profit for 2022 was HKD 5,649 million, down from HKD 6,140 million in 2021, reflecting a decrease of approximately 8%[11] - Operating cash flow for the year was HKD 5,528 million, an increase of 4% compared to HKD 5,300 million in 2021[12] - The total equity increased slightly to HKD 86,857 million from HKD 86,767 million in 2021[11] - The company maintained a stable cash balance of HKD 5,894 million, up from HKD 4,610 million in 2021[11] - The Australian business contributed HKD 1.342 billion in profit, an increase from HKD 1.283 billion in 2021, with a focus on transforming the distribution network and increasing green energy proportion[15] - The group’s financial position remains strong, with joint ventures and associates' equity at HKD 84.636 billion as of December 31, 2022, compared to HKD 87.135 billion in 2021[177] - The total unsecured bank loans at year-end amounted to HKD 3.236 billion, down from HKD 3.433 billion in 2021[177] - Cash and bank deposits at year-end were HKD 5.894 billion, an increase from HKD 4.610 billion in 2021[177] - The net cash level as of December 31, 2022, was HKD 2.658 billion, significantly up from HKD 1.177 billion in 2021[177] Renewable Energy Initiatives - The group’s renewable energy generation capacity reached 948 MW, with gas generation capacity at 5,258 MW and coal/oil generation capacity at 3,569 MW[7] - The company is focused on transitioning to green energy and investing in innovative technologies to support carbon neutrality goals[2] - Hong Kong Electric is investing HKD 26.6 billion in a 5-year development plan to halve carbon emissions by 2035 and achieve carbon neutrality by 2050[17] - Energy Developments (EDL) launched renewable natural gas projects in Texas and Northern Territory, offsetting over 4 million tons of carbon emissions[15] - The group aims to reduce its carbon footprint in power generation, distribution, and gas supply, with specific targets aligned with the UN Sustainable Development Goals[19] - The group is actively investing in innovative technologies to alleviate customer electricity costs and enhance supply reliability, while minimizing emissions[20] - A new renewable natural gas facility in Michigan is expected to reduce emissions equivalent to 5,700 fossil fuel vehicles annually[22] - The company is collaborating with the government to increase green hydrogen production, which will significantly reduce carbon emissions when mixed with natural gas[42] Operational Developments - The installation of 240,000 smart meters by Hong Kong Electric was completed by the end of 2022 to help customers optimize energy usage[17] - UK Power Networks has a business plan approved by Ofgem to ensure predictable revenue and cash flow from April 2023 to March 2028[14] - The completion of a 150 kW community battery installation in Melbourne by Victoria Power Networks will supply power to up to 150 households during peak times[15] - The company is investing in network improvement projects, including automation and measures to mitigate the impact of wildlife on the network[44] - The company aims to transform into a distribution system operator to manage thousands of distributed energy resources effectively[45] Corporate Governance - The board consists of 6 executive directors, 2 non-executive directors, and 5 independent non-executive directors, meeting the requirement of at least one-third independent directors as per listing rules[95] - The company has maintained compliance with the corporate governance code throughout the year ending December 31, 2022[91] - The management team has extensive experience, with the finance director having over 35 years in investment, banking, and finance[86] - The company emphasizes high levels of corporate governance to attract investors and protect shareholder interests[91] - The board is responsible for establishing good corporate governance practices and procedures[120] Risk Management - The company has a corporate risk management policy that identifies, assesses, mitigates, and monitors key risks including climate change and cybersecurity[139] - The risk management framework is crucial for achieving strategic objectives, with a structured approach to identify, assess, mitigate, and monitor key business and financial risks[161] - The company maintains a risk register that is continuously updated based on the potential impact of identified risks[166] - The group has established a comprehensive risk-based approach to manage cybersecurity risks, focusing on protecting critical assets and ensuring the integrity of information systems[172] Shareholder Engagement - The company has established a shareholder communication policy to enhance effective communication with shareholders and investors[152] - The annual general meeting was held in a hybrid format, allowing shareholders to participate online, ensuring health and safety during the pandemic[153] - The company encourages shareholders to access communications via its website to support environmental sustainability[154] - Major shareholders include Hyford Limited, holding 767,499,612 shares, representing 36.01% of the total equity[157] Financial Reporting - The company's financial statements have been audited and reflect a true and fair view of the financial position as of December 31, 2022[197] - The audit procedures included evaluating the independence and competence of auditors for major overseas associates and joint ventures[200] - The company reported a final dividend of HKD 2.04 per share, with 99.6304% of votes in favor during the annual general meeting[153] - The audited financial statements for the year ended December 31, 2021, were adopted with 99.5054% approval[153]