中国再生能源投资(00987) - 2022 - 中期财报

Financial Performance - For the six months ended June 30, 2022, China Renewable Energy Investment Limited recorded a turnover of HK$108.3 million, a 19$133.7 million in the same period last year[9]. - Gross profit for the period decreased by 33% to HK$43.1 million, down from HK$64.6 million for the six months ended June 30, 2021[9]. - Net profit from associate company wind farms decreased by 36% to HK$34.1 million compared to HK$53.6 million in the previous year[9]. - Net profit after tax attributable to equity holders decreased by 64% to HK$30.7 million, with earnings per share of HK1.23 cents, down from HK$85.3 million or HK3.40 cents in the same period of 2021[9]. - Operating profit decreased to HK$20,443,000, representing a decline of 66$60,763,000 in the previous year[69]. - Profit for the period was HK$30,168,000, a significant drop of 65$85,733,000 in the same period of 2021[69]. - Basic and diluted earnings per share were HK$1.23, down from HK$3.40 in the previous year, reflecting a decrease of 64%[70]. Financial Position - As of June 30, 2022, total bank borrowings were HK$519.3 million, a decrease from HK$588.0 million as of December 31, 2021, primarily due to repayment of existing project loans[9]. - Total assets as of June 30, 2022, amounted to HK$2,767,394,000, a decrease from HK$2,912,467,000 at the end of 2021[72]. - Total equity decreased to HK$1,978,373,000 from HK$2,047,729,000, indicating a decline of approximately 3.4%[72]. - Non-current assets totaled HK$2,077,981,000, down from HK$2,198,350,000, reflecting a decrease of 5.5%[72]. - Cash and cash equivalents were HK$160,933,000, down from HK$197,182,000, a decline of 18%[72]. - As of June 30, 2022, total liabilities decreased to HK$789,021, down 8.8$864,738 as of December 31, 2021[74]. - Non-current liabilities totaled HK$369,898, a reduction of 19$456,504 at the end of 2021[74]. Operational Performance - Total power dispatch from the Company's wind farms in the first half of 2022 was 708.7 GWh, representing a 19% decrease from 873.2 GWh in the same period of 2021[13]. - Wind speeds in January and February 2022 were unusually low, resulting in a 22% decrease in power dispatch compared to the previous year[21]. - Mudanjiang and Muling wind farms dispatched approximately 36.0 GWh in the first half of 2022, down from 40.8 GWh in the previous year[13]. - Siziwang Qi Phase I and II wind farms dispatched approximately 113.8 GWh in the first half of 2022, down from 124.1 GWh in the same period last year, representing a decrease of about 10.4%[15]. - Danjinghe wind farm dispatched approximately 195.6 GWh in the first half of 2022, a decrease of 25.1% from last year's 261.2 GWh[15]. Cash Flow - Cash generated from operations for the six months ended June 30, 2022, was HK$43,897, a decrease of 36$68,604 in the same period of 2021[79]. - Net cash generated from operating activities was HK$40,784, down 38.5$66,263 in the prior year[79]. - Cash and cash equivalents at June 30, 2022, were HK$160,933, down 27.4$221,687 at the same time last year[79]. Risk Management - Risk management is integrated into daily business processes, with identified risks monitored and discussed at the Group level[19]. - The Group has classified risk factors into six categories: Policy and Regulations, Legal and Compliance, Safety, Health and Environmental, Financial, Operational, and Reputational[19]. - There have been no material changes in the risk management process or policies since the end of 2021[154]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the six months ended June 30, 2022, except for the separation of the roles of chairman and CEO[50]. - The Company confirmed that all Directors complied with the Model Code regarding securities transactions during the six months ended June 30, 2022[52]. - The Audit Committee reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2022, which was also reviewed by the Company's auditor[50]. Shareholder Information - As of June 30, 2022, Mrs. OEI Valonia Lau holds a total of 1,833,696,937 shares, representing 73.168% of the existing issued share capital of the Company[46]. - HKC (Holdings) Limited is the beneficial owner of 1,403,352,050 shares, accounting for 56.000% of the existing issued share capital[46]. - The Company does not recommend the payment of an interim dividend for the six months ended June 30, 2022, compared to HK0.5 cents in 2021[48]. Future Outlook - The outlook for the economy remains uncertain due to ongoing zero-Covid policies affecting power demand[21]. - The Group remains optimistic that wind conditions will normalize in the second half of the year[21]. - The government is expanding financial tools and tax incentives to support the renewable energy industry, aiding in carbon neutrality goals[21].