Financial Performance - Revenue for the first half of 2022 decreased by 19% to HK$21,448,683, compared to HK$26,495,324 in the same period of 2021[9] - EBITDA for the first half of 2022 was HK$7,047,794, down 14% from HK$8,197,532 in the previous year[9] - Profit attributable to equity holders decreased by 28% to HK$2,811,148, compared to HK$3,887,378 in the first half of 2021[9] - Return on shareholders' equity for the first half of 2022 was 5.51%, a decrease of 3 percentage points from 8.22% in the same period of 2021[9] - Basic earnings per share fell by 28% to 45.76 HK cents, down from 63.28 HK cents in the first half of 2021[9] - The Group's profit attributable to equity holders decreased by 14% to HK$7,047,794,000, with basic earnings per share dropping by 28% to 45.76 HK cents[17] - The waste-to-energy projects contributed an EBITDA of HK$ 4,906,602,000, a decline of 11% compared to the first half of 2021, and a net profit attributable to the Group of HK$ 2,743,173,000, down 17% year-on-year[66] - The greentech sector contributed an EBITDA of HK$1,334,647,000, a decrease of 18% compared to the first half of 2021, and a net profit of HK$296,369,000, down 41% year-on-year[78] Assets and Liabilities - Total assets as of June 30, 2022, were HK$200,011,797, a slight decrease of 0.11% from HK$200,235,628 at the end of 2021[9] - Total liabilities amounted to HK$133,938,191, with equity attributable to equity holders of the Company at HK$50,347,080[9] - The gearing ratio was 67%, a decrease of 1 percentage point from 68% at the end of 2021[9] - Cash and bank balances were HK$14.7 billion, a decrease of 6% from HK$15.6 billion at the end of 2021[122] - Outstanding interest-bearing borrowings were approximately HK$99.5 billion, similar to HK$99.1 billion at the end of 2021, with 65% denominated in Renminbi[122] - The Group had banking facilities of HK$120.5 billion, of which HK$34.6 billion remained unutilized as of June 30, 2022[122] - The aggregate net book value of pledged assets and equity interests in subsidiaries was approximately HK$103.9 billion[124] Market and Economic Conditions - The company faced challenges due to the COVID-19 pandemic, geopolitical conflicts, and inflation, but showed resilience in the Chinese economy[10] - The domestic economy is gradually stabilizing, aligning with the national "14th Five-Year Plan" for continued development[10] - In the second half of 2022, the global economy is expected to face challenges such as stagflation and trade protectionism, impacting recovery efforts[119] - The environmental protection industry is facing challenges such as market saturation and increasing competition, but also presents opportunities for green transformation[119] Strategic Focus and Development - The Group focused on four major areas: environment, resources, energy, and climate, emphasizing pollution reduction and carbon emission control[13] - The Group's strategic transformation and high-quality development efforts were highlighted, despite facing severe external challenges[15] - The Group aims to achieve sustainable development while balancing economic growth and ecological protection[12] - The Group's ongoing focus on "Cost Reduction and Efficiency Enhancement" led to improved operational efficiency and revenue from operation services[29] - The Group is actively entering new business areas such as integrated environmental sanitation and comprehensive resource utilization to enhance its competitive edge amid increasing market competition[135] Environmental Contributions and Projects - The Group processed 23,892,000 tonnes of household waste, generating 12,266,122,000 kWh of green electricity, which could support the annual electricity consumption needs of 10,222,000 households[35] - The Group achieved a reduction of 13,787,000 tonnes of CO2 emissions through its waste processing activities[35] - The environmental water sector treated 840,525,000 m³ of wastewater, reducing Chemical Oxygen Demand (COD) discharge by 405,000 tonnes[35] - As of June 30, 2022, the Group had secured 540 environmental protection projects with a total investment of approximately RMB 154.077 billion[24] - In the first half of 2022, the Group signed 14 new projects with a total investment of approximately RMB 1.757 billion[25] - The Group operates a total of 178 waste-to-energy projects, with a designed daily processing capacity of 151,200 tonnes of municipal waste[24] Corporate Governance and Management - The Company complied with all Code Provisions as set out in the Corporate Governance Code throughout the six months ended June 30, 2022[179][181] - The Board comprises 5 Executive Directors and 4 Independent Non-executive Directors, with INEDs representing not less than one-third of the Board as required under the Listing Rules[180] - The Audit Committee currently comprises 3 INEDs, including Ms. Li Shuk Yin, Edwina (chairman), Mr. Fan Yan Hok, Philip, and Mr. Zhai Haitao, overseeing financial reporting, risk management, and internal controls[185] - The Group implemented a risk management model focused on "Integration of Policy, Procedure and System with Risk-oriented" to enhance risk management and control[127] - The Group's organizational structure supports market expansion through project organization and coordination at headquarters and independent project development by business sectors[134] Safety and Compliance - The Group emphasized safety management and compliance with national laws, ensuring stable operations of environmental protection projects[128] - The Company has developed over 400 functions in its electronic procurement platform to enhance compliance management and prevent bid rigging and collusive bidding[141] - The Group has established a dual prevention mechanism for safety risk management, promoting continuous development across various business sectors[139] - The Group's emissions monitoring indicators exceed the limits set by the EU Industrial Emissions Directive (2010/75/EU)[156] Community Engagement and Philanthropy - The Group actively participated in various philanthropic activities related to environmental protection and community care, promoting sustainable development issues[40] - The Group made a donation of HK$1.95 million to support frontline workers in fighting against the pandemic in Hong Kong[157] Future Outlook - The Chinese government is promoting the establishment of a unified national energy market to support green development and achieve carbon emission targets[119] - The Ministry of Finance of the PRC has called for increased support for low-carbon industries, including green energy and "zero-waste cities"[119]

Company Overview - Everbright Environment has become the largest environmental enterprise in China and a leading player in Asia's environmental protection industry since shifting its focus to the environmental sector in 2003[3][4]. - The company operates in over 210 locations across 25 provinces and has expanded its business to international markets including Germany, Poland, Vietnam, and Mauritius[5][7]. - Everbright Environment has been recognized as the top solid waste treatment enterprise in China for 11 consecutive years and has been included in the MSCI China Index for nine consecutive years[6]. - The company aims to create better investment value and undertake more social responsibility, having been listed in the Fortune China 500 for the first time in 2021[6]. Business Operations - Everbright Environment's main businesses include waste-to-energy, integrated waste treatment, and environmental remediation, contributing to its position as the world's largest waste-to-energy investor and operator[5][6]. - The company has a diverse portfolio that includes hazardous and solid waste treatment, resource recycling, and environmental sanitation integration, showcasing its comprehensive approach to environmental management[5]. - The Group's designed daily waste processing capacity remained the highest globally, while wastewater treatment capacity also saw significant progress[29]. - The Group's strategic deployment includes the "Four Major Areas" of environment, resources, energy, and climate, aiming for high-quality sustainable development[38]. Financial Performance - Revenue for 2021 reached HK$49,895,384, representing a 16% increase from HK$42,926,426 in 2020[12]. - Profit attributable to equity holders of the Company was HK$15,027,003, up 17% from HK$12,851,501 in 2020[12]. - Total assets increased by 27% to HK$200,235,628 from HK$158,187,110 in 2020[12]. - Total liabilities rose by 32% to HK$135,893,406 compared to HK$102,642,506 in 2020[12]. - Basic earnings per share increased to 110.76 HK cents, a 13% rise from 97.93 HK cents in 2020[12]. - The Group achieved a compound annual growth rate (CAGR) of total assets at 29%, revenue at 26%, and profit attributable to equity holders at 18% over the past four years[35]. Sustainability and Innovation - Everbright Environment has been a constituent member of the Dow Jones Sustainability Indices for six years running, reflecting its commitment to sustainability[6]. - The company has developed new technologies and solutions in areas such as zero-waste cities and energy-saving lighting, enhancing its service offerings[5]. - The establishment of the Carbon-Neutrality Technology Research and Development Center supports the Group's efforts in carbon emission reduction[30]. - The Group is committed to the "Three Carbons" development targets and action plan, focusing on reducing pollution and carbon emissions[42]. Market Expansion and Projects - Everbright Environment expanded its market presence by entering new markets including Xinjiang Uygur Autonomous Region, Hong Kong, and Mauritius[29]. - The Group signed 69 new projects in 2021, with a total investment of approximately RMB 13.248 billion, covering areas such as waste-to-energy, food waste treatment, and solar energy[62][63]. - The Group processed 43,452,000 tonnes of household waste, generating 22,271,602,000 kWh of green electricity, sufficient to meet the annual needs of 18,559,000 households[74]. - The Group's hazardous and solid waste processing reached 269,000 tonnes, contributing to a reduction of 20,211,000 tonnes of CO2 emissions[74]. Employee and Risk Management - The Group emphasized the importance of employee training, conducting various training sessions including safety management, cybersecurity, and corporate culture training to equip employees with necessary skills[171]. - The principal risks identified for the Group in 2021 included policy changing risk, environmental compliance risk, and market competition risk, with targeted control measures implemented to manage these risks[174]. - The Group's risk management system has been enhanced to address uncertainties arising from new policies and market conditions[175]. - The Group has established a three-level management system for pandemic prevention and control, focusing on vaccination and securing pandemic prevention supplies[186]. Awards and Recognition - The Company ranked first in the Top 50 Environmental Enterprises in China for the third consecutive year[23]. - The Company was included in the Fortune China 500 list for the first time, ranking 283rd[23]. - Everbright Water ranked first in the "Top 10 Influential Solid Waste Treatment Enterprises in China" for the 11th consecutive year[80]. - The company received the "Outstanding Enterprise in Fighting Against the Pandemic" award at the China Charity Festival[84].

[Corporate Information](index=4&type=section&id=Corporate%20Information) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) The Group achieved strong growth in the first half of 2019, with revenue increasing by 38% year-on-year, EBITDA by 25%, and profit attributable to equity holders of the Company by 20%; however, basic earnings per share decreased by 10% due to the dilutive effect of the September 2018 rights issue, while total assets and liabilities both increased, with the gearing ratio slightly rising to 59% Financial Summary for H1 2019 (as of June 30) | Metric | H1 2019 (HKD thousands) | H1 2018 (HKD thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **Performance** | | | | | Revenue | 16,225,718 | 11,784,390 | +38% | | EBITDA | 5,500,987 | 4,414,814 | +25% | | Profit attributable to equity holders of the Company | 2,630,366 | 2,200,900 | +20% | | Basic EPS (HK cents) | 42.82 | 47.78 (Restated) | -10% | | **Financial Position (Period-end Comparison)** | **As of June 30, 2019** | **As of Dec 31, 2018** | **Change** | | Total Assets | 105,313,513 | 95,121,637 | +11% | | Total Liabilities | 62,003,357 | 54,426,298 | +14% | | Equity attributable to equity holders of the Company | 35,521,392 | 33,926,107 | +5% | | Gearing Ratio (%) | 59% | 57% | +2 ppt | - Return on equity and basic earnings per share decreased year-on-year during the reporting period, primarily due to the dilutive effect of the HKD **10 billion** rights issue completed in September 2018[7](index=7&type=chunk) [Business Review and Prospects](index=7&type=section&id=Business%20Review%20and%20Prospects) [Operating Results Overview](index=7&type=section&id=Operating%20Results) In the first half of 2019, despite a complex macroeconomic environment, the Group's businesses achieved steady growth, with significant increases in construction service revenue due to accelerated project construction and substantial improvements in operation service revenue driven by more operating projects and effective cost control, laying a solid foundation for future development Overall Performance for H1 2019 | Metric | Amount (HKD thousands) | Y-o-Y Growth | | :--- | :--- | :--- | | Consolidated Revenue | 16,225,718 | 38% | | EBITDA | 5,500,987 | 25% | | Profit attributable to equity holders | 2,630,366 | 20% | - The Board declared an interim dividend of **13.0 HK cents** per share, an increase from **12.0 HK cents** in the same period of 2018, to reward shareholder support[15](index=15&type=chunk) - In terms of market expansion, the Group secured **38 new projects**, signed **3 supplementary agreements**, completed the acquisition of **2 environmental companies**, and invested in a waste sorting technology enterprise, with a total investment of approximately **RMB 15.83 billion** during the period[17](index=17&type=chunk) Revenue Contribution by Major Business Segments for H1 2019 | Revenue Category | Amount (HKD thousands) | Y-o-Y Growth | Share of Total Revenue | | :--- | :--- | :--- | :--- | | Construction Service Revenue | 10,093,454 | 42% | 64% | | Operation Service Revenue | 4,181,319 | 40% | 26% | | Financial Income | - | - | 10% | Environmental Contribution for H1 2019 | Metric | Processing/Generation Volume | | :--- | :--- | | Household Waste Treatment | 11,709,000 tons | | Hazardous Waste Treatment | 82,000 tons | | Green Power Grid Connection | 5,232,771,000 kWh | | Wastewater Treatment | 673,051,000 cubic meters | [I. Environmental Energy](index=17&type=section&id=I.%20Environmental%20Energy) As a core business segment, Environmental Energy maintained strong momentum, signing **15 new projects** with a total investment of **RMB 8.29 billion**, while **8 projects** commenced operation, leading to significant growth in EBITDA and attributable net profit due to increased construction activities and enhanced operating capacity - As of June 30, 2019, the Environmental Energy segment had signed **106 waste-to-energy projects** with a total investment of approximately **RMB 58.209 billion**, designed to process approximately **36.208 million tons** of household waste annually[32](index=32&type=chunk) Environmental Energy Segment Operating and Financial Data (H1 2019) | Metric | H1 2019 | H1 2018 | Y-o-Y Growth | | :--- | :--- | :--- | :--- | | Household Waste Processed (tons) | 10,688,000 | 8,586,000 | +24% | | On-grid Power Generation (MWh) | 3,105,243 | 2,519,605 | +23% | | EBITDA (HKD thousands) | 3,430,724 | 2,644,042 | +30% | | Net Profit Attributable to the Group (HKD thousands) | 2,153,214 | - | +24% | [II. Greentech](index=20&type=section&id=II.%20Greentech) The Greentech segment focuses on biomass integrated utilization, hazardous and solid waste treatment, and environmental remediation, adding **10 new projects** and completing **2 company acquisitions** with new investments of approximately **RMB 3.64 billion**, driving significant growth in both construction and operation service revenue and boosting profitability - As of the end of June 2019, Everbright Greentech had secured **107 projects** with a total investment of approximately **RMB 28.305 billion**, covering biomass, hazardous and solid waste, photovoltaic and wind power, and environmental remediation[46](index=46&type=chunk) Greentech Segment Operating and Financial Data (H1 2019) | Metric | H1 2019 | H1 2018 | Y-o-Y Growth | | :--- | :--- | :--- | :--- | | Biomass Raw Material Processed (tons) | 2,020,000 | 1,310,000 | +54% | | Hazardous Waste Treated (tons) | 82,000 | 69,000 | +19% | | On-grid Power Generation (MWh) | 1,792,258 | 1,257,400 | +43% | | EBITDA (HKD thousands) | 1,372,635 | 1,030,591 | +33% | | Net Profit Attributable to the Group (HKD thousands) | 570,308 | - | +26% | [III. Environmental Water](index=24&type=section&id=III.%20Environmental%20Water) The Environmental Water segment was listed on the Main Board of the Hong Kong Stock Exchange on May 8, 2019, achieving dual listing in Singapore and Hong Kong, securing **11 new projects** with a total investment of approximately **RMB 3.674 billion** during the period, driving revenue growth and stable net profit improvement - Everbright Water was listed on the Main Board of the Hong Kong Stock Exchange on May 8, 2019, achieving dual listing in Singapore and Hong Kong, which helps expand its shareholder base and promote long-term development[55](index=55&type=chunk) Environmental Water Segment Operating and Financial Data (H1 2019) | Metric | H1 2019 | H1 2018 | Y-o-Y Growth | | :--- | :--- | :--- | :--- | | Wastewater Treated (cubic meters) | 673,051,000 | 612,498,000 | +10% | | EBITDA (HKD thousands) | 832,378 | 782,598 | +6% | | Net Profit Attributable to the Group (HKD thousands) | 313,547 | - | +12% | - During the period, **8** of its wastewater treatment plants were approved for water tariff increases, ranging from **4% to 56%**[56](index=56&type=chunk) [IV. Equipment Manufacturing](index=26&type=section&id=IV.%20Equipment%20Manufacturing) The Equipment Manufacturing segment's comprehensive competitiveness continued to grow, signing **14 external sales contracts** totaling approximately **RMB 439 million** and supplying **30 sets of grate furnaces** for internal Group projects, increasing capacity by **173%** year-on-year, with the Changzhou Equipment Manufacturing Center Phase III expansion completed to further boost production - During the period, **14 external sales contracts** were signed, with total contracted sales of complete sets of equipment amounting to approximately **RMB 439 million**[61](index=61&type=chunk) - Provided **30 sets of grate furnaces** for internal Group projects, with a designed daily waste processing capacity of **14,600 tons**, representing a **173%** year-on-year increase in production capacity[61](index=61&type=chunk) [V. Envirotech](index=28&type=section&id=V.%20Envirotech) The Group reformed its technological innovation by establishing a Technology Management Center and Technical Committee, and planning multiple research institutes, achieving progress in various R&D areas such as waste co-incineration, fly ash plasma melting, and smart power plants, securing **75 authorized patents**, including **5 invention patents**, during the period - In 2019, **RMB 200 million** was approved for scientific research investment, with **59 R&D projects** implemented, and **75 patents** authorized during the period, including **5 invention patents**[70](index=70&type=chunk) - As of the first half of 2019, the Group had accumulated **667 authorized patents**, including **99 invention patents**[70](index=70&type=chunk) [VI. Eco-recycling](index=31&type=section&id=VI.%20Eco-recycling) As an emerging business segment, Eco-recycling achieved a strong start in waste sorting, sanitation services, and recycled resource utilization, formally entering the waste sorting and resource recycling sector by investing **RMB 45 million** for a **90% equity stake** in Shandong Quxiang, and signing two new integrated sanitation projects in Hubei Zhongxiang and Yunnan Yuxi - Entered the waste sorting and resource recycling business by investing **RMB 45 million** to acquire a **90% equity stake** in Shandong Quxiang Information Technology Co., Ltd[74](index=74&type=chunk) - Signed two new integrated sanitation projects in Hubei Zhongxiang and Yunnan Yuxi, expanding waste collection and transportation services[75](index=75&type=chunk) [VII. International Business](index=33&type=section&id=VII.%20International%20Business) The Group continued to expand its overseas business under the "Belt and Road" initiative, with **3 overseas environmental projects** in Germany, Poland, and Vietnam as of the period-end; the German project operated stably, the Polish project processed over **305,000 tons** of solid waste, and the Can Tho project in Vietnam processed approximately **84,000 tons** of household waste - The Can Tho Waste-to-Energy project in Vietnam processed approximately **84,000 tons** of household waste in the first half of the year, accounting for **60%** of the local total collected volume, and provided approximately **23,440,000 kWh** of green electricity[78](index=78&type=chunk) [Post-results Events](index=34&type=section&id=Post-results%20Events) In July 2019, the Group successively signed **5 waste-to-energy projects** with a total investment of approximately **RMB 4.386 billion**, adding a designed daily waste processing capacity of **5,250 tons** - In July 2019, **5 new waste-to-energy projects** were signed, with a total investment of approximately **RMB 4.386 billion**, adding a daily processing capacity of **5,250 tons**[79](index=79&type=chunk)[80](index=80&type=chunk) [Business Prospects](index=35&type=section&id=Business%20Prospects) Looking ahead, the Group will leverage its traditional strengths to deepen its presence across the entire solid waste treatment value chain, aiming to become the largest "waste-free city" service provider, strategically forming a "1+2+4+10" development pattern centered on Everbright International, with **2 listed companies**, **4 stocks**, and **10 business centers** including Environmental Energy, Greentech, Environmental Water, and Eco-recycling, with the goal of becoming a global leading ecological and environmental group within five to ten years - The Group is committed to becoming the largest "waste-free city" service provider, exploring a unique model covering waste sorting, source reduction, resource reuse, and harmless end-of-life disposal[82](index=82&type=chunk)[83](index=83&type=chunk) - In the future, a "1+2+4+10" development pattern will be formed, establishing **ten business centers**, including Environmental Energy, Greentech, Environmental Water, Eco-recycling, Environmental Energy Conservation, Equipment Manufacturing, Overseas Business, Ecological Environment Planning and Design Institute, Green Technology Innovation Research Institute, and Waste-free City Research Institute[86](index=86&type=chunk) [Management Discussion and Analysis](index=39&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Position, Resources, and Borrowings](index=39&type=section&id=Financial%20Position,%20Resources,%20and%20Borrowings) As of June 30, 2019, the Group's total assets reached **HKD 105.3 billion**, with a gearing ratio of **59%**; cash and bank balances were approximately **HKD 12.8 billion**, indicating ample liquidity, while total outstanding loans were about **HKD 44.3 billion**, primarily RMB-denominated floating-rate loans, with **HKD 18.5 billion** in unutilized banking facilities, demonstrating a robust financial structure Financial Position Summary (as of June 30, 2019) | Metric | Amount (HKD thousands) | Change from End of 2018 | | :--- | :--- | :--- | | Total Assets | 105,313,513 | +11% | | Gearing Ratio | 59% | +2 ppt | | Cash and Bank Balances | 12,833,617 | -19.7% | | Total Outstanding Loans | 44,298,057 | +14.9% | | Unutilized Banking Facilities | 18,491,747 | - | [Use of Proceeds from the Company's Rights Issue](index=41&type=section&id=Use%20of%20Proceeds%20from%20the%20Company%27s%20Rights%20Issue) The Company's rights issue completed in September 2018 raised net proceeds of approximately **HKD 9.924 billion**; as of June 30, 2019, approximately **HKD 5.322 billion** had been utilized, primarily for waste-to-energy projects, other environmental business development, and repayment of bank loans, with the remaining proceeds planned for future project investments and business development Summary of Use of Proceeds from Rights Issue (as of June 30, 2019) | Intended Use | Net Proceeds Raised (approx. HKD millions) | Amount Utilized (approx. HKD millions) | Remaining Unutilized Amount (approx. HKD millions) | | :--- | :--- | :--- | :--- | | Waste-to-Energy and Other Environmental Projects | 5,947 | 3,549 | 2,398 | | Other Environmental Businesses | 2,478 | 305 | 2,173 | | General Working Capital and Loan Repayment | 1,499 | 1,499 | 0 | | **Total** | **9,924** | **5,353** | **4,571** | [Human Resources](index=46&type=section&id=Human%20Resources) The Group highly values human resource management and employee training, establishing an Ecological Environment Academy for centralized training, strengthening talent acquisition through internal selection and external recruitment, and implementing various management measures to enhance HR efficiency; as of June 30, 2019, the Group employed approximately **11,700 staff** - As of June 30, 2019, the Group employed approximately **11,700 staff** in total[118](index=118&type=chunk) [Principal Risks and Uncertainties](index=48&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces principal risks including policy changes, environmental compliance, project management, accounts receivable, employee management, market competition, NIMBY effect, and cost control; effective mitigation measures have been implemented, such as enhanced communication with regulators, robust environmental management systems, strict procurement bidding, and regular accounts receivable analysis, to ensure effective risk control - Key risk areas include: - **Policy Change Risk**: Increased emission standards or reduced fiscal and tax support may impact short-term profits[119](index=119&type=chunk) - **Environmental Compliance Risk**: Operational ESHS issues, unforeseen external changes, or human error may lead to non-compliance[122](index=122&type=chunk) - **Project Management Risk**: During peak construction, there is a risk of on-site management dereliction and deviation from bidding procedures[124](index=124&type=chunk) - **Accounts Receivable Risk**: Decreased government payment capacity or delayed national subsidies may lead to an increase in accounts receivable[125](index=125&type=chunk) - **Market Competition Risk**: The entry of numerous competitors into the environmental industry leads to intensified competition[129](index=129&type=chunk) [Environmental and Social Management](index=52&type=section&id=Environmental%20and%20Social%20Management) The Group highly prioritizes the environmental and social impacts of its operations, having established an Environmental and Social Management System (ESMS) and ESHS management system in accordance with the Asian Development Bank's Safeguard Policy Statement and international best practices; project operations strictly adhere to national and EU standards, pioneering several environmental initiatives in China, such as adopting EU 2010 standards, linking online emission monitoring data with environmental authorities for public disclosure, and fully opening environmental facilities to the public - The Group strictly complies with relevant environmental regulations, with waste incineration project emission standards superior to national standards, referencing **EU 2010 standards**[138](index=138&type=chunk)[139](index=139&type=chunk) - The Group leads the industry in environmental information disclosure, being the first to: - Adopt **EU Directive 2000/76/EC** - Connect emission data online with environmental authorities - Disclose hourly average values of flue gas online monitoring for all operating waste-to-energy projects - Proactively open projects to the public for social supervision[140](index=140&type=chunk) [Disclosure of Interests](index=54&type=section&id=Disclosure%20of%20Interests) [Directors' and Substantial Shareholders' Interests](index=54&type=section&id=Directors%27%20and%20Substantial%20Shareholders%27%20Interests) As of June 30, 2019, the Company's major shareholders, Central Huijin Investment Ltd. and China Everbright Group Ltd., indirectly held approximately **41.95%** of the Company's shares, while GIC Private Limited held approximately **5.02%**, and some directors also held minor shares in the Company and its listed subsidiaries Substantial Shareholders' Interests (as of June 30, 2019) | Shareholder Name | Capacity | Number of Shares (Long Position) | Approx. % of Issued Shares | | :--- | :--- | :--- | :--- | | Central Huijin Investment Ltd. | Interest in Controlled Corporations | 2,576,710,137 | 41.95% | | China Everbright Group Ltd. | Interest in Controlled Corporations | 2,576,710,137 | 41.95% | | GIC Private Limited | Investment Manager | 308,395,324 | 5.02% | [Corporate Governance](index=59&type=section&id=Corporate%20Governance) The Group is committed to maintaining high standards of corporate governance, having complied with all code provisions of the Corporate Governance Code throughout the reporting period; the Board comprises **5 executive directors** and **4 independent non-executive directors**, supported by five specialized committees—Audit, Risk Management, Nomination, Remuneration, and Disclosure—to ensure regulated, transparent, and efficient company operations - During the reporting period, the Company fully complied with all code provisions of the Corporate Governance Code as set out in Appendix 14 of the Hong Kong Listing Rules[165](index=165&type=chunk) - The Board has five committees: Audit Committee, Risk Management Committee, Nomination Committee, Remuneration Committee, and Disclosure Committee, each with clearly defined written terms of reference[167](index=167&type=chunk) [Other Information](index=65&type=section&id=Other%20Information) This section discloses changes in directors' information, interim dividend distribution arrangements, and share transfer registration matters; the Company declared an interim dividend of **13.0 HK cents** per share, with determined record and payment dates, and neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period 2019 Interim Dividend | Item | Details | | :--- | :--- | | Dividend per Share | 13.0 HK cents (2018: 12.0 HK cents) | | Record Date | September 13, 2019 (Friday) | | Payment Date | October 4, 2019 (Friday) or around | [Interim Financial Report](index=67&type=section&id=Interim%20Financial%20Report) This interim financial report covers the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity, and consolidated cash flow statement for the six months ended June 30, 2019, along with relevant notes to the financial statements, showing the Group's total revenue of **HKD 16.226 billion**, a **38%** year-on-year increase, profit for the period of **HKD 3.250 billion**, up **23%** year-on-year, and total assets growing to **HKD 105.314 billion** Core Financial Statement Data (as of June 30, 2019) | Metric | Amount (HKD thousands) | | :--- | :--- | | **Consolidated Income Statement** | | | Revenue | 16,225,718 | | Profit from Operating Activities | 5,030,341 | | Profit Before Tax | 4,297,013 | | Profit for the Period | 3,250,488 | | **Consolidated Statement of Financial Position** | | | Total Non-current Assets | 75,424,180 | | Total Current Assets | 29,889,333 | | Total Assets | 105,313,513 | | Total Current Liabilities | 17,267,965 | | Total Non-current Liabilities | 44,735,392 | | Total Liabilities | 62,003,357 | | Net Assets | 43,310,156 | [CONSOLIDATED INCOME STATEMENT](index=67&type=section&id=CONSOLIDATED%20INCOME%20STATEMENT) [CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME](index=68&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20COMPREHENSIVE%20INCOME) [CONSOLIDATED STATEMENT OF FINANCIAL POSITION](index=69&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) [CONSOLIDATED STATEMENT OF CHANGES IN EQUITY](index=72&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) [CONSOLIDATED STATEMENT OF CASH FLOWS](index=76&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) [Notes to Consolidated Financial Statements](index=79&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [Report on Review of Interim Financial Information](index=149&type=section&id=Report%20on%20Review%20of%20Interim%20Financial%20Information) Ernst & Young, the auditor, has reviewed the Group's interim financial information in accordance with Hong Kong Standards on Review Engagements; the scope of review is substantially less than an audit, thus no audit opinion is expressed, and based on the review, the auditor found no matters that cause them to believe the interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 - Auditor's Conclusion: Based on our review, nothing has come to our attention that causes us to believe that the interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[452](index=452&type=chunk)