CK Infrastructure Holdings Limited INTERIM RESULTS 2025 13 AUGUST 2025 CK Infrastructure Holdings Limited Contents Highlights Financial Review and Financial Management International Businesses Updates Sustainability Updates Appendices ▪ Regulated Businesses Updates ▪ M&A Outlooks Key Messages | ▪ Solid Financial | Profit contributions from operations +6% y-o-y | | --- | --- | | ▪ Performance in 1H25 | Profit attributable to shareholders was +1% y-o-y to | | | HK$4.3 billion in 1H25 | | Sustainable Dividend ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: CK Infrastructure Holdings Limited 長江基建集團有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01038 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 1 HKD | | 4,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 4,000,000,000 | HKD | | 1 HKD ...

董事會召開日期 CK Infrastructure Holdings Limited 長江基建集團有限公司（「本公司」）之董事會（「董事 會」）謹此宣佈，本公司將於二零二五年八月十三日（星期三）於香港舉行董事會會議， 以（其中包括）批准刊發本公司及其附屬公司截至二零二五年六月三十日止六個月之 中期業績，以及考慮派發中期股息。 承董事會命 CK Infrastructure Holdings Limited 長江基建集團有限公司 公司秘書 楊逸芝 二零二五年七月三十一日 於本文件日期，本公司之執行董事為李澤鉅先生（主席）、甘慶林先生（集團董事總經理）、 葉德銓先生（副主席）、霍建寧先生（副主席）、陸法蘭先生、甄達安先生（副董事 總經理）、陳來順先生（財務總監）及陳建華小姐；非執行董事為張英潮先生（獨立非執 行董事）、郭李綺華女士（獨立非執行董事）、孫潘秀美女士（獨立非執行董事）、藍鴻震 先生（獨立非執行董事）、 Paul Joseph Tighe 先生（獨立非執行董事）、李王佩玲女士及 麥理思先生；及替任董事為文嘉強先生（為葉德銓先生之替任董事）及楊逸芝女士（為 甘慶林先生之替任董事）。 香港交易及結算所有限公 ...

金融界7月31日消息，上证指数低开低走，中证香港100公用事业指数 (H100公用，L11189)报1344.99 点。 从中证香港100公用事业指数持仓样本的行业来看，火电占比61.92%、燃气占比38.08%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当对应的母指数调整样本时， 行业指数样本将相应调整。当样本公司有特殊事件发生，导致其行业归属发生变更时，将对指数进行相 应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照 计算与维护细则处理。 本文源自：金融界 作者：行情君 数据统计显示，中证香港100公用事业指数近一个月上涨4.62%，近三个月上涨3.60%，年至今上涨 2.49%。 据了解，中证香港100行业指数系列将中证香港100指数样本按中证行业分类标准进行分类，再以各自行 业全部证券作为对应行业指数的样本。该指数以2004年12月31日为基日，以100 ...

Core Viewpoint - The company expresses cautious optimism regarding its business outlook, supported by a total shareholder return of approximately 28% since the beginning of 2024, indicating strong investor support for its stable operations [1] Group 1: Business Performance - The company has consistently increased its dividends annually since its listing in 1996, demonstrating a commitment to creating stable and sustainable value for shareholders [1] - The majority of the company's investment portfolio consists of regulated projects, which provide resilient earnings and cash flow [1] Group 2: Acquisitions and Financial Position - The company completed several acquisitions last year, including projects in Northern Ireland and the UK, which were deemed successful [2] - As of the end of 2024, the company holds approximately 8 billion HKD in cash, with a healthy net debt to net total capital ratio of 7.8%, positioning it well for future growth and acquisition opportunities [1][2] Group 3: Regulatory Environment and Market Conditions - The company’s operations are primarily in regulated sectors, which are relatively stable and less affected by tariffs [2] - The company is preparing for regulatory resets for nine of its regulated businesses in 2025 or 2026, with recent resets showing improved allowed profits and return rates due to inflation and rising capital expenditure [2] Group 4: Future Listing and Financial Discipline - The company is set to officially list on the London Stock Exchange on August 19, 2024, which is expected to enhance financing channels for future acquisitions [2] - The company emphasizes strict financial prudence and discipline in its acquisition strategy, avoiding a "must-win" mentality [2]

Financial Performance - Shareholders' profit attributable to the company reached HKD 8,115 million in 2024, reflecting a 1.1% increase from HKD 8,027 million in 2023[25] - The company declared an interim dividend of HKD 1,814 million and a proposed final dividend of HKD 4,687 million for 2024, resulting in a total dividend of HKD 6,501 million, up from HKD 6,450 million in 2023[25] - The earnings contribution from operational businesses recorded a strong growth of 10% year-on-year[26] - The company’s earnings per share for 2024 was HKD 3.22, slightly up from HKD 3.19 in 2023[22] - CK Infrastructure Holdings Limited reported a strong operational profit growth of 10% year-on-year, with a net profit of HKD 8.115 billion for the year ending December 31, 2024, representing a 1% increase from the previous year[29] - The full-year dividend for 2024 was HKD 2.58 per share, marking 28 consecutive years of dividend growth since the company's listing in 1996[55][57] Financial Position - Total assets amounted to HKD 157,837 million in 2024, a decrease from HKD 165,873 million in 2023[22] - The net debt to total equity ratio stood at 7.8%, indicating stable financial leverage[7] - The company’s cash balance was HKD 8,115 million, reflecting a solid liquidity position[7] - The company held cash of HKD 8 billion as of December 31, 2024, with a net debt to total capital ratio of 7.8%, indicating strong financial stability[49] Business Operations - The company operates a diversified business portfolio across energy infrastructure, transportation, water treatment, and waste management, with investments spanning multiple regions including Hong Kong, mainland China, the UK, and Australia[3] - The company completed several acquisitions, including Phoenix Energy in Northern Ireland and UK Renewables Energy, which immediately contributed to revenue post-transaction[29] - The company launched a brand revitalization initiative for ista, including acquisitions in the electric vehicle charging sector and expanding international operations[42] - The company is focused on sustainable development, with ongoing projects in smart grids and renewable energy integration in the UK and Australia[51] - The company is committed to environmental sustainability and aims to lead the industry in net-zero energy systems through innovative infrastructure projects[83] Regional Performance - The UK business segment recorded a profit contribution of HKD 3.981 billion, a 31% increase year-on-year, with regulated businesses performing well[34] - The Australian business segment's profit contribution decreased by 4% to HKD 1.784 billion, primarily due to increased tax expenses from new capital rules, although profit would have increased by 6% without this tax impact[38] - The European business segment's profit contribution grew by 13% to HKD 670 million, driven by strong performance from ista, which set internal growth records during the year[42] - Canadian business profit contribution fell by 19% to HKD 524 million, attributed to a significant decline in Canadian Power profits and new financing regulations[43] - The profit contribution from New Zealand operations was HKD 185 million, an increase of 10% year-on-year (12% in local currency) driven by strong performance from Enviro NZ[47] - Profit contribution from Hong Kong and mainland China was HKD 132 million, up 13% from last year, with higher contributions from the concrete business in Hong Kong[48] Strategic Initiatives - The company maintains a cautious optimism regarding business prospects for 2025 amid global uncertainties and geopolitical tensions[53] - The group aims to maintain a disciplined investment approach to optimize risk-adjusted returns and generate consistent cash flow[81] - The company focuses on acquiring high-quality businesses that provide substantial recurring returns to strengthen its investment portfolio[81] - The group emphasizes internal growth and value creation within its existing business portfolio, leveraging capital allocation opportunities in energy and water networks[80] - The company promotes a corporate culture that emphasizes health, safety, creativity, diversity, and innovation among its employees[84] Sustainability and Innovation - The company is committed to eliminating coal-fired power generation by 2035, aligning with the government's carbon reduction target of a 50% decrease from 2005 levels[167] - UK Power Networks has set a target to achieve net-zero emissions by 2040, with a verified goal of reducing long-term emissions by at least 90% from a 2019 baseline year[179] - Northumbrian Water launched the UK's first smart sewer system project in 2024, utilizing AI technology and smart sensors to mitigate flooding issues, with an investment of £20 million[185] - Wales & West Gas Networks aims to reduce methane emissions by 16% by utilizing 21 biomethane gas production facilities connected to its pipeline network during the new regulatory period RIIO-GD3[193] - The NextGen Electrolysis project by Wales & West Gas Networks aims to produce green hydrogen from industrial wastewater, significantly reducing energy consumption and financial costs[194] Awards and Recognition - The company was recognized as the UK's Best Big Company to Work For and received multiple awards for its workplace culture and customer service excellence[177] - Phoenix Energy received a five-star rating and 99% score in a GRESB assessment, recognizing its environmental, social, and governance (ESG) performance[197] - Phoenix Energy was awarded the Great Place to Work certification in December 2024, acknowledging its commitment to creating an excellent work environment for employees[199]

Financial Performance - CK Infrastructure Holdings Limited reported a net profit of HKD 8.115 billion for the year ending December 31, 2024, representing a 1% increase compared to the previous year[4]. - The company achieved a strong operational profit growth of 10% from its regulated projects and long-term contracts[4]. - The UK business segment contributed HKD 3.981 billion in profit, a 31% increase year-on-year (27% increase in local currency) due to strong performance across regulated operations[9]. - The Australian business segment reported a profit contribution of HKD 1.784 billion, a decrease of 4% year-on-year, primarily due to increased tax expenses from new capital rules[14]. - The European business segment's profit contribution grew by 13% to HKD 670 million, driven by strong performance from ista[17]. - The profit contribution from Canadian operations decreased by 19% to HKD 524 million, with a local currency decline of 18%, primarily due to a significant drop in Canadian Power profits and new financing cost restrictions[19]. - The New Zealand operations reported a profit contribution of HKD 185 million, an increase of 10% year-on-year, driven by strong performance from Enviro NZ[21]. - The Hong Kong and mainland China operations contributed HKD 132 million in profit, reflecting a 13% increase compared to the previous year, with higher profit contributions from the concrete business[24]. - The company's revenue for the year ended December 31, 2024, was HKD 38,985 million, a slight increase of 1.05% from HKD 38,582 million in 2023[52]. - The profit attributable to shareholders increased to HKD 8,115 million, up 1.09% from HKD 8,027 million in 2023[52]. - Earnings per share for the year were HKD 3.22, up from HKD 3.19 in 2023, indicating a growth of 0.94%[66]. Dividends - The company proposed a final dividend of HKD 1.86 per share, bringing the total dividend for the year to HKD 2.58, an increase of 0.8% from the previous year[6]. - The interim dividend paid was HKD 0.72 per share, compared to HKD 0.71 per share in 2023, marking an increase of 1.41%[67]. - The proposed final dividend is HKD 1.86 per share, slightly up from HKD 1.85 per share in 2023, which is a 0.54% increase[67]. Financial Position - As of December 31, 2024, the company held cash of HKD 8 billion, with a net debt to total capital ratio of 7.8%, indicating a strong financial foundation[25]. - The company has maintained an "A/stable" credit rating from Standard & Poor's, reflecting its robust financial position[26]. - The group's net debt to total equity ratio was 7.8%, compared to 7.7% at the end of 2023, with net debt of HKD 11.136 billion and total equity of HKD 142.379 billion[35]. - The net debt to total equity ratio, when adjusted for the infrastructure investment portfolio, was 47%, with net debt of HKD 116.582 billion and total equity of HKD 247.825 billion, up from 46.4% at the end of 2023[35]. - The group had a total nominal amount of HKD 51.014 billion in derivative instruments as of December 31, 2024, to hedge against currency and interest rate risks[35]. - Certain assets were pledged to secure bank loans totaling HKD 1.388 billion as of December 31, 2024[36]. - The group reported contingent liabilities amounting to HKD 168 million, including performance guarantees of HKD 144 million and subcontractor guarantees of HKD 24 million[37]. - The group employed 2,358 staff members, with employee expenses (excluding director remuneration) amounting to HKD 1.072 billion[38]. Operational Developments - CK Infrastructure completed several acquisitions, including Phoenix Energy and UK Renewables Energy, which immediately contributed to revenue post-transaction[4]. - The company is enhancing network reliability and safety in Australia, with significant upgrades planned for the electricity supply systems[15]. - The company is actively pursuing new investment opportunities in the sustainable development sector, including renewable energy and decarbonization projects[28][29]. - The company extended the energy supply agreement for the Meridian Cogeneration Plant to provide power to SaskPower and thermal energy to Cenovus until 2049[19]. - The company anticipates a cautious but optimistic outlook for business prospects in 2025, despite ongoing global uncertainties and geopolitical tensions[30]. - The company has successfully signed multiple commercial contracts in New Zealand, including significant projects for sludge disposal and hazardous waste treatment[23]. Governance and Compliance - The company adhered to the corporate governance code and principles, ensuring high standards of governance and accountability[41]. - The audit committee, composed entirely of independent non-executive directors, reviewed the group's performance for the year ending December 31, 2024[43]. - The annual general meeting for the fiscal year 2025 is scheduled for May 21, 2025[47]. Other Financial Metrics - Infrastructure investment sales and interest income decreased to HKD 4,993 million, down 16.67% from HKD 5,990 million in 2023[52]. - Total non-current assets decreased to HKD 148,365 million from HKD 151,286 million in 2023, reflecting a decline of 1.93%[54]. - The company's total liabilities decreased from HKD 16,503 million in 2023 to HKD 15,396 million in 2024, a reduction of 6.71%[54]. - The total equity attributable to shareholders decreased to HKD 121,280 million from HKD 123,293 million, a decline of 1.64%[54]. - Other income, primarily from bank interest, decreased to HKD 467 million from HKD 616 million, a drop of 24.19%[58]. - Operating costs were reduced to HKD 4,150 million from HKD 4,257 million, a decrease of 2.51%[52]. - The company reported a foreign exchange gain of HKD 113 million, down from HKD 572 million in 2023, a decline of 80.24%[52]. - The pre-tax profit for the year was HKD 8,671 million, compared to HKD 8,578 million in 2023, showing an increase of 1.09%[64]. - The group’s financing costs were HKD 865 million, an increase from HKD 769 million in 2023, reflecting a rise of 12.5%[64].

Investment Rating - The report maintains an "Outperform" rating for CK Infrastructure Holdings [3][12]. Core Insights - The company completed its secondary listing on the London Stock Exchange and is accelerating its M&A activities, including the acquisition of Phoenix Energy and several renewable energy assets [11][12]. - The first half of 2024 saw a profit of HK$4.577 billion, a year-on-year increase of 1.46%, with significant contributions from joint ventures [9][10]. - The target price has been raised to HK$61.37, reflecting a PE ratio of 19 times for 2024, based on expected net profits of HK$8.458 billion, HK$8.764 billion, and HK$8.825 billion for 2024-2026 [12]. Financial Performance - Revenue for 2024 is projected at HK$7.537 billion, with a slight increase of 2% compared to the previous year [4][8]. - Net profit is expected to grow from HK$8.027 billion in 2023 to HK$8.458 billion in 2024, representing a 5% increase [4][8]. - The gross profit margin (GPM) is forecasted to remain stable around 88.8% for 2024 [4][8]. Segment Performance - The UK segment reported a profit of HK$1.865 billion, up 17% year-on-year, driven by lower financing costs [10]. - The Canadian segment experienced a profit decline of 25% to HK$301 million due to falling electricity prices [10]. - The Australian segment's profit increased by 5% to HK$864 million, while the New Zealand segment rose by 11% to HK$80 million [10]. M&A Activities - The company has accelerated its M&A activities, including the acquisition of a solar power station and multiple wind farm assets in the UK, with an estimated investment of HK$3.5 billion [11][12]. - The acquisition of Phoenix Energy, Northern Ireland's largest gas distribution network, was completed at a valuation of HK$7.4 billion [11].

Financial Performance - For the six months ended June 30, 2024, the group recorded a profit attributable to shareholders of HKD 4.311 billion, an increase of 2% compared to the same period last year[9]. - The board announced an interim dividend of HKD 0.72 per share, up 1.4% from HKD 0.71 per share in the previous year[10]. - The profit contribution from the Australian infrastructure business was HKD 864 million, an increase of 5% compared to the same period last year[14]. - The profit contribution from the Canadian infrastructure business was HKD 301 million, a decrease of 25% year-on-year, primarily due to the absence of high electricity prices seen in the previous year[17]. - The profit contribution from the New Zealand infrastructure business increased by 11% to HKD 80 million, with a 13% increase in local currency[18]. - The profit contribution from the Hong Kong and mainland China business was HKD 96 million, a decline of 6% year-on-year, attributed to low traffic volume on toll roads and low prices and sales in the construction materials sector[19]. - Revenue for the six months ended June 30, 2024, was HKD 19,090 million, a decrease of 2.3% from HKD 19,534 million in 2023[40]. - Profit before tax for the same period was HKD 4,577 million, up 1.5% from HKD 4,509 million in 2023[40]. - Net profit attributable to shareholders was HKD 4,311 million, an increase of 1.7% compared to HKD 4,239 million in 2023[40]. - Earnings per share for the period was HKD 1.71, compared to HKD 1.68 in 2023, reflecting a growth of 1.8%[40]. - Total comprehensive income for the six months was HKD 2,966 million, down from HKD 8,368 million in 2023, indicating a significant decline[41]. - The company reported a foreign exchange loss of HKD 1,339 million, compared to a gain of HKD 3,424 million in the previous year[41]. Investments and Acquisitions - UK Power Networks acquired a renewable energy asset portfolio with a total installed capacity of approximately 69 MW, primarily from solar generation, enhancing the group's renewable energy capacity[12]. - In April 2024, the company completed the acquisition of Phoenix Energy, Northern Ireland's largest gas network, with an enterprise value of approximately HKD 7.4 billion, providing stable cash flow and recurring profits[13]. - The company announced an agreement to acquire a UK onshore wind asset portfolio for approximately GBP 350 million (about HKD 3.5 billion), which includes 32 wind farms with a total installed capacity of 175 MW[22]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[35]. Financial Position and Debt Management - As of June 30, 2024, the company held cash of HKD 9.2 billion, with a net debt to total net capital ratio of 9.8%[20]. - The company received a credit rating of "A / Stable" from Standard & Poor's in February 2024[20]. - As of June 30, 2024, the total cash and deposits of the group amounted to HKD 91.8 billion, while total loans were HKD 234 billion, including HKD 26.7 billion in HKD loans and HKD 207.2 billion in foreign currency loans[24]. - The net debt to total net capital ratio was 9.8%, up from 7.7% at the end of 2023, primarily due to investments in a Northern Ireland gas network operator[24]. - The net cash used in financing activities for the six months ended June 30, 2024, was HKD (4,981) million, compared to HKD (7,716) million in the previous year, indicating a decrease in cash outflow by 35.5%[47]. - The company’s bank and other loans increased significantly to HKD 13,165 million from HKD 9,024 million, an increase of 46.5%[42]. Operational Efficiency and Cost Management - The company has achieved a 20% reduction in operational costs through efficiency improvements and restructuring initiatives[34]. - Operating costs for the six months ended June 30, 2024, were HKD 1,431 million, down from HKD 1,506 million in 2023, reflecting a reduction of 5.0%[52]. - The company reported a 5% increase in gross margin, reaching 40% for the quarter, driven by improved operational efficiencies[36]. Market Expansion and Growth Strategy - Future outlook indicates a projected revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies[32]. - Market expansion efforts include entering three new international markets, expected to contribute an additional $50 million in revenue by the end of the fiscal year[34]. - The company plans to enhance its digital marketing efforts, allocating an additional $10 million to increase brand visibility and customer engagement[32]. - The company plans to continue its market expansion and focus on new product development in the upcoming quarters[40]. Sustainability and Corporate Governance - The management team emphasizes a focus on sustainability initiatives, aiming for a 25% reduction in carbon emissions by 2025[34]. - The company has a sustainability committee to oversee and provide advice on sustainability initiatives and related policies[96]. - The company has implemented comprehensive corporate governance policies, including anti-fraud and anti-bribery measures, to ensure accountability and transparency[88]. - The board is responsible for establishing and monitoring corporate culture, long-term strategic goals, and risk management practices[89]. Risks and Challenges - The global economic environment remains uncertain due to trade protectionism, currency fluctuations, and high inflation pressures, which may impact the group's business and financial performance[102]. - The group faces risks related to economic conditions and interest rates, which may adversely affect its financial status and operational performance[103]. - The company is exposed to risks related to compliance with personal data protection laws, which may lead to regulatory actions or civil claims if not adhered to[117]. - The company must navigate cultural differences and regulatory approvals when pursuing international mergers and acquisitions, which may delay or complicate transactions[115]. - The group faces inherent operational risks in its power generation, distribution, and gas supply businesses, which may adversely affect operational performance and reputation[118]. Shareholder Information - The company has maintained a consistent number of issued shares at 2,519,610,945 for both 2023 and 2024, ensuring stability in earnings per share calculations[58]. - The interim dividend declared is HKD 0.72 per share for the six months ended June 30, 2024, up from HKD 0.71 per share in 2023, totaling HKD 1.814 billion compared to HKD 1.789 billion[59]. - Li Ka-Shing holds a total of 5,655,000 shares in the company, representing approximately 0.22% of the total equity[75].

Financial Performance - CK Infrastructure Holdings Limited reported a profit attributable to shareholders of HKD 4.31 billion for the six months ended June 30, 2024, representing a 2% increase compared to the same period last year[1]. - The interim dividend declared is HKD 0.72 per share, up 1.4% from HKD 0.71 per share in the previous year[1]. - The company's unaudited profit attributable to shareholders for the six months ended June 30, 2024, was HKD 4.31 billion, representing an increase from HKD 4.24 billion in the same period of 2023[22]. - Earnings per share for the period was HKD 1.71, compared to HKD 1.68 for the previous year, reflecting a growth of approximately 1.8%[23]. - Total revenue for the six months was HKD 19.09 billion, a decrease of 2.3% from HKD 19.53 billion in the prior year[23]. - The total comprehensive income for the period was HKD 2.97 billion, a significant decrease from HKD 8.37 billion in the previous year[24]. - The company reported a total comprehensive income of HKD 2,966 million for the six months ended June 30, 2024, compared to HKD 8,368 million for the same period in 2023, indicating a decline of approximately 64%[27]. - Profit attributable to shareholders for the period was HKD 4,524 million, compared to HKD 4,459 million in the same period last year, an increase of 1.5%[36]. Business Contributions - Power Assets Holdings contributed HKD 10.82 billion in profit, a 2% increase year-on-year, with a new gas generator contract signed in April as part of the transition away from coal by 2035[2]. - The UK infrastructure business contributed HKD 18.65 billion in profit, a 17% increase year-on-year, driven by revenue growth and reduced financial costs[3]. - The Australian infrastructure portfolio contributed HKD 864 million in profit, a 5% increase year-on-year, with all business segments showing revenue growth[5]. - The New Zealand business saw an 11% increase in profit contribution to HKD 80 million, with strong performance from Enviro NZ[8]. - The Hong Kong and mainland China business contributed HKD 96 million, a 6% decrease year-on-year, due to low traffic volume on toll roads and weak pricing in the construction materials sector[9]. Financial Position - As of June 30, 2024, the company held cash of HKD 9.2 billion, with a net debt to total capital ratio of 9.8%, indicating a strong financial foundation[10]. - The group's total cash and deposits amounted to HKD 9.18 billion, while total loans were HKD 23.4 billion, with 35% of repayments due in 2024[14]. - The net debt to total net capital ratio was 9.8% as of June 30, 2024, an increase from 7.7% at the end of 2023, primarily due to investments in a Northern Ireland gas network operator[14]. - The company's total equity decreased to HKD 131,354 million as of June 30, 2024, down from HKD 133,271 million as of December 31, 2023, reflecting a decline of approximately 1.4%[25]. - The company's total liabilities increased to HKD 42,641 million as of June 30, 2024, compared to HKD 25,522 million at the end of 2023, reflecting a significant increase of approximately 67%[25]. Investments and Acquisitions - The acquisition of Phoenix Energy in Northern Ireland, valued at approximately HKD 7.4 billion, covers 78% of the gas pipeline network and serves 48% of the population[4]. - CK Infrastructure announced an agreement to acquire a UK onshore wind asset portfolio for approximately £350 million (around HKD 3.5 billion), marking the third acquisition in 2024[12]. - The acquired portfolio includes 32 wind farms with a total installed capacity of 175 MW and a net equity capacity of 137 MW, expected to provide stable cash flow and recurring profit contributions[12]. - The group is exploring acquisition opportunities in the infrastructure sector, leveraging strong recurring income and predictable cash flow[13]. Operational Efficiency - The group's operating costs decreased to HKD 1.92 billion from HKD 2.11 billion, marking a reduction of approximately 9.0%[23]. - The group's financing costs increased to HKD 415 million from HKD 370 million, indicating a rise of about 12.1%[23]. - The group employed 2,408 staff, with employee expenses (excluding directors' remuneration) totaling HKD 520.1 million[17]. - The group has capital commitments of HKD 309 million as of June 30, 2024, up from HKD 273 million as of December 31, 2023[46]. Risk Management - The group has established several interest rate swap contracts to mitigate interest rate risks, with a total nominal amount of HKD 52.69 billion as of June 30, 2024[14]. - The group maintains a prudent financial strategy, balancing sustainable profit growth with ideal debt levels[13]. Corporate Governance - The company maintained high standards of corporate governance and ethical standards throughout the reporting period[19]. - The audit committee reviewed the interim results for the six months ended June 30, 2024, ensuring compliance with relevant regulations[19].