港燈電力投資 HK Electric Investments 港燈電力投資 Ele 港燈電力投資有限公司 (股份代號 : 2638) + 提升韌力 放眼綠色未來 2024年年報 港燈電力投資 於2014年1月成立，是專注於投資能源業的固定單一投資信託。其與 港燈電力投資有限公司（統稱「港燈電力投資」）共同發行的股份合訂單位於香港聯交所主板上市。 信託的結構有利港燈電力投資全心全意為股份合訂單位持有人帶來穩定的分派，並確保信託具 潛力達至長遠和可持續發展。 港燈電力投資的主要營運公司「港燈」是一間電力公用事業機構，業務涵蓋發電、輸配電及供電 服務，為香港超過593,000名客戶提供電力。自1890年港燈一直致力提供可負擔、安全和可靠的 電力，協助推動香港的經濟發展。我們正增加使用燃氣及可再生能源發電，並支持社區減碳，為 香港在2050年前達至碳中和出力。 我們秉承港燈悠久的傳統，與社區緊密聯繫、支援弱勢社群，以積極和負責任的態度繼續為香港 社會作出貢獻。 港燈自1997年起一直維持99.999%以上的世界級供電可靠度，我們將繼續推動香港成為充滿關愛、 可持續發展的低碳城市。 提升韌力 放眼綠色未來 年報封面設計 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported an EBITDA of HKD 8.719 billion, up from HKD 8.033 billion in 2023, representing an increase of approximately 8.5%[4] - The profit attributable to shareholders was HKD 3.111 billion, slightly down from HKD 3.156 billion in 2023, indicating a decrease of about 1.4%[4] - Revenue for the year ended December 31, 2024, was HKD 12,057 million, an increase of 5.7% from HKD 11,406 million in 2023[24] - Operating profit rose to HKD 5,488 million, up 10.3% from HKD 4,976 million in the previous year[24] - Profit before tax increased to HKD 4,080 million, representing a 12.8% growth compared to HKD 3,616 million in 2023[24] - Net profit after tax was HKD 3,339 million, a 12.4% increase from HKD 2,970 million in 2023[24] - The comprehensive profit attributable to unit holders for 2024 is HKD 3.11 billion, a decrease of 1.42% from HKD 3.16 billion in 2023[15] Electricity Sales and Operations - The total electricity sales for 2024 increased to 10.15 billion kWh, compared to 10.04 billion kWh in 2023, reflecting a growth of approximately 1.1%[7] - The company achieved a world-class power supply reliability rate of over 99.9999%, with customers experiencing an average of less than 30 seconds of unplanned power outages throughout the year[3] - The new 380 MW gas combined cycle unit L12 commenced operation in March 2024, increasing the gas generation proportion to about 70% of total electricity generation[3] Carbon Emission and Sustainability Initiatives - The company aims to reduce annual carbon emissions by approximately 40% compared to the 2005 baseline by phasing out coal-fired generation units L4 and L5[3] - The company is actively exploring additional emission reduction methods, including the introduction of zero-carbon electricity and the use of green hydrogen[10] - The company plans to invest approximately HKD 750 million in 2025 for its "Smart Electricity Saving Service" to promote carbon neutrality and energy conservation[10] Financial Position and Capital Expenditure - Capital expenditure for the year is HKD 36.59 billion, down from HKD 44.47 billion in 2023, funded by cash from operations and external loans[17] - The total external loans amount to HKD 50.86 billion as of December 31, 2024, compared to HKD 50.21 billion in 2023[17] - The net debt as of December 31, 2024, is HKD 50.83 billion, with a net debt to total capital ratio of 51%, unchanged from 2023[18] - The total capital expenditure for the year is HKD 3,651 million, compared to HKD 4,339 million in 2023[55] Employee Compensation and Workforce - The total employee compensation, excluding director remuneration, reached HKD 1.235 billion for the year ending December 31, 2024, compared to HKD 1.206 billion in 2023[22] - The group’s employee compensation increased to HKD 758 million in 2024 from HKD 734 million in 2023, a rise of 3.3%[41] - The number of long-term employees as of December 31, 2024, is 1,649, a slight decrease from 1,657 in 2023[22] Dividends and Distributions - The total distribution amount for the year ending December 31, 2024, is HKD 2.83 billion, consistent with the previous year[16] - The company maintains a stable interim distribution of HKD 1.408 billion and a final distribution of HKD 1.422 billion for both 2024 and 2023[16] - The total interim dividend declared for 2024 is HKD 2,830 million, with an interim dividend of HKD 0.1594 per share and a proposed final dividend of HKD 0.1609 per share[50] Assets and Liabilities - Total assets less current liabilities amounted to HKD 114,501 million, an increase from HKD 113,422 million in 2023[29] - Non-current liabilities totaled HKD 64,343 million, up from HKD 63,774 million in the previous year[29] - The company reported a net asset value of HKD 49,290 million, compared to HKD 48,978 million in 2023[29] Compliance and Governance - The company has complied with the corporate governance code applicable to the trust and has maintained high standards of corporate governance throughout the year[90] - The board of directors has confirmed compliance with the standard code for securities trading for the fiscal year ending December 31, 2024[92] - The audit committee has reviewed procedures for handling reports of financial reporting and internal control issues[91] Miscellaneous - The company has not engaged in any buybacks, sales, or redemptions of issued units during the fiscal year ending December 31, 2024[88] - The annual general meeting is scheduled for May 21, 2025[93] - The company’s financial statements for the year ending December 31, 2024, will be submitted to the Companies Registry in due course[80]

港燈電力投資 7 HK Electric Investments 港燈電力投資 與 港歷電力投資有限公司 (股份代號：2638) mmmmmm // || III A 2024年中期報告 財務摘要 收入 55.72億港元 52.29億港元 分派總額 14.08億港元 14.08億港元 每股份合訂單位的中期分派 15.94港仙 15.94港仙 截至6月30日止首六個月 2024 2023 本中期報告的中文及英文版本已在本公司 網站www.hkei.hk 及香港交易及結算所有限公司 網站www.hkexnews.hk 登載。 股份合訂單位持有人如欲收取公司通訊（包括 但不限於本中期報告）的印刷本，或更改所選擇 公司通訊印刷本的語言版本，謹請按照本公司 網站「投資者資訊」分頁下「發佈公司通訊的安排」 內的相關指示填妥相關回條，並將填妥之回條 電郵至本公司(mail@hkei.hk)或郵寄至股份合訂 單位過戶登記處香港中央證券登記有限公司 （地址為香港灣仔皇后大道東183號合和中心 17M樓）。 股份合訂單位持有人的任何該等要求將於收取 指示起計一年內有效，或直至股份合訂單位 持有人撤回該等要求或提出後續書面要求 取 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.67, up from the previous target of HKD 6.33 [1] Core Views - The company's 1H24 revenue increased by 6.6% YoY to HKD 5.57 billion, while net profit attributable to shareholders decreased by 3.6% YoY to HKD 950 million [1] - The interim dividend remained flat YoY at HKD 1.408 billion, representing 100% of distributable income, with a DPS of 15.94 HK cents [1] - The company's natural gas power generation ratio increased to approximately 70% in 1H24, driven by the commissioning of the 380MW L12 gas-fired unit and the retirement of two 250MW coal-fired units (L4/L5) [2] - The company plans to invest HKD 22 billion in capital expenditure from 2024 to 2028, which is expected to contribute to the steady growth of net profit attributable to shareholders [3] Financial Performance - The company's revenue is expected to grow from HKD 11.984 billion in 2024E to HKD 12.856 billion in 2026E, with a CAGR of 3.35% [4] - Net profit attributable to shareholders is projected to increase from HKD 3.223 billion in 2024E to HKD 3.773 billion in 2026E, with a CAGR of 7.81% [4] - The company's ROE is expected to improve from 6.55% in 2024E to 7.47% in 2026E, while the PE ratio is forecasted to decline from 15.00x in 2024E to 12.81x in 2026E [4] Operational Highlights - The company's electricity sales volume increased by 1.8% YoY in 1H24, with a power supply reliability exceeding 99.9999% [2] - The company's 2024-2028 development plan includes the construction of a new 380MW gas-fired unit (L13), which is expected to further increase the natural gas power generation ratio upon its commissioning in 2029 [2] Valuation - The report values the company at 1.19x 2024E PB, which is approximately 0.5 standard deviations above the historical average of 1.07x [1] - The company's EV/EBITDA is expected to decline from 13.16x in 2024E to 11.97x in 2026E, reflecting improving operational efficiency [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 2024 年中期業績 董事局主席報告 港燈電力投資及其全資附屬公司港燈致力推動綠色能源轉型，近年更取得顯著成果。 集團以增加天然氣發電比例為中期措施，長遠致力實現零碳發電願景。在 2024 年首 6 個 月，港燈順利完成上一個發展計劃內的資本工程，並啟動 2024 – 2028 年度發展計劃的新 項目，穩步邁向這個長遠願景。 2024 年 3 月，港燈在能源轉型的路上再度創下新里程，一台 380 兆瓦燃氣聯合循環發電 機組 L12 落成啟用，並先後在 1 月和 6 月將 2 台老舊燃煤發電機組 L4 和 L5 退役，以履 行我們致力減少燃煤發電的承諾。至此，我們的 2019 – 2023 年度發展計劃已順利完成， 使港燈得以進一步增加天然氣發電比例至約 70%。 2024 – 2028 年度發展計劃繼續推動港燈的能源轉型進程至下一階段。該計劃不但有助 我們善用資本開支，同時確保向客戶提供安全、可靠和可負 ...

2023 承先啟後 邁向綠色未來 2023年年報 年年報 港燈電力投資與港燈電力投資有限公 司 增加 天然氣發電 加強 抵禦氣候變化 與持份者合作，推動 在2050年前達至碳中和 港燈電力投資 於 2014 年 1 月成立，是專注於投資能源業的固定單一 投資信託。其與港燈電力投資有限公司（統稱「港燈電力投資」）共同發行的 股份合訂單位於香港聯交所主板上市。信託的結構有利港燈電力投資全心 全意為股份合訂單位持有人帶來穩定的分派，並確保信託具潛力達至長遠 和可持續發展。 港燈電力投資的主要營運公司「港燈」是一間電力公用事業機構，業務 涵蓋發電、輸配電及供電服務，為香港超過589,000 名客戶提供電力。自 1890年港燈一直致力提供可負擔、安全和可靠的電力，協助推動香港的經 濟發展。我們正增加使用燃氣及可再生能源發電，並支持社區減碳，為香 港於2050年前達至碳中和出力。 承先啟後 邁向綠色未來 承先啟後 邁向綠色未來 2023年年報 PREVIEW 2023 年年報 港燈電力投資與港燈電力投資有限公司 港燈在 2023 年的重點工作是繼續推動能源轉型，建設更綠色香港。年報的封面設計展現了 這個發展，以清晰的線條 ...

Financial Performance - For the year ending December 31, 2023, the company reported an EBITDA of HKD 8.03 billion, up from HKD 7.59 billion in 2022, representing a growth of approximately 5.8%[5] - The profit attributable to shareholders was HKD 3.156 billion, compared to HKD 2.954 billion in 2022, marking an increase of about 6.8%[5] - The group's revenue for the year ended December 31, 2023, was HKD 11.406 billion, an increase from HKD 10.793 billion in 2022[19] - The consolidated profit for the same period was HKD 3.156 billion, up from HKD 2.954 billion in 2022, representing a growth of approximately 6.8%[19] - Revenue for the year ended December 31, 2023, was HKD 11.406 billion, an increase of 5.7% from HKD 10.793 billion in 2022[31] - Operating profit rose to HKD 4.976 billion, up from HKD 4.509 billion in 2022, reflecting a growth of 10.4%[31] - Basic and diluted earnings per share increased to HKD 0.3572, compared to HKD 0.3343 in 2022, representing a growth of 5.8%[31] - The group recorded a net loss of HKD 256 million from the sale and write-off of property, plant, and equipment in 2023, compared to a loss of HKD 88 million in 2022, indicating a deterioration in asset management[49] Investments and Development Plans - The company has completed its 2019-2023 development plan with a total investment of HKD 26.6 billion, which includes the construction of three gas turbine units and a joint venture offshore LNG receiving station[3] - A new five-year development plan has been approved, with a capital investment of HKD 22 billion planned for 2024-2028 to improve emission performance and enhance grid resilience[3] - The company plans to allocate over HKD 55 million in 2024 to continue supporting vulnerable communities and promoting energy efficiency and low-carbon living[14] - The group has committed to investing HKD 1,300 million into the Energy Efficiency Fund in 2023, which is part of its strategy to promote energy efficiency[53] Customer and Operational Metrics - The company installed over 360,000 smart meters, covering approximately 60% of its customer base, enabling customers to monitor their electricity usage[6] - The electricity sales volume slightly increased to 10.04 billion kWh in 2023 from 9.94 billion kWh in 2022, driven by a rise in customer numbers to 589,000[11] - The company achieved a customer satisfaction score of 4.72 out of 5, maintaining a reliability record of over 99.999% for 27 years[11] - The company has provided technical support for the installation of electric vehicle charging infrastructure, assisting around 53,000 parking spaces in 470 private estates since 2020[9] - The company produced over 10 million kWh of green electricity through renewable energy systems connected to its grid in 2023[11] Financial Position and Liabilities - As of December 31, 2023, total external loans amounted to HKD 50.206 billion, a slight decrease from HKD 51.212 billion in 2022[23] - Net debt as of December 31, 2023, was HKD 50.185 billion, compared to HKD 50.887 billion in 2022, with a net debt to total capital ratio of 51%[24] - The company's net assets stood at HKD 48,978 million as of December 31, 2023, slightly down from HKD 49,333 million in 2022, a decrease of 0.7%[36] - The company’s total liabilities increased to HKD 1,277 million due to debt repayments during the year[56] - The total nominal amount of outstanding financial derivative contracts was HKD 46.116 billion as of December 31, 2023, compared to HKD 44.9 billion in 2022[26] Tariffs and Subsidies - In 2023, over 920,000 "zero" electricity bills were issued to residential customers, accounting for about 16% of all residential bills due to fuel adjustment fee reductions and various subsidies[13] - The basic electricity tariff is set to increase by 5 HK cents to 119.5 HK cents per kWh in 2024, while the net electricity fee will decrease to 165.5 HK cents per kWh, a 16% reduction compared to January 2023[16] - The company provided a special fuel cost rebate of HKD 0.011 per kWh to all customers in May 2023[68] - The special electricity subsidy provided in 2023 amounted to HKD 38.881 million, offering a subsidy of HKD 0.095 per kWh to residential customers using 300 kWh or less per month[55] Governance and Compliance - The trust and the company complied with the applicable provisions of the corporate governance code throughout the year ending December 31, 2023, except as noted[98] - The audit committee has reviewed procedures for handling reports of improper conduct related to financial reporting and internal controls[99] - The trust and the company have established insider information and securities trading policies for all employees[99] - The board of directors consists of independent non-executive directors and executive directors, ensuring a diverse governance structure[103] Environmental and Emission Goals - The company aims to reduce carbon emissions by half from 2005 levels by 2035, in line with government policies to increase the use of zero-carbon energy[16] - The company has initiated a new project to build a gas turbine unit to replace an old coal-fired unit, further reducing carbon emissions[7]

Financial Performance - Revenue for the first half of 2023 reached HKD 5.229 billion, an increase of 6.9% compared to HKD 4.893 billion in 2022[3] - The profit attributable to unit holders was HKD 980.2 million, up from HKD 894.0 million in 2022, representing a growth of 9.6%[14] - EBITDA for the first half of 2023 was HKD 3.739 billion, compared to HKD 3.377 billion in 2022, reflecting an increase of 10.7%[14] - The trust group's revenue for the six months ended June 30, 2023, was HKD 5.229 billion, an increase of 6.8% from HKD 4.893 billion in 2022[31] - The unaudited consolidated profit for the same period was HKD 982 million, up 9.8% from HKD 894 million in 2022[31] - Operating profit for the same period was HKD 2,299 million, up 22.2% from HKD 1,881 million in 2022[46] - Profit attributable to shareholders for the six months was HKD 982 million, representing a 9.8% increase from HKD 894 million in 2022[48] - Basic and diluted earnings per share increased to 11.11 cents from 10.12 cents, reflecting a growth of 9.8%[46] - Total comprehensive income for the period was HKD 935 million, down from HKD 1,885 million in 2022, primarily due to changes in cash flow hedges[48] Distribution and Dividends - The interim distribution declared is HKD 1.408 billion, maintaining the same amount as in 2022, with an interim distribution per unit of HKD 0.1594[16] - The interim dividend per share remained stable at 15.94 cents for both 2023 and 2022, with total interim dividends amounting to 1,408 million[23][24] - The group paid out dividends totaling HKD 1,422 million, unchanged from the previous year[54] Capital Expenditure and Financial Position - Capital expenditure for the period was HKD 1.678 billion, down from HKD 2.159 billion in 2022[36] - As of June 30, 2023, the total external borrowings amounted to HKD 52.054 billion, compared to HKD 51.212 billion as of December 31, 2022[36] - The net debt as of June 30, 2023, was HKD 51.775 billion, with a net debt to net total capital ratio of 51%[39] - The trust group secured a 5-year credit facility of HKD 2 billion for capital expenditures and general business purposes[39] - The trust group maintained a stable cash flow from operating activities, which supported the declared distributions[35] - Current liabilities decreased to HKD 4,467 million from HKD 5,527 million, indicating improved liquidity[50] - Net assets as of June 30, 2023, were HKD 48,851 million, down from HKD 49,333 million at the end of 2022[50] Operational Developments - The company continues to implement its carbon reduction strategy, with a significant milestone being the completion of the offshore liquefied natural gas receiving station in July 2023[12] - The construction of the third 380 MW gas turbine generator is ongoing, expected to be operational in early 2024[12] - The company has submitted its development plan for 2024-2028 to the government, outlining proposed capital investments for the next five years[12] - The new offshore liquefied natural gas receiving station commenced commercial operations in early July 2023, with a storage capacity of 263,000 cubic meters[17] - The company plans to commission the third gas turbine unit (L12) at the Lamma Power Station by early 2024[17] Customer and Market Insights - The electricity sales volume increased by 3.3% in the first half of 2023 compared to the same period in 2022, but decreased by 5.8% compared to the first half of 2019[21] - The company has installed over 303,000 smart meters for more than half of its customers, aiding them in managing their electricity consumption[18] - The fuel adjustment fee decreased from HKD 0.825 per kWh in January 2023 to HKD 0.697 per kWh in August 2023, a drop of 15.5%[21] Governance and Compliance - The company has adhered to the corporate governance code applicable during the six months ended June 30, 2023, with some exceptions noted[127] - The board of directors consists of 17 members, including 5 executive directors, 6 non-executive directors, and 6 independent non-executive directors, complying with the requirement that independent non-executive directors represent at least one-third of the total board[130] - The Audit Committee consists of three independent non-executive directors and one non-executive director, chaired by Mr. Robins[137] - The company has established policies for insider information and securities trading to ensure compliance among all employees[128] Environmental and Social Responsibility - The company has introduced a comprehensive environmental, social, and governance risk management framework to improve risk control measures[27] - The company has allocated approximately HKD 55 million to support vulnerable households and non-residential customers during the year[24] - The company aims to explore the feasibility of constructing a power receiving station in Tseung Kwan O to import zero-carbon electricity[27] - Future guidance indicates a commitment to sustainable practices, with a target of reducing carbon emissions by I% over the next five years[165]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔 任何責任。 2023年中期業績 董事局主席報告 2023 年上半年，港燈電力投資及其全資附屬公司港燈繼續全力推行減碳策略支持香港實 現減碳目標。 港燈 2019-2023 年度發展計劃踏入最後一年，該計劃推動綠色能源轉型以及把相關能源 基建「由煤轉氣」。期內一個重要里程碑是海上液化天然氣接收站在 2023 年 7 月初落成 並投入商業運作。港燈同時繼續興建第 3 台 380 兆瓦燃氣發電機組，預計在 2024 年初投 產，以及安裝智能電表和相關基礎設施。 港燈已就現行《管制計劃協議》的中期檢討與政府及主要持份者展開磋商，探討是否有 優化空間。《管制計劃協議》一直提供一個穩定框架，讓電力公司投資減碳項目，成效 顯著。港燈已於 2023 年 6 月向政府提交 2024-2028 年度發展計劃，當中概述未來 5 年擬 議的資本投資。 港燈的首要目標之一是維持世界級的供電可靠度，過去近 30 年來從未發生大規模停電。 然而， ...

2022 年年 穩固基礎 造就綠色未來 2022年年報 報 港燈電力投資與港燈電力投資有限公 司 16-19 資本工程 進展順利為香港 締造綠色未來 24-25 以客為先 穩固基礎 造就綠色未來 2022年年報 穩固基礎 造就綠色未來 在2022年，港燈致力打造穩固 和持久的基礎，為未來社會提供 環保電力，支持香港發展為零碳 城市。本年度報告封面呈現了建 設這個基礎的眾多基石，包括我 們技術超群、專心致志的員工、 卓越的客戶服務，以及新一代的 基礎設施。我們奠定的基礎，將 有助我們在建設綠色未來方面再 攀高峰，如同香港高聳入雲的摩 天大樓也是建立於一個穩固地基 上一樣。 港燈電力投資於2014年1月成 立， 是 專 注 於 投資能源業的固定單一投資信託。其與港燈電力 投資有限公司（統稱「港燈電力投資」）共同發行的 股份合訂單位於香港聯交所主板上市。信託的結構 有利港燈電力投資全心全意為股份合訂單位持有人 帶來穩定的分派，並確保信託具潛力達至長遠和可 持續發展。 港燈電力投資的主要營運公司「港燈」是一間電力公 用事業機構，業務涵蓋發電、輸配電及供電服務， 為香港約586,000名客戶提供電力。自1890年港燈 ...