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: 港燈電力投資與港燈電力投資有限公司 呈交日期: 2025年8月1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) | 02638 | 說明 | | 普通股（為股份合訂單位（備註）的組成部分） | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | 0.0005 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 20,000,000,000 | HKD | 0.0005 | HKD | | 10 ...

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。 執行董事 ： 霍 建 寧 先 生 （ 主 席 ） 、 鄭 祖 瀛 先 生 （ 行 政 總 裁 ） 、 陳來順先生、蔡偉民先生及王遠航先生 董事會召開日期 （2025年中期業績） 港 燈 電 力 投 資 管 理 人 有 限 公 司 （ 「 受 託 人 － 經 理 」 ， 作 為 港 燈 電 力 投 資 （「信託」）的受託人－經理）及港燈電力投資有限公司（「本公司」）之董事局 （ 「 董 事 局 」 ） 謹 此 宣 佈 ， 受 託 人 － 經 理 及 本 公 司 將 於 202 5 年 8 月 1 2 日 （星期二）舉行董事局會議，以（除其他事項外）審閱信託、本公司及其附屬 公司，及受託人－經理截至2025年6月30日止六個月之中期業績，以及考慮 作出中期分派。 承董事局命 港燈電力投資管理人有限公司 及 港燈電力投資有限公司 公司秘書 吳偉昌 香港，2025 年 7 月 30 日 於本公告日期，董事為： ...

Financial Performance - Revenue for 2024 reached HKD 12.057 billion, an increase from HKD 11.406 billion in 2023, representing a growth of approximately 5.7%[20] - The net profit attributable to unit holders was HKD 3.111 billion, slightly down from HKD 3.156 billion in 2023, indicating a decrease of about 1.4%[27] - The total distribution per unit for the year was HKD 0.3203, unchanged from 2023[196] - Capital expenditures for the year amounted to HKD 3.659 billion, a decrease from HKD 4.447 billion in 2023, reflecting a reduction of approximately 17.7%[198] - As of December 31, 2024, total external borrowings were HKD 50.855 billion, compared to HKD 50.206 billion in 2023[198] - The net debt as of December 31, 2024, was HKD 50.825 billion, with a net debt to total capital ratio of 51%, consistent with 2023[200] - The trust group maintained a stable A- credit rating from Standard & Poor's, reflecting strong financial conditions throughout the year[200] Customer Satisfaction and Service Quality - The average customer satisfaction index improved to 4.77 out of 5, up from 4.72 in 2023[21] - The company achieved an average customer satisfaction score of 4.77 out of 5, maintaining service standards for 25 consecutive years, with a 23% increase in customers using electronic payment methods[87] Energy Generation and Emissions - The new 380 MW gas combined cycle unit L12 commenced operation in March 2024, increasing the gas generation proportion to approximately 70% of total generation[26] - Gas-fired power generation will account for approximately 70% of total generation in 2024, with over 30% of the gas sourced from the newly operational offshore LNG receiving station since July 2023[30] - Carbon emissions were reduced by approximately 40% compared to the 2005 baseline, following the commissioning of a new 380 MW gas combined cycle unit in March 2024[78] - The company plans to phase out coal-fired power generation by 2035, with the retirement of two old coal units in 2024 and the construction of a new gas unit expected to be operational by 2029[79] Renewable Energy Initiatives - The total renewable energy generation capacity under the "Feed-in Tariff Scheme" has increased to over 13 GW, with 135 new installations during the year[31] - The company's renewable energy production exceeded 13 million kWh during the year, supported by solar and wind energy systems[86] - The renewable energy systems newly installed by 135 customers produced over 11 million kWh of electricity, benefiting from the "Feed-in Tariff" program[127] Smart Technology and Infrastructure - Approximately 80% of customers have been equipped with smart meters by the end of 2024, with the project expected to be completed by 2025[28] - The company is implementing LoRaWAN technology for automation and IoT applications across the power grid, enhancing operational efficiency and data transmission reliability[121] - The company has developed a patented smart tool for monitoring the operational status of distribution switchgear, set to launch in 2025, which alerts engineers when parameters exceed preset limits[117] Community Engagement and Support - The company has launched multiple community programs to assist Hong Kong society in addressing economic difficulties and reducing carbon footprints[78] - The volunteer team contributed over 3,930 hours of service in 2024, supporting 35 activities for underprivileged communities[152] - The "Show Me Your Love" challenge in 2024 benefited over 1,200 individuals through 20 selected projects[157] - The company distributed cash vouchers worth HKD 200 each to 10,000 participants in the electricity bill discount program for economically disadvantaged customers[158] Employee Development and Welfare - 港灯在2024年底员工总数超过1,800名，女性员工占比21%，管理层女性占比5.7%[175] - 2024年员工自愿流失率为7%，低于香港平均水平10.9%[175] - 2024年员工培训总时数为69,315小时，涵盖技术、安全、管理等多个领域[177] - 2024年针对员工的关爱调查收到1,481份回应，参与率为81.6%[178] - 港灯在2024年将产假由14周增加至16周，侍产假由5天增加至10天[176] Environmental Initiatives - The company plans to allocate approximately HKD 75 million for the "Smart Electricity Saving Service" in 2025 to promote carbon neutrality and energy savings[34] - The company has received recognition for its food waste recycling efforts, with one canteen achieving a diamond-level award for its contributions[138] - The company has implemented a recycling program in its office buildings to minimize waste sent to landfills, including setting up recycling bins on every floor[136] Infrastructure Development - The company installed 31 new distribution substations and transformer distribution boxes, laying approximately 127 kilometers of cables to enhance capacity for peak loads[94] - The company is actively expanding its power grid to meet the energy demands of large development projects in the Southern and Eastern districts of Hong Kong[80] Awards and Recognition - The company received a gold award in the public and community service category at the 2023 Hong Kong Environmental Excellence Awards[69] - The company received the "2023 Hong Kong Environmental Excellence Award" for its outstanding performance in resource conservation and carbon reduction[151]

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]

Financial Performance - Revenue for the first half of 2024 was HKD 5.572 billion, an increase from HKD 5.229 billion in the same period of 2023, representing a growth of approximately 6.56%[1] - For the six months ended June 30, 2024, the profit before interest, tax, depreciation, and amortization was HKD 3.989 billion, an increase from HKD 3.739 billion in 2023, while the profit attributable to unit holders was HKD 947 million, down from HKD 982 million in 2023[7] - The unaudited consolidated profit for the same period was HKD 947 million, a decrease from HKD 982 million in 2023, reflecting a decline of about 3.6%[18] - Operating profit for the same period was HKD 2,490 million, up from HKD 2,299 million in 2023, indicating an increase of about 8.3%[29] - The Trust Group's total comprehensive income attributable to shareholders for the six months ended June 30, 2024, was HKD 974 million, compared to HKD 935 million in 2023, reflecting a growth of approximately 4.2%[31] - The company reported a net profit of HKD 1,422 million for the six months ended June 30, 2024, compared to HKD 1,408 million for the same period in 2023, representing a growth of 1%[34] - The total comprehensive income for the period was HKD 974 million, compared to HKD 935 million in the same period last year, showing an increase of 4%[34] Distribution and Dividends - Total distribution amount remained stable at HKD 1.408 billion, with an interim distribution per share of HKD 0.1594[1] - The interim distributable income was HKD 1.048 billion, unchanged from 2023, with an interim distribution of HKD 0.1594 per unit, to be paid on September 6, 2024[8] - The interim distribution declared for the six months ended June 30, 2024, is HKD 0.1594 per share, unchanged from the previous year[19] - The interim distribution for the 2024 fiscal year is set at HKD 0.1594 per unit, payable on September 6, 2024[104] - The interim dividend per share for the six months ended June 30, 2024, remained at 15.94 cents, consistent with the previous year[65] Capital Expenditure and Investments - The company plans to invest HKD 22 billion over the next five years to expand decarbonization infrastructure and enhance other facilities, including the construction of a new 380 MW gas combined cycle generator unit (L13)[6] - Capital expenditure during the period was HKD 1.375 billion, down from HKD 1.678 billion in 2023, indicating a reduction of approximately 17.9%[22] - The company incurred capital expenditures of HKD 2,009 million, a reduction from HKD 2,316 million in the previous year, reflecting a strategic focus on cost control[36] - The company's capital expenditure for the period was HKD 2,025 million, down from HKD 2,407 million in the previous year, a decrease of 15.8%[65] - Capital expenditures approved and contracted amount to HKD 7.464 billion as of June 30, 2024, up from HKD 5.832 billion at the end of 2023[67] - Capital expenditures approved but not yet contracted decreased to HKD 16.873 billion from HKD 21.073 billion year-over-year[67] Operational Efficiency and Technology - The company plans to enhance productivity and operational capabilities by leveraging advanced technologies such as artificial intelligence[15] - The company aims to balance capital expenditure and necessary investments while progressing towards its zero-carbon vision for the 2024-2028 development plan[15] - The company plans to continue its investment strategy focused on operational efficiency and market expansion in the upcoming periods[41] - The company is actively exploring the feasibility of importing zero-carbon electricity through regional cooperation and investigating the application of green hydrogen[15] Sustainability and Environmental Goals - The company aims to increase the proportion of natural gas generation to approximately 70% following the completion of its 2019-2023 development plan[6] - The company plans to eliminate coal-fired power generation by 2035, having already retired three coal units in recent years, with L6 expected to retire in 2029[9] - The total capacity of natural gas generation will increase to 1,855 MW by 2029, representing a significant portion of the total generation capacity[9] - The company has completed the review of its sustainability framework and policies, setting new goals aligned with six United Nations Sustainable Development Goals[12] - The company is committed to improving the resilience of its power grid against extreme weather events through investments in flood and wind protection facilities[15] Financial Position and Debt Management - Total external borrowings as of June 30, 2024, amounted to HKD 50.664 billion, an increase from HKD 50.206 billion as of December 31, 2023[22] - As of June 30, 2024, the net debt of the Trust Group was HKD 50.619 billion, compared to HKD 50.185 billion on December 31, 2023, maintaining a net debt to net total capital ratio of 51%[24] - The Trust Group's total assets as of June 30, 2024, were HKD 115.836 billion, slightly down from HKD 116.047 billion on December 31, 2023[33] - The company's total liabilities decreased from HKD 3,417 million as of December 31, 2023, to HKD 2,904 million as of June 30, 2024, a reduction of 15%[57] - The total equity as of June 30, 2024, was HKD 49,922 million, slightly up from HKD 49,447 million as of December 31, 2023, indicating a growth of 1%[57] Governance and Compliance - The company has complied with the corporate governance code applicable during the six months ended June 30, 2024, except for the absence of a remuneration committee and a nomination committee[86] - The audit committee, chaired by an independent non-executive director, has reviewed the unaudited consolidated financial statements for the six months ending June 30, 2024[91] - The company ensures compliance with all relevant laws and regulations, including listing rules and corporate governance developments[88] - The company has established a communication policy with unit holders to facilitate effective communication, including annual meetings and financial performance reports[97] - The company conducts regular meetings of the board, approximately four times a year, to monitor performance and strategic direction[87] Shareholder Information - The major shareholders of the company include Electric Power Industry Limited, holding 2,948,966,418 units, representing 33.37% of the issued units[102] - The State Grid Corporation holds 1,855,602,000 units, accounting for 21.00% of the issued units[102] - Qatar Investment Authority owns 1,758,403,800 units, which is 19.90% of the issued units[102] - The company has a significant concentration of ownership, with the top two shareholders controlling over 55% of the issued units[102] - The company is structured as a trust, with units that cannot be individually bought or sold[109]

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 ...

Financial Performance - Revenue for 2023 reached HKD 11.406 billion, an increase of 3.5% from HKD 10.793 billion in 2022[11] - For the year ending December 31, 2023, the EBITDA was HKD 8.03 billion, an increase from HKD 7.59 billion in 2022, while the audited profit attributable to unit holders was HKD 3.156 billion, up from HKD 2.954 billion in 2022[23] - The net debt to net total capital ratio remained stable at 51%[11] - The company announced a final distribution of HKD 0.1609 per unit, maintaining the same level as in 2022, resulting in a total annual distribution of HKD 0.3203 per unit[23] Customer Metrics - The average customer satisfaction index improved to 4.72 out of 5, compared to 4.71 in 2022[13] - The total number of customers served increased to 589,000, up from 586,000 in 2022[13] - Customer satisfaction reached an average score of 4.72 out of 5, exceeding 18 service commitments, with 2,100 commendation letters received during the year[124] Infrastructure and Development - The company plans to continue infrastructure development to support social progress and carbon reduction efforts[19] - The total investment for the 2019-2023 development plan reached HKD 26.6 billion, including the construction of 3 gas-fired generating units and a joint venture offshore LNG receiving station, which will increase the gas generation ratio to approximately 70% starting in 2024[20] - The company has received government approval for a new 5-year development plan (2024-2028) with a capital investment of HKD 22 billion aimed at improving emission performance and enhancing grid reliability[20] - The company plans to invest HKD 22 billion in the 2024-2028 development plan to further promote clean energy transition and enhance power supply reliability[59][68] Energy Transition and Sustainability - The company aims to achieve carbon neutrality by 2050, increasing the use of gas and renewable energy sources[2] - The company is committed to reducing carbon emissions and aims to halve carbon emissions from 2005 levels by 2035, in line with government policies on zero-carbon energy[32] - The company produced over 10 million kWh of renewable energy in 2023, including contributions from over 550 customer renewable energy systems[92] - The company has invested approximately HKD 300 million over the past five years to support vulnerable communities and promote energy efficiency and low-carbon living[31] Technological Advancements - The company implemented over 200 projects utilizing advanced analytics, AI, robotics, and IoT technologies to enhance operational reliability and efficiency[30] - The company developed a software model for monitoring the health status of 11 kV cables using AI technology, significantly enhancing fault risk assessment[114] - The use of drones for inspections has reduced the time required for data analysis from 7 days to 2 days, improving safety and efficiency while lowering costs[116] Emergency Preparedness and Resilience - The company is undertaking various flood and wind resistance projects to strengthen the grid's resilience against extreme weather events[26] - The company is investing in flood prevention infrastructure to enhance power supply reliability, including sealing cable duct entrances and installing a two-tier flood warning system[105] - Emergency response plans are regularly reviewed and updated to ensure rapid restoration of power systems during extreme weather events[107] Community Engagement and Social Responsibility - The company is committed to supporting three United Nations Sustainable Development Goals and will publish relevant indicators and progress in its annual sustainability report[27] - The company has allocated over HKD 55 million in 2024 to continue supporting vulnerable communities and promoting energy efficiency[31] - The company funded 15 social service organizations to operate 35 self-learning centers, providing a total of 2,910 learning opportunities[167] Employee Development and Safety - The company has over 1,830 employees, with a voluntary turnover rate of 6.5%, lower than the industry average for similar-sized companies[179] - Each employee received an average of 30 hours of training in 2023, supporting personal and career development[180] - The company recorded a low level of lost time injury incidents, with only 2 cases reported in 2023, despite being minor[189] Environmental Initiatives - The company launched an environmental education booklet titled "Carbon Reduction ABC," which won a gold award in the "Corporate Sustainability" category at the 2023 Hong Kong Public Relations Awards[57] - The company organized a three-day "Green Happy Market" to celebrate the 20th anniversary of its "Green Happy Program," attracting approximately 3,000 participants[153] - The company continues to monitor climate-related risks and opportunities, completing a scenario analysis in 2023[142]

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]