Financial Performance - HK Electric Investments reported a revenue of HKD 103.89 billion for 2020, a decrease from HKD 107.39 billion in 2019[11][12] - The company maintained a distributable income of HKD 28.30 billion for both 2020 and 2019[13][14] - The total assets of HK Electric Investments amounted to HKD 1,097.17 billion in 2020, compared to HKD 1,115.67 billion in 2019[20][21] - The net debt to net total capital ratio was reported at 47% for 2020, indicating a stable financial position[23][25] - For the year ended December 31, 2020, the profit before interest, tax, depreciation, and amortization was HKD 7.14 billion, compared to HKD 7.19 billion in 2019[38] - The audited profit attributable to unit holders was HKD 2.73 billion, an increase from HKD 2.32 billion in 2019, representing a growth of approximately 17.7%[38] - The final distribution per unit was maintained at HKD 0.1609, with total distributions for the year amounting to HKD 0.3203 per unit, unchanged from 2019[38] Power Generation and Capacity - The company achieved a power generation capacity of 3,617 MW in 2020, up from 3,237 MW in 2019[30] - The gas-fired power generation ratio increased to 50% in 2020, up from approximately 30% in 2019, with a target to reach about 70% by 2023[6][36] - The company is on track to complete two gas turbine units with a capacity of 380 MW each by 2022 and 2023, which will increase the gas generation ratio to 70% and reduce absolute carbon emissions by approximately 40% compared to 2005 levels[39] - A new gas-fired generator unit (L10) was officially commissioned in February, increasing the gas generation ratio to about 50%[52] - The company plans to commission the L11 and L12 gas turbine generators, each with a capacity of 380 MW, in 2022 and 2023 respectively, further increasing the gas generation proportion to about 70%[78] Customer Service and Satisfaction - Customer satisfaction index improved to 4.72 in 2020 from 4.63 in 2019[30] - The number of customers served increased to 583,000 in 2020, up from 581,000 in 2019[30] - The company provided electricity services to over 583,000 customers, selling a total of 10.134 billion kWh in the year, a decrease from 10.514 billion kWh in 2019[44] - The average waiting time for the customer emergency service center was 2.97 seconds, significantly better than the target of 9 seconds[105] Environmental Initiatives and Sustainability - The company is committed to supporting the Hong Kong government's goal of achieving carbon neutrality by 2050 and is exploring zero-carbon energy and decarbonization technologies[44] - The company has established a new sustainability committee to oversee all matters related to environmental, social, and governance (ESG) issues[44] - The company is focused on maintaining a stable growth of its asset base through prudent investment strategies aimed at ensuring reliable electricity supply and enhancing customer service[49] - The company is committed to achieving carbon neutrality by 2050 and has established a sustainable development committee to guide these efforts[71] - The company reduced coal ash and gypsum production by 34% and 44% respectively compared to 2019, following the commissioning of gas-fired generator L10 in 2020[94] - Carbon emissions in 2020 decreased by 16% compared to 2019, attributed to the introduction of the L10 generator[74] - The company achieved its renewable energy generation target ahead of schedule, reaching it in 2020 instead of the planned 2023[138] Community Support and Relief Measures - HK Electric Investments launched a series of relief measures totaling approximately HKD 34 million to assist those severely impacted by the economic downturn[37] - The company implemented five relief measures for SMEs, allowing approximately 70,000 non-residential customers to be exempt from a 6-month electricity tariff increase[44] - The company distributed a total of 40,000 meal vouchers worth HKD 20 million to assist underprivileged communities during the pandemic[107] - The company engaged 141 elderly individuals through a caring service during the pandemic, demonstrating its commitment to community support[180] Technological Advancements and Innovations - The company successfully installed over 40,000 smart meters starting in 2020[30] - The company is launching a plan to install smart meters for all customers, aiming for completion by 2025, which will help customers better understand and manage their electricity consumption[54] - The company developed a software system to detect fuse failures and provide early warnings to shorten power restoration times[87] - The company introduced a facial recognition system in 2020 to manage access to confined spaces, enhancing employee safety[195] - Drones and remote-controlled vehicles are now used for critical inspections and surveys, further reducing risks associated with high-altitude and confined space work[195] Employee Engagement and Training - The company received 20 innovative proposals from employees in 2020, with 6 recognized for their merit, indicating strong employee engagement in safety initiatives[197] - The company provided 33,524 hours of training for employees in 2020, focusing on enhancing skills and adaptability despite the pandemic[186] - The employee voluntary turnover rate was 2.4% in 2020, marking a recent low for the company[180] - The company emphasizes the importance of employee feedback, holding 11 meetings and 16 focus group discussions in 2020[145] Safety and Health Measures - The company implemented strict sanitation measures beyond government requirements to safeguard employees and stakeholders[101] - The company conducted over 160 safety inspections and implemented 10 improvement measures as part of its workplace safety behavior program in 2020[191] - The company implemented strict social distancing measures in its offices, reducing elevator capacity from 15 to 6 to minimize infection risks[191]

Financial Performance - Revenue for the first half of 2020 was HKD 4.8 billion, compared to HKD 5.003 billion in the same period of 2019, reflecting a decrease of approximately 4.1%[4] - For the six months ending June 30, 2020, the profit before interest, tax, depreciation, and amortization was HKD 3.24 billion, a decrease from HKD 3.287 billion in 2019[34] - The unaudited profit attributable to unit holders was HKD 810 million, compared to HKD 709 million in 2019, reflecting an increase of approximately 14.3%[34] - The company's revenue for the six months ended June 30, 2020, was HKD 4.8 billion, a decrease from HKD 5.003 billion in 2019, while the consolidated profit attributable to unit holders was HKD 811 million, up from HKD 709 million in 2019[53] - The operating profit for the same period was HKD 1,753 million, down from HKD 1,813 million in 2019, reflecting a decrease of about 3.3%[70] - The profit attributable to shareholders for the six months was HKD 811 million, an increase from HKD 709 million in 2019, marking a growth of approximately 14.4%[73] - The total comprehensive income for the six months ended June 30, 2020, was HKD 540 million, a decrease from HKD 796 million in the same period of 2019, reflecting a decline of approximately 32.3%[81] Distribution and Dividends - Total distribution amount remained at HKD 1.408 billion, with an interim distribution per share of HKD 0.1594[4] - The interim distribution income available for distribution was HKD 1.48 billion, unchanged from 2019, with an interim distribution of HKD 0.1594 per unit[35] - The interim distribution declared for the six months ended June 30, 2020, was HKD 0.1594 per unit, unchanged from 2019[54] - The company declared an interim dividend of HKD 1,408 million for the six months ended June 30, 2020, consistent with the previous year's interim dividend[81] Operational Highlights - The completion of the L10 gas-fired generating unit in February 2020 increased the gas generation ratio from approximately 30% to about 50%[32] - The company plans to construct three additional gas-fired generating units, each with a capacity of 380 megawatts, as part of its 2019-2023 development plan[32] - The company maintained reliable power supply and quality customer service despite the challenges posed by the pandemic[32] - The company utilized digital technology to enhance its operational resilience during the pandemic[32] - The installation of smart meters for all customers is progressing, with completion expected by the end of 2025[37] - The company plans to invest HKD 16.2 billion in new gas-fired power generation units and facilities to reduce carbon emissions as part of its 2019-2023 development plan[37] Market and Customer Impact - Electricity sales volume decreased by 4% year-on-year, with April's sales dropping nearly 20% compared to the same month in 2019 due to pandemic-related restrictions[38] - The net electricity tariff increased by 5.2% to HKD 1.264 per kWh, driven by higher fuel costs and capital expenditures[38] - Over 70,000 non-residential customers received a waiver for six months of electricity tariff increases as part of relief measures for SMEs[42] - The company has completed energy efficiency audits for over 100 enterprises and provided funding for 380 applications under the "Smart Energy Saving Fund"[47] - Renewable energy generation devices installed at customer properties connected to the grid increased by 26, producing approximately 600,000 kWh of electricity during the period[47] Financial Position and Capital Expenditure - Capital expenditure during the period was HKD 1.571 billion, an increase from HKD 1.270 billion in 2019, funded by cash generated from operations and external borrowings[59] - As of June 30, 2020, total external borrowings amounted to HKD 44.618 billion, up from HKD 43.045 billion as of December 31, 2019[59] - The net debt to net total capital ratio was 48% as of June 30, 2020, compared to 47% at the end of 2019, indicating a stable financial condition[62] - The company maintains a strong financial position, with cash and bank balances of HKD 750 million as of June 30, 2020, compared to HKD 299 million at the end of 2019[59] - The net cash generated from operating activities for the six months ended June 30, 2020, was HKD 1,999 million, down from HKD 2,280 million in the same period of 2019, representing a decrease of about 12.3%[83] - The net cash used in investing activities increased to HKD 2,374 million for the six months ended June 30, 2020, compared to HKD 1,590 million in the prior year, indicating a rise of approximately 49.2%[83] - The net cash generated from financing activities was HKD 866 million for the six months ended June 30, 2020, compared to a net cash used of HKD 446 million in the same period of 2019, showing a significant turnaround[83] Governance and Compliance - The financial statements were prepared in accordance with Hong Kong Accounting Standards and have been reviewed by the audit committee[170] - The company has adopted no new accounting standards or amendments that would significantly impact its performance or financial position during the reporting period[177] - The company has maintained compliance with corporate governance codes applicable to the trust and itself as of June 30, 2020[186] - The board consists of 17 members, including 5 executive directors, 6 non-executive directors, and 6 independent non-executive directors, ensuring over one-third are independent[189] - The company has established a nomination committee composed of all directors, with a majority being independent non-executive directors, in accordance with listing rules[186] - The company has implemented policies regarding insider information and securities trading for all employees to ensure compliance[188] - The company has a commitment to transparency, integrity, and accountability in its operations[188] Risk Management - The board of directors is fully responsible for assessing and determining the nature and extent of risks the company is willing to accept to achieve its strategic objectives[200] - The company is committed to monitoring the effectiveness of its risk management and internal control systems[200] - The risk management system is reviewed by both the trustee-manager audit committee and the company's audit committee[200] - The company aims to establish appropriate and effective risk management and internal control systems[200]

Financial Performance - Revenue for 2019 was HKD 10.739 billion, a decrease of 7.5% from HKD 11.612 billion in 2018[11] - Distributable income for 2019 was HKD 2.830 billion, down 20% from HKD 3.538 billion in 2018[11] - The audited profit attributable to unit holders was HKD 2.327 billion, a decrease of approximately 23% from HKD 3.051 billion in 2018[23] - The allowed rate of return for the power company was significantly reduced by about 20%, leading to a corresponding decrease in the annual distribution amount by approximately 20%[23] - The final distribution per unit was HKD 0.1609, down from HKD 0.2012 in 2018, resulting in a total annual distribution of HKD 0.3203, compared to HKD 0.4004 in 2018[23] - For the year ended December 31, 2019, the profit before interest, tax, depreciation, and amortization was HKD 7.106 billion[22] Asset and Debt Management - The total assets increased to HKD 109.717 billion from HKD 107.894 billion, reflecting a growth of 1.2%[11] - The net debt to net total capital ratio increased to 47% from 46%[11] Customer Service and Reliability - The company has 581,000 customers and a network length of 6,536 kilometers[14] - The reliability of power supply is over 99.999%[14] - The company served over 580,000 customers, supplying 10.5919 billion kWh of electricity, maintaining a supply reliability of over 99.999% for 23 consecutive years since 1997[29] - The average waiting time for emergency service calls was less than 9 seconds, while the average waiting time for customer service counters was less than 3.5 minutes[106] - The company received 2,008 customer appreciation letters, reflecting high customer satisfaction with its services[106] Energy Generation and Transition - The company aims to increase the proportion of gas-fired generation from approximately 30% to about 70%[20] - The company plans to construct three new gas-fired generating units with a total capacity of 1,140 MW, replacing aging coal-fired units, with the first unit (L10) already operational since February 2020[24][25] - The gas generation ratio is expected to increase from approximately 30% in 2019 to about 50% in 2020, and further to around 70% after the commissioning of L11 and L12, aligning with government climate and environmental policies[84] - The company is gradually transitioning from coal to gas generation at the Lamma Power Station, with plans for a new gas unit expected to be operational by 2023[52] Environmental Initiatives - The company is implementing a development plan valued at HKD 26.6 billion aimed at reducing emissions and promoting a green city vision[62] - The company has connected 58 renewable energy generation devices to its grid, qualifying for the feed-in tariff, with over 2 million kWh of green power fully subscribed by customers[51] - The company launched a series of funds and services under the "Smart Energy Saving" initiative, assisting 83 buildings and over 1,100 underprivileged families with energy-efficient appliances[50] - The company is committed to phasing out all coal-fired power generation units by the early 2030s, further reducing its carbon footprint and emissions of sulfur dioxide and nitrogen oxides by approximately 75-90% compared to 2005 levels[84] - The company implemented 54 environmental management plans in 2019, focusing on reducing fuel usage and waste[95] Technological Advancements - The company launched the "Smart Energy Saving Service" to promote energy efficiency and renewable energy usage[20] - The company is advancing the installation of smart meters, with a pilot program completed in 2019, aiming for full rollout by the end of 2025[26] - The smart meters will enable data collection and analysis, allowing customers to improve their energy management[69] - The company introduced a virtual assistant named "Elsie" using AI natural language processing to assist customers with inquiries year-round[57] - The company launched a mobile smart delivery cabinet with dual authentication and tracking technology to streamline parts retrieval, saving significant waiting time[127] Community Engagement and Support - The company participated in 132 community activities throughout the year, supporting local events and charities[136] - The community service team grew to over 1,200 volunteers, supporting 94 different services with a total of 4,766 service hours in 2019[165] - The "Green Energy Dream Come True" competition funded 15 creative environmental projects in schools, promoting environmental education[174] - Over 2,250 elderly individuals received home electricity safety tips through the "Warm Community" program, which also provided essential daily supplies to those in need[176] Employee Development and Safety - 港灯在2019年招聘了9名见习生，参与见习工程师计划[184] - 港灯的员工中，男性占81.6%，自愿流失率为5%[182] - 港灯的见习工程师计划自1970年代以来，每年招聘约10至20名工程系毕业生[185] - 港灯的管理层中，40%的成员是由见习工程师晋升而来[186] - The lost time injury severity rate is 1.02 per 200,000 employee hours, and the lost time injury incidence rate is 0.05 per 200,000 employee hours[199] - A total of 17,047 hours of employee health and safety training were provided, along with 124 drills and 209 safety behavior observations[199]

Financial Performance - Revenue for the first half of 2019 was HKD 5.003 billion, compared to HKD 5.457 billion in 2018, representing a decrease of approximately 8.3%[4] - The total distribution amount for the first half of 2019 was HKD 1.408 billion, down from HKD 1.760 billion in 2018, a decline of about 20%[4] - The unaudited profit attributable to unit holders for the first half of 2019 was HKD 709 million, a decrease from HKD 982 million in 2018, reflecting a drop of approximately 27.7%[33] - The unaudited EBITDA for the first half of 2019 was HKD 3.287 billion, compared to HKD 3.809 billion in 2018, indicating a decrease of approximately 13.7%[33] - The interim distribution per unit for 2019 was HKD 0.1594, down from HKD 0.1992 in 2018, a reduction of about 20%[4] - The interim distributable income decreased by approximately 20% to HKD 1.408 billion, compared to HKD 1.76 billion in 2018[34] - The interim dividend declared is HKD 0.1594 per share, down from HKD 0.1992 in 2018[34] - Operating profit for the same period was HKD 1,813 million, down 24.0% from HKD 2,383 million in 2018[67] - Profit attributable to shareholders for the six months was HKD 709 million, a decrease of 28.0% compared to HKD 982 million in 2018[67] - Total comprehensive income for the period was HKD 796 million, down from HKD 1,286 million in 2018[70] Investment and Capital Expenditure - The company plans to invest a total of HKD 26.6 billion over five years from 2019 to 2023 to enhance power generation, transmission, and customer service infrastructure[32] - The company plans to invest HKD 16.2 billion to build new gas-fired power generation units and other facilities to replace old coal-fired units, aiming to reduce carbon emissions[35] - The group had approved and contracted capital expenditures of HKD 4.633 billion as of June 30, 2019, an increase from HKD 4.155 billion at the end of 2018[134] - The group also had approved but not contracted capital expenditures of HKD 18.822 billion as of June 30, 2019, down from HKD 20.717 billion at the end of 2018, showing a decrease of about 9.1%[134] Regulatory and Strategic Initiatives - The new regulatory framework aims to achieve energy efficiency, energy savings, and renewable energy goals through various initiatives and projects[32] - The company is committed to enhancing its gas-fired generation capacity and promoting smart grid development as part of its investment strategy[32] - The company launched the "Smart Energy Saving Service" to promote energy efficiency and renewable energy development in the community[43] - By 2023, the proportion of gas-fired power generation is expected to increase to about 70%, with carbon emissions reduced by over 25% compared to 2018[37] Financial Position and Debt - As of June 30, 2019, total external borrowings amounted to HKD 43.477 billion, an increase from HKD 41.965 billion as of December 31, 2018[56] - The net debt to net total capital ratio was 47% as of June 30, 2019, compared to 46% at the end of 2018[59] - The total amount of undrawn bank facilities was HKD 4.9 billion as of June 30, 2019, down from HKD 5.495 billion at the end of 2018[56] - The company’s total bank loans and other interest-bearing borrowings amounted to HKD 62,602 million as of June 30, 2019, compared to HKD 59,168 million at the end of 2018[115] Cash Flow and Liquidity - Operating cash flow for the six months ended June 30, 2019, was HKD 2,796 million, a decrease of 7.3% from HKD 3,004 million in 2018[79] - Net cash generated from operating activities was HKD 2,280 million, down from HKD 2,493 million, reflecting a decline of 8.5%[79] - Cash used in investing activities amounted to HKD 1,590 million, an increase of 34.1% compared to HKD 1,186 million in 2018[79] - Cash and cash equivalents as of June 30, 2019, totaled HKD 277 million, down from HKD 454 million, representing a decrease of 39.0%[79] Corporate Governance - The company has maintained compliance with corporate governance codes applicable as of June 30, 2019, with exceptions noted[169] - The board consists of 17 members, including 5 executive directors, 6 non-executive directors, and 6 independent non-executive directors, meeting the requirement of over one-third being independent[173] - The company has established a nomination committee composed of all directors, although it deviates from the governance code's stipulations[170] - The company’s audit committees have reviewed procedures for handling reports of financial misconduct and internal controls[172] - The company’s risk management and internal control systems are monitored by the boards, ensuring effective risk management practices are in place[180] Shareholder Information - As of June 30, 2019, the directors hold a total of 11,270,000 units, representing approximately 0.12% of the issued units[191] - Li Zeju holds 7,870,000 units, accounting for 0.08% of the issued units, while Ho Kwan Ning holds 2,000,000 units, representing 0.02%[191] - The major shareholders include Power Assets Holdings Limited with 2,948,966,418 shares, representing 33.37% of the total[200] - The State Grid Corporation holds 1,855,602,000 shares, accounting for 21.00% of the total[200] - Qatar Investment Authority owns 1,758,403,800 shares, which is 19.90% of the total[200]

Financial Performance - Revenue for 2018 was HKD 116.12 billion, a slight decrease of 0.7% from HKD 116.93 billion in 2017[9] - The audited consolidated profit for the same period was HKD 3.051 billion, down from HKD 3.341 billion in 2017[168] - The audited consolidated profit attributable to unit holders was HKD 3,051 million in 2018, down from HKD 3,341 million in 2017, representing a decrease of approximately 8.7%[170] - The total distributable income for 2018 was HKD 3,538 million, unchanged from 2017, with a total distribution amount of HKD 3,538 million[170] - The interim distribution per unit was HKD 0.1992, consistent with the previous year, while the final distribution per unit was HKD 0.2012, also unchanged from 2017[170] - The total capital expenditure for the year was HKD 38.09 billion, an increase from HKD 29.29 billion in 2017, reflecting a growth of approximately 30.5%[175] - The company reported a cash balance of HKD 34 million as of December 31, 2018, a decrease from HKD 1.659 billion in 2017[175] - Total employee compensation for the year ended December 31, 2018, reached HKD 1.124 billion, an increase from HKD 1.111 billion in 2017[186] Operational Efficiency - The company maintained a world-class power supply reliability rate of over 99.999% for 22 consecutive years[16] - The average unplanned outage time per customer was maintained at less than one minute annually for the past ten years[16] - The company has maintained a record of 465 days without lost time due to work-related injuries, reflecting its commitment to safety[45] - The company has implemented a new incident reporting mobile application with chatbot functionality to enhance workplace safety[139] - The company has maintained a comprehensive safety management system, achieving ISO 45001:2018 certification[138] Environmental Initiatives - The proportion of natural gas in total generation increased to over 30%, with significant reductions in emissions: nitrogen oxides down 46%, particulate matter down 66%, and sulfur dioxide down 89% over the past decade[17] - The company aims to meet stricter emission limits set for 2024 and beyond by increasing gas generation and adopting emission reduction technologies[83] - The company implemented the "4R" policy (Reduce, Reuse, Restore, Recycle) to minimize its carbon footprint during operations[123] - The introduction of low-carbon meals in company cafeterias has resulted in over 12,000 servings provided since the program's launch in 2013, significantly reducing carbon emissions[123] - The company audited overseas coal suppliers to ensure compliance with environmental standards[122] Customer Engagement and Services - The company has launched a series of "Smart Energy Services," including online tariff plans and renewable energy certificates, to enhance energy efficiency in the community[41] - The company continues to promote electric vehicle usage and has extended free charging services until the end of 2019[25] - The company introduced a mobile payment service to facilitate customer bill payments and redesigned the electricity bill for better communication[46] - Customer satisfaction rating reached an average of 4.6 out of 5, with over 50 energy audits conducted for customers during the year[101] - The company has received over 70 applications for renewable energy projects, with 33 approved, indicating strong community engagement in renewable energy[25] Strategic Development - A total of HKD 266 billion is allocated for the 2019-2023 development plan, with HKD 160 billion (approximately 61%) dedicated to low-carbon power generation initiatives[22] - The company plans to invest HKD 26.6 billion in capital over the next five years, with 61% allocated for facilities needed to transition from coal to gas power generation[45] - The company is developing an offshore liquefied natural gas receiving station to procure gas competitively from various suppliers, with completion expected in 2022[22] - The company has established an Innovation Steering Committee to promote sustainable business development in response to changing commercial and social environments[43] Community Engagement - The company supported over 101 community projects through donations and sponsorships in 2018, with volunteer service hours totaling 5,105[126] - More than 600 employees participated in a month-long low-carbon living initiative, promoting environmental awareness[126] - The "Smart Energy Saving Program" reached over 1,000 schools, promoting low-carbon living through innovative methods[129] - The company added 19 new volunteer services and partnered with 13 new NGOs in 2018[127] Safety and Health - The company has been recognized for its commitment to employee health and safety, hosting an annual health and safety seminar with industry experts[147] - Over 3,100 participants engaged in various health and wellness activities throughout the year, promoting employee well-being[146] - The company trained over 200 employees and suppliers on environmental values, integrating them into operations[122] Infrastructure Development - The company plans to replace five coal-fired power generation units with three new advanced gas combined cycle units, increasing the gas generation ratio to approximately 70% of total generation by 2023[22] - The construction of three new gas-fired generating units (L10, L11, and L12) at the Lamma Power Station is underway, aimed at increasing gas generation capacity and replacing aging coal and gas units[59] - The offshore liquefied natural gas (LNG) receiving station project is progressing well, with environmental assessments approved, enhancing the company's gas supply reliability[67]