长江基建集团(01038) - 2024 - 中期业绩

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].