华润电力(00836) - 2024 - 中期业绩

Financial Performance - Net profit attributable to shareholders increased by 38.9% to HK$9.36 billion in H1 2024 compared to HK$6.74 billion in H1 2023[1] - Revenue for the six months ended June 30, 2024, was HK$51,119,684 thousand, a slight decrease from HK$51,483,669 thousand in the same period in 2023[10] - Operating profit for the period increased to HK$13,266,437 thousand, up from HK$10,495,310 thousand in 2023[10] - Net profit attributable to the company's owners rose to HK$9,362,748 thousand, compared to HK$6,740,100 thousand in the previous year[10] - The company's revenue for the first half of 2024 was HK$51.12 billion, a decrease of HK$364 million or 0.7% compared to HK$51.48 billion in the first half of 2023[18] - In RMB terms, the company's revenue for the first half of 2024 was RMB46.46 billion, an increase of RMB1.01 billion or 2.2$5.56 billion to core profit, while thermal power business contributed HK$2.72 billion in H1 2024[1] - Total installed capacity reached 80,314 MW, with renewable energy accounting for 39.3$5.13 billion in the first half of 2024, compared to HK$1.55 billion in the first half of 2023[20] - The company's segment profit from renewable energy was HK$6.60 billion in the first half of 2024, compared to HK$6.29 billion in the first half of 2023[20] Capital Expenditure and Investments - Capital expenditure for H1 2024 was HK$20.83 billion, with HK$12.64 billion allocated to wind and solar power projects[6] - Total capital expenditure for 2024 is projected to be HK$59.9 billion, with HK$44.6 billion allocated to wind and solar power projects[9] - The company used HKD 25.578 billion for loan repayments and HKD 17.404 billion for property, plant, and equipment purchases for the six months ended June 30, 2024[39] Electricity Sales and Prices - Electricity sales increased by 6.2$346,778,177 thousand, up from HK$322,395,990 thousand at the end of 2023[12] - Cash and cash equivalents increased significantly to HK$9,958,336 thousand from HK$4,082,972 thousand at the end of 2023[12] - Total equity grew to HK$110,616,508 thousand, compared to HK$104,547,141 thousand at the end of 2023[13] - Net cash inflow from operating activities was HK$10,372,544 thousand, up from HK$8,425,849 thousand in 2023[15] - Property, plant, and equipment increased to HK$222,447,199 thousand from HK$215,752,142 thousand at the end of 2023[12] - Total liabilities rose to HK$236,161,669 thousand, compared to HK$217,848,849 thousand at the end of 2023[14] - The company's net cash inflow from financing activities was HK$15.71 billion in the first half of 2024, compared to HK$19.39 billion in the first half of 2023[16] - The company's total cash and cash equivalents at the end of June 2024 were HK$9.96 billion, compared to HK$16.42 billion at the end of June 2023[16] - The company's net current liabilities as of June 30, 2024, were HK$23.75 billion[17] - Cash and cash equivalents as of June 30, 2024, included HKD 48 million, CNY 9.04 billion, BDT 730,600, and USD 469,100[37] - Total bank and other borrowings increased to HKD 182.09 billion as of June 30, 2024, from HKD 158.09 billion as of December 31, 2023[38] - Bank and other borrowings amounted to HKD 4.967 billion, CNY 162.65 billion, and EUR 1.17 million as of June 30, 2024[39] - The net debt to total equity ratio was 156.2% as of June 30, 2024[39] - Total accounts receivable stood at HKD 35.883 billion as of June 30, 2024, with 60 days+ overdue accounting for HKD 24.726 billion[41] - Total accounts payable were HKD 4.808 billion as of June 30, 2024, with 90 days+ overdue accounting for HKD 1.099 billion[42] - The current ratio improved to 0.72x and the quick ratio to 0.65x as of June 30, 2024[42] - EBITDA interest coverage ratio increased to 8.6x as of June 30, 2024[42] - The company's main funding sources included HKD 49.6 billion from borrowings and HKD 10.373 billion from operating cash inflows for the six months ended June 30, 2024[39] Dividends and Shareholder Returns - Basic earnings per share increased to HK$1.95, up from HK$1.40 in the same period in 2023[10] - The company declared an interim dividend of HKD 0.455 per share for 2024, totaling approximately HKD 2.19 billion[34] - The company's capital structure management focuses on optimizing debt and equity to maximize shareholder returns[36] Corporate Governance and Compliance - The company has delivered its financial statements for the year ended December 31, 2023, to the Registrar of Companies in accordance with Section 662(3) and Part 3 of Schedule 6 of the Companies Ordinance[47] - The auditor's report on the financial statements for the year ended December 31, 2023, contains no reservations, no emphasis of matter, and no statements under Sections 406(2), 407(2), or 407(3) of the Companies Ordinance[47] - The company's board of directors includes three executive directors, three non-executive directors, and four independent non-executive directors as of the announcement date[47] Employee and Operational Details - The company employed approximately 20,779 employees as of June 30, 2024[43] - Cash and cash equivalents included HKD 48 million, BDT 730,600, USD 469,100, and a small amount of GBP as of June 30, 2024[43]