CLP HOLDINGS(00002)2025-02-24 04:01Financial Performance - CLP Holdings reported an operating profit increase of 8.1% to HKD 10,949 million for 2024, reflecting strong market performance[4]. - Total profit surged to HKD 11,742 million, significantly up from HKD 6,655 million in 2023, primarily due to the absence of one-time negative items[5]. - Comprehensive revenue rose by 4.4% to HKD 90,964 million, driven by higher wholesale market prices in Australia[5]. - The total dividend for 2024 increased by 1.6% to HKD 3.15 per share, compared to HKD 3.10 per share in 2023[6]. - The operating profit of the company's operations in mainland China was HKD 1,851 million in 2024, a decrease of 10.7% from HKD 2,073 million in 2023, primarily due to lower electricity prices at the Yangjiang Nuclear Power Station and increased costs[23]. - EnergyAustralia reported an operating profit of HKD 591 million in 2024, a significant improvement from an operating loss of HKD 182 million in 2023[29]. - The Mount Piper power plant's output increased by 31% to 7,010 GWh compared to 5,360 GWh in 2023, benefiting from a stable coal supply[33]. - The group reported a net profit of HKD 12,718 million for the year, an increase from HKD 12,000 million in 2023, representing a growth of 6.0%[61]. Investments and Initiatives - CLP Holdings is investing in low-carbon fuel initiatives, including the commissioning of advanced gas turbine units and the retirement of coal-fired units[6]. - The company has 740 MW of renewable energy projects under construction in mainland China, contributing to national decarbonization goals[7]. - Apraava Energy in India is developing over 2,000 MW of zero-carbon energy projects to meet growing electricity demand[9]. - The company is enhancing its strategy to ensure sustainable growth and adaptability to changing market conditions[10]. - The company plans to establish a joint venture with CNOOC Guangdong Shipping Clean Energy Co., Ltd. to provide LNG refueling services in Hong Kong, expected to start in the first half of 2025[17]. - The company is constructing its first independent battery storage system in Shandong, with a capacity of 100 MW, expected to be completed in 2025[26]. - Apraava Energy aims to triple its low-carbon energy portfolio in the medium term, emphasizing its role in India's energy transition[39]. Renewable Energy and Sustainability - The company has ongoing renewable energy projects totaling 590 MW, including wind and solar projects, with several expected to be operational by 2025[25]. - The company's renewable energy projects are designed to operate without government subsidies, with a total capacity increase of approximately 1,530 MW expected upon completion of new projects[26]. - The "Feed-in Tariff" program has approved a generation capacity of over 400 MW since its launch in 2018, equivalent to the annual electricity consumption of about 99,700 households[21]. - The company is committed to supporting the government's plans for the electrification of public buses and taxis, aligning with the green transformation roadmap[20]. - China Light and Power's renewable energy portfolio continues to expand, signing a ten-year green power certificate agreement with a multinational software company, marking the largest and longest such transaction to date[27]. Customer Engagement and Technology - The company continues to enhance customer interaction through a new mobile application that consolidates all electricity accounts, improving overall customer experience[22]. - The electric vehicle charging demand is increasing, with seven out of ten newly registered vehicles in Hong Kong being electric, prompting the company to provide innovative charging solutions[19]. - The company showcased new electric vehicle charging technologies at the ReThink HK 2024 event, including customized power solutions for fast charging[19]. - In 2024, the company launched a new electric vehicle charging station network in Hong Kong, providing ultra-fast and medium-speed charging services to meet the growing demand from commercial fleets and electric taxis[20]. Financial Position and Assets - The company's non-current assets reached HKD 206,874 million in 2024, compared to HKD 202,121 million in 2023, reflecting a growth of 2.9%[53]. - The total assets of the group as of December 31, 2024, amounted to HKD 233,713 million, compared to HKD 220,000 million in 2023, showing a growth of 6.2%[61]. - The group’s total liabilities as of December 31, 2024, were HKD 123,595 million, up from HKD 120,000 million in 2023, indicating a rise of 3.0%[61]. - The total receivables as of December 31, 2024, amount to HKD 14,114 million, compared to HKD 13,650 million in 2023, indicating a growth of approximately 3.4%[71]. - The group maintains a strong financial position with HKD 31 billion in undrawn bank loan facilities and HKD 5 billion in bank balances as of December 31, 2024[76]. Corporate Governance and Compliance - The company has adopted a corporate governance code that exceeds the standards set by the Hong Kong Stock Exchange, with only one deviation regarding the publication of quarterly earnings reports[84]. - The company has maintained compliance with the corporate governance code and the securities trading code throughout the fiscal year ending December 31, 2024[86]. - The audit committee reported that there were no significant internal control issues affecting the integrity of the financial statements during the period from January 1, 2024, to the announcement date[85]. - The internal audit department completed 17 audits and 8 special review reports in 2024, with two audit reports indicating less than ideal results, but no identified control weaknesses significantly impacting the financial statements[85].