CLP HOLDINGS(00002)2025-02-24 04:02Financial Performance - Operating profit for 2024 reached HK11.74 billion, a significant rise of 76%[24] - The total dividend for 2024 was HK25.73 billion, representing a 9% increase[31] - Operating profit increased by 8% to HKD 10,949 million in 2024, compared to HKD 10,127 million in 2023[36] - The total profit surged by 76% to HKD 11,742 million, up from HKD 6,655 million in the previous year[36] - Apraava Energy's operating profit grew by 9% to HKD 329 million, implementing profit growth strategies[36] Customer and Market Growth - The total number of customers in Hong Kong increased by 28,000, reaching 2.8 million[24] - The Hong Kong electricity sales volume rose by 2.1% due to an accelerated economic recovery and hot weather[40] Operational Performance - The electricity generation output for 2024 was 79.8 billion kWh, a slight increase of 0.3%[24] - The installed generation capacity was 22,600 MW, with an increase of 700 MW[24] - EnergyAustralia's performance showed significant improvement, contributing positively to overall results[33] - EnergyAustralia's performance improved significantly with a 425% increase in operating profit to HKD 591 million, driven by strong generation asset performance[36] - The mainland China segment saw an 11% decline in operating profit to HKD 1,851 million, primarily due to reduced contributions from nuclear power[36] Capital Expenditure and Investments - Capital expenditure for regulated projects was HKD 10.8 billion, including HKD 2.8 billion for generation and HKD 8 billion for transmission and distribution[40] - Capital investments (excluding maintenance capex) for 2024 are estimated at 169 billion HKD, with dividends paid amounting to 78 billion HKD[57] - The company invested over HKD 200 million in the "CLP Community Energy Saving Fund" to support residential and commercial customers in promoting carbon reduction and energy savings[40] Energy Transition and Sustainability - The company completed a strategic review to support long-term sustainable growth through energy transition[22] - The company is focusing on energy transition initiatives, including the introduction of more zero-carbon energy sources to meet the 2035 carbon reduction targets[40] - EnergyAustralia plans to expand its renewable energy portfolio to 3,000 MW by the end of 2030, enhancing its flexible generation capacity[46] - Renewable energy projects are currently executing approximately 2,000 MW of zero-carbon projects, including the largest 300 MW solar project to date[49] - The company aims to achieve a 59% reduction in greenhouse gas emissions intensity by 2030 and eliminate coal assets by 2040 as part of its climate vision[70] - The renewable energy target for 2030 includes achieving 3,000 MW through power purchase agreements, with a focus on energy transition investments in favorable regulatory environments[74] - The company has set a goal to develop approximately 8,000 MW of renewable energy capacity, including 1.6 GW of storage and 0.9 GW of renewable energy in India[74] Financial Health and Strategy - The net debt as of December 31, 2023, is 56.3 billion HKD, with a leverage ratio of 33.0%[60] - The company maintains a disciplined capital allocation strategy, generating strong free cash flow and promoting ordinary dividend growth consistent with underlying earnings[80] - The company has a strong investment-grade credit rating, with S&P rating at A and Moody's at A2, ensuring robust financing strategies[80] Digital and Operational Excellence - The company is committed to enhancing its digital and data capabilities, integrating digitalization throughout its operations[79] - The company is focused on maintaining a world-class power supply reliability through its smart grid strategy[72] - The company aims to become the preferred partner for customers in the region for decarbonization solutions, including integrated energy services for buildings and low-carbon transport[72] Safety and Reliability - The safety record improved with a total recordable injury rate of 0.24, a decrease of 0.06[24] - The company is focusing on managing fuel costs and supply to maintain operational reliability and safety performance in thermal power generation[52]