CKI HOLDINGS(01038)2025-03-19 08:54Financial Performance - CK Infrastructure Holdings Limited reported a net profit of HKD 8.115 billion for the year ending December 31, 2024, representing a 1% increase compared to the previous year[4]. - The company achieved a strong operational profit growth of 10% from its regulated projects and long-term contracts[4]. - The UK business segment contributed HKD 3.981 billion in profit, a 31% increase year-on-year (27% increase in local currency) due to strong performance across regulated operations[9]. - The Australian business segment reported a profit contribution of HKD 1.784 billion, a decrease of 4% year-on-year, primarily due to increased tax expenses from new capital rules[14]. - The European business segment's profit contribution grew by 13% to HKD 670 million, driven by strong performance from ista[17]. - The profit contribution from Canadian operations decreased by 19% to HKD 524 million, with a local currency decline of 18%, primarily due to a significant drop in Canadian Power profits and new financing cost restrictions[19]. - The New Zealand operations reported a profit contribution of HKD 185 million, an increase of 10% year-on-year, driven by strong performance from Enviro NZ[21]. - The Hong Kong and mainland China operations contributed HKD 132 million in profit, reflecting a 13% increase compared to the previous year, with higher profit contributions from the concrete business[24]. - The company's revenue for the year ended December 31, 2024, was HKD 38,985 million, a slight increase of 1.05% from HKD 38,582 million in 2023[52]. - The profit attributable to shareholders increased to HKD 8,115 million, up 1.09% from HKD 8,027 million in 2023[52]. - Earnings per share for the year were HKD 3.22, up from HKD 3.19 in 2023, indicating a growth of 0.94%[66]. Dividends - The company proposed a final dividend of HKD 1.86 per share, bringing the total dividend for the year to HKD 2.58, an increase of 0.8% from the previous year[6]. - The interim dividend paid was HKD 0.72 per share, compared to HKD 0.71 per share in 2023, marking an increase of 1.41%[67]. - The proposed final dividend is HKD 1.86 per share, slightly up from HKD 1.85 per share in 2023, which is a 0.54% increase[67]. Financial Position - As of December 31, 2024, the company held cash of HKD 8 billion, with a net debt to total capital ratio of 7.8%, indicating a strong financial foundation[25]. - The company has maintained an "A/stable" credit rating from Standard & Poor's, reflecting its robust financial position[26]. - The group's net debt to total equity ratio was 7.8%, compared to 7.7% at the end of 2023, with net debt of HKD 11.136 billion and total equity of HKD 142.379 billion[35]. - The net debt to total equity ratio, when adjusted for the infrastructure investment portfolio, was 47%, with net debt of HKD 116.582 billion and total equity of HKD 247.825 billion, up from 46.4% at the end of 2023[35]. - The group had a total nominal amount of HKD 51.014 billion in derivative instruments as of December 31, 2024, to hedge against currency and interest rate risks[35]. - Certain assets were pledged to secure bank loans totaling HKD 1.388 billion as of December 31, 2024[36]. - The group reported contingent liabilities amounting to HKD 168 million, including performance guarantees of HKD 144 million and subcontractor guarantees of HKD 24 million[37]. - The group employed 2,358 staff members, with employee expenses (excluding director remuneration) amounting to HKD 1.072 billion[38]. Operational Developments - CK Infrastructure completed several acquisitions, including Phoenix Energy and UK Renewables Energy, which immediately contributed to revenue post-transaction[4]. - The company is enhancing network reliability and safety in Australia, with significant upgrades planned for the electricity supply systems[15]. - The company is actively pursuing new investment opportunities in the sustainable development sector, including renewable energy and decarbonization projects[28][29]. - The company extended the energy supply agreement for the Meridian Cogeneration Plant to provide power to SaskPower and thermal energy to Cenovus until 2049[19]. - The company anticipates a cautious but optimistic outlook for business prospects in 2025, despite ongoing global uncertainties and geopolitical tensions[30]. - The company has successfully signed multiple commercial contracts in New Zealand, including significant projects for sludge disposal and hazardous waste treatment[23]. Governance and Compliance - The company adhered to the corporate governance code and principles, ensuring high standards of governance and accountability[41]. - The audit committee, composed entirely of independent non-executive directors, reviewed the group's performance for the year ending December 31, 2024[43]. - The annual general meeting for the fiscal year 2025 is scheduled for May 21, 2025[47]. Other Financial Metrics - Infrastructure investment sales and interest income decreased to HKD 4,993 million, down 16.67% from HKD 5,990 million in 2023[52]. - Total non-current assets decreased to HKD 148,365 million from HKD 151,286 million in 2023, reflecting a decline of 1.93%[54]. - The company's total liabilities decreased from HKD 16,503 million in 2023 to HKD 15,396 million in 2024, a reduction of 6.71%[54]. - The total equity attributable to shareholders decreased to HKD 121,280 million from HKD 123,293 million, a decline of 1.64%[54]. - Other income, primarily from bank interest, decreased to HKD 467 million from HKD 616 million, a drop of 24.19%[58]. - Operating costs were reduced to HKD 4,150 million from HKD 4,257 million, a decrease of 2.51%[52]. - The company reported a foreign exchange gain of HKD 113 million, down from HKD 572 million in 2023, a decline of 80.24%[52]. - The pre-tax profit for the year was HKD 8,671 million, compared to HKD 8,578 million in 2023, showing an increase of 1.09%[64]. - The group’s financing costs were HKD 865 million, an increase from HKD 769 million in 2023, reflecting a rise of 12.5%[64].