港灯-SS(02638) - 2023 - 中期财报

Financial Performance - Revenue for the first half of 2023 reached HKD 5.229 billion, an increase of 6.9% compared to HKD 4.893 billion in 2022[3] - The profit attributable to unit holders was HKD 980.2 million, up from HKD 894.0 million in 2022, representing a growth of 9.6%[14] - EBITDA for the first half of 2023 was HKD 3.739 billion, compared to HKD 3.377 billion in 2022, reflecting an increase of 10.7%[14] - The trust group's revenue for the six months ended June 30, 2023, was HKD 5.229 billion, an increase of 6.8% from HKD 4.893 billion in 2022[31] - The unaudited consolidated profit for the same period was HKD 982 million, up 9.8% from HKD 894 million in 2022[31] - Operating profit for the same period was HKD 2,299 million, up 22.2% from HKD 1,881 million in 2022[46] - Profit attributable to shareholders for the six months was HKD 982 million, representing a 9.8% increase from HKD 894 million in 2022[48] - Basic and diluted earnings per share increased to 11.11 cents from 10.12 cents, reflecting a growth of 9.8%[46] - Total comprehensive income for the period was HKD 935 million, down from HKD 1,885 million in 2022, primarily due to changes in cash flow hedges[48] Distribution and Dividends - The interim distribution declared is HKD 1.408 billion, maintaining the same amount as in 2022, with an interim distribution per unit of HKD 0.1594[16] - The interim dividend per share remained stable at 15.94 cents for both 2023 and 2022, with total interim dividends amounting to 1,408 million[23][24] - The group paid out dividends totaling HKD 1,422 million, unchanged from the previous year[54] Capital Expenditure and Financial Position - Capital expenditure for the period was HKD 1.678 billion, down from HKD 2.159 billion in 2022[36] - As of June 30, 2023, the total external borrowings amounted to HKD 52.054 billion, compared to HKD 51.212 billion as of December 31, 2022[36] - The net debt as of June 30, 2023, was HKD 51.775 billion, with a net debt to net total capital ratio of 51%[39] - The trust group secured a 5-year credit facility of HKD 2 billion for capital expenditures and general business purposes[39] - The trust group maintained a stable cash flow from operating activities, which supported the declared distributions[35] - Current liabilities decreased to HKD 4,467 million from HKD 5,527 million, indicating improved liquidity[50] - Net assets as of June 30, 2023, were HKD 48,851 million, down from HKD 49,333 million at the end of 2022[50] Operational Developments - The company continues to implement its carbon reduction strategy, with a significant milestone being the completion of the offshore liquefied natural gas receiving station in July 2023[12] - The construction of the third 380 MW gas turbine generator is ongoing, expected to be operational in early 2024[12] - The company has submitted its development plan for 2024-2028 to the government, outlining proposed capital investments for the next five years[12] - The new offshore liquefied natural gas receiving station commenced commercial operations in early July 2023, with a storage capacity of 263,000 cubic meters[17] - The company plans to commission the third gas turbine unit (L12) at the Lamma Power Station by early 2024[17] Customer and Market Insights - The electricity sales volume increased by 3.3% in the first half of 2023 compared to the same period in 2022, but decreased by 5.8% compared to the first half of 2019[21] - The company has installed over 303,000 smart meters for more than half of its customers, aiding them in managing their electricity consumption[18] - The fuel adjustment fee decreased from HKD 0.825 per kWh in January 2023 to HKD 0.697 per kWh in August 2023, a drop of 15.5%[21] Governance and Compliance - The company has adhered to the corporate governance code applicable during the six months ended June 30, 2023, with some exceptions noted[127] - The board of directors consists of 17 members, including 5 executive directors, 6 non-executive directors, and 6 independent non-executive directors, complying with the requirement that independent non-executive directors represent at least one-third of the total board[130] - The Audit Committee consists of three independent non-executive directors and one non-executive director, chaired by Mr. Robins[137] - The company has established policies for insider information and securities trading to ensure compliance among all employees[128] Environmental and Social Responsibility - The company has introduced a comprehensive environmental, social, and governance risk management framework to improve risk control measures[27] - The company has allocated approximately HKD 55 million to support vulnerable households and non-residential customers during the year[24] - The company aims to explore the feasibility of constructing a power receiving station in Tseung Kwan O to import zero-carbon electricity[27] - Future guidance indicates a commitment to sustainable practices, with a target of reducing carbon emissions by I% over the next five years[165]