香港中华煤气(00003) - 2023 - 年度财报

Carbon Neutrality and Sustainability Goals - The company has committed to achieving carbon neutrality by 2050 through energy transition and innovation, aiming to reduce greenhouse gas emissions by 10% by 2025 compared to the 2020 baseline[17] - The company aims to reduce the total carbon intensity of gas use by 36% by 2035 compared to 2019, targeting 0.15 kg CO2e/kWh[36] - The company has set a target to reduce greenhouse gas emissions by 10% in its operations by 2025 compared to the 2020 baseline year and to reduce 10 million tons of greenhouse gas emissions annually through measures such as coal-to-gas conversion, photovoltaic power generation, and energy efficiency optimization[83] - The company plans to reduce the total carbon intensity of Hong Kong's gas usage by 36% by 2035 compared to the 2019 baseline year, achieving 0.15 kg of CO2 equivalent per kilowatt-hour[84] Renewable Energy and Green Projects - The company has installed 1.8 gigawatts of photovoltaic capacity across 354 renewable energy projects[14] - The company has processed approximately 1.46 million tons of organic waste by the end of 2023, converting it into bio-natural gas in the Suzhou Industrial Park[14] - The company's carbon intensity in gas production has decreased by 28% compared to the 2005 baseline, reaching 0.549 kg CO2e per unit of gas[19] - The company expects continued growth in renewable energy projects in 2024, with wind and photovoltaic installations playing a crucial role[38] - The renewable energy business achieved profitability in 2023, with 354 projects, an increase of 171 from the previous year[33] - Distributed photovoltaic projects added 1.6 GW in new contracts and 1.2 GW in grid-connected capacity in 2023[33] - The company's organic waste treatment projects processed 1.46 million tons of organic waste in 2023, a 5% increase compared to the previous year[70] - The company has launched the Towngas Smart Operation Platform (TOP) to detect, prevent, and reduce methane leaks, ensuring pipeline safety[85] - The company has incorporated ESG elements into its investment decisions, with 12 related projects approved in December 2023, involving an investment of over RMB 300 million[86] - The company is expanding its sustainable aviation fuel (SAF) production capacity, with a new plant in Malaysia expected to increase annual SAF production to 650,000 tons within two years[107] - The company's innovative waste-to-energy system for Maxim's food factory reduces carbon emissions by 800 tons annually[53] Financial Performance and Metrics - The company's profit attributable to shareholders for 2023 was HK$6.07 billion, a 16$56.971 billion, a 7% decrease from the previous year[25] - The company's basic earnings per share for 2023 were HK$0.325, a 16$56,971.1 million, a decrease of 6.5% from HK$60,953.4 million in 2022[122] - Profit after tax for 2023 was HK$7,171.3 million, an increase of 13.4% from HK$6,324.4 million in 2022[122] - Shareholders' profit attributable for 2023 was HK$6,070.1 million, up by 15.7% from HK$5,247.9 million in 2022[122] - Total assets as of December 31, 2023, were HK$71,018.7 million, a decrease of 5.5% from HK$75,138.7 million in 2022[122] - Earnings per share for 2023 were HK$0.33, up by 17.9% from HK$0.28 in 2022[122] - Dividend per share for 2023 was HK$0.35, consistent with the previous year[122] - The company plans to distribute a final dividend of HK$0.23 per share on June 24, 2024[125] - The company's distributable reserves as of December 31, 2023, amounted to HKD 9.365 billion, compared to HKD 10.862 billion in 2022[127] - Charitable donations for the year totaled approximately HKD 4.1 million, down from HKD 8.6 million in 2022[128] Safety and Operational Efficiency - The company has conducted 1,190,700 regular safety inspections for customers in Hong Kong, with a lost-time injury rate of 0.43 for employees and 0.32 for contractors per million working hours[20] - The company has reduced public gas leak incidents by 15% compared to 2022, with IoT-enabled smart stoves, controllers, and gas meters enhancing home safety[20] - The company introduced "phased array ultrasonic testing" technology to enhance gas supply reliability and completed a horizontal directional drilling project benefiting over 20,000 customers[58] - Gas leakage incidents per 10 km of gas pipeline in Hong Kong decreased by 15% in 2023 compared to 2022[101] - Third-party damage to underground pipelines decreased by 50% in 2023[101] - The company has implemented a comprehensive quality management system to monitor production, storage, and distribution facilities, as well as renewable energy systems[109] - The company has established a smart operation platform for its mainland gas business to optimize safety and operational management[109] - The company uses a SCADA system for precise monitoring and data collection to ensure reliable gas delivery[108] - The company has established a liquefied natural gas storage facility and an underground salt cavern gas storage in Jiangsu Province to optimize gas supply management[108] - The company has diversified its gas supply sources, including natural gas from Australia, naphtha from Southeast Asia and Australia, and biogas from Hong Kong landfills[108] Customer and Community Engagement - The company has provided HKD 24 million in benefits to over 42,000 families through its gas discount program[20] - The company has launched the "Green Flame Energy Scientist Cultivation Program," involving 22 primary schools, and collaborated with B.Duck to host the "Green Flame Future Lab" event, attracting over 10,000 participants[16] - The company received over 5,500 commendation letters in 2023, reflecting strong customer satisfaction[56] - The company donated RMB 1 million to support earthquake relief efforts in Gansu Province[94] - The company provided gas fee discounts totaling HKD 24 million, benefiting over 42,000 households[95] - The company donated HKD 4.1 million to support community activities[96] - The company has donated 10,000 smart controllers and smart gas meters to families in need, enhancing home safety for the elderly and their caregivers[91] - The company provided teaching materials worth over RMB 5 million to more than 50 schools and donated nearly 20,000 books through the "Honghua Light Wind Action" initiative[94] Leadership and Governance - Dr. Lee Ka Kit, aged 60, was appointed as Chairman and Non-Executive Director of the company in May 2019[39] - Dr. Lee Ka Shing, aged 52, was appointed as Chairman and Non-Executive Director of the company in May 2019[40] - Dr. Lee Ka Kit is the Chairman and Managing Director of Henderson Land Development Co., Ltd. and Vice Chairman of Henderson Development Ltd.[39] - Dr. Lee Ka Shing is the Chairman and Managing Director of Henderson Land Development Co., Ltd. and Miramar Hotel and Investment Co., Ltd.[40] - Dr. Lee Ka Kit has been a member of the Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference since 2021[39] - Dr. Lee Ka Shing is a member of the 14th Beijing Municipal Committee of the Chinese People's Political Consultative Conference[40] - Dr. Lee Ka Kit holds honorary degrees from the University of Hong Kong and Edinburgh Napier University[39] - Dr. Lee Ka Shing holds honorary fellowships from University College London and Hong Kong Hang Seng University[40] - Dr. Lee Ka Kit is the son of Dr. Lee Shau Kee, the controlling shareholder of the company[39] - Dr. Lee Ka Shing is the son of Dr. Lee Shau Kee and the younger brother of Dr. Lee Ka Kit[40] - The company's executive chairman, Sir Li Ka-shing, has been a director since 1984 and is currently the executive chairman of The Bank of East Asia Limited[42] - Professor Poon Chung-kwong, an independent non-executive director, has been a director since 2009 and is the honorary professor and president of The Hong Kong Polytechnic University[42] - Dr. Cheng Mo-chi, an independent non-executive director, has been a director since January 2019 and is a practicing lawyer with extensive experience in the legal field[42] - Mr. Wong Wai-yee, the executive director, joined the group in 1997 as the financial controller and has been the executive director since June 6, 2022[43] - Mr. Yeung Lui-ming, the executive director and chief financial officer, joined the company in 2023 and was appointed as a director in January 2024[44] - The company's board of directors includes several members with extensive experience in finance, management, and international operations[43][44] - The company has a strong focus on sustainable green energy, as indicated by the presence of a dedicated Sustainable Green Energy Office[45] - The company's operations are divided into various segments, including Hong Kong utility business, mainland utility business, and renewable energy business[45] - The company's leadership team includes individuals with significant experience in investment, operations, and human resources[45] - The company's subsidiaries and associated companies are all publicly listed, indicating a broad and diversified business portfolio[42][43] - The company's vision is to become a leading enterprise in green smart energy, creating a sustainable green energy world[154] - The Board has adopted a Board Independence Policy/Mechanism to ensure independent perspectives and opinions are obtained[155] - The Board has adopted a Board Diversity Policy to enhance the quality of the Board's performance by considering diversity in professional experience, skills, knowledge, cultural and educational background, race, age, and gender[156] - The Board has adopted a Nomination Policy to ensure the Board possesses the skills, experience, and diverse perspectives necessary for the company's business[157] - The Board has adopted a Dividend Policy, typically paying dividends twice a year (interim and final), with the possibility of special dividends when deemed appropriate[159] - The Board currently consists of 2 executive directors and 7 non-executive directors, including 3 independent non-executive directors, to ensure strategies protect shareholders' interests[160] - The company received independence confirmation letters from independent non-executive directors in accordance with Listing Rule 3.13[160] - Mr. Yang Leiming was appointed as an executive director on January 1, 2024, and confirmed his understanding of his responsibilities as a company director[160] - The Board of Directors held four meetings in the fiscal year ending December 31, 2023, with all directors attending all meetings except for one independent non-executive director who attended 3 out of 4 meetings[164] - The Audit and Risk Committee held two meetings in the fiscal year ending December 31, 2023, with all members attending both meetings[170] - The company has not implemented any share option or share award plans, and directors' remuneration is determined based on their roles and responsibilities[171] - The Audit and Risk Committee reviewed the 2022 annual and 2023 interim financial reports, recommended the reappointment of PricewaterhouseCoopers as the external auditor, and reviewed the effectiveness of the company's financial controls, risk management, and internal control systems[169] - The Board of Directors ensures that each director, including non-executive and independent non-executive directors, retires at least once every three years in accordance with the Articles of Association[161] - The company's ESG Committee reviewed key ESG performance indicators, including internal carbon pricing implementation, methane leakage reduction, and progress towards the 2035 carbon reduction target for Hong Kong gas[176] - Female employees accounted for 22.4% of the company's Hong Kong business workforce, including gas, telecommunications, and engineering contracting, as of December 31, 2023[179] - The company aims to appoint at least one female board member by December 31, 2024, to promote gender diversity on the board[178] - The average gender pay ratio for full-time employees, including senior management, was approximately 1:1 between male and female employees[179] - The ESG Committee held one meeting in 2023 to discuss ESG ratings, climate-related issues, and ESG-linked executive compensation[176] - The company's board members received an annual fee of HKD 250,000, with additional fees for committee roles, totaling HKD 250,000 for audit and risk committee members and HKD 100,000 for nomination committee members[172] - The company signed the Equal Opportunities Commission's Racial Diversity and Inclusion Employer Charter in 2023, continuing its commitment to workplace diversity[179] - The ESG Committee identified key ESG risks and opportunities, including climate-related disclosures and the latest international ESG standards[176] - The company's nomination committee reviewed board structure, diversity policies, and recommended the appointment of Mr. Yang Leiming as an executive director and ESG committee member effective January 1, 2024[174] - The company provided training on equal opportunity laws and case studies led by professional trainers from the Equal Opportunities Commission to promote workplace inclusion[179] - External auditor fees for statutory audit services amounted to approximately HKD 14.9 million, while non-audit services (including tax services, interim review services, and transaction-related services) totaled approximately HKD 7.8 million for the year ended December 31, 2023[180] - The company maintains a robust risk management and internal control system, with the Board of Directors conducting bi-annual reviews to ensure its effectiveness, covering financial, operational, compliance, and information security controls[181] - The company has established a comprehensive risk management framework to identify, assess, mitigate, report, and monitor key business risks across all operational units[183] - The company is willing to take on reasonable and controllable risks that align with its business development goals, provided they do not compromise safety, infrastructure, financial stability, reputation, legal standing, or environmental impact[184] - The Audit and Risk Management Committee oversees the overall risk management system, with the Executive Risk Management Committee responsible for implementing and maintaining the system within acceptable risk tolerance levels[185] - The company’s risk management process is integrated into daily operations, with regular communication between regional offices, headquarters, and business units to ensure effective risk management and timely reporting[186] - The company established a Board-level Environmental, Social, and Governance (ESG) Committee to integrate ESG strategies into business operations[187] - The company's risk management framework is continuously improved to adapt to the rapidly changing business environment[187] - The company maintains a Shareholder Communication Policy to ensure effective dialogue with shareholders and investors[188] - The 2023 Annual General Meeting was held on June 7, 2023, with all directors in attendance[189] - Shareholders holding at least 5% of total voting rights can request the convening of a general meeting[190] - Shareholders holding at least 2.5% of total voting rights or 50 shareholders can propose resolutions or statements for general meetings[191] - The company has a dedicated contact person, email, and phone number for shareholder inquiries[192] - Shareholders can nominate director candidates by submitting written notices with required details[193] - The company regularly communicates with investors and analysts, especially after interim and annual results announcements[194] - The company's financial statements for 2023 were audited by PricewaterhouseCoopers, covering consolidated financial position, income, and cash flow statements[195] Market and Economic Conditions - Global economic growth is expected to slow from 3.5% in 2022 to 3.1% in 2023 and remain at 3.1% in 2024, with global inflation projected to decrease from 8.7% in 2022 to 6.8% in 2023 and 5.8% in 2024[105] - China's GDP grew by