华润燃气(01193) - 2023 - 中期财报

Sales and Revenue Performance - In the first half of 2023, China Resources Gas achieved a gas sales volume of approximately 19.842 billion cubic meters and served 55.85 million customers[18]. - Total natural gas sales volume increased by 6.9% year-on-year to 19.84 billion cubic meters[24]. - Revenue for the period rose by 0.6% year-on-year to HK$48.37 billion[24]. - The comprehensive service turnover increased by 7.7% from HK$1.37 billion to HK$1.47 billion, while segment profit rose by 11.4% from HK$0.56 billion to HK$0.62 billion, excluding exchange rate fluctuations[27]. - The Group achieved a revenue of HK$48.37 billion in the first half of 2023, representing a year-on-year increase of 0.6%[33]. - For the six months ended June 30, 2023, the total external sales reached HK$48,369,601, an increase from HK$48,100,627 in the same period of 2022, reflecting a growth of approximately 0.56%[124]. Profitability and Financial Metrics - Profit attributable to owners of the Company increased by 16.4% year-on-year to HK$3.55 billion[24]. - The profit for the period rose to HK$4,557,546, compared to HK$3,929,277 in 2022, reflecting an increase of 15.9%[93]. - Basic earnings per share increased to 156 HK cents, a rise of 16.4% from 134 HK cents[78]. - The net profit margin for the period was 9.4%, up from 8.2% in the previous year[81]. - The return on equity (annualised) improved to 17.8%, compared to 15.5% in the previous year[81]. Customer and Market Expansion - The company operates 275 city gas projects across 25 provincial administrative regions in China, including 15 provincial capitals and 3 direct administrative municipalities[18]. - The Group developed 22,735 new industrial and commercial users and 1,341,941 new residential users during the period[26]. - The average gas penetration rate of city gas projects operated by the Group in China increased from 56.1% in the same period of 2022 to 58.4%[26]. - The connectable householders reached 95.32 million, an increase of 9.8% compared to 86.78 million in the previous year[83]. - The connectable population grew to 324.09 million, reflecting a 13.2% increase from 286.37 million[83]. Investments and Acquisitions - China Resources Gas plans to continue expanding through both organic growth and acquisitions in 2023[18]. - The Group signed 42 new comprehensive energy projects with an estimated total investment of approximately HK$460 million, bringing the cumulative number of projects to 244[30]. - The Group acquired 51% of Suzhou Zhongyou Natural Gas Co., Ltd. for a total cash consideration of RMB21,708,000 (equivalent to HK$23,545,000)[170]. - The acquisition of Qianyang Gas involved a cash payment of RMB27,396,000 (equivalent to HK$31,740,000) on 4 January 2023[185]. - The acquisition of Kunming Gas involved a cash payment of RMB756,516,100 (equivalent to HK$873,466,000) on 20 February 2023[185]. Environmental and Sustainability Initiatives - The Chinese government emphasizes the importance of natural gas as a clean and low-carbon energy source in its energy strategy, supporting its steady growth in the long term[22]. - The natural gas industry is positioned to play a significant role in achieving carbon peak and carbon neutrality goals in China[22]. - In the first half of 2023, carbon dioxide emissions per RMB10,000 production value reduced by 30.3%, and comprehensive energy consumption per RMB10,000 revenue decreased by 2.4%[33]. - The Group's ESG rating was maintained at A by MSCI, reflecting its commitment to sustainable development and environmental governance[33]. Financial Position and Liquidity - Operating cash flow reached HK$4.76 billion, reflecting a year-on-year increase of HK$4.77 billion, indicating continuous improvement in operational quality[34]. - As of June 30, 2023, the Group's cash balance was HK$18,600 million, a substantial increase from HK$6,440 million at the end of 2022[35]. - Total borrowings as of the end of the Period were HK$35,350 million, up from HK$22,460 million in 2022, with 38.6% classified as current liabilities[35]. - The Group has unutilized banking facilities of HK$24,967,746,000 and internally generated funds, indicating sufficient working capital for the next twelve months[117]. Corporate Governance and Management - The Group is committed to maintaining a credible corporate governance framework to ensure transparency and accountability to shareholders[65]. - The Audit and Risk Management Committee has reviewed the Group's accounting principles and practices, as well as internal control and risk management matters, including the unaudited interim results for the period[65]. - The Remuneration Committee is responsible for making recommendations on the remuneration policy and structure for Directors and senior management, ensuring alignment with corporate goals[65]. - The Group plans to continue strengthening its corporate governance policies to align with prevailing practices and standards expected by shareholders[65]. Employee and Human Resource Management - The Group recognizes the importance of attracting, training, and retaining quality staff for its continual success[49]. - Bonuses and incentive awards are granted to employees based on merit and performance[49]. - The Group values human resources and compensates employees based on performance, work experience, and market wage levels[49].