香港中华煤气(00003) - 2019 - 中期财报

Financial Performance - The group's unaudited profit attributable to shareholders for the six months ended June 30, 2019, was HKD 3.889 billion, a decrease of HKD 900 million or 18.8% compared to the same period last year [2]. - The company reported a decrease in local gas sales volume of 2.4% to 15,776 million megajoules due to economic slowdown and higher average temperatures [4]. - The net profit for the period was HKD 4,485.4 million, down from HKD 5,371.2 million in the previous year, indicating a decrease of about 16.5% [21]. - The company’s basic and diluted earnings per share were HKD 23.0, down from HKD 28.3 in the previous year, indicating a decline of approximately 18.6% [21]. - The company’s after-tax profit attributable to shareholders for the first half of the year was HKD 756 million, an increase of approximately 14% compared to the same period last year [13]. - The total comprehensive income for the period was HKD 4,531.9 million, compared to HKD 4,544.6 million in the same period of 2018, indicating a marginal decline [27]. - The total revenue for the six months ended June 30, 2019, was HKD 20,351.9 million, an increase of 5.8% from HKD 19,241.6 million in the same period of 2018 [50]. - The adjusted EBITDA for the group was HKD 5,878.1 million, with a breakdown of HKD 2,619.7 million from Hong Kong and HKD 2,888.8 million from mainland China [52]. Revenue and Sales - Revenue, excluding fuel adjustment costs, was HKD 19.924 billion, up from HKD 18.744 billion in 2018, representing an increase of 6.3% [3]. - Gas sales, including fuel adjustment fees, amounted to HKD 15,733.2 million, up from HKD 14,641.1 million, reflecting a growth of 7.5% [50]. - The revenue from gas, water, and related businesses in Hong Kong was HKD 5,207.3 million, while mainland China contributed HKD 13,020.1 million [52]. - The group’s other sales revenue reached HKD 647.6 million, compared to HKD 621.0 million in the previous year, indicating a growth of 4.5% [50]. Customer Growth - The number of Hong Kong gas customers reached 1,920,595, an increase of 12,084 customers compared to the end of 2018 [4]. - The company anticipates stable growth in the number of customers in Hong Kong, supported by government efforts to increase land and housing supply [18]. - The company’s pipeline gas business continues to grow, with an increasing customer base in both Hong Kong and mainland China, which will support the development of new businesses [19]. Investments and Projects - The group has invested in seven water supply projects across various provinces, including a new project in Guangdong Province, marking its first investment in the Greater Bay Area, which aligns with national development goals [8]. - The group is actively enhancing its gas storage capacity in Jiangsu Province, with the first phase of a gas storage facility under construction, aiming for a total capacity of approximately 460 million standard cubic meters, with three wells already operational since October 2018 [7]. - The second phase of the gas storage project plans to construct 12 additional wells, increasing total storage capacity to over 1 billion standard cubic meters, which will support gas supply during peak winter demand in East China [7]. - The group has obtained a total of 260 projects in mainland China, an increase of 6 projects compared to the end of last year [5]. - The company added 5 new projects in 2019, including distributed energy projects in various provinces, enhancing its project development capabilities [13]. Financial Management - The group plans to increase its medium-term note issuance limit from HKD 139 billion to USD 3 billion, enhancing future financing flexibility [15]. - The issuance of new perpetual securities at a coupon rate of 4.75% received over 14 times subscription, reflecting strong market demand [15]. - The group’s interest expenses decreased to HKD 559.5 million from HKD 609.4 million year-on-year, showing improved financial management [21]. - The net cash generated from operating activities for the six months ended June 30, 2019, was HKD 4,876.2 million, a decrease of 2.7% compared to HKD 5,010.6 million in the same period of 2018 [25]. - The total liabilities as of June 30, 2019, amounted to HKD 737.3 million, down from HKD 827.8 million as of December 31, 2018 [45]. Environmental Initiatives - The group’s waste treatment facility in Suzhou Industrial Park processes 500 tons of kitchen waste daily, converting it into natural gas and other products, and is the first of its kind in municipal environmental sanitation [8]. - The group is exploring high-quality public utility projects in mainland China, leveraging synergies between urban gas, midstream natural gas, and water services for stable revenue and environmental benefits [9]. - The group has established research bases in Shanghai and Suzhou to develop new energy-saving and emission-reduction technologies, with production bases under construction in East and North China expected to commence operations by the end of 2019 [19]. Shareholder Information - The board declared an interim dividend of HKD 0.12 per share, payable to shareholders listed on the register on September 13, 2019 [17]. - The proposed interim dividend for 2019 is HKD 2,031.0 million [73]. - The total number of issued shares increased to 16,925,052,244 as of June 30, 2019, up from 15,386,411,131 at the end of 2018, reflecting a growth of 10.0% [71]. - The total equity held by major shareholders and related parties is substantial, indicating strong control over the company [92]. Corporate Governance - The group has complied with all corporate governance codes as of June 30, 2019 [84]. - Dr. Li Ka-Kit was appointed as the chairman of the board and the nomination committee after the annual general meeting on May 28, 2019 [96]. - The board of directors includes independent non-executive directors such as Dr. Li Ka-Kit and Dr. Cheng Mu-Chi [99].