电能实业(00006) - 2020 - 中期财报

Financial Performance - The group's unaudited profit for the six months ended June 30, 2020, was HKD 2.262 billion, a decrease from HKD 3.791 billion in 2019, primarily due to a one-time non-cash deferred tax adjustment impacting HKD 780 million [15]. - The profit attributable to shareholders for the six months ended June 30, 2020, was HKD 2.262 billion, down 40.4% from HKD 3.791 billion in 2019 [31]. - The operating profit for the group was HKD 176 million, compared to HKD 443 million in the previous year, reflecting a significant decline [31]. - The group's revenue for the six months ended June 30, 2020, was HKD 601 million, a decrease of 9.6% from HKD 665 million in the same period of 2019 [31]. - The company's profit before tax for the six months ended June 30, 2020, was HKD 2,321 million, a decline of 39% compared to HKD 3,827 million for the same period in 2019 [49]. - The group reported a net profit attributable to shareholders of HKD 2,262 million for the six months ended June 30, 2020, compared to HKD 3,791 million in 2019, representing a decline of approximately 40.4% [44]. - The group's operating profit for the six months ended June 30, 2020, was HKD 701 million, down from HKD 1,033 million in 2019, reflecting a decrease of about 32.2% [39]. - The total comprehensive income of HKD 3,479 million for the six months ended June 30, 2019, compared to HKD 1,631 million for the same period in 2020, indicating a decrease of 53% [34]. Market Contributions - The UK market remains the largest for the group, contributing HKD 842 million in profit, down from HKD 1.825 billion in 2019, affected by the maintained corporate tax rate of 19% [18]. - Hong Kong operations contributed a profit of HKD 271 million, up from HKD 237 million in 2019, with a power supply reliability exceeding 99.999% [19]. - Australia operations generated a profit of HKD 663 million, down from HKD 742 million in 2019, with strong performance in core business offsetting some impacts from currency weakness and COVID-19 [20]. - Profit contribution from mainland China operations decreased to HKD 28 million, down from HKD 254 million in 2019, following the transfer of two coal-fired power plants [21]. Dividends and Shareholder Returns - The group announced an interim dividend of HKD 0.77 per share, consistent with the previous year [16]. - The company paid dividends totaling HKD 4,333 million, consistent with the previous year, indicating stable dividend policy [35]. - The company declared an interim dividend of HKD 1,643 million for the six months ended June 30, 2020, consistent with the same amount declared in 2019 [59]. Operational Measures and Employee Safety - The group has implemented measures to ensure employee safety and maintain operations during the COVID-19 pandemic, including remote work facilitation and provision of protective equipment [17]. - The group expressed gratitude to its team for maintaining normal operations during challenging times, highlighting the resilience of its regulated businesses [14]. Financial Position and Cash Flow - The group maintains a strong cash position with bank deposits and cash totaling HKD 3.361 billion as of June 30, 2020, down from HKD 4.876 billion at the end of 2019 [26]. - The net cash generated from operating activities was HKD 1,262 million, an increase from HKD 1,039 million in the previous year, reflecting a growth of 21.5% [35]. - The company's cash and cash equivalents totaled HKD 3,361 million, down from HKD 4,876 million as of December 31, 2019, representing a decrease of approximately 31% [48]. - Operating cash flow increased to HKD 837 million for the six months ended June 30, 2020, compared to HKD 496 million for the same period in 2019, reflecting a growth of 68% [49]. Regulatory and Market Challenges - The next regulatory period for Northern Gas Networks and Wales & West Utilities is expected to see a significant decrease in return rates, with the final agreement anticipated in December 2020 [18]. - The group is preparing for regulatory resets in multiple major markets, anticipating challenges in achieving satisfactory outcomes [24]. Corporate Governance - The company has maintained high standards of corporate governance, which is crucial for attracting investors and protecting shareholder interests [65]. - The audit committee has reviewed procedures for handling reports of financial reporting or internal control misconduct, enhancing the company's internal control systems [71]. - The company is committed to maintaining transparency and accountability in its operations, which is essential for stakeholder trust [65]. - The company established a nomination committee on January 1, 2019, to review the board's structure, size, diversity, and skills mix [73]. - The internal audit function of the group provides independent assurance on risk management and internal controls effectiveness, reporting to the executive director and audit committee [72]. Asset Management - The group's diversified asset portfolio includes operations in Asia, Europe, Australia, New Zealand, and North America, focusing on thermal and renewable energy generation, transmission, and distribution [15]. - The group is constructing two additional gas turbine units, expected to increase gas-fired generation to approximately 70% of total generation by the end of 2023 [19]. - The group has completed the installation of an 18 MW wind farm and a 13 MW battery in Western Australia, which commenced commercial operations in April 2020 [20]. Shareholder Information - Major shareholders include Hyford Limited, holding 767,499,612 shares, representing 35.96% of the equity [81]. - Univest Equity S.A. holds 279,011,102 shares, accounting for 13.07% of the equity [81]. - Monitor Equities S.A. has a stake of 287,211,674 shares, which is 13.46% of the equity [81]. - Interman Development Inc. owns 186,736,842 shares, representing 8.75% of the equity [81]. - Venniton Development Inc. holds 153,797,511 shares, accounting for 7.21% of the equity [81].