电能实业(00006) - 2021 - 中期财报

Financial Performance - The company's shareholders' attributable profit for the first half of 2021 was HKD 2,509 million, an increase of 11% compared to HKD 2,262 million in the same period of 2020[11]. - Earnings per share rose to HKD 1.18, up from HKD 1.06 in the first half of 2020[4]. - The group's net profit attributable to shareholders for the six months ended June 30, 2021, was HKD 2,590 million for the six months ended June 30, 2021, compared to HKD 2,262 million in 2020, marking a 14.5% increase[39]. - The group's total comprehensive income for the six months ended June 30, 2021, was HKD 5,875 million, significantly higher than HKD 1,631 million in 2020[27]. - Total revenue for the group for the same period was HKD 615 million, compared to HKD 601 million in 2020, reflecting a growth of about 2.3%[26]. - The group's operating profit for the six months ended June 30, 2021, was HKD 612 million, compared to HKD 596 million in 2020, reflecting a 2.7% increase[34]. - The pre-tax profit for the six months ended June 30, 2021, was HKD 2,579 million, up from HKD 2,321 million in 2020, representing a 11.1% increase[38]. - The group reported a net cash inflow from investing activities of HKD 3,558 million for the first half of 2021, compared to HKD 3,040 million in the same period of 2020, indicating an increase of approximately 17%[30]. Dividends and Shareholder Returns - The interim dividend declared is HKD 0.78 per share, compared to HKD 0.77 per share in 2020[12]. - The company paid a total of HKD 4,354 million in dividends for the year-end dividend, slightly up from HKD 4,333 million in the previous year, marking an increase of about 0.5%[30]. - The board declared an interim dividend of HKD 0.78 per share, payable on September 14, 2021[80]. Business Segments and Contributions - The UK business contributed HKD 1,122 million in profit, an increase from HKD 842 million in 2020[13]. - The Australian business contributed HKD 630 million in profit, a decrease from HKD 663 million in 2020 due to regulatory resets in the distribution network[15]. - The Hong Kong business contributed HKD 294 million in profit, up from HKD 271 million in 2020, with a 1.9% increase in electricity sales in the first half of the year[17]. - In Canada, Canadian Power Holdings (CPH) saw revenue increase due to higher electricity prices in Alberta, with the Sheerness power plant completing its transition from coal to gas[16]. Cash Flow and Financial Position - The operating cash flow for the first six months of 2021 was HKD 2,570 million, slightly up from HKD 2,525 million in 2020[11]. - The net cash generated from operating activities for the first half of 2021 was HKD 221 million, a decrease from HKD 344 million in the same period of 2020, representing a decline of about 35.8%[30]. - The company's operating cash outflow was HKD 269 million for the first half of 2021, compared to HKD 81 million in the same period of 2020, representing a significant increase in cash outflow[30]. - The group's net debt as of June 30, 2021, was HKD 274 million, with a net debt to total equity ratio of 0.3%[23]. - The group's cash and cash equivalents as of June 30, 2021, were HKD 3,328 million, down from HKD 5,427 million as of December 31, 2020[43]. Regulatory and Market Developments - The UK Power Networks is preparing a business plan for a new regulatory period starting in April 2023[13]. - Northern Gas Networks and Wales & West Utilities are appealing to the UK Competition and Markets Authority regarding regulatory decisions that will reduce profit contributions[13]. - The group plans to prepare for the 2023 regulatory reset for UKPN as a priority for the remainder of 2021[20]. Sustainability and Governance - The group is committed to achieving carbon neutrality and has implemented a governance framework for environmental, social, and corporate governance compliance[19]. - The sustainable development committee is chaired by CEO Mr. Cai Zhaozhong, focusing on the development and implementation of sustainable measures[70]. - The company maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange listing rules throughout the six months ended June 30, 2021[58]. - The audit committee reviewed the effectiveness of the risk management and internal control systems for the six months ended June 30, 2021, and deemed them effective and adequate[65]. Shareholder Information - Major shareholders include Hyford Limited, holding 767,499,612 shares, representing 35.96% of the total equity[77]. - Univest Equity S.A. holds 279,011,102 shares, accounting for 13.07% of the total equity[77]. - BlackRock, Inc. holds 107,150,773 shares, representing approximately 5.02% of the total equity[78]. - The company has established various communication channels with shareholders, including annual general meetings and reports[71].