华润电力(00836) - 2019 - 中期财报

Financial Performance - For the six months ended June 30, 2019, the basic earnings per share increased to HK$83.52, up 34.8% from HK$61.92 in the same period of 2018[9]. - The total turnover for the first half of 2019 was HK$32,916,036, a decrease of 16.1% compared to HK$39,307,766 in the first half of 2018[9]. - Profit attributable to owners of the Company reached HK$4,017,785, representing a significant increase of 35.7% from HK$2,959,127 in the previous year[9]. - The total net generation volume for the first half of 2019 was 92,065,723 MWh, down from 95,600,386 MWh in the same period of 2018[9]. - Operating profit for the period was HK$6,780,204, slightly up from HK$6,666,052 in 2018, while profit for the period attributable to owners of the Company increased to HK$4,017,785 from HK$2,959,127[71]. - The Group's net profit for the first half of 2019 was approximately HK$4,018 million, representing an increase of 35.8% compared to HK$2,959 million in the first half of 2018[127][128]. - Total comprehensive income for the period was HK$3,767,334, an increase of 54.4% from HK$2,439,169 in 2018[168]. Operational Capacity and Generation - The attributable operational generation capacity as of June 30, 2019, was 38,005 MW, with 33.0% located in Eastern China and 28.5% in Central China[10]. - The total gross generation for the operating power plants was 97,655,398 MWh, a decrease of 3.9% from 101,148,049 MWh in the first half of 2018[9]. - The company operated 38 coal-fired power plants, 94 wind farms, 21 photovoltaic power plants, 2 hydroelectric plants, and 3 gas-fired power plants as of June 30, 2019[5]. - Clean energy capacity, including wind, hydro, photovoltaic, and gas-fired power, reached 8,616 MW, accounting for 22.7% of total capacity, an increase of 2.3 percentage points from the end of 2018[28]. - In the first half of 2019, CR Power newly commissioned 936 MW of wind power, increasing its attributable operational generation capacity of wind power projects to 7,752 MW, a 13.7% increase compared to the end of 2018[31]. Financial Position and Debt Management - The net debt to shareholders' equity ratio improved to 130.0% from 138.3% in 2018, indicating better financial leverage management[10]. - Cash and cash equivalents stood at HK$6,503,145, down from HK$8,100,333 in the previous year[10]. - The total assets of the Company were HK$215,409,912, a decrease from HK$227,997,347 in 2018[10]. - The Group's total liabilities amounted to HK$134,254,464, compared to HK$130,938,556 at the end of 2018, indicating a rise of approximately 2.5%[172]. - Borrowings decreased slightly to HK$67,966,024 from HK$69,210,171, a reduction of about 1.8%[172]. Investment and Expansion Plans - The company is expanding its coal-fired power generation capacity with multiple projects, including a 1,000MW plant in Cangnan and a 600MW plant in Hezhou[22]. - Future guidance indicates continued growth in both traditional and renewable energy sectors, with specific targets for capacity increases[22]. - The company plans to enhance its research and development efforts to innovate in energy production technologies[22]. - Future expansion plans include increasing capacity in Shandong and Liaoning provinces, targeting a combined additional capacity of 1,000 MW[23]. - The company aims to enhance its market presence through strategic acquisitions and partnerships in the renewable energy sector[23]. Environmental and Sustainability Initiatives - The company is focusing on accelerating the development of wind power and increasing the proportion of clean and renewable energy[27]. - Technological transformation and innovation in energy conservation of coal-fired power plants are being prioritized to reduce emissions and improve energy efficiency[27]. - The company aims to increase the proportion of clean energy to about 28% of its attributable operational generation capacity by 2020[44]. - The net generation average coal consumption rate of subsidiary coal-fired power plants was 296.2 g/kWh, a decrease of 2.1 g/kWh compared to the same period in 2018, with emissions of sulfur dioxide, nitrogen oxide, and particulates decreasing by 12.1%, 5.9%, and 1.1% respectively[36]. Cash Flow and Dividends - Cash generated from operations for the six months ended June 30, 2019, was HK$5,046,750, compared to HK$4,811,413 for the same period in 2018, reflecting an increase of 4.9%[79]. - An interim dividend of 20 HK cents per share was declared for the six months ended June 30, 2019, up from 12.5 HK cents per share in 2018, totaling approximately HK$962 million[132]. - The company reported dividends received from associates and joint ventures totaling HK$1,008,218, a significant increase from HK$178,807 in the same period of 2018[177]. Accounting and Regulatory Changes - The Group adopted HKFRS 16 Leases retrospectively from January 1, 2019, resulting in the recognition of lease liabilities previously classified as operating leases[185]. - The lease liability recognized as of January 1, 2019, amounted to HK$434,151,000, with current lease liabilities of HK$117,672,000 and non-current lease liabilities of HK$316,479,000[191]. - The accounting policies adopted are consistent with those of the previous financial year, except for the estimation of income tax and the adoption of new standards[2].