华润电力(00836) - 2021 - 中期财报

Financial Performance - For the six months ended June 30, 2021, CR Power reported a turnover of HK$42,239,124, a significant increase from HK$31,184,879 in the same period of 2020, representing a growth of approximately 35.5%[10]. - Basic earnings per share for the first half of 2021 were HK 106.13 cents, up from HK 94.15 cents in the first half of 2020, reflecting an increase of about 12.9%[10]. - Profit attributable to owners of the Company for the six months ended June 30, 2021, was HK$5,105,487, compared to HK$4,528,857 in the same period of 2020, marking an increase of approximately 12.7%[10]. - Total gross generation from operating power plants for the first half of 2021 was 114,442,088 MWh, up from 93,295,071 MWh in the first half of 2020, indicating a growth of around 22.6%[10]. - The company reported an equity attributable to owners of the company of HK$90,530 million in 1H21, compared to HK$73,458 million in 1H20, marking a growth of 23.3%[15]. - The total comprehensive income for the period, net of tax, was HK$6,824,884 for the six months ended June 30, 2021, compared to HK$2,380,143 in 2020, indicating a significant increase[78]. - The Group's profit before income tax for the first half of 2021 was HK$6,055 million, with a profit attributable to owners of the Company of HK$5,261 million[102]. - The Group's core business profit attributable to owners of the Company was HK$5,277 million for the first half of 2021[102]. Renewable Energy Development - As of June 30, 2021, CR Power's total attributable operational generation capacity was 47,063 MW, with renewable energy sources (wind, hydro, and photovoltaic) accounting for 14,936 MW, or approximately 31.7% of the total capacity[4][10]. - The company is focusing on expanding its market presence in renewable energy sectors, including wind, hydroelectric, and photovoltaic power[20]. - The company aims to achieve carbon peak and carbon neutrality through an innovative green transition plan, aligning with national sustainability goals[4]. - The company is actively pursuing opportunities for mergers and acquisitions to strengthen its market position and diversify its energy portfolio[20]. - The Group aims to increase its installed capacity of renewable energy by 40 GW over the next five years, targeting over 50% of total capacity from renewable sources by the end of 2025[64]. - The renewable energy segment's external sales revenue was HK$10,184,753 for the first half of 2021, compared to HK$6,429,988 in the same period of 2020, reflecting a growth of approximately 58.5%[198]. Financial Position and Debt Management - The net debt to shareholders' equity ratio improved to 120.5% as of June 30, 2021, down from 136.1% in 2020, indicating a strengthening of the Company's financial position[11]. - The Group's total borrowings as of June 30, 2021 amounted to HK$113.44 billion, an increase from HK$108.22 billion as of December 31, 2020[132]. - The Group's cash flow from financing activities included proceeds from bank borrowings of HK$22,789,053 and repayments of HK$30,335,639[84]. - The Group's capital structure management aims to optimize debt and equity structures while maximizing shareholder returns[128]. - The Group's cash and cash equivalents at the end of the period were HK$4,326,081, compared to HK$4,164,948 at the end of the previous period[174]. Operational Efficiency and Cost Management - Total operating expenses for the first half of 2021 amounted to HK$36,104 million, representing an increase of HK$11,027 million or 44.0% from HK$25,077 million in the first half of 2020[104]. - Fuel costs increased by HK$8,686 million or 63.0% from HK$13,782 million in the first half of 2020 to HK$22,468 million in the first half of 2021, primarily due to a 29.8% year-on-year increase in the average unit cost of standard coal[105]. - Depreciation and amortisation rose by HK$1,413 million or 25.3% from HK$5,592 million in the first half of 2020 to HK$7,005 million in the first half of 2021, mainly due to the commissioning of numerous wind power projects[106]. - Employee benefit expenses increased by HK$239 million or 8.6% from HK$2,784 million in the first half of 2020 to HK$3,023 million in the first half of 2021, driven by new wind power projects and the appreciation of RMB against HKD[106]. Sustainability and Corporate Responsibility - CR Power has been included in the Hang Seng ESG 50 Index and the Hang Seng Corporate Sustainability Benchmark Index for two consecutive years, reflecting its commitment to sustainable development[5]. - The Company has published sustainability reports for 11 consecutive years, continuously reviewing its performance and striving to improve its sustainable development practices[5]. - The company contributed approximately RMB 7.59 million to social welfare activities, including education and poverty relief, in the first half of the year[45]. - The company is committed to achieving carbon peak and carbon neutrality goals while exploring carbon capture, utilization, and storage technologies[50]. Future Outlook - Future outlook remains positive with projected growth in both turnover and profit margins as the company expands its service areas and operational capacity[20]. - The company plans to continue investing in new technologies and product development to maintain competitive advantage in the energy market[20]. - The Group's carbon emissions are projected to peak in 2025, with strategies including the development of renewable energy and the implementation of carbon capture technologies[67].