华润燃气(01193) - 2021 - 中期财报

Financial Performance - In the first half of 2021, CR Gas's total gas sales volume reached approximately 17.159 billion cubic meters, serving 43.19 million customers across 258 city gas projects in 22 provincial regions of China [18]. - The Group's total natural gas sales volume increased by 29.5% year-on-year to 17.159 billion cubic meters, with turnover rising by 52.5% to HK$34.416 billion [24][25]. - Profit attributable to owners of the Company increased by 35.6% year-on-year to HK$3.250 billion [24]. - The Group achieved a total turnover of HK$34.416 billion in the first half of 2021, representing a 52.5% increase compared to the same period last year [37]. - Gross profit for the same period was HK$8,785,042, up 44.4% from HK$6,083,142 in 2020 [118]. - Profit before taxation increased to HK$5,671,510, up from HK$3,988,043, marking a growth of approximately 42.2% [131]. - Profit for the period attributable to owners of the parent was HK$3,250,312, compared to HK$2,396,479 in 2020, indicating an increase of around 35.7% [131]. - Total comprehensive income for the period was HK$4,896,151, significantly higher than HK$2,158,147 in the previous year, representing an increase of approximately 126.5% [131]. - Basic earnings per share rose to HK$1.43 from HK$1.09, reflecting an increase of about 31.1% [131]. Market and Economic Context - The Chinese economy showed a strong recovery with a GDP growth of 12.7% year-on-year in the first half of 2021, and industrial value-added increased by 15.9% [22]. - The national apparent natural gas consumption reached 182.7 billion cubic meters, representing a year-on-year growth of 17.4% [22]. - The optimization of energy structure and environmental pollution control is expected to drive sustainable growth in natural gas consumption in China [19]. - The PRC government aims to reduce coal consumption to below 56% and increase domestic natural gas production to 202.5 billion cubic meters by 2025, promoting natural gas as a key low-carbon energy source [22]. Operational Expansion and Strategy - CR Gas continues to expand through both organic growth and acquisitions, leveraging its strong industry fundamentals and execution capabilities [18]. - The company operates in economically developed and densely populated areas, strategically positioning itself in regions with rich natural gas reserves [17]. - The Group signed 25 new projects and incorporated 12 projects, expanding operational areas by 10,000 square kilometers, expected to add 1.15 million users and 1.87 billion cubic meters in gas sales annually [29][31]. - The Group added 1.296 million new connection users, including 1.101 million new residential connections, 180,000 old residential connections, and 15,000 rural "coal-to-gas conversion" connections [28][30]. Sustainability and Corporate Governance - The Group received a BB ESG rating from MSCI, reflecting its commitment to sustainable practices and governance [36]. - The Group aims to incorporate national carbon peak and carbon neutrality goals into its daily operations and business development [36]. - The Group is committed to maintaining a credible corporate governance framework to ensure transparency and accountability to shareholders [101]. - The Company has complied with the mandatory provisions of the Corporate Governance Code, with updates made to the Corporate Governance Handbook in 2018 [107]. Financial Position and Liquidity - As of the end of the period, the Group's cash balance was HK$15.688 billion, an increase from HK$13.442 billion at the end of the previous year [47]. - The Group's credit ratings were affirmed at A-, A3, and A- by major international rating agencies, reflecting strong market recognition of its financial performance [37]. - The Group's gearing ratio increased to 12.3% from 11.6% in 2020, reflecting a stable financial position [49]. - The Group's current liabilities exceeded its current assets by approximately HK$12,844,514,000 as of June 30, 2021 [154]. Employee and Shareholder Engagement - The Group recognizes the importance of performance-based remuneration and grants bonuses to certain employees to encourage optimal performance [70]. - The Incentive Award Scheme allows for a maximum of 5% of the issued share capital to be awarded as incentive shares, with a limit of 0.5% for any selected employee [63]. - An interim dividend of 15 HK cents per share was declared for the six months ended 30th June 2021, consistent with the previous year [60]. - The Group's strategy includes retaining existing employees and recruiting additional talent to achieve long-term business objectives [63].