港灯(02638) - 2019 - 中期财报

Financial Performance - Revenue for the first half of 2019 was HKD 5.003 billion, compared to HKD 5.457 billion in 2018, representing a decrease of approximately 8.3%[4] - The total distribution amount for the first half of 2019 was HKD 1.408 billion, down from HKD 1.760 billion in 2018, a decline of about 20%[4] - The unaudited profit attributable to unit holders for the first half of 2019 was HKD 709 million, a decrease from HKD 982 million in 2018, reflecting a drop of approximately 27.7%[33] - The unaudited EBITDA for the first half of 2019 was HKD 3.287 billion, compared to HKD 3.809 billion in 2018, indicating a decrease of approximately 13.7%[33] - The interim distribution per unit for 2019 was HKD 0.1594, down from HKD 0.1992 in 2018, a reduction of about 20%[4] - The interim distributable income decreased by approximately 20% to HKD 1.408 billion, compared to HKD 1.76 billion in 2018[34] - The interim dividend declared is HKD 0.1594 per share, down from HKD 0.1992 in 2018[34] - Operating profit for the same period was HKD 1,813 million, down 24.0% from HKD 2,383 million in 2018[67] - Profit attributable to shareholders for the six months was HKD 709 million, a decrease of 28.0% compared to HKD 982 million in 2018[67] - Total comprehensive income for the period was HKD 796 million, down from HKD 1,286 million in 2018[70] Investment and Capital Expenditure - The company plans to invest a total of HKD 26.6 billion over five years from 2019 to 2023 to enhance power generation, transmission, and customer service infrastructure[32] - The company plans to invest HKD 16.2 billion to build new gas-fired power generation units and other facilities to replace old coal-fired units, aiming to reduce carbon emissions[35] - The group had approved and contracted capital expenditures of HKD 4.633 billion as of June 30, 2019, an increase from HKD 4.155 billion at the end of 2018[134] - The group also had approved but not contracted capital expenditures of HKD 18.822 billion as of June 30, 2019, down from HKD 20.717 billion at the end of 2018, showing a decrease of about 9.1%[134] Regulatory and Strategic Initiatives - The new regulatory framework aims to achieve energy efficiency, energy savings, and renewable energy goals through various initiatives and projects[32] - The company is committed to enhancing its gas-fired generation capacity and promoting smart grid development as part of its investment strategy[32] - The company launched the "Smart Energy Saving Service" to promote energy efficiency and renewable energy development in the community[43] - By 2023, the proportion of gas-fired power generation is expected to increase to about 70%, with carbon emissions reduced by over 25% compared to 2018[37] Financial Position and Debt - As of June 30, 2019, total external borrowings amounted to HKD 43.477 billion, an increase from HKD 41.965 billion as of December 31, 2018[56] - The net debt to net total capital ratio was 47% as of June 30, 2019, compared to 46% at the end of 2018[59] - The total amount of undrawn bank facilities was HKD 4.9 billion as of June 30, 2019, down from HKD 5.495 billion at the end of 2018[56] - The company’s total bank loans and other interest-bearing borrowings amounted to HKD 62,602 million as of June 30, 2019, compared to HKD 59,168 million at the end of 2018[115] Cash Flow and Liquidity - Operating cash flow for the six months ended June 30, 2019, was HKD 2,796 million, a decrease of 7.3% from HKD 3,004 million in 2018[79] - Net cash generated from operating activities was HKD 2,280 million, down from HKD 2,493 million, reflecting a decline of 8.5%[79] - Cash used in investing activities amounted to HKD 1,590 million, an increase of 34.1% compared to HKD 1,186 million in 2018[79] - Cash and cash equivalents as of June 30, 2019, totaled HKD 277 million, down from HKD 454 million, representing a decrease of 39.0%[79] Corporate Governance - The company has maintained compliance with corporate governance codes applicable as of June 30, 2019, with exceptions noted[169] - The board consists of 17 members, including 5 executive directors, 6 non-executive directors, and 6 independent non-executive directors, meeting the requirement of over one-third being independent[173] - The company has established a nomination committee composed of all directors, although it deviates from the governance code's stipulations[170] - The company’s audit committees have reviewed procedures for handling reports of financial misconduct and internal controls[172] - The company’s risk management and internal control systems are monitored by the boards, ensuring effective risk management practices are in place[180] Shareholder Information - As of June 30, 2019, the directors hold a total of 11,270,000 units, representing approximately 0.12% of the issued units[191] - Li Zeju holds 7,870,000 units, accounting for 0.08% of the issued units, while Ho Kwan Ning holds 2,000,000 units, representing 0.02%[191] - The major shareholders include Power Assets Holdings Limited with 2,948,966,418 shares, representing 33.37% of the total[200] - The State Grid Corporation holds 1,855,602,000 shares, accounting for 21.00% of the total[200] - Qatar Investment Authority owns 1,758,403,800 shares, which is 19.90% of the total[200]