港灯(02638) - 2021 - 中期财报

Financial Performance - Revenue for the first half of 2021 was HKD 5.249 billion, compared to HKD 4.8 billion in the same period of 2020, representing an increase of approximately 9.3%[4] - The unaudited profit attributable to unit holders was HKD 880 million for the first half of 2021, up from HKD 811 million in 2020, reflecting a growth of about 8.5%[32] - The EBITDA for the first half of 2021 was HKD 3.64 billion, compared to HKD 3.24 billion in 2020, indicating an increase of approximately 12.4%[32] - The interim distributable income for the period is HKD 1.48 billion, unchanged from 2020, with an interim distribution of HKD 0.1594 per share unit[33] - Operating profit for the same period was HKD 2,148 million, up 22.5% from HKD 1,753 million in 2020[67] - Profit attributable to shareholders for the six months was HKD 880 million, representing an increase of 8.5% compared to HKD 811 million in 2020[70] - Basic and diluted earnings per share for the period were 9.96 cents, compared to 9.18 cents in 2020, reflecting a growth of 8.5%[67] - The total comprehensive income for the six months ended June 30, 2021, was HKD 929 million, compared to HKD 540 million for the same period in 2020, indicating a significant improvement[77] Capital Expenditures and Investments - Capital expenditures during the period amounted to HKD 1.812 billion, up from HKD 1.571 billion in 2020, indicating a growth of approximately 15.4%[56] - The approved and contracted capital expenditure for property, plant, and equipment as of June 30, 2021, was HKD 7,848 million, up from HKD 7,140 million at the end of 2020[134] - The approved but not contracted capital expenditure for property, plant, and equipment was HKD 11,984 million as of June 30, 2021, down from HKD 14,303 million at the end of 2020[135] - The group’s capitalized costs related to construction assets were HKD 9,587 million as of June 30, 2021, reflecting ongoing investments in infrastructure[102] Debt and Financial Position - As of June 30, 2021, total external borrowings were HKD 46.407 billion, an increase from HKD 44.89 billion as of December 31, 2020, representing a growth of about 3.6%[56] - The net debt to net total capital ratio was 50% as of June 30, 2021, compared to 48% at the end of 2020, indicating a slight increase in leverage[59] - The trust group maintained a strong financial position, with a stable credit rating of A- from Standard & Poor's[59] - The trust group has secured a five-year credit facility totaling HKD 3 billion for refinancing and general business purposes[59] - The company has a liquidity position with bank deposits and cash amounting to HKD 49 million as of June 30, 2021[56] Customer and Community Support - The company continues to implement relief measures to assist customers and businesses affected by the COVID-19 pandemic[31] - The company has expanded its relief measures and energy-saving programs, with a budget of HKD 24 million expected to benefit 500 SMEs and over 40,000 grassroots families[45] - The company has installed over 80,000 smart meters to assist customers in energy management and is developing a new mobile application for real-time electricity usage updates[36] Sustainability and Environmental Initiatives - The company is focused on reducing carbon emissions through ongoing capital projects in its power generation business[31] - The company aims to increase the proportion of natural gas generation from approximately 50% to about 70% by 2023 as part of its development plan from 2019 to 2023[35] - The company has completed consultations with the government to tighten emission limits starting in 2026 as part of its commitment to cleaner energy production[39] - The trust group is committed to achieving carbon neutrality by 2050 and is exploring the feasibility of expanding offshore wind farm capacity[48] Governance and Compliance - The company has adhered to corporate governance principles during the six months ending June 30, 2021, with exceptions related to the establishment of a remuneration committee and a nomination committee[169] - The company’s audit committees have reviewed procedures for handling reports of financial reporting and internal controls, ensuring transparency and accountability[170] - The company’s risk management and internal control systems are regularly reviewed by the audit committees to ensure effectiveness in achieving strategic objectives[191] - The audit committees consist of three independent non-executive directors and one non-executive director, ensuring governance compliance[194] Operational Efficiency - A total of 69 innovation projects and 75 mobile applications were developed during the period to enhance operational efficiency and customer service[43] - The company maintains a power supply reliability rate of over 99.999% and has restored all customer-facing services to pre-pandemic levels[42] - The group’s total operating costs for the group were HKD 520 million for the six months ended June 30, 2021, slightly up from HKD 509 million in the same period of 2020[93]