Financial Performance - Revenue for the six months ended June 30, 2021, was HKD 5,824,692, representing a 36.2% increase from HKD 4,276,591 in the same period of 2020[2] - Gross profit was HKD 1,224,559 with a gross margin of 21.0%, down from HKD 1,265,958 and a gross margin of 29.6% in 2020, reflecting a decrease of 3.3% in gross profit and 8.6% in gross margin[2] - Profit attributable to owners of the company was HKD 644,172, a 25.5% increase from HKD 513,088 in the previous year[2] - Non-HKFRS profit attributable to owners was HKD 545,799, down 18.1% from HKD 666,614 in 2020[2] - Total comprehensive income for the period was HKD 763,142, up from HKD 475,848 in 2020[5] - EBITDA under non-HKFRS was HKD 1,150,546, a decrease of 13.5% from HKD 1,330,723 in the same period last year[2] - The net cash generated from operating activities for the six months ended June 30, 2021, was HKD 411,810, a decrease from HKD 617,807 in 2020[10] - The company reported a decrease in cash and cash equivalents of HKD (557,278) for the six months ended June 30, 2021, compared to a decrease of HKD (470,082) in 2020[10] - The net foreign exchange gain for the six months ended June 30, 2021, was HKD 98,373,000, compared to a loss of HKD 153,526,000 in 2020[17] - Income tax expense for the six months ended June 30, 2021, was HKD 227,482,000, down from HKD 259,114,000 in 2020[20] - The profit attributable to shareholders for the six months ended June 30, 2021, was HKD 644,172,000, an increase from HKD 513,088,000 in 2020[23] - The net profit margin for the six months ended June 30, 2021, was 11.1%, down from 12.0% in the previous year[72] - Basic and diluted earnings per share for the six months ended June 30, 2021, were HKD 0.2435 and HKD 0.2432, respectively, compared to HKD 0.2020 and HKD 0.2017 in the previous year[72] Revenue Breakdown - Retail gas sales contributed HKD 3,613,829 to total revenue, up from HKD 2,572,144 in the previous year, marking a growth of about 40.5%[13] - The revenue from gas pipeline construction was HKD 997,781, down from HKD 1,119,765 in the previous year, reflecting a decline of approximately 10.9%[13] - Wholesale gas revenue increased significantly to HKD 879,849 from HKD 153,762, showing a growth of approximately 471.5%[13] - Revenue from "coal-to-gas" projects for residential users fell by 56.7% to HKD 249,059,000[54] - Revenue from non-"coal-to-gas" projects for residential users increased by 38.1% to HKD 699,409,000[54] - Sales of pipeline natural gas to wholesale customers surged by 1,498.3% to HKD 479,241,000, up from HKD 29,985,000 in the previous year[56] - Sales of liquefied natural gas to wholesale customers increased by 223.7% to HKD 400,608,000, compared to HKD 123,777,000 in the same period last year[56] Dividends and Shareholder Information - Proposed interim dividend increased by 50.0% to HKD 3.00 per share from HKD 2.00 in the previous year[2] - The proposed final dividend for the year ended December 31, 2020, is HKD 0.07 per share, totaling HKD 185,159,000, compared to HKD 0.05 per share in 2020[22] - The company plans to pay an interim dividend of HKD 0.03 per ordinary share, up from HKD 0.02 in the previous year, expected to be paid on November 15, 2021[76] - As of June 30, 2021, the total number of issued shares of the company was 2,645,132,157 shares[79] - Mr. Wang Wenliang holds 761,899,206 shares, representing a beneficial interest of 28.80%[78] - China Gas Holdings Limited owns 1,057,905,071 shares, accounting for 39.99% of the total shares[82] Operational Highlights - Natural gas sales volume increased by 48.0% to 1,456,188 thousand cubic meters compared to 983,750 thousand cubic meters in the same period last year[2] - The number of operational gas distribution projects in China increased to 73, up from 69 in the previous year, with an additional project acquired in Inner Mongolia[41] - The total population that can be connected to the gas network reached 21,664,000, representing an increase of 11.9% from 19,363,000[43] - The cumulative number of connected gas customers reached 4,253,102, with residential users increasing by 10.5% from the previous year[43] - The average connection fee for residential users in "coal-to-gas" projects was RMB 2,960, an increase of 9.5% from RMB 2,704[44] - The company has 64 compressed natural gas/liquefied natural gas refueling stations, with one additional station under construction[44] Financial Position - Total assets less current liabilities increased to HKD 12,845,792 from HKD 12,170,284 as of December 31, 2020[7] - The company’s cash and cash equivalents as of June 30, 2021, stood at HKD 1,202,726, down from HKD 1,405,681 at the end of June 2020[10] - Trade receivables as of June 30, 2021, amounted to HKD 2,112,930,000, an increase from HKD 1,771,513,000 at the end of 2020[26] - Trade payables as of June 30, 2021, were HKD 1,635,840,000, down from HKD 1,882,389,000 at the end of 2020[27] - The total borrowings and lease liabilities decreased by HKD 225,352,000 or 1.9% to HKD 11,392,171,000 as of June 30, 2021, down from HKD 11,617,523,000 in 2020[28] - The net debt to equity ratio improved to approximately 1.36 as of June 30, 2021, compared to 1.47 in 2020[28] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the review period[84] - The audit committee, composed of independent non-executive directors, reviewed the accounting principles and financial reporting matters for the six months ending June 30, 2021[85] - The company has complied with the standard code for securities transactions by directors as per the listing rules[84] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended June 30, 2021[86]
中裕能源(03633) - 2021 - 中期财报