港灯(02638) - 2024 - 中期财报

Financial Performance - Revenue for the first half of 2024 was HKD 5.572 billion, an increase from HKD 5.229 billion in the same period of 2023, representing a growth of approximately 6.56%[1] - For the six months ended June 30, 2024, the profit before interest, tax, depreciation, and amortization was HKD 3.989 billion, an increase from HKD 3.739 billion in 2023, while the profit attributable to unit holders was HKD 947 million, down from HKD 982 million in 2023[7] - The unaudited consolidated profit for the same period was HKD 947 million, a decrease from HKD 982 million in 2023, reflecting a decline of about 3.6%[18] - Operating profit for the same period was HKD 2,490 million, up from HKD 2,299 million in 2023, indicating an increase of about 8.3%[29] - The Trust Group's total comprehensive income attributable to shareholders for the six months ended June 30, 2024, was HKD 974 million, compared to HKD 935 million in 2023, reflecting a growth of approximately 4.2%[31] - The company reported a net profit of HKD 1,422 million for the six months ended June 30, 2024, compared to HKD 1,408 million for the same period in 2023, representing a growth of 1%[34] - The total comprehensive income for the period was HKD 974 million, compared to HKD 935 million in the same period last year, showing an increase of 4%[34] Distribution and Dividends - Total distribution amount remained stable at HKD 1.408 billion, with an interim distribution per share of HKD 0.1594[1] - The interim distributable income was HKD 1.048 billion, unchanged from 2023, with an interim distribution of HKD 0.1594 per unit, to be paid on September 6, 2024[8] - The interim distribution declared for the six months ended June 30, 2024, is HKD 0.1594 per share, unchanged from the previous year[19] - The interim distribution for the 2024 fiscal year is set at HKD 0.1594 per unit, payable on September 6, 2024[104] - The interim dividend per share for the six months ended June 30, 2024, remained at 15.94 cents, consistent with the previous year[65] Capital Expenditure and Investments - The company plans to invest HKD 22 billion over the next five years to expand decarbonization infrastructure and enhance other facilities, including the construction of a new 380 MW gas combined cycle generator unit (L13)[6] - Capital expenditure during the period was HKD 1.375 billion, down from HKD 1.678 billion in 2023, indicating a reduction of approximately 17.9%[22] - The company incurred capital expenditures of HKD 2,009 million, a reduction from HKD 2,316 million in the previous year, reflecting a strategic focus on cost control[36] - The company's capital expenditure for the period was HKD 2,025 million, down from HKD 2,407 million in the previous year, a decrease of 15.8%[65] - Capital expenditures approved and contracted amount to HKD 7.464 billion as of June 30, 2024, up from HKD 5.832 billion at the end of 2023[67] - Capital expenditures approved but not yet contracted decreased to HKD 16.873 billion from HKD 21.073 billion year-over-year[67] Operational Efficiency and Technology - The company plans to enhance productivity and operational capabilities by leveraging advanced technologies such as artificial intelligence[15] - The company aims to balance capital expenditure and necessary investments while progressing towards its zero-carbon vision for the 2024-2028 development plan[15] - The company plans to continue its investment strategy focused on operational efficiency and market expansion in the upcoming periods[41] - The company is actively exploring the feasibility of importing zero-carbon electricity through regional cooperation and investigating the application of green hydrogen[15] Sustainability and Environmental Goals - The company aims to increase the proportion of natural gas generation to approximately 70% following the completion of its 2019-2023 development plan[6] - The company plans to eliminate coal-fired power generation by 2035, having already retired three coal units in recent years, with L6 expected to retire in 2029[9] - The total capacity of natural gas generation will increase to 1,855 MW by 2029, representing a significant portion of the total generation capacity[9] - The company has completed the review of its sustainability framework and policies, setting new goals aligned with six United Nations Sustainable Development Goals[12] - The company is committed to improving the resilience of its power grid against extreme weather events through investments in flood and wind protection facilities[15] Financial Position and Debt Management - Total external borrowings as of June 30, 2024, amounted to HKD 50.664 billion, an increase from HKD 50.206 billion as of December 31, 2023[22] - As of June 30, 2024, the net debt of the Trust Group was HKD 50.619 billion, compared to HKD 50.185 billion on December 31, 2023, maintaining a net debt to net total capital ratio of 51%[24] - The Trust Group's total assets as of June 30, 2024, were HKD 115.836 billion, slightly down from HKD 116.047 billion on December 31, 2023[33] - The company's total liabilities decreased from HKD 3,417 million as of December 31, 2023, to HKD 2,904 million as of June 30, 2024, a reduction of 15%[57] - The total equity as of June 30, 2024, was HKD 49,922 million, slightly up from HKD 49,447 million as of December 31, 2023, indicating a growth of 1%[57] Governance and Compliance - The company has complied with the corporate governance code applicable during the six months ended June 30, 2024, except for the absence of a remuneration committee and a nomination committee[86] - The audit committee, chaired by an independent non-executive director, has reviewed the unaudited consolidated financial statements for the six months ending June 30, 2024[91] - The company ensures compliance with all relevant laws and regulations, including listing rules and corporate governance developments[88] - The company has established a communication policy with unit holders to facilitate effective communication, including annual meetings and financial performance reports[97] - The company conducts regular meetings of the board, approximately four times a year, to monitor performance and strategic direction[87] Shareholder Information - The major shareholders of the company include Electric Power Industry Limited, holding 2,948,966,418 units, representing 33.37% of the issued units[102] - The State Grid Corporation holds 1,855,602,000 units, accounting for 21.00% of the issued units[102] - Qatar Investment Authority owns 1,758,403,800 units, which is 19.90% of the issued units[102] - The company has a significant concentration of ownership, with the top two shareholders controlling over 55% of the issued units[102] - The company is structured as a trust, with units that cannot be individually bought or sold[109]