北京控股(00392) - 2024 - 中期业绩

Financial Performance - For the first half of 2024, the company's operating revenue was approximately RMB 42.32 billion[2] - The profit attributable to shareholders for the first half of 2024 was RMB 3.15 billion, representing a year-on-year decrease of 8.1% after excluding one-time items from the previous year[3] - The basic earnings per share attributable to shareholders was RMB 2.5[2] - The group reported a share of profits from joint ventures totaling RMB 12.4 billion from the National Pipeline Company and RMB 4.64 billion from VCNG[28] - The net profit for the period was RMB 3.87 billion, down from RMB 4.77 billion in the previous year[39] - The total comprehensive income for the period was RMB 3.88 billion, compared to RMB 5.08 billion in the previous year[40] - The company's net profit attributable to shareholders for the six months ending June 30, 2024, was RMB 3,149,443 thousand, compared to RMB 4,090,917 thousand in the same period of 2023, representing a decline of approximately 22.9%[51] - The gross profit for the six months ending June 30, 2024, was RMB 6,640,666 thousand, compared to RMB 6,306,207 thousand for the same period in 2023, reflecting a growth of approximately 5.3%[50][51] - Operating profit for the six months ending June 30, 2024, was RMB 3,199,010 thousand, up from RMB 3,592,262 thousand in the previous year, indicating a decrease of about 10.9%[50][51] - The total tax expense for the six months ended June 30, 2024, was RMB 592,971,000, an increase of 16.0% compared to RMB 511,031,000 for the same period in 2023[55] Business Segments - The gas business contributed RMB 2.8 billion to the after-tax profit, accounting for 58.0% of the total[4] - The water business generated an after-tax profit of RMB 461.5 million, representing 9.6% of the total[4] - The gas distribution business saw a revenue of RMB 30.66 billion, a year-on-year decrease of 2.9%[6] - The water business's operating revenue decreased by 6.4% to RMB 11.31 billion, with attributable profit declining by 18% to RMB 1.12 billion[13] - The environmental business segment achieved a waste treatment scale of 34,687 tons per day, with EEW GmbH processing 2.51 million tons of waste, a year-on-year increase of 5.5%[14] - The group's revenue from the environmental business reached RMB 4.49 billion, including RMB 3.34 billion from EEW GmbH, reflecting a year-on-year growth of 23.1%[23] Capital Expenditure and Investments - Capital expenditure for the gas business was approximately RMB 2.59 billion during the first half of 2024[9] - Capital expenditure for the environmental business segment was approximately RMB 1.16 billion in the first half of the year[14] - The company issued a total of RMB 4 billion in technology innovation corporate bonds in July and August 2024, aimed at enhancing liquidity and supporting operational needs[44] - The company issued RMB 2 billion of technology innovation corporate bonds on July 9, 2024, with a maturity of 5 and 10 years, at annual coupon rates of 2.25% and 2.54%[64] - The company issued another RMB 2 billion of technology innovation corporate bonds on August 13, 2024, with a maturity of 3 and 10 years, at annual coupon rates of 1.95% and 2.43%[64] Assets and Liabilities - Total assets as of June 30, 2024, reached RMB 216,145,970 thousand, an increase from RMB 204,454,706 thousand as of December 31, 2023, representing a growth of approximately 8.2%[41] - Non-current assets amounted to RMB 160,126,204 thousand, up from RMB 158,293,801 thousand, indicating a rise of about 1.2%[41] - Current assets increased to RMB 55,219,204 thousand from RMB 46,160,905 thousand, reflecting a significant growth of approximately 19.5%[41] - Total liabilities rose to RMB 120,234,505 thousand from RMB 111,405,341 thousand, which is an increase of approximately 7.4%[43] - Trade receivables increased by RMB 487 million, primarily due to gas sales receivables during the heating season from Beijing Gas[31] - Inventory levels increased to RMB 6,327,342 thousand from RMB 5,149,652 thousand, representing a growth of approximately 22.9%[41] - Trade receivables rose to RMB 4,887,703 thousand from RMB 4,400,278 thousand, indicating an increase of about 11%[41] Cash Flow and Financing - Cash and bank deposits amounted to RMB 33.78 billion, an increase of RMB 4.92 billion compared to the end of 2023, indicating a continued strong cash position[31] - Total borrowings as of June 30, 2024, were RMB 82.31 billion, including guaranteed bonds totaling USD 1.8 billion and EUR 900 million, as well as RMB 15.25 billion in corporate bonds[35] - The company maintained sufficient bank credit financing in mainland China and Hong Kong to meet operational funding needs, with total equity increasing to RMB 95.91 billion from RMB 93.05 billion at the end of 2023[36] - The financial expenses remained stable at RMB 1.21 billion, with effective debt structure adjustments to control financing costs[27] Shareholder Information - The interim cash dividend declared was HKD 0.85 per share, totaling approximately RMB 972,093,000, down from RMB 1,055,846,000 for the same period in 2023[56] - The company repurchased and canceled 2,200,000 shares at an average cost of HKD 23.32 per share, totaling RMB 46,801,000 during the period[62] - The company repurchased a total of 2,200,000 shares during the six months ending June 30, 2024, at a total cost of HKD 51,297,375[71] - The highest repurchase price per share was HKD 26.30, while the lowest was HKD 22.10[72] - Shareholders can choose to receive dividends in RMB at an exchange rate of 1.0 HKD to 0.913678 RMB[66] Governance and Compliance - The company has complied with the Corporate Governance Code during the six months ending June 30, 2024[69] - The audit committee reviewed the unaudited interim results and confirmed the adoption of appropriate accounting policies[70] - The board of directors includes both executive and independent non-executive members, ensuring governance and oversight[74] Operational Strategy - The group plans to expand its market presence outside Beijing while focusing on cost control and safety in operations[18] - The group aims to enhance cash flow and improve operational efficiency through digital transformation and asset management[20] - The company continues to focus on independent management of its operating segments, which are evaluated based on their respective risks and returns[49]