北京燃气蓝天(06828) - 2024 - 中期财报

Company Information The report provides detailed company information as of August 29, 2024, including board members, committee compositions, main office address, share registrar, auditor (EY), principal bankers, and company website - The report provides detailed company information as of August 29, 2024, including board members, committee compositions, main office address, share registrar, auditor (Ernst & Young), principal bankers, and company website[2] Company Profile The Group is positioned as a comprehensive energy service provider focusing on the entire natural gas industry chain, with Beijing Gas Group Co., Ltd. as its single largest shareholder - The Group is positioned as a comprehensive energy service provider focusing on the entire natural gas industry chain, with Beijing Gas Group Co., Ltd. as its single largest shareholder[4] - Its main businesses cover three segments: (1) City Gas Business; (2) Natural Gas Trading and Distribution Business; and (3) Integrated Clean Energy and New Energy Business[4] - In response to the national "Dual Carbon" goals, the Group is actively expanding its integrated clean energy and new energy businesses through self-construction, acquisitions, and collaborations[4] Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income In the first half of 2024, the company's revenue decreased by 26.8% to HKD 872 million year-on-year, with gross profit down 62.5% to HKD 16.71 million, while profit attributable to owners increased by 71.2% to HKD 55.31 million due to increased share of profit from associates and lower finance costs, resulting in basic earnings per share of HKD 0.24 cents 2024 First Half Profit or Loss Key Data (HKD thousands) | Indicator | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | Year-on-year change | | :--- | :--- | :--- | :--- | | Revenue | 871,956 | 1,191,450 | -26.8% | | Cost of sales | (855,247) | (1,146,846) | -25.4% | | Gross Profit | 16,709 | 44,604 | -62.5% | | Share of profit from associates | 169,523 | 135,650 | +25.0% | | Finance costs | (64,168) | (76,700) | -16.3% | | Profit before tax | 53,816 | 46,590 | +15.5% | | Profit for the period | 41,546 | 43,084 | -3.6% | | Profit attributable to owners of the Company | 55,313 | 32,272 | +71.2% | | Basic earnings per share (HK cents) | 0.24 | 0.14 | +71.4% | Condensed Consolidated Statement of Financial Position As of June 30, 2024, the company's total assets slightly increased to HKD 5.18 billion, and net assets rose to HKD 1.65 billion, though it still faces a net current liability of approximately HKD 1.19 billion, indicating ongoing short-term liquidity pressure Financial Position Key Data (HKD thousands) | Indicator | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total non-current assets | 4,042,237 | 3,823,828 | +5.7% | | Total current assets | 1,137,388 | 1,262,939 | -9.9% | | Total Assets | 5,179,625 | 5,086,767 | +1.8% | | Total current liabilities | 2,327,551 | 2,284,337 | +1.9% | | Total non-current liabilities | 1,201,593 | 1,176,502 | +2.1% | | Total Liabilities | 3,529,144 | 3,460,839 | +2.0% | | Net Assets | 1,650,481 | 1,625,928 | +1.5% | | Net current liabilities | (1,190,163) | (1,021,398) | +16.5% | Condensed Consolidated Statement of Cash Flows In the first half of 2024, net cash flow from operating activities significantly decreased to HKD 17.22 million, but cash flow from investing activities turned into a net inflow of HKD 136 million, leading to an increase in period-end cash and cash equivalents to HKD 515 million, primarily due to dividend income from associates Cash Flow Key Data (HKD thousands) | Indicator | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | | :--- | :--- | :--- | | Net cash flows from operating activities | 17,219 | 81,036 | | Net cash flows from investing activities | 135,549 | 10,243 | | Net cash flows used in financing activities | (36,268) | (241,520) | | Net increase / (decrease) in cash and cash equivalents | 116,500 | (150,241) | | Cash and cash equivalents at end of period | 514,517 | 354,982 | Summary of Notes to the Financial Statements Operating Segment Information The Group's business is divided into three segments, with the City Gas Operations segment being the primary profit driver in the first half of 2024, contributing HKD 133 million in segment profit, while the newly established Clean Energy segment has begun generating modest revenue and profit 2024 First Half Segment Revenue and Profit (HKD thousands) | Segment | Revenue | Segment Profit | | :--- | :--- | :--- | | City Gas Operations | 528,900 | 133,269 | | Natural Gas Trading and Distribution | 341,714 | 1,988 | | Development and Operation of Integrated Clean Energy and New Energy | 1,342 | 1,179 | | Total | 871,956 | 136,436 | Segment Revenue Year-on-Year Change (HKD thousands) | Segment | 2024 First Half | 2023 First Half | Year-on-year change | | :--- | :--- | :--- | :--- | | City Gas Operations | 528,900 | 540,330 | -2.1% | | Natural Gas Trading and Distribution | 341,714 | 651,120 | -47.5% | | Development and Operation of Integrated Clean Energy and New Energy | 1,342 | – | N/A | | Total | 871,956 | 1,191,450 | -26.8% | Dividends The Board of Directors does not recommend the declaration of any interim dividend for the six months ended June 30, 2024 - The Board of Directors does not recommend the declaration of an interim dividend for 2024, consistent with the policy for the same period in 2023[34] Events After Reporting Period After the reporting period, the company appealed a litigation judgment and completed the acquisition of a 49% equity interest in Beijing Unite Energy Engineering Technology Co., Ltd - Regarding a lawsuit concerning the acquisition of equity in a target company, the company filed an appeal against the first-instance judgment on July 25, 2024[41] - On July 3, 2024, the Group completed the acquisition of a 49% equity interest in Beijing Unite Energy Engineering Technology Co., Ltd. for a consideration of RMB 41.65 million[42] Management Discussion and Analysis Business Review In the first half of 2024, the Group's total gas sales volume decreased by 20.2% year-on-year, leading to a 26.8% revenue decline due to reduced natural gas demand, yet profit attributable to owners grew significantly by 71.2% driven by increased profit contribution from associate PetroChina Jingtang and effective control over finance costs, while substantial progress was made in clean energy and new energy sectors 2024 First Half Key Operating Data | Indicator | 2024 First Half | 2023 First Half | Year-on-year change | | :--- | :--- | :--- | :--- | | Total Gas Sales Volume (million cubic meters) | 263.4 | 329.9 | -20.2% | | Revenue (million HKD) | 872.0 | 1,191.5 | -26.8% | | Gross Profit (million HKD) | 16.7 | 44.6 | -62.5% | | Profit attributable to owners of the Company (million HKD) | 55.3 | 32.3 | +71.2% | - Profit growth was primarily attributable to: (i) increased share of profit from associate PetroChina Jingtang project; and (ii) lower finance costs[48][70] Segment Business Performance City gas sales volume increased by 15.2%, but connection revenue decline led to a 2.1% segment revenue decrease, while natural gas trading and distribution business saw significant contraction, and the associate LNG receiving terminal project contributed substantial profit with 7.2% increase in offloading volume, and new clean energy businesses began contributing revenue and are actively expanding - City Gas Business: Gas sales volume increased by 15.2% year-on-year to 141.9 million cubic meters, primarily driven by the Shanxi project, but connection revenue decreased by 29.5% due to fewer industrial user connections[52][53] - Natural Gas Trading and Distribution Business: Total trading volume decreased by 42.2% year-on-year to 114.9 million cubic meters, with sales revenue down 47.5% to HKD 341.7 million, mainly due to decreased natural gas demand[54] - LNG Receiving Terminal Project: The 29%-owned PetroChina Jingtang project's total LNG offloading volume reached 3.32 billion cubic meters in the first half, a 7.2% year-on-year increase, serving as a significant source of Group profit[55] - Integrated Clean Energy and New Energy Business: Achieved substantial progress, including completing the acquisition of Beiqijia assets (contributing HKD 1.3 million in revenue), advancing the acquisition of a 49% equity interest in Beijing Unite, and commencing construction of the Yangzhou user-side energy storage project[56][57][58] Financial Review The company's revenue and gross profit both declined in the first half, with gross margin falling from 3.7% to 1.9%, yet finance costs decreased by 16.3% to HKD 64.2 million due to optimized debt structure, and the increase in profit attributable to owners was mainly driven by associate contributions and reduced interest expenses, while the net debt-to-equity ratio improved from 141.9% to 136.8%, but the current ratio of 0.49 indicates ongoing short-term liquidity pressure - Gross margin decreased from 3.7% in the same period last year to 1.9%, primarily due to gas price adjustments in some city gas projects and rising upstream costs[62] - Finance costs decreased by 16.3% year-on-year, mainly due to the Group replacing HKD and USD borrowings with lower-cost RMB bank borrowings since 2023[68] Key Financial Ratios | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Current Ratio | 0.49 | 0.55 | | Debt-to-asset Ratio | 68.1% | 68.0% | | Gearing Ratio (Total Borrowings/Total Assets) | 53.5% | 53.3% | | Net Debt-to-equity Ratio | 136.8% | 141.9% | Future Outlook The Group will continue to seize strategic opportunities from national energy transformation and green low-carbon development, focusing on the new energy business, particularly the industrial and commercial energy storage market, aiming to become a first-class new energy enterprise - The Group's recognition in ESG and capital markets improved, receiving "ESG Environmentally Friendly Excellence Enterprise" and "Most Promising Listed Company" awards[59] - Future strategic focus will be on new energy businesses, especially the industrial and commercial energy storage market with diversified application scenarios, to seek new growth points[60] Other Information Major Shareholders' Interests As of June 30, 2024, Beijing Gas Co., Ltd. is the company's controlling shareholder, holding 66.37% of shares, with its ultimate controlling party being Beijing Enterprises Group Company Limited, wholly owned by the Beijing SASAC Major Shareholder Holdings | Shareholder Name | Capacity | Number of Shares Held (Long Position) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Beijing Gas Co., Ltd. | Beneficial Owner | 15,091,042,131 | 66.37% | | Beijing Gas Group | Interest in Controlled Corporation | 15,091,042,131 | 66.37% | | Beijing Enterprises Group Company Limited | Interest in Controlled Corporation | 15,091,042,131 | 66.37% | Control Clauses in Financing Agreements Several of the company's bank financing agreements contain change of control clauses, generally requiring Beijing SASAC, Beijing Enterprises Group, and Beijing Gas Group to maintain ultimate control or single largest shareholder status over the company, with banks having the right to demand immediate repayment of all outstanding amounts if these clauses are breached - Multiple bank financing agreements signed in 2023 and 2024 stipulate that if the controlling shareholder (Beijing Gas Group)'s shareholding in the company falls below 51%, or if there are significant changes in its upstream shareholder structure, it will trigger a default, allowing banks to demand early repayment[99][100][101][102][103]