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中电控股(00002) - 2025 - 中期业绩
2025-08-04 04:02

Financial Summary and Chairman's Statement Financial Summary CLP Group's H1 2025 total earnings fell 5.5% to HK$5.624 billion, with operating earnings declining 8.0% due to weaker performance in Australia and Mainland China Key Financial Indicators for H1 2025 | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Earnings | HK$5,624 million | HK$5,951 million | -5.5% | | Operating Earnings before Fair Value Changes | HK$5,227 million | HK$5,683 million | -8.0% | | Consolidated Revenue | HK$42,854 million | HK$44,086 million | -2.8% | | Second Interim Dividend | HK$0.63 per share | HK$0.63 per share | 0.0% | - The decline in operating earnings was primarily attributed to the underperformance of EnergyAustralia's customer business amid retail market competition and reduced contributions from assets in Mainland China, partially offset by strong performance in Hong Kong512 - Total earnings included favorable one-off items, mainly a transaction gain from introducing a joint venture partner for the Wooreen energy storage system project in Australia512 Chairman's Statement The Chairman's Statement highlights the Group's business resilience amid a volatile market, its commitment to Hong Kong's development, and progress in energy transition and digital transformation - The Group is committed to providing a stable energy supply for Hong Kong and supporting its long-term development, including the Northern Metropolis and the National Games47 - The energy transition is progressing in key markets, including strategic partnerships for energy storage in Australia and the construction of zero-carbon assets in India8 - The Group is actively investing in technology and digital transformation, having completed the first phase of its ERP-driven transformation and leveraging AI and drones to enhance operational efficiency69 - Talent development is emphasized through collaborations such as establishing a "student practice base" with Tsinghua University, deepening a long-term partnership started in 20099 Financial and Segment Performance In H1 2025, the Group's operating earnings before fair value changes decreased by 8.0% to HK$5.227 billion, with growth in Hong Kong offset by declines across all other regions Operating Earnings by Business Segment (before Fair Value Changes) | Business Segment | H1 2025 (HK$ million) | H1 2024 (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong Energy | 4,469 | 4,165 | 7.3 | | Mainland China | 870 | 988 | (11.9) | | Australia | 167 | 611 | (72.7) | | India | 79 | 203 | (61.1) | | Taiwan Region & Thailand | 19 | 79 | (75.9) | | Total | 5,227 | 5,683 | (8.0) | - Hong Kong's earnings growth was driven by an increased average net value of Scheme of Control fixed assets resulting from capital investments in power infrastructure13 - Mainland China's earnings decreased due to lower average tariffs at the Yangjiang nuclear power station and reduced profits from renewable assets affected by weaker wind resources14 - Australia's earnings fell sharply primarily because of margin pressure on the customer business from intense retail market competition14 - India's earnings declined mainly due to a non-cash impairment charge recognized for a transmission project14 - Total earnings included HK$432 million in "items affecting comparability," primarily a HK$395 million net gain from EnergyAustralia's introduction of a joint venture partner for its energy storage system1314 Regional Business Performance and Outlook Hong Kong Hong Kong operations delivered strong performance with a 6.5% increase in operating earnings to HK$4.568 billion, driven by capital investment in electricity infrastructure Hong Kong Electricity Sales in H1 2025 (by Customer Category) | Customer Category | Electricity Sales (million kWh) | Change (%) | % of Total Sales | | :--- | :--- | :--- | :--- | | Residential | 4,222 | (3.5%) | 26% | | Commercial | 6,560 | (0.8%) | 40% | | Infrastructure & Public Services | 4,940 | (1.1%) | 30% | | Manufacturing | 731 | (4.2%) | 4% | | Total | 16,453 | (1.7%) | 100% | - Strategic investments support Hong Kong's development, including a new 132kV substation for data centres and collaboration with the government on the Northern Metropolis17 - A milestone in transport decarbonisation was achieved with the completion of Hong Kong's first ship-to-ship LNG bunkering and simultaneous cargo operations in partnership with CNOOC620 - The company continues to promote EV adoption by launching a "Residential EV Time-of-Use Tariff" and planning to expand its charging network to over 250 charging bays19 - Digitalisation advanced with 2.79 million smart meters connected, achieving 95% coverage, and the use of "Beyond Visual Line of Sight" drones for inspections under a government "regulatory sandbox" project21 Mainland China Operating earnings in Mainland China decreased by 11.9% to HK$870 million, impacted by lower nuclear tariffs and weaker performance from renewable assets - Operating earnings fell 11.9% to HK$870 million, mainly due to lower average tariffs at Yangjiang Nuclear Power Station and market impacts on renewable asset performance25 - The renewable energy portfolio continued to expand, with 336 MW of new wind and solar capacity added in H1 and 981 MW of projects under construction26 - As of the end of June, the cumulative amount of outstanding national renewable energy subsidies reached HK$3.108 billion, an increase from six months prior27 - The company expanded its low-carbon energy solutions by signing a new green electricity certificate contract with a global cloud computing giant, extending coverage to "Scope 3 emissions"28 Australia EnergyAustralia's operating earnings fell sharply by 72.7% to HK$167 million, primarily due to intense competition in the retail energy market which compressed margins - Operating earnings before fair value changes decreased 72.7% year-on-year to HK$167 million, mainly due to heightened retail competition30 - Intense retail market competition led to customer attrition, with customer accounts decreasing by approximately 88,000 (about 4%) year-on-year as of the end of June31 - The company is actively investing in energy transition projects, developing the 350 MW Wooreen energy storage system with Banpu Energy Australia and exploring the 385 MW Lake Lyell pumped hydro project with EDF Australia33 India Operating earnings from the Indian joint venture Apraava Energy decreased by 61.1% to HK$79 million, mainly due to a non-cash impairment on a transmission project - Operating earnings fell 61.1% to HK$79 million, primarily due to a non-cash impairment charge recognized on a transmission project after reassessing its debt and discount rates36 - The zero-carbon portfolio continues to grow, with the 251 MW Sidhpur wind farm fully commissioned and two large solar projects (550 MW total) and multiple transmission projects progressing well3637 - The smart metering business is advancing, with six contracts for 6.8 million smart meters being executed, over 1.7 million installed, and a seventh project signed in July3739 Taiwan Region & Thailand Operating earnings in the Taiwan region and Thailand decreased by 75.9% to HK$19 million in H1 2025, mainly due to lower recoverable fuel costs at the Ho-Ping power station - Operating earnings declined 75.9% to HK$19 million, primarily due to a reduction in recoverable fuel costs at the Ho-Ping power station41 - One unit at the Ho-Ping power station in Taiwan experienced an unplanned outage in late May due to equipment failure but resumed normal operations in June40 Group Operations Management Human Resources The Group's total number of employees increased to 8,442 as of June 30, 2025, while total remuneration remained stable, and the company received multiple awards for its HR practices Employee Numbers and Remuneration | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Employees (as of June 30) | 8,442 | 8,159 | | Total Employee Remuneration | HK$3,568 million | HK$3,574 million | - The employee-led "Give Me Five" recognition programme was launched to celebrate achievements and strengthen team spirit44 - The Group received a Silver Award in the Hong Kong Healthy Employers election and was named "Employer of the Year" at the "HR Excellence Awards 2024/25"45 Health, Safety, and Environment (HSE) The Group released its updated 2025-2027 HSE strategy, focusing on capability, resilience, synergy, technology, and operational excellence, with improved safety performance overall - The updated 2025-2027 HSE strategy was launched, focusing on enhancing capability, risk management, collaboration, technology application, and operational excellence4648 Safety Performance Rates (per 200,000 hours worked) | Rate | H1 2025 (Employees) | H1 2024 (Employees) | H1 2025 (Employees & Contractors) | H1 2024 (Employees & Contractors) | | :--- | :--- | :--- | :--- | :--- | | Lost Time Injury Rate | 0.05 | 0.15 | 0.03 | 0.11 | | Total Recordable Injury Rate | 0.24 | 0.26 | 0.15 | 0.21 | - A fatal incident involving a subcontractor occurred at the Sidhpur wind farm of the Indian joint venture Apraava Energy, and a full investigation has been initiated51 - Environmental measures were actively implemented, such as using battery storage systems to reduce diesel generator use in Hong Kong, with no environmental non-compliance incidents resulting in fines or prosecutions in H152 Digitalisation In H1 2025, the Group accelerated the adoption of AI and innovative technologies to enhance operational efficiency, including real-time grid monitoring and drone inspections - The AI-powered Grid-V system is used for real-time grid monitoring and successfully managed a potential power supply threat from a wildfire remotely54 - The Group is participating in the Hong Kong government's "regulatory sandbox" to test "Beyond Visual Line of Sight" drone technology for more efficient and safer inspections of overhead lines54 - A series of AI chatbots and data analytics solutions have been introduced in customer service, knowledge management, and IT support to enhance intelligent operations55 eMobility CLP is actively expanding its charging infrastructure and services to meet the rapid growth of the EV market, supporting government schemes and developing a comprehensive management platform - Through the government's "EV-charging at Home Subsidy Scheme," the company has assisted in installing charging infrastructure for over 20,000 parking spaces56 - An EV charging network management platform has been developed, covering over 5,000 charging points, which accounts for about 40% of all public charging points in Hong Kong56 - The company is exploring charging services for heavy-duty electric trucks and commercial vehicles through industry alliances and partnerships57 - Over 80% of the company's own light vehicle fleet has been converted to electric, and four pure electric double-decker buses have been procured60 Financial Information Condensed Consolidated Interim Financial Statements This section provides the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, reflecting its operational results and financial position Condensed Consolidated Income Statement | Item | H1 2025 (HK$ million) | H1 2024 (HK$ million) | | :--- | :--- | :--- | | Revenue | 42,854 | 44,086 | | Operating profit | 7,137 | 7,355 | | Profit before income tax | 7,346 | 7,796 | | Profit for the period | 6,136 | 6,430 | | Profit attributable to shareholders | 5,624 | 5,951 | Condensed Consolidated Statement of Financial Position | Item | 30 June 2025 (HK$ million) | 31 December 2024 (HK$ million) | | :--- | :--- | :--- | | Total assets | 240,482 | 233,713 | | Total liabilities | 124,835 | 123,595 | | Shareholders' funds | 105,790 | 104,055 | Notes to the Financial Statements The notes detail the basis of preparation, accounting policies, and composition of key items, including revenue breakdown, segment performance, dividends, and capital commitments - The Group's revenue is primarily derived from the sale of electricity and natural gas, with electricity sales in Hong Kong remaining the largest source of income69 - Segment information shows that the Hong Kong region contributed the vast majority of revenue and profit, with Australia being the second-largest revenue source7273 - The Board of Directors declared a second interim dividend of HK$0.63 per share, consistent with the same period in 202477 - As of June 30, 2025, the Group had capital expenditure commitments for fixed and intangible assets contracted but not yet incurred amounting to HK$12.65 billion85 Treasury Operations The Group maintained a strong financial foundation and robust liquidity in H1 2025, successfully conducting several financing activities supported by its strong credit ratings - The Group maintains strong investment-grade credit ratings, including an A (Stable Outlook) rating for CLP Holdings from S&P87 - Liquidity remains robust, with HK$26.6 billion in undrawn committed bank facilities and HK$3.0 billion in bank balances as of June 3088 - Major financing activities in H1 included a US$500 million perpetual capital security issuance by CLP Power and energy transition loans totaling HK$5.8 billion for Castle Peak Power8889 - As of June 30, the Group's net debt to total capital ratio was 35.0% (excluding perpetual capital securities), a slight increase from 33.0% at the end of 202492 Corporate Governance and Other Information Corporate Governance Practices The company adheres to its own Corporate Governance Code, which exceeds HKEX requirements, and has fully complied with all code provisions throughout the period - The 2025 Annual General Meeting was held in a hybrid format, with nearly 800 shareholders participating96 - The Diversity and Inclusion Policy was updated to steadily increase the representation of women in management and STEM roles96 - For the six months ended June 30, 2025, the company has complied with all code provisions of the Corporate Governance Code97 Risk Management and Internal Control The Board, through the Audit & Risk Committee, ensures the Group maintains an effective risk management and internal control system, with no material impact from identified weaknesses - The Audit & Risk Committee continuously monitors the Group's risk management and internal control frameworks99 - During the period, the internal audit department submitted nine reports, and none of the identified issues had a material impact on the financial statements99 Dividend and Share Information The Board declared a second interim dividend for 2025 of HK$0.63 per share, unchanged from the prior year, payable on September 15, 2025 Second Interim Dividend Details | Item | Details | | :--- | :--- | | Dividend per share | HK$0.63 | | Record date | 4 September 2025 | | Payment date | 15 September 2025 | - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed shares101