北京控股(00392) - 2023 - 中期财报

Financial Performance - The consolidated revenue for the first half of 2023 was HKD 48.36 billion, an increase of 5.1% compared to the same period last year[9]. - The profit attributable to shareholders was HKD 4.65 billion, while the operating profit, excluding one-off items, decreased by 24.6% to HKD 3.92 billion[9]. - The group's operating revenue for the first half of 2023 was approximately HKD 48.36 billion, an increase of 5.1% compared to the same period last year, driven mainly by gas sales revenue of HKD 35.87 billion, beer sales revenue of HKD 7.72 billion, and environmental business revenue of HKD 4.73 billion[35]. - The profit attributable to shareholders for the six months ended June 30, 2023, was HKD 4,648,769, compared to HKD 5,028,959 for the same period in 2022, showing a decrease of about 7.6%[99]. - The company reported a total comprehensive income of HKD 1,134,385 thousand for the six months, down from HKD 2,388,178 thousand in the previous year[70]. Dividends and Shareholder Returns - The interim cash dividend declared was HKD 0.93 per share, up from HKD 0.50 per share in 2022[11]. - Basic and diluted earnings per share decreased to HKD 3.69 from HKD 3.99, representing a decline of 7.5%[68]. - The interim cash dividend declared was HKD 0.93 per share, totaling approximately HKD 1,171,989,000, which is a significant increase of 86% from HKD 630,627,000 in the prior year[112]. Revenue Breakdown - The gas business contributed HKD 3.72 billion (58.5%) to the after-tax profit, while the water, environment, and beer businesses contributed HKD 640 million (10.1%), HKD 1.36 billion (21.5%), and HKD 631 million (9.9%) respectively[10]. - Beijing Gas recorded a revenue of HKD 35.87 billion, a year-on-year increase of 5%, with a pre-tax profit of HKD 3.55 billion[15]. - China Gas's total natural gas sales volume increased by 6.9% to 39.25 billion cubic meters, while LPG sales reached 4.132 million tons, contributing a pre-tax profit of HKD 67.889 million, up 110% year-on-year[22]. - Beijing Enterprises Water Group's revenue increased by 29% to HKD 13.73 billion, with a net profit of HKD 640 million, up 126.8% year-on-year[23]. - Yanjing Beer achieved beer sales of 2.29 million kiloliters, a growth of 6.4%, with revenue of HKD 7.72 billion, up 6.3% year-on-year[26]. Costs and Expenses - The cost of sales increased by 5% year-on-year to HKD 41.2 billion, with gas distribution costs primarily comprising natural gas procurement and depreciation of gas pipeline networks[36]. - The overall gross profit margin was 14.8%, slightly up from 14.7% in the same period last year, indicating stable profitability[38]. - The group's finance costs for the first half of 2023 were HKD 1.38 billion, a significant increase of 51.9% due to rising loan costs from interest rate hikes[43]. - The financial costs for the group amounted to HKD 1,377,435, which is an increase from HKD 906,875 in the previous year, representing a rise of approximately 51.8%[97]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to HKD 224,629,017 thousand, compared to HKD 221,071,367 thousand at the end of 2022[72]. - Total liabilities increased to HKD 122,011,861 thousand from HKD 118,032,670 thousand, indicating a rise in financial obligations[74]. - The equity attributable to shareholders was HKD 89.61 billion, with a debt-to-equity ratio of 44%, slightly up from 43% at the end of 2022[65]. Cash Flow and Financing - Cash and bank deposits as of June 30, 2023, amounted to HKD 32.68 billion, an increase of HKD 1.33 billion compared to the end of 2022, maintaining ample cash resources[64]. - Operating cash flow for the six months ended June 30, 2023, was HKD 3,139,577, a decrease of 23.9% from HKD 4,125,152 in 2022[80]. - Cash flow from investment activities was negative HKD 5,597,466, slightly higher than negative HKD 5,421,976 in 2022[80]. - The company received government grants related to assets totaling HKD 1,252,233, compared to HKD 602,410 in the previous year[80]. Strategic Initiatives - The company plans to continue expanding LNG business and optimize its structure while focusing on high-quality development of comprehensive energy projects[29]. - The domestic environmental business will focus on structural reforms and integration to enhance market position and improve industry competitiveness[33]. - The company plans to expand its market presence and invest in new technologies to enhance growth prospects in the upcoming quarters[78]. Risk Management and Compliance - The company is focusing on safety production and risk control in its gas pipeline network, ensuring effective management of safety risks[18]. - The company has adopted multiple corporate governance measures to enhance operational efficiency and competitiveness[168]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim results for the six months ending June 30, 2023, ensuring appropriate accounting policies were adopted[171]. Employee and Management Compensation - The total remuneration paid to key management personnel for the six months ended June 30, 2023, was HKD 6,155 thousand, compared to HKD 5,057 thousand for the same period in 2022, reflecting an increase of approximately 21.6%[143]. - The company has approximately 34,000 employees as of June 30, 2023, with compensation based on performance and industry standards[166].