华润燃气(01193) - 2022 - 中期财报

Sales and Revenue Performance - In the first half of 2022, CR Gas's total gas sales volume reached approximately 18.562 billion cubic meters, serving around 48.83 million customers across 268 city gas projects in 22 provincial regions of China [15]. - The Group's total natural gas sales volume increased by 8.2% year-on-year to 18.562 billion cubic meters, with turnover rising by 38.0% to HK$48.101 billion [22]. - Revenue from comprehensive services reached HK$1.37 billion, a year-on-year increase of 81.5%, with gas appliances turnover at HK$320 million (up 24.3%) and relocation business at HK$820 million (up 132.4%) [30]. - The Group achieved a total turnover of HK$48.10 billion in the first half of 2022, representing an increase of 38.0% compared to the same period last year [37]. - For the period ended 30th June 2022, the turnover increased by 38.0% to HK$48,100,627,000 compared to HK$34,865,313,000 in 2021 [94]. - The number of connected customers increased to 48,827,701, up from 43,184,929 in 2021, reflecting a growth of 13.5% [100]. Financial Performance and Profitability - The overall gross profit margin decreased to 18.4%, down 7.6 percentage points year-on-year, with gross profit amounting to HK$8.83 billion, a decrease of 2.5% [37]. - Basic earnings per share were HK$1.34, representing a decrease of 6.3% compared to the same period last year [37]. - Profit attributable to the Company's equity holders for the period was HK$3,045 million, compared to HK$3,250 million in 2021 [46]. - The profit for the period attributable to owners of the parent was HK$3,045,380,000, a decrease of 6.3% compared to HK$3,250,312,000 for the same period in 2021 [145]. - The profit before taxation for the period was HK$5,146,896, down from HK$5,671,510 in 2021, a decrease of 9.2% [104]. - The total comprehensive income for the period was HK$1,158,983, significantly lower than HK$4,896,151 in the same period last year, a decline of 76.4% [104]. Cost and Expenses Management - The total cost-to-revenue ratio decreased from 12.6% in the previous corresponding period to 9.7%, a reduction of 2.9 percentage points [41]. - Selling and distribution expenses as a percentage of revenue decreased from 7.8% to 6.0%, a decrease of 1.8 percentage points [41]. - Interest expenses for the six months ended June 30, 2022, were HK$63,659,000, down from HK$130,828,000 for the same period in 2021 [175]. Investments and Acquisitions - The Group made new investments of approximately HK$648 million in 12 city gas projects across Jiangsu, Zhejiang, Guangdong, and Qinghai [51]. - The Group acquired 51% of 宜宾市南溪区天然气有限公司 for a total cash consideration of HK$130,992,000 [179]. - The acquisition of 梅州華潤 involved a cash payment of RMB53,193,000 (equivalent to HK$65,060,000) before 31 March 2022 [186]. - The Group acquired 80.2% interests in Taizhou Gas from 15 individuals for a total cash consideration of RMB69,864,225 (equivalent to HK$81,694,000) [198]. Environmental and Sustainability Initiatives - The company is committed to contributing to environmental protection and improvement while delivering sustainable performance to shareholders [17]. - The Group set a goal to reduce total greenhouse gas emissions for the year, achieving a 16.7% decrease in comprehensive energy consumption per RMB10,000 of revenue [36]. - The carbon dioxide emission per RMB10,000 production value decreased by 18.9% [36]. - The National Energy Administration's 2022 guidelines emphasize the importance of developing clean energy industries, aligning with CR Gas's operational goals [20]. Corporate Governance and Risk Management - The Audit and Risk Management Committee has reviewed the accounting principles and practices adopted by the Group and discussed internal control and risk management matters [81]. - The Remuneration Committee is responsible for making recommendations on the remuneration policy and structure for Directors and senior management, ensuring alignment with corporate goals [81]. - The Group's financial risk management focuses on managing exposure to interest rate and foreign currency fluctuations, with most assets and liabilities denominated in HKD, USD, and RMB [49]. - The Group's strategy includes maintaining transparency in shareholder interests and compliance with regulatory requirements [78]. Employee and Human Resources - As of June 30, 2022, the Group employed approximately 52,780 employees in Hong Kong and mainland China, emphasizing the importance of attracting and retaining quality staff [62][64]. - The Group's remuneration strategy includes performance-based bonuses and incentives to encourage employee performance and retention [64]. - A total of 3,631 management personnel participated in safety training during the period [36]. Cash Flow and Liquidity - The net cash inflow from operations during the period was negative HK$9.9 million, a significant decline from HK$4,669 million in 2021 [47]. - The total cash and cash equivalents at the end of the period were HK$6,996,410,000, down from HK$15,688,104,000 at the end of June 2021 [119]. - The Group has sufficient working capital of HK$40,907,727,000 and internally generated funds to meet its operational needs for the next twelve months [124]. Market and Economic Conditions - The macroeconomic environment remains challenging due to geopolitical tensions, COVID-19 resurgence, and high inflation, but the domestic economy showed positive growth in the second quarter of 2022 [20]. - The optimization of energy structure and environmental pollution control is expected to drive sustainable growth in natural gas consumption in China [16].