华润燃气(01193) - 2022 - 年度财报

Financial Performance - In 2022, the company recorded a gas sales volume of 35.89 billion cubic meters, representing a year-on-year increase of 5.3%[21]. - The turnover for the year was HK$94.34 billion, reflecting a year-on-year increase of 18.5%[22]. - Profit after tax decreased by 25.3% to HK$6.31 billion, while profit attributable to owners fell by 26.0% to HK$4.73 billion[22]. - The overall gross profit margin decreased to 19.2%, down 4.9 percentage points from the previous year, primarily due to lower margins in gas fuel sales and related products[42]. - The Group's operating cash flow was HK$4.351 billion, representing a year-on-year decrease of 48.14%[42]. - The Group's operating profit decreased by 17.3% to HK$8.66 billion in 2022[48]. - The revenue from gas sales and distribution accounted for 79.6% of total revenue in 2022, compared to 77.0% in 2021[48]. - The Group's annual turnover in 2022 amounted to HK$94.34 billion, an increase of 18.5% from HK$79.64 billion in 2021[76]. - The city gas distribution operation generated a net operating cash flow after tax of HK$4.35 billion, with bank balances and cash totaling HK$6.44 billion at the end of 2022[77]. - The total bank loans and borrowings amounted to HK$22.46 billion, with a gross debt to total asset ratio of 53.1%, up from 49.1% in 2021[77]. Customer and Market Development - The company operates 273 city gas projects across 25 provinces in China, including 15 provincial capitals and 3 municipalities[5]. - The total number of customers reached 54.37 million, with a connectable population of 307 million[10]. - The Group developed 43,286 new industrial and commercial users and 4,076,574 new residential users during the year, including 3,559,000 new house connections[27]. - The average gas penetration rate of city gas projects operated by the Group in China increased from 55.0% at the end of 2021 to 58.2% by the end of 2022[27]. - The Group's focus on urban natural gas user development aligns with the national strategy for urbanization, which saw the urbanization rate increase from 64.7% to 65.2% in 2022[27]. - The natural gas market in China is still in a significant development phase, presenting growth opportunities for the company[7]. Operational Efficiency and Strategy - The company aims to enhance operational efficiency and expand its market presence in large cities and developed regions[21]. - The Group aims to enhance gas source coordination and optimize price management while focusing on low-carbon energy transformation in 2023[45]. - The Group has 84 regional centers to manage daily operations of city gas projects across China, enhancing operational efficiency and service responsiveness[51]. - Centralized procurement accounted for 90% of total material procurement expenditure by the end of 2022, leading to reduced procurement costs while maintaining product quality[53]. - The Group's systematic review of business processes is expected to continuously enhance overall operational efficiency of city gas projects[53]. - The Group has successfully promoted a value-oriented management system, significantly reducing costs and enhancing cash management, which increased the cash pool size[54]. Environmental and Safety Management - The Group's carbon dioxide emissions per RMB10,000 production value decreased by 32.2% in 2022[41]. - The Group's comprehensive energy consumption per RMB10,000 revenue reduced by 23.6% in 2022[41]. - Safety management policies and procedures have been established to prevent potential accidents in natural gas facilities, ensuring compliance with environmental regulations[55]. - The Group completed safety audits for 39 regional companies, identifying over 3,121 safety hazards and promoting rectification efforts[57]. - The Group invested HK$0.409 billion to transform 387.1 km of cast iron pipeline[57]. Governance and Management Structure - The Company has adopted the mandatory provisions of the Corporate Governance Code and updated its Corporate Governance Handbook multiple times since 2005[109]. - The Company has maintained a credible framework of corporate governance to ensure transparency and accountability to its shareholders[108]. - The Board consists of two Executive Directors, five Non-executive Directors, and four Independent Non-executive Directors, with Mr. YU Hon To having the required professional accounting experience as per Listing Rules[112]. - The Company emphasizes the importance of human resources and legal affairs in its operational strategy, with dedicated Vice Presidents for these areas[103][104]. - The Company has established written policies and procedures for handling inside information to ensure compliance with disclosure requirements[150]. Shareholder Engagement and Communication - The Company emphasizes the importance of effective communication with shareholders and investors to enhance understanding of its business performance and strategies[161]. - The Company has established various communication channels, including printed corporate communications and timely updates on the company website[160]. - The Company adopted a Shareholder's Communication Policy on December 30, 2022, to maintain effective ongoing dialogue with shareholders[160]. - The Company recognizes the significance of investor relations activities in helping investors understand its business[161]. - The Company welcomes suggestions and participation from shareholders and investors through various communication methods[161]. Financial Reserves and Dividends - The company's reserves available for distribution to shareholders as of December 31, 2022, amounted to HK$5,454,045,000[168]. - The total distribution for 2022 is proposed to be 105 HK cents per share, down from 127 HK cents per share in 2021[170]. - The proposed final dividend will be payable to shareholders whose names appear on the register after June 2, 2023, with the register closing from June 1 to June 2, 2023[177]. Leadership and Human Resources - The management team includes experienced professionals with degrees from notable universities, enhancing the company's strategic capabilities[104]. - The company has improved employee recruitment and retention policies to enhance human resources management and attract top talent[53]. - As of the end of 2022, the company has a total of 56,114 employees, comprising approximately 19,864 females and 36,250 males, resulting in a female-to-male ratio of 1.8:1[120]. - The company aims to appoint at least one female director by the end of December 2024 to comply with listing rules regarding gender diversity on the board[120].