Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 7,021,363 thousand, representing a 6.1% increase from HKD 6,614,982 thousand in the same period of 2022[2] - Gross profit increased by 4.2% to HKD 1,231,572 thousand compared to HKD 1,182,406 thousand in the previous year[2] - Profit attributable to owners of the company rose by 10.2% to HKD 235,747 thousand from HKD 213,982 thousand[2] - EBITDA (non-HKFRS) for the period was HKD 1,260,065 thousand, up 7.7% from HKD 1,170,441 thousand[2] - Total revenue for the six months ended June 30, 2023, was HKD 7,021,363 thousand, an increase from HKD 6,614,982 thousand in the same period of 2022, representing a growth of approximately 6.1%[14] - Segment profit for the six months ended June 30, 2023, was HKD 885,467,000, compared to HKD 864,447,000 in 2022, reflecting a growth of about 2.4%[16] - Basic and diluted earnings per share for the six months ended June 30, 2023, were HKD 235,747,000, compared to HKD 213,982,000 in 2022, marking an increase of about 10.2%[25] Sales and Revenue Breakdown - Natural gas sales volume increased by 5.7% to 1,492,148 thousand cubic meters from 1,411,804 thousand cubic meters[2] - Gas sales revenue reached HKD 5,700,194 thousand for the six months ended June 30, 2023, slightly up from HKD 5,658,724 thousand in 2022, reflecting a growth of approximately 0.7%[14] - Revenue from value-added services increased to HKD 182,652 thousand in the first half of 2023, up from HKD 140,519 thousand in the same period of 2022, marking a growth of approximately 29.9%[14] - Commercial customer gas sales increased by 10.9% to HKD 387,042,000, with a 17.8% increase in RMB-denominated sales[55] - Wholesale customer gas sales rose by 20.6% to HKD 1,121,120,000, accounting for 19.7% of total gas sales[56] - Gas pipeline construction revenue decreased by 1.4% to HKD 668,838,000, representing 9.5% of total revenue[57] - Residential gas pipeline construction revenue fell by 4.8% to HKD 599,566,000, with a decrease in completed connections from 206,395 to 187,445[59] Assets and Liabilities - Total assets as of June 30, 2023, amounted to HKD 18,061,237 thousand, an increase from HKD 15,805,069 thousand as of December 31, 2022[7] - Current liabilities decreased to HKD 8,556,950 thousand from HKD 10,505,813 thousand, improving the net current liabilities position[7] - Total equity attributable to owners of the company decreased to HKD 7,963,540 thousand from HKD 8,128,223 thousand[7] - Trade receivables as of June 30, 2023, amounted to HKD 2,019,916,000, an increase from HKD 1,884,906,000 as of December 31, 2022, representing a growth of approximately 7.1%[28] - The group's total assets increased by HKD 307,305,000 or 1.2% to HKD 26,618,187,000 as of June 30, 2023, compared to HKD 26,310,882,000 in 2022[32] - The group's current liabilities net value decreased to HKD 1,531,333,000 as of June 30, 2023, down from HKD 4,233,143,000 in 2022, primarily due to a reduction in borrowings due within one year[32] Cash Flow and Financing - Net cash generated from operating activities for the six months ended June 30, 2023, was HKD 615,979 thousand, down from HKD 942,084 thousand in 2022, indicating a decrease of about 34.5%[10] - The company reported a net increase in cash and cash equivalents of HKD 651,493 thousand for the six months ended June 30, 2023, compared to HKD 43,006 thousand in the same period of 2022[10] - The company’s investment activities resulted in a net cash outflow of HKD 511,936 thousand for the six months ended June 30, 2023, an improvement from HKD 754,674 thousand in the previous year[10] - The company’s financing activities generated a net cash inflow of HKD 547,450 thousand for the six months ended June 30, 2023, compared to a net cash outflow of HKD 144,404 thousand in 2022[10] - Financing costs totaled HKD 238,653,000 for the six months ended June 30, 2023, compared to HKD 104,801,000 in 2022, indicating a significant increase due to higher interest expenses[20] - The company’s total borrowing costs for the six months ended June 30, 2023, were HKD 282,721,000, compared to HKD 195,169,000 in 2022, indicating a rise in financing expenses[20] Operational Highlights - The company plans to continue expanding its operations in China, focusing on gas sales and pipeline construction as key growth areas[15] - The company connected 187,445 new residential users during the review period, maintaining stable growth despite a slight decrease in gas usage[54] - The cumulative number of integrated energy projects in operation increased by 57.9% to 120 projects[47] - The total population that can be connected to the gas network increased to 24,252 thousand, representing a growth of 6.5% compared to 22,769 thousand in the previous year[46] - The group obtained an additional gas project concession in Jiangsu Province during the review period[44] Employee and Governance - Employee welfare expenses (excluding directors) totaled approximately HKD 316,994,000, with a 5.4% increase in expenses denominated in RMB due to an increase in employee numbers[36] - As of June 30, 2023, the group had 5,062 employees, an increase from 4,907 in 2022, indicating growth in workforce size[36] - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the review period[85] - The audit committee reviewed the accounting principles and practices adopted by the company, with no disagreements noted[87] Shareholder Information - The company reported a total of 2,822,492,157 shares issued as of June 30, 2023[10] - Major shareholder China Gas Holdings Limited holds 1,057,905,071 shares, representing 37.48% of the total[82] - Wang Wenliang holds 798,725,206 shares, which accounts for 28.30% of the total shares[79] - Yao Zhisheng has beneficial ownership of 188,000,000 shares, equating to 6.66%[80] - The company repurchased a total of 7,261,000 shares at a total cost of HKD 41,818,190, aimed at enhancing shareholder value[88]
中裕能源(03633) - 2023 - 中期财报