港灯(02638) - 2022 - 中期财报

Financial Performance - Revenue for the first half of 2022 was HKD 4.893 billion, compared to HKD 5.249 billion in 2021, representing a decrease of approximately 6.8%[5] - The unaudited profit attributable to unit holders was HKD 894 million, slightly up from HKD 880 million in 2021, indicating a growth of about 1.6%[35] - The unaudited EBITDA for the first half of 2022 was HKD 3.377 billion, down from HKD 3.640 billion in 2021, reflecting a decline of approximately 7.2%[35] - The interim distributable income for the period is HKD 1.48 billion, the same as in 2021, with an interim distribution of HKD 0.1594 per share unit[36] - The electricity sales volume decreased by 6.8% compared to the same period in 2021, primarily due to social distancing measures and milder weather[44] - Operating profit for the same period was HKD 1,881 million, down 12.5% from HKD 2,148 million in 2021[68] - Profit attributable to shareholders for the six months ended June 30, 2022, was HKD 894 million, slightly up from HKD 880 million in 2021[71] - Total comprehensive income for the six months ended June 30, 2022, was HKD 1,885 million, significantly higher than HKD 929 million in 2021[75] Distribution and Dividends - The total distribution amount remained stable at HKD 1.408 billion, with an interim distribution per unit of HKD 0.1594[5] - The interim distribution for the six months ended June 30, 2022, was declared at HKD 0.1594 per share, unchanged from 2021[52] - The company’s interim dividend per share remained stable at 15.94 cents for both 2022 and 2021, indicating consistent shareholder returns[135] Capital Expenditure and Financial Position - Capital expenditure for the period was HKD 2.159 billion, an increase from HKD 1.812 billion in 2021, funded by cash from operations and external loans[57] - As of June 30, 2022, total external loans amounted to HKD 49.688 billion, up from HKD 46.626 billion as of December 31, 2021[57] - The net debt as of June 30, 2022, was HKD 49.633 billion, with a net debt to net total capital ratio of 50%, compared to 49% as of December 31, 2021[60] - The group maintained a strong financial position, with a stable credit rating of A- from Standard & Poor's[60] - The total assets as of June 30, 2022, reached HKD 77.16 billion, an increase from HKD 76.74 billion at the beginning of the year[106] Sustainability and Development Initiatives - A new gas combined cycle generating unit at the Lamma Power Station has been commissioned, contributing to the company's sustainability goals[34] - Plans for constructing an offshore wind farm in Hong Kong waters are currently underway, aligning with the company's commitment to clean energy[34] - The offshore wind farm project is expected to provide approximately 150 MW of generation capacity, reducing CO2 emissions by about 284,000 tons annually[39] - The company continues to balance business performance with sustainable development to meet carbon reduction targets[34] Customer Support and Economic Impact - The company has implemented various relief measures for customers affected by the economic impact of the COVID-19 pandemic, including the distribution of food vouchers[34] - The company froze the basic electricity tariff for 2022 and provided a special rebate of HKD 0.01 per kWh to alleviate customer costs[44] - The company distributed HKD 10 million in food vouchers to support low-income households and small restaurants during the pandemic[46] Risk Management and Governance - The company has established a framework for assessing and determining the nature and extent of risks it is willing to take to achieve strategic objectives[198] - The Audit Committee has reviewed the unaudited consolidated financial statements for the six months ended June 30, 2022[196] - The company maintained compliance with the corporate governance code applicable during the six months ended June 30, 2022, with no exceptions noted[180] - The board of directors consists of 17 members, including five executive directors, six non-executive directors, and six independent non-executive directors, ensuring compliance with listing rules regarding independent director representation[183] Employee and Operational Metrics - Total employee compensation for the six months ended June 30, 2022, reached HKD 599 million, compared to HKD 589 million in 2021[66] - The overall vaccination rate among employees is over 99%, ensuring minimal disruption to operations during the pandemic[48] - The company has installed smart meters for 25% of customers, with a target of 240,000 installations by the end of 2022[41] Financial Instruments and Derivatives - The company's financial derivative instruments showed a fair value adjustment of HKD 74 million for the six months ended June 30, 2022[113] - The fair value of financial derivatives as of June 30, 2022, included interest rate swap contracts valued at 684 million and forward foreign exchange contracts at 886 million, reflecting a strong position in financial instruments[126]