华润电力(00836) - 2023 - 年度业绩

Financial Performance - The net profit attributable to shareholders for 2023 was HKD 11.003 billion, an increase of 56.2% from HKD 7.042 billion in 2022[1]. - Basic earnings per share for 2023 rose to HKD 2.29, up 56.2% from HKD 1.46 in 2022[2]. - The total operating revenue for the year ended December 31, 2023, was HKD 103.33 billion, a slight increase from HKD 103.31 billion in 2022[11]. - The net profit for the year ended December 31, 2023, was HKD 12.11 billion, compared to HKD 7.56 billion in 2022, representing a year-on-year increase of 60.5%[11]. - The profit attributable to the company's owners (excluding non-cash foreign exchange losses) was HKD 10.94 billion for 2023, compared to a loss of HKD 5.05 billion in 2022[23]. - The net profit before tax was HKD 15.50 billion for 2023, reflecting a significant recovery from the previous year's performance[23]. - Operating profit increased by HKD 4.65 billion or 34.3% from HKD 13.55 billion in 2022 to HKD 18.20 billion in 2023, driven by lower coal prices and contributions from new projects[30]. Revenue and Sales - The group achieved a total electricity sales volume of 193,265 GWh in 2023, a 4.7% increase from 2022, with wind and solar power sales rising by 12.4% and 111.8%, respectively[6]. - The segment revenue from thermal power was HKD 80.05 billion, while renewable energy segment revenue was HKD 23.28 billion for 2023[23]. - In RMB terms, the revenue for 2023 was RMB 92.90 billion, an increase of RMB 4.35 billion or 4.9% from RMB 88.55 billion in 2022[21]. - The average selling price of electricity from subsidiary power plants increased by 2.1% year-on-year[21]. Capital Expenditure and Investments - The cash capital expenditure for 2023 was approximately HKD 44.734 billion, with HKD 31.934 billion allocated for wind and solar projects[7]. - The cash capital expenditure for 2024 is estimated at approximately HKD 59.9 billion, with HKD 44.6 billion allocated for wind and solar projects[10]. - The company plans to optimize its capital structure through dividend payments, issuance of new shares, and debt management strategies[39]. Debt and Liabilities - The net debt to equity ratio stood at 188.3% as of December 31, 2023, compared to 158.7% in 2022[3]. - Total liabilities increased to HKD 217,848,849 in 2023 from HKD 182,834,098 in 2022, representing a rise of 19.2%[14]. - The total bank and other borrowings increased to HKD 164.53 billion in 2023 from HKD 138.32 billion in 2022[41]. - Borrowings in financing activities amounted to HKD 93,903,965 in 2023, a significant increase from HKD 62,229,310 in 2022, marking a growth of 50.9%[17]. Dividends - The proposed final dividend for 2023 is HKD 0.587 per share, with a total dividend of HKD 1.415 per share, resulting in a payout ratio of 62%[1]. - The company paid dividends to shareholders totaling HKD 4,893,060 in 2023, compared to HKD 4,387,972 in 2022, reflecting an increase of 11.5%[17]. - The company reported a total of HKD 5.79 billion in dividends distributed during the year, compared to HKD 1.23 billion in 2022[37]. Operational Efficiency - The average unit fuel cost for thermal power plants was RMB 296.3 per MWh, a decrease of 12.6% compared to 2022[7]. - The average utilization hours for wind power plants increased by 2.2% to 2,451 hours, while solar power plants saw a decrease of 2.0% to 1,480 hours[7]. - The operating costs for 2023 were HKD 87.38 billion, a decrease of HKD 6.54 billion or 7.0% from HKD 93.92 billion in 2022[25]. - Fuel costs decreased by HKD 9.77 billion or 15.2% to HKD 54.51 billion in 2023, primarily due to a 12.6% drop in the average coal price[25]. Employee and Operational Costs - Employee benefits expenses rose by HKD 5.55 billion or 8.4% from HKD 6.63 billion in 2022 to HKD 7.19 billion in 2023, influenced by new project launches and currency depreciation[26]. - Total employee costs for 2023 amounted to HKD 7.19 billion, up from HKD 6.63 billion in 2022[36]. Environmental and Sustainability Initiatives - The company has implemented a carbon peak and carbon neutrality action plan, focusing on renewable energy development and reducing coal consumption[9]. - The company plans to invest in carbon capture and storage technologies to further reduce carbon emissions[9]. - The company will include renewable energy development and carbon reduction targets in the performance contracts of its executive team[9]. Financial Position and Assets - The company reported total assets of HKD 322.40 billion as of December 31, 2023, an increase from HKD 283.39 billion in 2022[13]. - The total equity of the company reached HKD 104,547,141 in 2023, up from HKD 100,553,548 in 2022, which is a growth of 4.0%[14]. - The company's cash and cash equivalents at the end of 2023 were HKD 4,082,972, down from HKD 7,721,275 at the end of 2022, indicating a decrease of 47.3%[17]. Compliance and Governance - The auditors, Deloitte, provided an unqualified opinion on the consolidated financial statements for the year ending December 31, 2023[50]. - The company confirmed compliance with the corporate governance code, except for a temporary vacancy in the company secretary position from February 8 to April 23, 2023[49]. - The company has adopted the standard code of conduct for securities trading and confirmed all directors have complied with it[50].