北京控股(00392) - 2023 - 中期业绩

Financial Performance - For the first half of 2023, the company's operating revenue was approximately HKD 48.36 billion, an increase of 5.1% compared to the same period last year[2]. - The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was approximately HKD 9.74 billion, up 3.9% year-on-year[2]. - The profit attributable to shareholders for the first half of 2023 was HKD 4.65 billion, with a basic earnings per share of HKD 3.69[2]. - The interim cash dividend declared was HKD 0.93 per share, representing an 86% increase compared to the same period last year[2]. - The group reported operating revenue of HKD 48.36 billion for the six months ended June 30, 2023, compared to HKD 46.03 billion for the same period in 2022, representing a year-over-year increase of 5.0%[36]. - Gross profit for the same period was HKD 7.17 billion, up from HKD 6.78 billion in 2022, indicating a gross margin improvement[36]. - The net profit attributable to shareholders for the six months ended June 30, 2023, was HKD 4.65 billion, a decrease from HKD 5.50 billion in the previous year, reflecting a decline of 15.5%[36]. - The company's attributable profit for the first half of 2023 was HKD 4.65 billion, a decrease of 24.6% from HKD 5.2 billion in the same period last year, mainly affected by RMB depreciation and declining profits from China Gas[29]. Revenue Sources - The natural gas distribution business recorded revenue of HKD 35.87 billion, a year-on-year increase of 5%[6]. - Total natural gas sales increased by 6.9% to 39.25 billion cubic meters, while LPG sales reached 4.132 million tons, contributing a pre-tax profit of HKD 67.889 million, up 110% year-on-year[12]. - The environmental business segment processed 3.36 million tons of waste, a 15.8% increase, and generated revenue of HKD 1.64 billion, up 11.6% year-on-year[14]. - Beijing Yanjing Brewery achieved beer sales of 2.29 million kiloliters, a 6.4% increase, with total revenue of HKD 7.72 billion, up 6.3%[15]. Operational Metrics - The total natural gas sales volume was 12.093 billion cubic meters, with a slight decrease of 1.3% in the Beijing region[6]. - The gas pipeline length reached approximately 32,200 kilometers, serving around 7.37 million gas users in Beijing[9]. - The gas transmission volume for the first half of 2023 was 37.059 billion cubic meters, reflecting a growth of 16.5% year-on-year[10]. - The VCNG project completed oil sales of 3.111 million tons, a decrease of 1.1% compared to the previous year[11]. - The group added approximately 67,300 new household users and 2,326 public service users during the reporting period[9]. Cost and Expenses - Sales costs increased by 5% to HKD 41.2 billion, with gas distribution costs mainly comprising natural gas procurement and pipeline depreciation[23]. - Financial expenses for the first half of 2023 were HKD 1.38 billion, a significant increase of 51.9% due to rising loan costs from interest rate hikes[26]. - Total finance costs for the six months ended June 30, 2023, were HKD 1,377,435, compared to HKD 906,875 for the same period in 2022, representing an increase of about 51.8%[49]. Assets and Liabilities - The company's total assets were reported at 224,629,017, showing a slight increase from 221,071,367[41]. - Total liabilities amounted to 122,011,861, reflecting an increase from the previous period[41]. - Current liabilities exceeded current assets as of June 30, 2023, indicating potential liquidity concerns[42]. - Total borrowings amounted to HKD 81.92 billion, including USD 1.8 billion in guaranteed bonds and notes, EUR 0.9 billion in guaranteed bonds, and RMB 4 billion in corporate bonds[32]. Cash Flow and Liquidity - Cash and bank deposits amounted to HKD 32.68 billion, an increase of HKD 1.33 billion compared to the end of 2022, maintaining a healthy cash position[30]. - The group maintained sufficient bank credit facilities to meet operational funding needs and has adequate cash resources for capital expenditures in the foreseeable future[33]. - The company accepted financing letters amounting to RMB 2 billion in August 2023, further supporting cash flow[42]. Strategic Focus and Future Outlook - The group plans to continue focusing on strategic implementation and improving collection efforts while controlling investments in the second half of the year[19]. - China Gas aims to enhance its green and alternative energy business and accelerate the establishment of a modern digital energy service system[18]. - The group anticipates a gradual recovery in gas demand as the economy rebounds post-pandemic[18]. - The group plans to focus on structural reforms in the solid waste sector and enhance operational management in its overseas business, EEW GmbH, to mitigate risks from energy price fluctuations[21][22]. Governance and Compliance - The company has adhered to the Corporate Governance Code as of June 30, 2023[64]. - The Audit Committee reviewed the unaudited interim results for the six months ended June 30, 2023, and confirmed appropriate accounting policies were adopted[66]. - The interim results announcement has been published on the company's website and the Hong Kong Stock Exchange website[68].