Financial Highlights

Group operating earnings of HK$11,121 million were 20.5% lower than 2018 reflecting the full year impact of the lower permitted rate of return in Hong Kong and a challenging environment in Australia; total earnings decreased by 65.6% to HK$4,657 million after an impairment of EnergyAustralia’s retail goodwill of HK$6,381 million.

Revenue

Operating Earnings (Before Unallocated Expenses) by Asset Type

Coal Gas Nuclear Renewable Transmission, distribution and retail Others

Total Earnings

Capital Investments

Dividends per Share & Total Dividends

Net Debt & Net Debt / Total Capital (%)

Operating Return on Equity (%) *

* Operating earnings / Average shareholders’ funds

TWO-YEAR SUMMARY

2019
2018
Increase /
( Decrease )
%
For the year (in HK$ million)
Revenue
Hong Kong electricity business
40,025
40,872
(2.1)
Energy businesses outside Hong Kong
45,088
49,793
(9.4)
Others
576
760
Total
85,689
91,425
(6.3)
Earnings
Hong Kong electricity business
7,448
8,558
(13.0)
Hong Kong electricity business related 1
211
227
Mainland China
2,277
2,163
5.3
India
263
572
(54.0)
Southeast Asia and Taiwan
335
162
106.8
Australia
1,566
3,302
(52.6)
Other earnings in Hong Kong
(199)
(92)
Unallocated net finance costs
(42)
(54)
Unallocated Group expenses
(738)
(856)
Operating earnings
11,121
13,982
(20.5)
Items affecting comparability
Impairment provision
(6,381)
(450)
Property revaluation
(83)
18
Total earnings
4,657
13,550
(65.6)
Net cash inflow from operating activities
21,345
23,951
(10.9)
At 31 December (in HK$ million)
Total assets
221,623
230,514
(3.9)
Total borrowings
52,349
55,298
(5.3)
Shareholders' funds
105,455
109,053
(3.3)
Per share (in HK$)
Earnings per share
1.84
5.36
(65.6)
Dividends per share
3.08
3.02
2.0
Shareholders' funds per share
41.74
43.16
(3.3)
Ratios
Return on equity 2 (%)
4.3
12.4
Net debt to total capital 3 (%)
26.7
25.5
FFO interest cover 4 (times)
12
13
Price / Earnings 5 (times)
45
17
Dividend yield 6 (%)
3.8
3.4
Notes:
  1. Hong Kong electricity business related includes PSDC, Hong Kong Branch Line and sales to Guangdong from Hong Kong
  2. Return on equity = Total earnings / Average shareholders’ funds
  3. Net debt to total capital = Net debt / (Equity + advances from non-controlling interests + net debt). Debt = Bank loans and other borrowings. Net debt = Debt - bank balances, cash and other liquid funds.
  4. FFO (Funds from operations) interest cover = Cash inflow from operations / (Interest charges + capitalised interest)
  5. Price / Earnings = Closing share price on the last trading day of the year / Earnings per share
  6. Dividend yield = Dividends per share / Closing share price on the last trading day of the year



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