Financial Performance

Group operating earnings increased 4.1% to HK$11,577 million driven by higher earnings from the Hong Kong electricity business and positive changes in the fair value of energy hedging contracts in Australia. Total earnings increased about 1.5 times to HK$11,456 million in 2020 mainly due to a significant impairment of EnergyAustralia’s retail goodwill recognised in 2019.

Revenue

Total Earnings

Operating Earnings (Before Unallocated Expenses) by Asset Type

2020
2019
Coal Gas Nuclear Renewables Transmission, distribution and retail Others

Capital Investments

Dividend per Share & Total Dividends

Net Debt & Net Debt / Total Capital (%)

Operating Return on Equity (%) *

* Operating earnings / Average shareholders’ funds

TWO-YEAR SUMMARY

2020
2019
Increase /
( Decrease )
%
For the year (in HK$ million)
Revenue
Hong Kong electricity business
41,325
40,025
3.2
Energy businesses outside Hong Kong
37,687
45,088
(16.4)
Others
578
576
Total
79,590
85,689
(7.1)
Earnings
Hong Kong electricity business
7,818
7,448
5.0
Hong Kong electricity business related1
270
211
Mainland China
2,233
2,277
(1.9)
India
175
263
(33.5)
Southeast Asia and Taiwan
386
335
15.2
Australia
1,690
1,566
7.9
Other earnings in Hong Kong
(238)
(199)
Unallocated net finance income / (costs)
24
(42)
Unallocated Group expenses
(781)
(738)
Operating earnings
11,577
11,121
4.1
Items affecting comparability
Property revaluation
(121)
(83)
Impairment provision
-
(6,381)
Total earnings
11,456
4,657
146.0
Net cash inflow from operating activities
22,374
21,345
4.8
At 31 December (in HK$ million)
Total assets
234,233
221,623
5.7
Total borrowings
54,348
52,349
3.8
Shareholders' funds
112,200
105,455
6.4
Per share (in HK$)
Earnings per share
4.53
1.84
146.0
Dividend per share
3.10
3.08
0.6
Shareholders' funds per share
44.41
41.74
6.4
Ratios
Return on equity2 (%)
10.5
4.3
Net debt to total capital3 (%)
25.1
26.7
FFO interest cover4 (times)
13
12
Price / Earnings5 (times)
16
45
Dividend yield6 (%)
4.3
3.8
Notes:
  1. Hong Kong electricity business related includes PSDC and Hong Kong Branch Line
  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 = Dividend per share / Closing share price on the last trading day of the year



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