Financial Performance
Group operating earnings decreased 17.8% to HK$9,517 million, the strong performance in Hong Kong only partially offsetting lower earnings from our generation portfolio in Australia and high coal prices impact in Mainland China. Total earnings reduced to HK$8,491 million after items affecting comparability while dividend is maintained at the same level as in 2020.
Revenue
Total Earnings
Operating Earnings (Before Unallocated Expenses) by Asset Type
2021
2020
Coal
Gas
Nuclear
Renewables
Transmission, distribution and retail
Others
Capital Investments
Dividend per Share & Dividend Paid
Net Debt & Net Debt / Total Capital (%)
Two-year Summary
For the year (in HK$ million)
Revenue
Hong Kong electricity business
44,311
41,325
7.2
Energy businesses outside Hong Kong
38,941
37,687
3.3
Others
707
578
Total
83,959
79,590
5.5
Earnings
Hong Kong electricity business
8,189
7,818
4.7
Hong Kong electricity business related1
301
270
Mainland China
1,660
2,233
(25.7)
Australia
(83)
1,690
N/A不適用
India
221
175
26.3
Southeast Asia and Taiwan
173
386
(55.2)
Other earnings in Hong Kong
(66)
(238)
Unallocated net finance (costs) / income
(9)
24
Unallocated Group expenses
(869)
(781)
Operating earnings
9,517
11,577
(17.8)
Items affecting comparability
(1,026)
(121)
Total earnings
8,491
11,456
(25.9)
Net cash inflow from operating activities
18,078
22,374
(19.2)
At 31 December (in HK$ million)
Total assets
239,809
234,233
2.4
Total borrowings
58,215
54,348
7.1
Shareholders’ funds
113,034
112,200
0.7
Per share (in HK$)
Earnings per share
3.36
4.53
(25.9)
Dividend per share
3.10
3.10
-
Shareholders’ funds per share
44.74
44.41
0.7
Ratios
Return on equity2 (%)
7.5
10.5
Net debt to total capital3 (%)
28.1
25.1
FFO interest cover4 (times)
12
13
Price / Earnings5 (times)
23
16
Dividend yield6 (%)
3.9
4.3
Notes:
- Hong Kong electricity business related includes PSDC and Hong Kong Branch Line
- Return on equity = Total earnings / Average shareholders’ funds
- 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
- FFO (Funds from operations) interest cover = Cash inflow from operations / (Interest charges + capitalised interest)
- Price / Earnings = Closing share price on the last trading day of the year / Earnings per share
- Dividend yield = Dividend per share / Closing share price on the last trading day of the year