FinancialPerformance
Group’s operating earnings before fair value movements increased 8.1% to HK$10,949 million thanks to an overall solid performance from the portfolio with notable improvements from EnergyAustralia. Total earnings increased significantly to HK$11,742 million, after taking into account one-off items affecting comparability. Total dividends for 2024 increased to HK$3.15 per share.
Revenue
Total Earnings
OPERATING EARNINGS BEFORE FAIR VALUE MOVEMENTS BY ASSET TYPE*
Coal
Gas
Nuclear
Renewables
Transmission, distribution and retail
Others
* Before unallocated expenses
Capital Investments
Dividend per Share & Dividend Paid
Net Debt & Net Debt / Total Capital (%)
Two-year Summary
For the year (in HK$ million)
Revenue
Hong Kong electricity business
50,657
50,630
0.1
Energy businesses outside Hong Kong
38,901
35,039
11.0
Others
1,406
1,500
Total
90,964
87,169
4.4
Earnings
Hong Kong energy business1
8,694
8,536
1.9
Hong Kong energy business related2
201
287
Mainland China1
1,851
2,073
(10.7)
Australia
591
(182)
India
329
301
9.3
Taiwan Region and Thailand
260
307
(15.3)
Other earnings in Hong Kong
(58)
(112)
Unallocated net finance income
45
43
Unallocated Group expenses
(964)
(1,126)
Operating earnings before fair value movements
10,949
10,127
8.1
Fair value movements
699
2,125
Operating earnings
11,648
12,252
(4.9)
Items affecting comparability
94
(5,597)
Total earnings
11,742
6,655
76.4
Net cash inflow from operating activities
23,140
23,567
(1.8)
At 31 December (in HK$ million)
Total assets
233,713
229,051
2.0
Total borrowings3
61,271
57,515
6.5
Shareholders’ funds
104,055
102,331
1.7
Per share (in HK$)
Earnings per share
4.65
2.63
76.4
Dividend per share
3.15
3.10
1.6
Shareholders’ funds per share
41.19
40.50
1.7
Ratios
Return on equity4 (%)
11.4
6.4
Net debt to total capital3, 5 (%)
33.0
31.6
FFO interest cover6 (times)
11
11
Price/Earnings7 (times)
14
25
Dividend yield8 (%)
4.8
4.8
Notes:
- Including CLPe business in Hong Kong and Mainland China respectively
- Hong Kong energy business related includes PSDC and Hong Kong Branch Line supporting SoC business
- Perpetual capital securities of HK$3,883 million at 31 December 2024 were reclassified from equity to other borrowings upon the issuance of redemption notice to the holders in December 2024, with the subsequent refinancing by the new perpetual capital securities in January 2025. As such, the amount remained as equity on a consistent basis with 2023
- 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