Dividend History and Financial Overview
Mainland China: Steady operations but high coal prices compress margins
2,000
115
37
1,533
1,500
(67)
1,250
24.2%
ACOI
1,000
(352)
(16)
excl. FX
522
(HK$m)
500
0
(500)
1H2020
FX
Nuclear
Renewables
Thermal
Others
Renewables
945
Nuclear
Thermal
(121)
Others
(96)
1H2021
Performance
ACOI down 24.2%: Higher nuclear & wind partially offset lower thermal and hydro
Nuclear: >70% of Mainland China earnings. Higher YJ generation offset by DB planned refuelling outage
Renewables: Lower hydro partially offset by new earnings from Laiwu III Wind and solar steady
Thermal: Lower due to higher coal costs and higher costs as Shandong assets approach their end of life
Continuing delay in payment of national subsidies for renewables impacting cash flow
Outlook
Develop energy infrastructure initiatives and energy-as-a-service opportunities in the Greater Bay Area
Market competition anticipated to continue with increased pressure on margins on thermal
Actively participate in the evolution of market regulations and carbon trading
Pursue opportunities resulting from carbon neutral targets of Hong Kong and Mainland China as
Hong Kong and the Greater Bay Area integration accelerates
CLP++ 120
years 同行望遠
of shared vision
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