REG - CK Infrastructure - Annual Results for 2025
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RNS Number : 1509X CK Infrastructure Holdings Limited 18 March 2026
CK Infrastructure Holdings Limited
(Incorporated in Bermuda with limited liability)
(LSE: CKI)
THE CHAIRMAN'S LETTER FOR 2025
With the closing of the financial year 2025, we heralded in 2026, the year
which marks the 30th anniversary of the listing of CK Infrastructure Holdings
Limited ("CKI", the "Company" or the "Group"). This is a momentous milestone
and we take pride in looking at what we have achieved over the past three
decades.
It has been a journey of growth in scale, scope, and reach. What began in 1996
as a Hong Kong / Chinese Mainland focused company has grown into one of the
world's largest global infrastructure players. Today, CKI has investments and
operations across four continents with a diversified infrastructure portfolio.
Our net assets have increased over 15 times, from approximately HK$8.4 billion
as at 31st December,1996, the year the company was listed, to HK$137.9 billion
as at 31st December, 2025. Since listing, CKI has maintained a record of
continued dividend growth, underscoring our resilience and dedication to
shareholders. An investment in CKI's shares at IPO would have realised a total
shareholder return of over 15 times (as of 27th February, 2026). These
achievements have been attained in the face of both headwinds and tailwinds,
through fluctuating economic cycles and turbulent geopolitical developments.
The macro-economic environment has been challenging in recent years. 2025 was
no different as geopolitical tensions, trade disruptions, interest rate
uncertainties and inflationary stress continued to dominate headlines. It was
against these conditions that CKI continued to demonstrate the strength of our
economic model and the resilience of our businesses.
Another year of steady performance was achieved in 2025. For the year ended
31st December, 2025, profit attributable to shareholders was HK$8,265 million,
an increase of 2% over last year. Our strong financial position continued,
with cash on hand being HK$7.4 billion and a low net debt to net total capital
ratio of 8.9% as at 31st December, 2025. The Group is well-placed to
capitalise on upcoming growth opportunities.
DIVIDEND GROWTH
The Board of Directors of CKI (the "Board") has recommended a final dividend
of HK$1.88 per share. Together with the interim dividend of HK$0.73 per share,
the total dividend for the year will amount to HK$2.61 per share, representing
an upward trajectory of continued dividend growth since listing. The proposed
dividend will be paid on Wednesday, 10th June, 2026, subject to approval at
the 2026 Annual General Meeting to those shareholders whose names appear on
the Register of Members of the Company at the close of business on Wednesday,
27th May, 2026. As at the date hereof, the Company does not hold any treasury
shares whether in the Central Clearing and Settlement System, or otherwise.
BUSINESS REVIEW
Across the portfolio, CKI's businesses have reported steady performances with
good growth achieved by a number of operations.
Power Assets
Profit contribution from Power Assets Holdings Limited ("Power Assets") was
HK$2,246 million, an increase of 2% over last year. The international
infrastructure portfolio maintained solid operational performances,
underpinned by a diverse mix of infrastructure businesses which have
demonstrated resilience amidst global macroeconomic volatility. HK Electric
delivered steady returns, recording a modest 1% increase in profit
contribution compared with the previous year's slight decline.
United Kingdom Infrastructure Portfolio
Profit contribution from the United Kingdom ("UK") was HK$3,983 million,
similar to last year (in local currency terms, this represented a 3%
decrease). The decline was primarily due to a lower profit contribution from
UK Power Networks ("UKPN") as high true-ups from the previous regulatory
period were recorded in 2024.
During the year, a solid operational performance was achieved at UKPN. The
company has earned widespread industry recognition and over 50 national and
international awards, including being named the much coveted Utility of the
Year in the Utility Week Awards 2025; this marks the fifth time UKPN has won
this accolade, a record amongst all UK utilities. It was also named Team of
the Year and Strategic Partner of the Year at the same awards. The Institute
of Customer Service also ranked UKPN first in the UK Customer Satisfaction
Index in the Utility Sector and Utility Joint Sector.
On 1st April, 2025, Northumbrian Water ("NWG") entered into its new regulatory
period. A number of recognitions were awarded to NWG also, including being
ranked as the United Kingdom's best water company for customer service by
industry regulator Ofwat - the highest of all accolades in the country's water
sector; as well as being named Customer Initiative of the Year and Water
Efficiency Project of the Year at the Water Industry Awards.
The final determination for both Northern Gas Networks ("NGN") and Wales &
West Utilities ("WWU") was received in December 2025, while the first full
year contribution was received from Phoenix Energy in 2025. The three UK gas
distribution networks - namely NGN, WWU and Phoenix Energy - all reported
satisfactory earnings.
The divestment of UK Rails, which was announced in July 2025, was completed in
January 2026, further strengthening CKI's balance sheet.
Australian Infrastructure Portfolio
Profit contribution from Australia was HK$1,784 million, the same as last year
(in local currency terms, profit increased by 2%).
SA Power Networks ("SAPN") entered into a new regulatory period on 1st July,
2025. Under the final determination, higher allowable returns and strong asset
growth will be features of the 2025 to 2030 period. In November 2025, severe
weather caused substantial damage to South Australia's electricity network.
Crews responded swiftly to address the situation. The team's prompt action
drew positive feedback from the local community and key stakeholders,
reinforcing confidence in SAPN's operational resilience.
Victoria Power Networks ("VPN"), which comprises electricity distribution
networks CitiPower and Powercor, and United Energy have submitted their
revised proposals for the upcoming regulatory resets which will commence on
1st July, 2026. Higher capital investments have been proposed to enhance the
networks' ability to support strong demand growth from energy transition.
In the 2025 Annual Benchmarking Report published by the Australian Energy
Regulator ("AER"), CKI's four distribution network service providers - namely
Powercor, SAPN, United Energy and CitiPower - are among the six top performing
providers nationally, in terms of average operational expenditure (opex)
efficiency scores over the 2006-2024 time period. Notably, CitiPower was
ranked first among 13 distributors for multilateral total factor productivity
in the same report.
Satisfactory growth was achieved by Australian Gas Infrastructure Group
("AGIG"), which consists of Australian Gas Networks ("AGN"), Multinet Gas
Networks and Dampier Bunbury Pipeline. In November, AGIG successfully acquired
the shares in the APA entities that provide operation and maintenance
("O&M") services to the AGN networks, as well as other third-party gas
assets. This enables AGIG to insource all O&M activities and regain full
control of network operations. The transaction has resulted in the onboarding
of an additional 720 staff, which more than doubles AGIG's existing staff base
of 530.
Lower contributions from Energy Developments were reported resulting from the
expiration of various lucrative contracts and low prevailing electricity
prices.
Infrastructure Portfolio in Continental Europe
In Continental Europe, profit contribution was HK$961 million, representing
58% growth (in local currency terms, this marked an increase of 50%). The
increase was driven by a favorable deferred tax credit resulting from a
reduction in corporate tax rate in Germany and a strong performance from ista,
which continued its strategy of making value accretive acquisitions. One such
transaction was the addition of SGW-Metering in September 2025. The
acquisition of this metering installation company which features strong
internal capabilities and established utility relationships expands ista's
installation capacity for power metering and EV charging services.
Dutch Enviro Energy's plant in Rozenburg has been back in operation for
treating waste since March 2025 following the fire in September 2023.
Canadian Infrastructure Portfolio
Profit contribution from Canada was HK$528 million, a 1% increase over last
year (in local currency terms, this represented an increase of 3%).
Reliance Home Comfort performed well and completed the acquisition of two home
service businesses in the United States.
Park'N Fly saw a decline in airport parking volumes as a result of the
US-Canada trade tensions which affected travel demand. Cost-saving measures
were implemented to mitigate the impact.
New Zealand Portfolio
Profit contribution from New Zealand was HK$200 million, marking an increase
of 8% over last year (in local currency terms, this represented an increase of
13%). The growth arose due to strong performances from both Enviro NZ and
Wellington Electricity.
Enviro NZ successfully secured a number of new contracts while Wellington
Electricity commenced its new regulatory period, with higher allowable
permitted returns starting on 1st April, 2025.
Hong Kong and Chinese Mainland Businesses
In Hong Kong and Chinese Mainland, CKI's portfolio recorded profit
contribution of HK$68 million, a decrease of 48% over last year. This was
mainly due to weak volumes for the cement business in Chinese Mainland and the
decreasing prices for the concrete business in Hong Kong.
SOLID FINANCIAL FOUNDATION
The Group has maintained an impressive financial standing. Funds from
operations was a robust HK$8.5 billion for the year. As at 31st December,
2025, cash on hand was HK$7.4 billion, while the net debt to net total capital
ratio was 8.9% and an industry low of 48.5% when taking into account the net
debt in the infrastructure investment portfolio on a look-through basis.
This firm foundation provides the underpinnings of CKI's solid business
model and supports its acquisition strategy for future growth.
Standard & Poor's has reaffirmed the Group's credit rating of "A/Stable".
SUSTAINABILITY INITIATIVES
All businesses of CKI are carrying out environmental initiatives in support of
the respective countries' net zero targets. The electricity distribution
networks in the UK and Australia have continued to make progress in a number
of key sustainability projects, including smart grid solutions, electric
vehicle charging infrastructure and integration systems with renewable energy
sources. Advancements are also being made by the gas transmission and
distribution networks in hydrogen and biomethane projects. In addition, the
unregulated businesses are securing contracts on major renewable energy
projects including Battery Energy Storage System (BESS) as well as solar and
wind facilities and related infrastructure systems.
SUBSEQUENT EVENT
In February 2026, CKI, Power Assets and CK Asset - holding 40%, 40% and 20%
interests in UKPN, respectively, through their indirect wholly-owned
subsidiaries - entered into a share purchase agreement to divest 100% interest
of UKPN to Engie S.A., a Euronext-listed player in energy whose single largest
shareholder is the French State.
The full disposal of UK Power Networks represents a flagship transaction for
the CK Group and the UK utility sector. This divestment demonstrates the value
generated by the transformation delivered during CK Group's ownership, with
the expected cash proceeds from the disposal together with the distributions
that UKPN has delivered over the years, resulting in a strong return on our
initial investment made in 2010.
Completion of the transaction is expected before the end of June 2026, subject
to the fulfilment of certain conditions, including approval under the UK's
National Security Investment Act for the buyer, and independent shareholders'
approval from each of CKI, Power Assets, CK Asset and CK Hutchison Holdings
Limited.
OUTLOOK
As the global economy continues to experience uncertainty and challenges, the
unwavering resilience of our quality asset portfolio underscores CKI's leading
market position. The Group is one of the key infrastructure players on the
world stage with an enviable track record in improving efficiency and
financial performance as well as in delivering good service.
Despite the challenges in the macro-economic landscape, there are potential
opportunities for growth and expansion. Market conditions - such as tightened
liquidity and rising capital costs - are working in CKI's favour. In addition
to having the financial might to actively pursue new acquisitions, we are able
to offer unparalleled experience and expertise in streamlining and growing
infrastructure businesses.
We are also able to benefit from our network of strategic partners within the
CK Group, including CK Asset and Power Assets, to pool resources for the right
acquisitions that align with our shared investment philosophies.
Many of the Group's businesses are growing organically and are actively
expanding their portfolios. This is especially evident in the unregulated arms
of our regulated businesses as well as in companies which have large numbers
of contracted businesses such as ista and Enviro NZ. CKI is also well-placed
to generate synergies as we continue to diversify our portfolio by industry
and geography.
We have built our reputation over the past three decades on our ability to
deliver continued earnings growth and value to shareholders while always
maintaining a comfortable gearing position. Optimising the delicate balance
between growth and stability is at the heart of our business model. As part of
this, we always adhere to strict financial discipline and never succumb to the
"must-win" mentality in pursuing acquisitions.
There is considerable value embedded in our infrastructure portfolio of
world-class assets, further backed by CKI's business development strategy. In
recognition of this, may I take this opportunity to express my gratitude to
the Board, our staff and our shareholders for their continued support.
VICTOR T K LI
Chairman
18th March, 2026
FINANCIAL REVIEW
Financial Resources, Treasury Activities and Gearing Ratio
The Group's capital expenditure and investments were funded from cash on hand,
internal cash generation, loans, notes, bonds, share placement and other
project loans.
As at 31st December, 2025, cash and bank deposits on hand amounted to HK$7,350
million and the total borrowings of the Group amounted to HK$20,835 million,
which included Hong Kong dollar notes of HK$260 million and foreign currency
borrowings of HK$20,575 million. Of the total borrowings, 13 per cent were
repayable in 2026 and 87 per cent were repayable between 2027 and 2030. To
refinance certain borrowings repayable in 2026, the Group has obtained and is
finalising loan facilities with certain banks. The Group's financing
activities continue to be well received and fully supported by its bankers.
The Group adopts conservative treasury policies in cash and financial
management. To achieve better risk control and minimise the cost of funds, the
Group's treasury activities are centralised. Cash is generally placed in
short-term deposits mostly denominated in U.S. dollars, Hong Kong dollars,
Australian dollars, New Zealand dollars, British pound, Canadian dollars,
Euros or Renminbi. The Group's liquidity and financing requirements are
reviewed regularly. The Group will continue to maintain a strong capital
structure when considering financing for new investments or maturity of bank
loans.
As at 31st December, 2025, the Group maintained a net debt position with a net
debt to net total capital ratio of 8.9 per cent. This was based on HK$13,485
million of net debt and HK$151,337 million of net total capital, which
represents the total borrowings plus total equity net of cash and bank
deposits. This ratio was higher than that of 7.8 per cent at the year end of
2024, which was mainly due to cash movement for hedging instruments.
The net debt to net total capital ratio would be 48.5 per cent by sharing of
net debt in infrastructure investment portfolio on a look-through basis, which
was based on HK$129,679 million of net debt and HK$267,531 million of net
total capital. This ratio was 47.0 per cent at the year end of 2024.
To minimise currency risk exposure in respect of its investments in other
countries, the Group generally hedges those investments with (i) currency
swaps and (ii) the appropriate level of borrowings denominated in the local
currencies. The Group also entered into certain interest rate swaps to
mitigate interest rate risks. As at 31st December, 2025, the notional amounts
of these derivative instruments amounted to HK$57,005 million.
Charge on Group Assets
As at 31st December, 2025, certain assets were pledged to secure bank
borrowings totalling HK$1,485 million granted to the Group.
Contingent Liabilities
As at 31st December, 2025, the Group was subject to the following contingent
liabilities:
HK$
million
Performance bond indemnities
162
Sub-contractor
warranties
25
Total
187
Employees
The Group, including its subsidiaries but excluding affiliated companies,
employs a total of 2,253 employees. Employees' cost (excluding directors'
emoluments) amounted to HK$1,041 million. The Group ensures that the pay
levels of its employees are competitive and that its employees are rewarded on
a performance related basis within the general framework of the Group's salary
and bonus system.
Preferential subscription of 2,978,000 new shares of the Company was given to
those employees who had subscribed for shares of HK$1.00 each in the Company
at HK$12.65 per share on the flotation of the Company in 1996. The Group does
not have any share option scheme for employees.
Purchase, Sale or Redemption of Listed Securities
During the year ended 31st December, 2025, neither the Company nor any of its
subsidiaries has purchased, sold or redeemed any of the Company's listed
securities (including sale of treasury share). As at 31st December, 2025, the
Company and its subsidiaries did not hold any treasury shares whether in the
Central Clearing and Settlement System, or otherwise.
Corporate Governance Code
The Board of Directors ("Board") and the management of the Company are
committed to the maintenance of good corporate governance practices and
procedures of the Company and its subsidiaries. The Company acknowledges a
good corporate governance framework is essential for effective management, a
healthy corporate culture, business growth and shareholder value enhancement.
The corporate governance principles of the Company emphasise a quality Board,
sound internal controls, and transparency and accountability to all
shareholders.
The Company has applied the principles and complied with all code provisions
and, where applicable, the recommended best practices of the Corporate
Governance Code ("CG Code") as set out in Appendix C1 to the Rules Governing
the Listing of Securities ("HK Listing Rules") on The Stock Exchange of Hong
Kong Limited throughout the year ended 31st December, 2025.
The Group adheres to high corporate governance standards and conducts its
businesses with ethics and integrity. The Group's vision, values and strategy
are inextricably linked to its purpose and business operations. In compliance
with the CG Code, the Company has adopted, and regularly reviews its
comprehensive set of corporate governance polices such as Anti-Fraud and
Anti-Bribery Policy, Anti-Money Laundering Policy, Employee Code of Conduct,
Policy on Handling of Confidential Information, Information Disclosure, and
Securities Dealing, and Whistleblowing Policy - Procedures for Reporting
Possible Improprieties. The Group maintains a robust corporate governance
framework and internal control systems to uphold its accountability with
support from internal and external auditors and other professional advisors.
Audit Committee
The Audit Committee comprises five members, all of whom are Independent
Non-executive Directors. The Audit Committee is chaired by Mr. Paul Joseph
Tighe with Mr. Cheong Ying Chew, Henry, Mrs. Sng Sow-mei alias Poon Sow Mei,
Mr. Lan Hong Tsung, David and Ms. Koh Poh Wah as members.
The Group's annual results for the year ended 31st December, 2025 have been
reviewed by the Audit Committee and audited by the independent auditor of the
Company, Deloitte Touche Tohmatsu.
Remuneration Committee
A majority of the members of the Company's Remuneration Committee are
Independent Non-executive Directors. The Remuneration Committee is chaired by
Mr. Cheong Ying Chew, Henry, an Independent Non-executive Director, with
another Independent Non-executive Director, Mrs. Sng Sow-mei alias Poon Sow
Mei and the Chairman of the Board, Mr. Victor T K Li as members.
Nomination Committee
A majority of the members of the Company's Nomination Committee are
Independent Non-executive Directors. The Nomination Committee is chaired by
Mrs. Kwok Eva Lee, an Independent Non-executive Director, with another
Independent Non-executive Director, Mr. Cheong Ying Chew, Henry and the
Chairman of the Board, Mr. Victor T K Li as members.
Sustainability Committee
The Sustainability Committee comprises three Directors, a majority of whom are
Independent Non-executive Directors, and the Company Secretary. The
Sustainability Committee is chaired by Mr. Paul Joseph Tighe, an Independent
Non-executive Director with the Deputy Chairman, Mr. Ip Tak Chuen, Edmond, an
Independent Non-executive Director, Mr. Lan Hong Tsung, David and the Company
Secretary, Ms. Eirene Yeung as members.
Annual General Meeting
The 2026 Annual General Meeting ("2026 AGM") of the shareholders of the
Company will be held on Wednesday, 20th May, 2026. Details of the arrangements
will be provided in the Company's circular in relation to the 2026 AGM which
will be published and disseminated to the shareholders in accordance with the
HK Listing Rules in due course.
Closure of Register of Members and Record Dates
The record date for determining the eligibility of shareholders (except
holders of treasury shares, if any) to attend and vote at the 2026 AGM is
Wednesday, 20th May, 2026. The Register of Members of the Company will be
closed from Friday, 15th May, 2026 to Wednesday, 20th May, 2026, both days
inclusive, during which period no transfer of shares will be effected. In
order to determine the entitlement to attend and vote at the 2026 AGM, all
share certificates with completed transfer forms, either overleaf or
separately, must be lodged with (a) the Company's Branch Share Registrar,
Computershare Hong Kong Investor Services Limited at Rooms 1712-1716, 17th
Floor, Hopewell Centre, 183 Queen's Road East, Hong Kong, not later than 4:30
p.m. (Hong Kong time) on Thursday, 14th May, 2026 or (b) the Company's
Principal Share Registrar, Computershare Investor Services (Bermuda) Limited
c/o 13 Castle Street, St Helier, Jersey, JE1 1ES, not later than 3:30 p.m. (UK
time) on Thursday, 14th May, 2026.
The final dividend is payable to shareholders whose names appear on the
Register of Members of the Company at the close of business on Wednesday, 27th
May, 2026, being the record date for determination of entitlement to the final
dividend. In order to qualify for the proposed final dividend, all share
certificates with completed transfer forms, either overleaf or separately,
must be lodged with (a) the Company's Branch Share Registrar, Computershare
Hong Kong Investor Services Limited at Rooms 1712-1716, 17th Floor, Hopewell
Centre, 183 Queen's Road East, Hong Kong, not later than 4:30 p.m. (Hong Kong
time) on Wednesday, 27th May, 2026 or (b) the Company's Principal Share
Registrar, Computershare Investor Services (Bermuda) Limited c/o 13 Castle
Street, St Helier, Jersey, JE1 1ES, not later than 3:30 p.m. (UK time) on
Wednesday, 27th May, 2026. As at the date hereof, the Company does not hold
any treasury shares whether in the Central Clearing and Settlement System, or
otherwise.
CONSOLIDATED INCOME STATEMENT
for the year ended 31st December
2024
HK$ million Notes 2025
Turnover 2 41,679 38,985
Sales and interest income
from infrastructure investments 2 4,418 4,993
Other income 3 359 546
Operating costs 4 (4,272) (4,150)
Finance costs (815) (865)
Exchange gain 131 113
Share of results of associates 2,895 2,765
Share of results of joint ventures 6,127 5,269
Profit before taxation 8,843 8,671
Taxation 5 (165) (126)
Profit for the year 6 8,678 8,545
Attributable to:
Shareholders of the Company 8,265 8,115
Owners of perpetual capital securities 438 438
Non-controlling interests (25) (8)
8,678 8,545
Earnings per share 7 HK$3.28 HK$3.22
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31st December
HK$ million Notes
2025 2024
Property, plant and equipment 2,917 2,914
Investment properties 381 389
Interests in associates 40,063 38,068
Interests in joint ventures 110,520 102,148
Other financial assets 1,235 1,539
Derivative financial instruments 896 1,281
Goodwill and intangible assets 2,090 2,025
Deferred tax assets 3 1
Total non-current assets 158,105 148,365
Inventories 118 113
Derivative financial instruments 90 522
Debtors and prepayments 9 599 732
Bank balances and deposits 7,350 8,105
Total current assets 8,157 9,472
Bank and other loans 2,733 4,602
Derivative financial instruments 491 393
Creditors, accruals and others 10 5,891 6,137
Taxation 54 66
Total current liabilities 9,169 11,198
Net current liabilities (1,012)
(1,726)
Total assets less current liabilities 157,093
146,639
Bank and other loans 18,102 14,639
Derivative financial instruments 377 2
Deferred tax liabilities 515 461
Other non-current liabilities 247 294
Total non-current liabilities 19,241 15,396
Net assets 137,852 131,243
Representing:
Share capital 2,520 2,520
Reserves 125,390 118,760
Equity attributable to shareholders of the Company 127,910 121,280
Perpetual capital securities 9,885 9,885
Non-controlling interests 57 78
Total equity 137,852 131,243
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. CHANGES IN ACCOUNTING POLICIES
In the current year, the Group has adopted the amendments to IFRS Accounting
Standards issued by the International Accounting Standards Board (the "IASB")
and HKFRS Accounting Standards issued by the Hong Kong Institute of Certified
Public Accountants ("HKICPA") that are effective to the Group for accounting
period beginning on 1st January, 2025. The adoption of both amendments to IFRS
Accounting Standards and HKFRS Accounting Standards has no material impact on
the Group's results and financial position for the current or prior years and
does not result in any significant change in accounting policies of the Group.
2. TURNOVER
Turnover represents net sales of infrastructure materials, interest income
from loans granted to associates and joint ventures, sales of waste management
services and share of turnover of joint ventures. Sales of infrastructure
materials and waste management services were substantially recognised at a
point in time.
Turnover comprises both sales and interest income from infrastructure
investments and share of turnover of joint ventures as follows:
HK$ million 2025 2024
Sales of infrastructure materials 1,333 1,573
Interest income from loans granted to associates 76 98
Interest income from loans granted to joint ventures 1,083 1,325
Sales of waste management services 1,926 1,997
Sales and interest income from
infrastructure investments 4,418 4,993
Share of turnover of joint ventures 37,261 33,992
Turnover 41,679 38,985
3. OTHER INCOME
Other income includes the following:
HK$ 2025 2024
million
Bank interest income 244 467
4. OPERATING COSTS
Operating costs include the following:
HK$ million 2025 2024
Depreciation of property, plant and equipment 380 301
Amortisation of intangible assets 15 18
Cost of inventories sold 1,208 1,477
Cost of services provided 844 858
5. TAXATION
Taxation is provided for at the applicable tax rates on the estimated
assessable profits less available tax losses. Deferred taxation is provided on
temporary differences under the liability method using tax rates applicable to
the Group's operations in different countries.
HK$ million 2025 2024
Current taxation - Hong Kong 2 2
Current taxation - outside Hong Kong 131 101
Deferred taxation 32 23
Total 165 126
6. PROFIT FOR THE YEAR AND SEGMENT INFORMATION
for the year ended 31st December
6. PROFIT FOR THE YEAR AND SEGMENT INFORMATION (CONT'D)
Segment profit attributable to shareholders of the Company represents the
profit earned by each segment after the profit attributable to owners of
perpetual capital securities and non-controlling interests without allocation
of gains or losses from treasury activities, corporate overheads and other
expenses of the Group's head office.
7. EARNINGS PER SHARE
The calculation of earnings per share is based on the profit attributable to
shareholders of the Company of HK$8,265 million (2024: HK$8,115 million) and
on 2,519,610,945 shares (2024: 2,519,610,945 shares) in issue during the year.
8. DIVIDENDS
(a) HK$ million 2025 2024
1,839 1,814
Interim dividend paid of HK$0.73 per share
(2024: HK$0.72 per share)
Proposed final dividend of HK$1.88 per share 4,737 4,687
(2024: HK$1.86 per share)
Total 6,576 6,501
(b) HK$ million 2025 2024
4,687 4,661
Final dividend in respect of the previous financial
year, approved and paid during the year, of
HK$1.86 per share (2024: HK$1.85 per share)
9. DEBTORS AND PREPAYMENTS
Included in debtors and prepayments are trade debtors of HK$274 million (2024:
HK$250 million) and their aging analysis is as follows:
HK$ million 2025 2024
Less than 1 month 231 189
1 to 3 months 42 42
More than 3 months but less than 12 months 8 20
More than 12 months 9 8
Gross total 290 259
Loss allowance (16) (9)
Total after allowance 274 250
Trade with customers is carried out largely on credit, except for new
customers, residential customers of waste management services and customers
with unsatisfactory payment records, where payment in advance is normally
required. Invoices are normally due within 1 month of issuance, except for
certain well-established customers, where the terms are extended to 2 months,
and certain customers with disputed items, where the terms are negotiated
individually. Each customer has a maximum credit limit, which was granted
and approved by senior management in accordance with the laid-down credit
review policy and procedures.
10. CREDITORS, ACCRUALS AND OTHERS
Included in creditors, accruals and others are trade creditors of HK$220
million (2024: HK$236 million) and their aging analysis is as follows:
HK$ million 2025 2024
Current 138 132
1 month 33 56
2 to 3 months 25 15
Over 3 months 24 33
Total 220 236
11. EVENT AFTER THE REPORTING PERIOD
In July 2025, Eversholt UK Rails Group Limited, a joint venture company of the
Group, CK Asset Holdings Limited, Power Assets and CK Hutchison, entered into
an agreement to dispose of the entire share capital of Eversholt UK Rails
Limited at a consideration of approximately GBP1.1 billion (equivalent to
approximately HK$11 billion). The transaction was completed in January 2026.
Taking into account the Group's 36.01% shareholding interest in Power Assets,
an effective gain of over HK$1.9 billion is expected to be shared from the
transaction.
In February 2026, the Group, Power Assets and CK Asset Holdings Limited,
through their indirect wholly-owned subsidiaries, entered into a share
purchase agreement to dispose of the entire share capital and shareholder debt
instruments of UK Power Networks Holdings Limited. The consideration for the
Group will be approximately GBP4.2 billion (equivalent to approximately
HK$44.3 billion). Completion of the transaction is subject to the fulfilment
of certain terms and conditions under the share purchase agreement. Further
details are set out in the Company's announcement dated 26th February, 2026.
12. REVIEW OF ANNUAL RESULTS
The annual results have been reviewed by the Audit Committee.
13. SCOPE OF WORK OF MESSRS. DELOITTE TOUCHE TOHMATSU
The figures in respect of the Group's consolidated statement of financial
position, consolidated income statement and the related notes thereto for the
year ended 31st December, 2025 as set out in the preliminary announcement have
been agreed by the Group's auditor, Messrs. Deloitte Touche Tohmatsu, to the
amounts set out in the Group's audited consolidated financial statements for
the year as approved by the Board of Directors on 18th March, 2026. The work
performed by Messrs. Deloitte Touche Tohmatsu in this respect did not
constitute an assurance engagement and consequently no opinion or assurance
conclusion has been expressed by Messrs. Deloitte Touche Tohmatsu on the
preliminary announcement.
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. END FR JPMLTMTBBMBF
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