REG - CK Infrastructure - Overseas Regulatory Announcement - Interim Results
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RNS Number : 1699V CK Infrastructure Holdings Limited 13 August 2025
CK Infrastructure Holdings Limited notes the following text from an
announcement released to The Stock Exchange of Hong Kong Limited on 13th
August, 2025 pursuant to rule 13.49(6) of the Rules Governing the Listing of
Securities on The Stock Exchange of Hong Kong Limited.
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong
Limited take no responsibility for the contents of this document, make no
representation as to its accuracy or completeness and expressly disclaim any
liability whatsoever for any loss howsoever arising from or in reliance upon
the whole or any part of the contents of this document.
CK Infrastructure Holdings Limited
長江基建集團有限公司
(Incorporated in Bermuda with limited liability)
(Stock Code: 1038)
INTERIM RESULTS FOR 2025
During the first half of the year, CK Infrastructure Holdings Limited ("CKI",
the "Company" or the "Group") delivered a steady performance despite
geopolitical and economic uncertainties characterised by shifting political
landscapes, a complex interest rate outlook, trade disruptions and
inflationary pressures.
The Group's financial position also continues to be strong, which not only
reinforces CKI's resilience amidst global volatility but also provides agility
to pursue growth opportunities.
For the six months ended 30th June, 2025, the Group recorded profit
attributable to shareholders of HK$4,348 million, a year-on-year increase of
1%.
DIVIDEND GROWTH
The Board of Directors of CKI (the "Board") has declared an interim dividend
for 2025 of HK$0.73 per share (2024: HK$0.72 per share), representing 1.4%
growth over the corresponding period last year. The interim dividend will be
paid on Wednesday, 24th September, 2025, to shareholders whose names appear on
the Register of Members of the Company at the close of business on Thursday,
11th September, 2025. 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
Power Assets
Profit contribution from Power Assets Holdings Limited ("Power Assets") was
HK$1,095 million, an increase of 1% over the same period last year.
Operational performance of international businesses and HK Electric continued
to be solid.
United Kingdom Infrastructure Portfolio
Profit contribution from the United Kingdom ("UK") was HK$2,223 million, an
increase of 19% over the same period last year. (In local currency, the result
was an increase of 17%.) The growth was mainly attributed to the higher
contributions from Northumbrian Water ("NWG"), the Group's three gas
distribution networks, and UK Power Networks ("UKPN").
UKPN reported good earnings growth. Both regulated and non-regulated
businesses performed well, with the latter boosted by new projects as well as
the renewable energy portfolio acquired last year. During the period under
review, UKPN also received noteworthy recognitions, including being named No.
1 Utility in the UK Customer Satisfaction Index 2025 as well as "Data Centre
Energy Solution of the Year" at the Data Centre Review Excellence Awards 2025.
In March, Moody's reaffirmed the credit rating of all UKPN Distribution
Network Operators as "A3/Stable".
The Group's three gas distribution networks in the UK - Northern Gas Networks
("NGN"), Wales & West Utilities ("WWU") and Phoenix Energy - reported good
earnings in the first half of 2025, aided by strong operating performances.
NGN and WWU received their Draft Determinations ("DD") for the period 1st
April, 2026 to 31st March, 2031. The DD outlined higher proposed returns for
the upcoming regulatory period. Both companies will be responding to the DD
within the consultation timeframe. As for Phoenix Energy, it obtained
regulatory approval to extend its licence area to facilitate the connection of
three biomethane production sites, further supporting the decarbonisation plan
of the gas network.
Good growth in profit contribution was reported by NWG. This was mainly a
result of a higher return on higher regulatory capital value due to inflation.
At the Utility Week 2025 Water Industry Awards in June, NWG was the winner of
the "Customer Initiative of the Year" as well as the "Water Efficiency Project
of the Year". NWG entered its new regulatory period on 1st April, 2025, and
alongside several other companies has sought a redetermination by the
Competition and Markets Authority ("CMA"). Approximately GBP6 billion of
expenditure, which includes investments to drive improvements for customers
and the environment, has been proposed by NWG over the next five years. The
CMA appeal result is expected to be released by the end of the year.
UK Rails delivered a good performance in the first half of 2025.
Australian Infrastructure Portfolio
Profit contribution from Australia was HK$793 million, an 8% decrease from the
previous corresponding period. (In local currency, the result was a decrease
of 5%.) Major reasons for the reduction were the weakening foreign exchange,
and a lower contribution from Energy Developments ("EDL") due to the expiry of
various lucrative contracts and lower electricity prices than the highs
experienced last year.
2025 is a key year for the regulatory businesses across CKI's Australian
portfolio as the majority of companies in the country are in the process of
renewing their five-year rate resets for the new regulatory periods commencing
either in 2025 or 2026.
SA Power Networks ("SAPN") entered a new regulatory period from 1st July,
2025. Based on the Final Determination, higher allowed returns and asset base
growth have been approved. In March, SAPN was recognised at the 2025 iTnews
Benchmark Awards for "Best Energy Project".
Victoria Power Networks ("VPN") and United Energy are preparing for their
upcoming regulatory resets, which will commence on 1st July, 2026. Higher
capital investments have been proposed to support the networks' growing
utilisation rates. VPN's unregulated business arm, Beon, has made good
progress in its operations. It has completed construction of the Girgarre
Solar Farm in Victoria, Australia, and the Lauriston Solar Farm in
Christchurch, New Zealand.
Australian Gas Infrastructure Group ("AGIG"), which consists of Australian Gas
Networks ("AGN"), Multinet Gas Networks and Dampier Bunbury Pipeline ("DBP"),
continued its stable operational performance. Preparations are being made by
AGN's operations in South Australia and DBP for their 2026-31 regulatory
resets. During the period under review, Moody's reaffirmed the credit rating
of all AGIG entities at "A3/Stable".
EDL's results were negatively impacted due to various lucrative contracts
expiring and weaker electricity market prices than the highs last year.
Infrastructure Portfolio in Continental Europe
In Continental Europe, profit contribution was HK$432 million, a 3%
year-on-year growth. (In local currency, the result was about the same as the
corresponding period last year.)
ista reported strong performance during the period under review. The company
acquired a meter installation company in Germany, a move in line with its
strategy of strengthening meter installation capacity and expertise in EV
charging services. ista also secured a major contract renewal with Germany's
second largest property manager.
The phase one reconstruction of Dutch Enviro Energy's waste-to-energy plant in
Rosenburg subsequent to the fire in late 2023 has been completed, with all
seven incineration lines now in operation. Phase two of the project, which
involves a new turbine hall and electricity generation resumption, is on track
to be completed early next year.
Canadian Infrastructure Portfolio
Profit contribution from Canada was HK$275 million, a decrease of 9% from the
corresponding period last year. (In local currency, the result was a decrease
of 5%.) The drop was primarily due to Canadian Power having been negatively
affected by lower power generation and lower power prices from its units in
Alberta.
Reliance Home Comfort reported good growth. During the period under review,
the company completed two acquisitions in the United States home services
sector as part of its United States expansion strategy.
Canadian Midstream Assets recorded steady results, while Park'N Fly was
slightly affected by lower revenue arising from weaker price and volume.
New Zealand Portfolio
Profit contribution from New Zealand was HK$80 million, about the same as last
year same period. (In local currency, the result was an increase of 4%.)
Strong performance was recorded at Enviro NZ. The company successfully secured
a number of contracts, including the renewal of a 10-year waste collection
services contract with Taupo District Council.
Wellington Electricity commenced its new regulatory period on 1st April, 2025,
with higher allowed returns and a significant increase in capital investment.
Hong Kong and Mainland China Business
In Hong Kong and Mainland China, CKI's portfolio recorded profit contribution
of HK$98 million, a slight increase of 2%. Performance of transportation
projects in the Mainland was stable, while that for the infrastructure
materials business was flat.
FINANCIAL POSITION CONTINUES TO BE STRONG
CKI's financial position continues to be strong. As at 30th June, 2025, the
Group's cash on hand was HK$4.7 billion, while the net debt to net total
capital ratio was a healthy 10.6%, and an industry low of 48.7% when taking
into account the net debt in the infrastructure investment portfolio on a
look-through basis.
This robust foundation underpins the investment and financial management
principles we consistently uphold. More importantly, it empowers us to weather
market challenges and pursue opportunities around the world.
Standard & Poor's has reaffirmed the Group's credit rating of "A/Stable".
ONGOING SUSTAINABILITY PROJECTS
Our electricity distribution networks in the UK and Australia continue to
advance key sustainability initiatives such as smart grid solutions, electric
vehicle charging infrastructure, and integration systems with renewable energy
sources. Clean hydrogen/biomethane projects by our gas networks are also
making steady headway in the UK and Australia, alongside Canadian Power's
Okanagan and UK Renewables Energy's wind farms, UK Power Networks Services's
and our Australian unregulated businesses' solar portfolios, as well as HK
Electric's gas-fired generation unit.
SUBSEQUENT EVENT
In July 2025, Eversholt UK Rails Group Limited, a joint venture company of
CKI, CK Asset Holdings Limited ("CK Asset"), Power Assets and CK Hutchison
Holdings Limited, entered into an agreement to divest UK Rails. Completion of
the transaction, which is expected to take place in a few months, is subject
to the fulfilment of certain conditions under the sale and purchase agreement.
Once completed, the proceeds from this transaction will reduce the net debt to
net total capital ratio significantly.
OUTLOOK
Global geopolitical tension and economic uncertainty prevail, posing
challenges and risks for many industries around the world. In an environment
where capital and liquidity are essential for navigating volatility, CKI has
once again demonstrated strong resilience, underpinned by robust recurring
income streams and predictable cashflows.
Despite headwinds in the macro environment, there are growth and expansion
opportunities. Across markets, a combination of factors - including
constrained public budgets, tightened liquidity, rising capital costs, as well
as the need to modernise infrastructure to enhance efficiency, support
urbanisation and advance towards decarbonisation and green targets - have
strengthened the competitive edge of infrastructure players, like CKI, with
strong balance sheets and proven track records.
In addition, the Group is in a unique position to forge acquisition
opportunities together with strategic partners within the CK Group, including
CK Asset and Power Assets, which also command strong financials and share
similar investment philosophies.
Organic growth is also a major focus of CKI's businesses - all prospective
projects are diligently pursued by the respective teams to ensure no
opportunities are missed.
Our steadfast approach towards balancing stability and growth has been
fundamental in our approach for expansion as validated by our track record of
continued earnings growth and comfortable gearing position. We also always
maintain our investment discipline of not bearing a "must-win" mentality in
acquisitions.
I would like to take this opportunity to thank the Board, our staff and our
stakeholders for their continued support and commitment to the Group.
VICTOR T K LI
Chairman
13th August, 2025
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 30th June, 2025, cash and bank deposits on hand amounted to HK$4,721
million and the total borrowings of the Group amounted to HK$20,706 million,
which included Hong Kong dollar borrowings of HK$260 million and foreign
currency borrowings of HK$20,446 million. Of the total borrowings, 93 per cent
were repayable between 2026 and 2029 and 7 per cent were repayable beyond
2029. 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 30th June, 2025, the Group maintained a net debt position with a net
debt to net total capital ratio of 10.6 per cent. This was based on HK$15,985
million of net debt and HK$151,220 million of net total capital, which
represents the total borrowings plus total equity net of cash and bank
deposits. The 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 48.7 per cent by sharing of
net debt in infrastructure investment portfolio on a look-through basis, which
was based on HK$128,588 million of net debt and HK$263,823 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 30th June, 2025, the notional amounts of
these derivative instruments amounted to HK$58,199 million.
Charge on Group Assets
As at 30th June, 2025, certain assets were pledged to secure bank borrowings
totalling HK$1,492 million granted to the Group.
Contingent Liabilities
As at 30th June, 2025, the Group was subject to the following contingent
liabilities:
HK$ million
Performance bond
indemnities
145
Sub-contractor
warranties
24
Total
169
Employees
The Group, including its subsidiaries but excluding affiliated companies,
employs a total of 2,277 employees. Employees' cost (excluding directors'
emoluments) amounted to HK$510 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 six months ended 30th June, 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 30th June, 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 (the "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 that
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 (the "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 six months ended 30th June, 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 policies 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 four 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
and Mr. Lan Hong Tsung, David as members.
The Group's interim results for the six months ended 30th June, 2025 have been
reviewed by the Audit Committee.
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. Ip Tak Chuen, Edmond, Deputy
Chairman. Other members include two Independent Non-executive Directors, Mr.
Lan Hong Tsung, David and Mr. Paul Joseph Tighe, and the Company Secretary,
Ms. Eirene Yeung.
CK Infrastructure Holdings Limited
長江基建集團有限公司
(Incorporated in Bermuda with limited liability)
(Stock Code: 1038)
NOTICE OF PAYMENT OF INTERIM DIVIDEND, 2025
The Board of Directors of CK Infrastructure Holdings Limited announces that
the Group's unaudited profit attributable to shareholders for the six months
ended 30th June, 2025 amounted to HK$4,348 million which represents earnings
of HK$1.73 per share. The Directors have resolved to pay an interim dividend
for 2025 of HK$0.73 per share to shareholders whose names appear on the
Register of Members of the Company at the close of business on Thursday, 11th
September, 2025, being the record date for determination of entitlement to the
interim dividend. In order to qualify for the interim 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 Thursday, 11th September, 2025 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, 11th September, 2025. The dividend will be paid on Wednesday, 24th
September, 2025. As at the date hereof, the Company does not hold any treasury
shares whether in the Central Clearing and Settlement System, or otherwise.
By Order of the Board
CK Infrastructure Holdings Limited
Eirene Yeung
Company Secretary
13th August, 2025
As at the date hereof, the Executive Directors of the Company are Mr. LI Tzar
Kuoi, Victor (Chairman), Mr. KAM Hing Lam (Group Managing Director), Mr. IP
Tak Chuen, Edmond (Deputy Chairman), Mr. FOK Kin Ning, Canning (Deputy
Chairman), Mr. Frank John SIXT, Mr. Andrew John HUNTER (Deputy Managing
Director), Mr. CHAN Loi Shun (Chief Financial Officer) and Ms. CHEN Tsien Hua;
the Non-executive Directors are Mr. CHEONG Ying Chew, Henry (Independent
Non-executive Director), Mrs. KWOK Eva Lee (Independent Non-executive
Director), Mrs. SNG Sow-mei alias POON Sow Mei (Independent Non-executive
Director), Mr. LAN Hong Tsung, David (Independent Non-executive Director), Mr.
Paul Joseph TIGHE (Independent Non-executive Director), Mrs. LEE Pui Ling,
Angelina and Mr. George Colin MAGNUS; and the Alternate Directors are Mr. MAN
Ka Keung, Simon (Alternate Director to Mr. IP Tak Chuen, Edmond) and Ms.
Eirene YEUNG (Alternate Director to Mr. KAM Hing Lam).
CONSOLIDATED INCOME STATEMENT
for the six months ended 30th June
Unaudited
HK$ million Notes 2025 2024
Turnover 2 20,359 19,090
Sales and interest income
from infrastructure investments 2 2,209 2,478
Other income 3 182 347
Operating costs 4 (1,827) (1,918)
Finance costs (432) (415)
Exchange gain 71 108
Share of results of associates 1,382 1,351
Share of results of joint ventures 3,034 2,626
Profit before taxation 4,619 4,577
Taxation 5 (54) (53)
Profit for the period 6 4,565 4,524
Attributable to:
Shareholders of the Company 4,348 4,311
Owners of perpetual capital securities 219 219
Non-controlling interests (2) (6)
4,565 4,524
Earnings per share 7 HK$1.73 HK$1.71
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Audited
HK$ million Notes 30/6/2025 31/12/2024
2,997
Property, plant and equipment
2,914
Investment properties 389 389
Interests in associates 39,000 38,068
Interests in joint ventures 112,040 102,148
Other financial assets 1,565 1,539
Derivative financial instruments 897 1,281
Goodwill and intangible assets 2,160 2,025
Deferred tax assets 2 1
Total non-current assets 159,050 148,365
Inventories 150 113
Derivative financial instruments 7 522
Debtors and prepayments 9 694 732
Bank balances and deposits 4,721 8,105
Total current assets 5,572 9,472
511 4,602
Bank and other loans
Derivative financial instruments 2,148 393
Creditors, accruals and others 10 5,237 6,137
Taxation 50 66
Total current liabilities 7,946 11,198
Net current liabilities (2,374) (1,726)
Total assets less current liabilities 156,676 146,639
Bank and other loans 20,195 14,639
Derivative financial instruments 496 2
Deferred tax liabilities 503 461
Other non-current liabilities 247 294
Total non-current liabilities 21,441 15,396
Net assets 135,235 131,243
Representing:
Share capital 2,520 2,520
Reserves 122,751 118,760
Equity attributable to shareholders of the Company 125,271 121,280
Perpetual capital securities 9,885 9,885
Non-controlling interests 79 78
Total equity 135,235 131,243
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
The accounting policies adopted for the preparation of the consolidated
interim financial statements are consistent with those set out in the Group's
consolidated annual financial statements for the year ended 31st December,
2024, except for adoption of the amendments to HKFRS Accounting Standards
issued by the Hong Kong Institute of Certified Public Accountants and IFRS
Accounting Standards issued by the International Accounting Standards Board,
which are effective to the Group for accounting periods beginning on 1st
January, 2025. The adoption of those amendments to HKFRS Accounting Standards
and IFRS Accounting Standards has no material impact on the Group's results
and financial position for the current or prior periods 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:
Six months ended 30th June
HK$ million 2025 2024
Sales of infrastructure materials 722 751
Interest income from loans granted to associates 37 52
Interest income from loans granted to joint ventures 515 698
Sales of waste management services 935 977
Sales and interest income from infrastructure investments 2,209 2,478
Share of turnover of joint ventures 18,150 16,612
Turnover 20,359 19,090
3. OTHER INCOME
Other income includes the following:
Six months ended 30th June
HK$ million 2025 2024
Bank interest income
152 303
4. OPERATING COSTS
Operating costs include the following:
Six months ended 30th June
HK$ million 2025 2024
Cost of inventories sold 629 702
Cost of services provided 395 425
Depreciation of property, plant and equipment 148 149
Amortisation of intangible assets 8 9
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.
Six months ended 30th June
HK$ million 2025 2024
Current taxation - Hong Kong 1 1
Current taxation - outside Hong Kong 37 33
Deferred taxation 16 19
Total 54 53
6. PROFIT FOR THE PERIOD AND SEGMENT INFORMATION
for the six months ended 30th June
6. PROFIT FOR THE PERIOD 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$4,348 million (2024: HK$4,311 million) and
on 2,519,610,945 shares (2024: 2,519,610,945 shares) in issue during the
interim period.
8. INTERIM DIVIDEND
The interim dividend declared by the Board of Directors is as
follows:
Six months ended 30th June
HK$ million 2025 2024
Interim dividend of HK$0.73 per share
(2024: HK$0.72 per share)
1,839 1,814
9. DEBTORS AND PREPAYMENTS
Included in debtors and prepayments are trade debtors of HK$237 million
(HK$250 million at 31st December, 2024) and their aging analysis is as
follows:
HK$ million 30/6/2025 31/12/2024
Less than 1 month 196 189
1 to 3 months 35 42
More than 3 months but less than 12 months 8 20
More than 12 months 10 8
Gross total 249 259
Loss allowance (12) (9)
Total after allowance 237 250
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$237
million (HK$236 million at 31st December, 2024) and their aging analysis is as
follows:
HK$ million 30/6/2025 31/12/2024
Current 116 132
1 month 59 56
2 to 3 months 29 15
Over 3 months 33 33
Total 237 236
11. COMPARATIVE FIGURES
Certain comparative figures have been reclassified to conform to the current
period's presentation.
12. REVIEW OF CONSOLIDATED INTERIM FINANCIAL STATEMENTS
The consolidated interim financial statements are unaudited, but have been
reviewed by the Audit Committee.
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