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Annual Report 2020 a Strategic Global Investor in the Energy Sector

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Annual Report 2020 a Strategic Global Investor in the Energy Sector nology ch e T y t e f y a g S r & e n h t l E a n e a H le C y t i l i b a i l e R 2020 ew Ze a la nd • N • T ha ina ila Ch nd nd ing up la in • C r a a M n • a d a g n o • K Annual Report N g e n t Gea h o e H r l • a n d s a i l a r • t s Business Sustainable for U u n (Stock Code : 6) A i t • e d S t a m t o e s d g o n f i A K m d e e t r i i c n a U • Power Assets Holdings Limited Annual Report 2020 A Strategic Global Investor in the Energy Sector Power Assets is a global investor in energy and long-term by focusing on appropriately-priced utility-related businesses, with interests in the companies operating in well-regulated and mature generation of thermal and renewable power, the markets that are able to deliver predictable and transmission of electricity, gas and oil as well as the reliable income streams. We invest systematically distribution of electricity and gas. in innovation and technology to enable our businesses to reduce emissions and support the From our origins in Hong Kong over a century ago, decarbonisation efforts of the communities they our operations today span global markets including operate in. the United Kingdom, Australia, New Zealand, Mainland China, Thailand, the Netherlands, Canada Listed on the Stock Exchange of Hong Kong and the United States. as a constituent share of the Hang Seng Index, Power Assets is also one of only 12 Hong Kong Power Assets’ investments comprise primarily companies included in the Dow Jones Sustainability of acquisitions, supplemented by green-field Index Asia Pacific and one of the constituents in the development activities. We follow an active yet Hang Seng Corporate Sustainability Index. prudent strategy for sustainable growth over the Gearing up for Sustainable Business As a global investor in energy, our operating companies are diverse and varied: operating in different sub-verticals, in contrasting geographies, and across established and emerging technologies. While our companies are different, they all work in tandem, creating a multi-faceted, yet integrated system that is committed to the future of energy provision. The front cover of our 2020 annual report uses the metaphor of interlinked gears to reflect the unity as well as the scope of our efforts. Our many initiatives and activities are showcased as interlinked cogs that together form an energetic driving force towards a sustainable future. Contents Business Review 2 Performance Highlights 4 Chairman’s Statement 7 Long-Term Development Strategy 8 Year at a Glance 10 CEO’s Report 12 United Kingdom 16 Hong Kong 18 Australia 24 Mainland China, Thailand 26 Canada 28 Netherlands 29 New Zealand Corporate Governance 30 Board of Directors and Senior Management 34 Corporate Governance Report 55 Risk Management 57 Risk Factors 60 Financial Review 62 Report of the Directors Financial Statements 65 Independent Auditor’s Report 69 Consolidated Statement of Profit or Loss 70 Consolidated Statement of Comprehensive Income 71 Consolidated Statement of Financial Position 72 Consolidated Statement of Changes in Equity 73 Consolidated Cash Flow Statement 74 Notes to the Financial Statements 139 Five-Year Group Profit Summary and Group Statement of Financial Position Other Information 140 Corporate Information Financial Calendar and Share Information Performance Highlights 1,004 MW Generation Capacity - Renewable Energy / Energy-from-waste 4,754 MW Generation Capacity - Gas-fired 114,000 km Gas / Oil Pipeline Length 4,216 MW Generation Capacity - Coal/Oil-fired Power AssetsPower Holdings 400,700 km Power Network Length Limited 19,192,000 02 Number of Customers Business Review Corporate Governance Financial Statements Other Information 2020 2019 Financials HK$ HK$ Profit attributable to shareholders (million) 6,132 7,131 Earnings per share 2.87 3.34 Dividends per share 1,004 MW 2.81 2.80 Generation Capacity - Renewable Energy / Total equity (million) Energy-from-waste 84,766 85,492 Cash on hand (million) 5,427 4,876 4,754 MW Generation Capacity - Debts (million) Gas-fired 3,640 3,319 114,000 km Gas / Oil Pipeline Length Net debt to net total capital ratio Net Cash Net Cash 4,216 MW Generation Capacity - Coal/Oil-fired S&P credit rating A / Stable A / Stable 400,700 km Power Network Length 19,192,000 Annual Report 2020 Number of Customers 03 Chairman’s Statement Increase in Dividends The Board of Directors has recommended a final dividend of HK$2.04 (2019: HK$2.03) per share, payable on 1 June 2021 to shareholders whose names appear in the Company’s Register of Members on 18 May 2021. This, together with the interim dividend of HK$0.77 per share, takes the total dividend for the year to HK$2.81 (2019: HK$2.80) per share. Operations The Power Assets Group is a global investor in power generation, transmission and distribution, gas transmission and distribution, as well as oil storage and transmission in nine markets spread across four continents – namely the UK, Australia, Hong Kong, Mainland China, the Netherlands, New Zealand, Thailand, Canada and the United States. As suppliers of essential services across the world, our focus in 2020 was to provide reliable energy to all our customers, support our colleagues and our communities and push forward with decarbonisation efforts. Throughout the year, we maintained business continuity with an emphasis on organisational resilience from our operating companies. The majority of office-based staff were equipped to work from home, all customer Full Year Results contact centres remained operational, and field support staff were provided with personal protective equipment. During 2020, the low-risk, diversified business model Digital capabilities were enhanced with faster access and of the Power Assets Group, with regulated businesses improved security. or outputs governed by long-term purchase contracts delivered strong income streams. The funds received from Lockdowns in many parts of the world affected our revenues operations in 2020 was HK$5,533 million, increased from from the commercial segments, which were offset by 2019’s HK$5,368 million. increased revenues from the residential sectors. Our proactive investments in resilience paid off with all companies Our business model insulated us to a great degree from the maintaining high reliability and customer service standards. macroeconomic impact of the global COVID-19 pandemic. We also participated in local efforts to help residential and For the year ended 31 December 2020, operating profits small business customers, for instance by supporting catering were in line with expectations. establishments in Hong Kong, providing tariff relief packages in Australia and a cash flow relief programme for energy The Group’s audited profits attributable to shareholders suppliers in the UK. amounted to HK$6,132 million (2019: HK$7,131 million). The decrease was primarily due to the one-off non-cash charges on the remeasurement of deferred tax liabilities in United Kingdom portfolio Power AssetsPower Holdings the UK (HK$780 million); other factors include (1) a lower The UK portfolio made a profit contribution of contribution from our Mainland China portfolio following HK$2,460 million (2019: HK$3,489 million) to the Group. the expiry of co-operative joint venture agreements of The results were affected by the COVID-19 pandemic two coal-fired power stations; and (2) limited adverse and a one-off non-cash adjustment resulting from the impacts of the COVID-19 pandemic. It was partially offset UK corporate tax remaining at 19% instead of reducing by a one-off gain on disposal of our Portugal investment, to 17%, as previously enacted under UK Law. This Iberwind, during the year. necessitated a one-off adjustment to the deferred tax Limited balances of our operating companies there. The Group’s financial position remained strong, with a net cash of approximately HK$1.8 billion at Uncertainties surrounding the UK’s departure from the 04 31 December 2020, increased from 2019’s HK$1.6 billion. EU in January 2021 did not affect business performance, During the year, Standard & Poor’s has reaffirmed the as output is mostly regulated. Contingency measures Group’s credit rating of “A / Stable”. were put into place from an operational perspective to ensure business continuity after the withdrawal. Extensive Business Review Corporate Governance Financial Statements Other Information preparations were made for regulatory resets that would Australian portfolio affect the Group’s two gas distribution networks, Northern The Australian portfolio delivered a profit contribution of Gas Networks and Wales & West Utilities, commencing HK$1,329 million (2019: HK$1,445 million) to the Group. April 2021. The final determinations for both companies Our operating companies reported good underlying were released in December 2020 and they have decided to performance, though it was partly offset by the adverse appeal to the CMA. effects of the COVID-19 pandemic. Securing advantageous outcomes in regulatory resets while transforming Our UK operating companies in electricity and gas distribution networks to support increased green energy distribution maintained their leading positions for reliability were the twin priorities during the year. and customer service, securing incentive payments from the regulator Ofgem. UK Power Networks began SA Power Networks, one of the electricity distribution a programme of network enhancement to prepare for networks in the Group’s Australian portfolio, commenced a major increase in the number of electric vehicles on a new regulatory reset period in 2020 which offers UK roads in the coming years.
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