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CHAIRMAN’S STATEMENT
2015 ANNUAL REPORT |
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KEEPING OUR PROMISES
IN A CHANGING WORLD
The power sector in Hong Kong has evolved over the years,
but our promise has always remained the same: to provide
customers with safe, reliable, clean and affordable power
while ensuring steady returns for our investors. Our constant
focus on delivering this pledge has helped both residential
and commercial customers in Hong Kong achieve their
own aspirations - be they a comfortable lifestyle or business
growth. Our experience and deep understanding of Hong
Kong’s energy sector inform how we move forward to serve
our customers’ evolving energy needs.
I extend a warm welcome to Qatar Investment Authority
which during the year acquired a 19.9% stake in HKEI to
become our third largest shareholder after Power Assets
Holdings Limited and the State Grid Corporation of China.
In 2015, our performance reflects our success in delivering
on three strategic parameters. First, we kept our promise
to pay out 100% of distributable income to holders of our
Share Stapled Units (SSU). Second, we delivered power
at over 99.999% supply reliability while freezing tariffs
for the second year in a row. And thirdly, we reduced our
environmental footprint and made investments to enable us
to continue to do so in future.
FINANCIAL RESULTS AND DISTRIBUTIONS
For the year ended 31 December 2015, HKEI’s EBITDA was
HK$8,035 million (2014: HK$7,698 million) and audited
profits attributable to SSU holders was HK$3,591 million
(2014: HK$3,201 million).
Distributable income for the year was HK$3,538 million
(2014: HK$3,218 million – from listing date on 29 January
2014 to 31 December 2014) and will be distributed to SSU
holders in its entirety.
The Board of the Trustee-Manager has declared a final
distribution by the Trust of HK20.12 cents (2014: HK19.89
cents) per SSU, payable on 13 April 2016 to SSU holders
whose names appear on the Share Stapled Units Register
on 1 April 2016. This, together with the interim distribution
of HK19.92 cents (2014: HK16.53 cents) per SSU, amounts
to a total distribution of HK40.04 cents per SSU for the year
(2014: HK36.42 cents per SSU – from listing date on 29
January 2014 to 31 December 2014).
In 2015, HKEI completed its second
year of operations as a business trust,
once again achieving all its goals and
objectives. While we are a relatively
new entity on the Stock Exchange, our
heritage in Hong Kong is long: for over
125 years we have been providing
electricity to the city’s citizens and
businesses.