139 / 148
At 31 December
THE HONGKONG ELECTRIC COMPANY, LIMITED
TEN-YEAR STATEMENT OF FINANCIAL POSITION
2016 ANNUAL REPORT
139
HK$ million
2016
2015 2014 2013 2012 2011 2010 2009 2008 2007
Non-current assets
Property, plant and equipment and interests
in leasehold land
49,971
49,482 49,198 49,137 49,345 48,848 47,976 47,523 46,550 46,123
Employee retirement benefit scheme assets
454
580 668 615 216 271 796 456
– 1,033
Derivative financial instruments
1,034
314 352 241 646 433
21
31
29
8
51,459
50,376 50,218 49,993 50,207 49,552 48,793 48,010 46,579 47,164
Current assets
Coal, fuel oil and natural gas
624
525 572 592 763 780 433 629 375 255
Stores and materials
361
357 361 356 351 335 314 301 283 281
Trade and other receivables
1,218
1,155 1,129 1,104 1,183 1,078 1,118 1,035 1,104 1,071
Fuel Clause Recovery Account
–
–
–
1 820 1,035 569 551 998 336
Bank deposits and cash
310
6,155 4,629 1,060
8
24
9
92
11
4
2,513
8,192 6,691 3,113 3,125 3,252 2,443 2,608 2,771 1,947
Current liabilities
Bank loans and other borrowings
(335)
(900)
(520)
(503) (5,317)
(617)
(52)
– (1,687) (1,405)
Fuel Clause Recovery Account
(4,088)
(2,283)
(631)
–
–
–
–
–
–
–
Trade and other payables
(6,263)
(5,519) (4,740) (2,081) (2,305) (2,565) (1,577) (1,487) (1,009)
(860)
Current taxation
(351)
(360)
(219)
(340)
(330)
(218)
(157)
(236)
(187)
(410)
(11,037)
(9,062) (6,110) (2,924) (7,952) (3,400) (1,786) (1,723) (2,883) (2,675)
Net current assets/(liabilities)
(8,524)
(870)
581 189 (4,827)
(148)
657 885 (112)
(728)
Total assets less current liabilities
42,935
49,506 50,799 50,182 45,380 49,404 49,450 48,895 46,467 46,436
Non-current liabilities
Bank loans and other borrowings
(30,700)
(37,646) (38,703) (29,574) (21,893) (26,691) (25,727) (24,909) (10,037) (9,796)
Derivative financial instruments
(73)
(168)
(63)
–
–
(10)
(132)
(15)
(14)
(7)
Customers’ deposits
(2,057)
(2
,001) (1,937) (1,900) (1
,839) (1,801) (1,747) (1,676) (1,634) (1,585)
Deferred tax liabilities
(5,595)
(5,698) (5,927) (5,955) (5,912) (5,883) (5,763) (5,622) (5,479) (5,426)
Employee retirement benefit scheme liabilities
(406)
(587)
(499)
(443)
(821)
(827)
(587)
(722) (1,267)
(423)
(38,831)
(46,100) (47,129) (37,872) (30,465) (35,212) (33,956) (32,944) (18,431) (17,237)
Tariff Stabilisation Fund
(note 1)
(24)
(204)
(288)
(36)
(425)
(497)
(543)
(485)
(311)
(14)
Rate Reduction Reserve
(note 2)
(1)
(1)
–
(3)
(2)
(1)
(4)
(14)
(14)
(1)
Smart Power Fund
(note 3)
(14)
(10)
(5)
–
–
–
–
–
–
–
Net assets
4,065
3,191 3,377 12,271 14,488 13,694 14,947 15,452 27,711 29,184
Capital and reserves
Share capital
2,411
2,411 2,411 2,411 2,411 2,411 2,411 2,411 2,411 2,411
Reserves
597
921 1,002 1,000
–
4
–
6
22
6
Hedging reserves
1,057
(141)
(36)
15
3
(4)
8
(6)
(22)
(6)
Proposed dividend
–
–
–
– 3,229 2,438 3,683 4,196 3,455 4,928
4,065
3,191 3,377 3,426 5,643 4,849 6,102 6,607 5,866 7,339
Loan capital
–
–
– 8,845 8,845 8,845 8,845 8,845 21,845 21,845
Total equity
4,065
3,191 3,377 12,271 14,488 13,694 14,947 15,452 27,711 29,184
Notes:
1.
The Tariff Stabilisation Fund is not part of shareholders' funds.
2.
The purpose of this reserve is to reduce, by means of rebates, electricity tariffs to customers. Pursuant to 2013 mid-term review of
Scheme of Control, the year-end balance of the reserve of a year has to be transferred to the Tariff Stabilisation Fund in the following
year starting from end 2013.
3.
Pursuant to 2013 mid-term review of Scheme of Control, a Smart Power Fund was established in June 2014 to support the carrying
out of improvement works to upgrade the energy efficiency performance of building services installations for communal use of
non-commercial buildings.