Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was HKD 163,065,000, a decrease of 10.0% from HKD 181,337,000 in 2023[2] - The gross profit for the same period was HKD 32,947,000, down 36.8% from HKD 52,145,000 in 2023[2] - Operating profit improved to HKD 7,598,000 compared to an operating loss of HKD 9,868,000 in the previous year[2] - The profit attributable to equity holders for the year was HKD 14,409,000, down 23.0% from HKD 18,790,000 in 2023[3] - The total comprehensive loss for the year amounted to HKD 39,868,000, compared to a loss of HKD 28,230,000 in 2023[3] - The basic and diluted earnings per share for the year were HKD 0.66, down from HKD 0.93 in 2023[3] - The company's profit attributable to equity holders for 2024 was HKD 16,475,000, down 29.2% from HKD 23,281,000 in 2023[19] - Earnings per share for 2024 was HKD 0.66, compared to HKD 0.93 in 2023, reflecting a decrease of 29.0%[19] Assets and Liabilities - Non-current assets decreased to HKD 1,534,505,000 from HKD 1,730,040,000 in the previous year, indicating a reduction in asset value[4] - Current assets increased to HKD 596,608,000 from HKD 521,174,000, showing improved liquidity[4] - Total liabilities decreased to HKD 309,531,000 from HKD 377,233,000, reflecting a reduction in financial obligations[5] - The total bank borrowings decreased to HKD 227.6 million from HKD 287.8 million in 2023, primarily due to the repayment of existing project loan principal[29] - The net capital debt ratio as of December 31, 2024, was 0%, down from 7% in the previous year[32] - The company has a net capital debt ratio of 0%, indicating one of the strongest balance sheets in the industry[47] Revenue Sources - Power sales for the year 2024 amounted to HKD 163,065,000, a decrease of 10.0% from HKD 181,337,000 in 2023[12] - Total revenue from external customers for the year 2024 was HKD 163,100,000, down from HKD 181,300,000 in 2023, representing a decline of 10.0%[13] - The company has three customers contributing over 10% of total revenue, with the largest customer accounting for HKD 69,200,000 in 2024[13] Financing Costs - The net financing cost decreased significantly to HKD 11,643,000 from HKD 24,165,000, reflecting a reduction in financing costs[2] - Financing costs decreased to HKD 14,598,000 in 2024 from HKD 28,081,000 in 2023, a reduction of 48.0%[16] Dividends - Proposed final dividend for 2024 is HKD 0.005 per share, unchanged from 2023[20] - The company did not declare any interim dividends for the six months ending June 30, 2024, and declared a final cash dividend of HKD 0.005 per share for the year ending December 31, 2023[21][22] - The proposed final dividend is set at HKD 0.005 per ordinary share for the year ending December 31, 2024[52] Impairment and Accounting Standards - The company recognized a net impairment loss of HKD 30,620,000 in 2023, with no impairment losses recorded in 2024[14] - The company expects the application of new accounting standards to impact future financial statements, particularly in the presentation and disclosure of the income statement[11] - The company is currently evaluating the specific impact of the new Hong Kong Financial Reporting Standards on its consolidated financial statements[11] Renewable Energy Projects - The total installed capacity of the company's wind and solar projects reached 738 MW, with a net generation capacity of 427 MW[34] - The total electricity generation from the company's wind farms in 2024 was 1,323.1 GWh, a decrease of 7% from 1,423.8 GWh in 2023[35] - The total installed capacity of the Mudanjiang and Muling wind farms is 59.5 MW, with a generation of approximately 49.4 GWh in 2024, a decrease of 7.5% from 53.4 GWh in 2023[36] - The total installed capacity of the Siziwangqi Phase I and II wind farms is 99 MW, generating about 193.2 GWh in 2024, down 8.1% from 210.3 GWh in 2023[37] - The company holds a 40% stake in the 200 MW Danjinghe wind farm, which generated approximately 356.7 GWh in 2024, a decrease of 11.6% from 403.7 GWh in 2023[38] - The Changma wind farm, with a capacity of 201 MW, generated about 403.8 GWh in 2024, down 13.5% from 466.7 GWh in 2023[39] - The Lvnabao wind farm, with a capacity of 100.5 MW, saw an increase in generation to approximately 200.2 GWh in 2024, up 30.0% from 154.0 GWh in 2023[40] - The Songxian wind farm, with a total capacity of 74 MW, generated about 119.8 GWh in 2024, a decrease of 11.8% from 135.8 GWh in 2023[41] - The Nanzhen distributed solar project generated approximately 4.5 GWh in 2024, a decrease of 2.2% from 4.6 GWh in 2023[42] - The company plans to continue developing renewable energy projects and seek investment opportunities to enhance profitability and create long-term value[43] - The company plans to replace old 0.85 MW wind turbines with new 6.66 MW turbines, increasing the number of turbines from 70 to 9[46] - The company is seeking to increase the height of wind towers from 65 meters to 140 meters to capture higher wind speeds[46] - The company will continue to support carbon emission reduction goals through investments in various renewable energy projects[50] - The company has decided to suspend the development of new wind power plants until electricity pricing and demand become clearer[46] Human Resources and Governance - The company aims to improve and strengthen human resources through external recruitment and internal transfers in 2024[48] - The board of directors consists of seven members, including executive and independent non-executive directors[61] Future Outlook - The Chinese government aims for a GDP growth rate of 5% in 2025, which is expected to drive strong electricity demand due to various economic stimulus measures[45] - Wind speed increased by 11% in January and February 2025, leading to a 37% year-on-year increase in generation, compared to a 15% increase from the same period in 2023[45] Reporting and Compliance - The preliminary performance announcement aligns with the audited consolidated financial statements for the year ending December 31, 2024[58] - The annual report containing all information required by the listing rules will be published on the company's and the stock exchange's websites[59]
中国再生能源投资(00987) - 2024 - 年度业绩