Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 181,337,000, a decrease of 8.06% from HKD 197,184,000 in 2022[3] - Gross profit for the same period was HKD 52,145,000, down 19.4% from HKD 64,665,000 in the previous year[3] - Operating loss for the year was HKD 9,868,000 compared to an operating profit of HKD 17,027,000 in 2022[3] - Net profit for the year was HKD 18,790,000, a decline of 37.0% from HKD 29,819,000 in 2022[4] - Basic and diluted earnings per share for the year were HKD 0.93, down from HKD 1.24 in 2022[4] - The group reported a net profit attributable to equity holders of HKD 23,281,000 for 2023, down 25.1% from HKD 31,111,000 in 2022, resulting in earnings per share of HKD 0.93[25] Assets and Liabilities - Total assets decreased to HKD 2,251,214,000 from HKD 2,618,999,000, representing a reduction of 14.0%[6] - Non-current assets totaled HKD 1,730,040,000, down 9.05% from HKD 1,902,662,000 in the previous year[6] - Current assets decreased to HKD 521,174,000 from HKD 716,337,000, a decline of 27.3%[6] - Total liabilities decreased significantly to HKD 377,233,000 from HKD 704,257,000, a reduction of 46.6%[7] - The total bank borrowings as of December 31, 2023, were HKD 287.8 million, down from HKD 440.9 million in 2022, primarily due to repayment of existing project loans[37] - The company had bank deposits and cash of HKD 164.3 million as of December 31, 2023, compared to HKD 232.4 million in 2022[39] - The net capital debt ratio decreased to 7% as of December 31, 2023, from 20% in the previous year[42] Revenue Sources - Total revenue from electricity sales for the year 2023 was HKD 181,337,000, a decrease of 8.1% from HKD 197,184,000 in 2022[18] - The group has three customers contributing over 10% of total revenue, with revenues of HKD 79,100,000, HKD 72,100,000, and HKD 25,200,000 respectively[19] Impairment and Financial Income - The group recognized a total impairment loss of HKD 30,620,000 in 2023, compared to no impairment losses in 2022[20] - The company reported a significant increase in financial income to HKD 3,916,000 from HKD 1,791,000 in the previous year[3] Cash Flow and Expenses - Cash flow from operating and investing activities increased to HKD 289.5 million, driven by strong cash flow from the company's wind power projects[35] - Financing costs decreased to HKD 28,081,000 in 2023 from HKD 36,173,000 in 2022, reflecting a reduction in bank loan interest expenses[22] - The group incurred a net foreign exchange loss of HKD 5,011,000 in 2023, a decrease from HKD 24,759,000 in 2022[22] - The company experienced a foreign exchange loss of HKD 5 million in 2023, significantly lower than the HKD 24.8 million loss in 2022[35] Dividends - The proposed final dividend for 2023 is HKD 0.005 per share, totaling HKD 12,531,000, unchanged from 2022[26] - The board has proposed a final dividend of HKD 0.005 per share for the year ending December 31, 2023, consistent with the previous year[69] Operational Focus and Strategy - The company has not reported any significant operations outside of China, focusing solely on the renewable energy segment[18] - The company operates eight wind farms and one distributed solar project, with a focus on expanding renewable energy projects[56] - The company aims to enhance profitability and create lasting value for shareholders through continuous innovation and operational improvements[56] - The company plans to continue investing in various renewable energy projects to support carbon emission reduction goals[66] - The company has maintained a cautious approach to expansion due to increased power rationing and declining electricity prices[61] Market and Industry Insights - China's GDP grew by 5.2% in 2023, with total electricity consumption increasing by 6.7% to 9,224,000 GWh[44] - Installed capacity for wind and solar power in China increased by 27.5% and 38.7%, reaching 464 GW and 589 GW respectively[44] - Total wind power generation output was 1,050,000 GWh, up approximately 38.5% year-on-year, accounting for 9% of the national total[44] - Total solar power generation output was 610,000 GWh, up approximately 41.2% year-on-year, accounting for 3% of the national total[44] - China's GDP growth is projected to be at least 5% in 2024, with electricity demand expected to increase by 6.0%[60] - The installed capacity of wind and solar energy is anticipated to reach 1,300 GW by the end of this year, exceeding the initial target of 1,200 GW set for 2030[60] - By the end of 2024, wind and solar energy capacity is expected to surpass coal-fired capacity, accounting for 40% of the total installed capacity[60] Environmental Impact - The company's total electricity generation for the company was 1,428.4 GWh, resulting in a reduction of approximately 463,000 tons of coal consumption and a decrease of 1,106,000 tons in carbon emissions[65] - The company is actively seeking to upgrade aging wind farms, encouraged by new policies from the National Energy Administration[61] Governance and Compliance - The roles of the Chairman and CEO are separated, with the current CEO being Mr. Huang Gang, who also serves as the Chairman[73] - The company has adopted the standard code of conduct for directors' securities trading, confirming compliance by all directors for the year ending December 31, 2023[74] - An Audit Committee has been established, consisting of three members, all of whom are independent non-executive directors, to review the audited financial statements for the year ending December 31, 2023[75] - The preliminary performance announcement aligns with the audited financial statements, confirming the accuracy of the financial data presented[77] - The annual report for 2023 will be published on the company's website and the Hong Kong Stock Exchange website, containing all required information[78] - The board of directors consists of six members, including three executive directors and three independent non-executive directors[80] Workforce - The company employs a total of 94 employees across its operations in Hong Kong and mainland China, focusing on attracting and retaining skilled personnel[64]
中国再生能源投资(00987) - 2023 - 年度业绩