CITIC(00267)2024-03-28 04:05Financial Performance - CITIC Limited achieved a net profit attributable to ordinary shareholders of RMB 57.594 billion, a year-on-year increase of 5.4% compared to the comparable figure excluding a one-time revaluation gain of RMB 10.3 billion from the previous year[1]. - Total revenue for the year ended December 31, 2023, was RMB 470,723 million, an increase from RMB 440,615 million in 2022, representing a growth of approximately 6.4%[8]. - The net profit for the year was RMB 105,274 million, slightly down from RMB 105,823 million in 2022, reflecting a decrease of approximately 0.5%[9]. - Basic earnings per share for ordinary shareholders was RMB 1.98, down from RMB 2.23 in the previous year, indicating a decline of about 11.2%[9]. - The company reported a total comprehensive income of RMB 108,362 million for 2023, compared to RMB 100,574 million in 2022, marking an increase of approximately 7.8%[10]. - The company reported a net profit attributable to shareholders of RMB 50.496 billion for the year, reflecting a robust financial position despite challenges[20]. - The company reported a net profit attributable to ordinary shareholders of RMB 64,931 million for 2023, compared to RMB 87,264 million in 2022, indicating a decline of approximately 25.5%[21]. - The pre-tax profit decreased by 3.1% to RMB 123,287 million from RMB 127,292 million year-on-year[69]. Revenue and Income Sources - Total revenue for the year ended December 31, 2023, was RMB 680.832 billion, with a significant contribution from the Comprehensive Financial Services segment at RMB 268.048 billion[20]. - Revenue from the Comprehensive Financial Services segment was RMB 268,457 million, while Advanced Manufacturing and Advanced Materials segments generated revenues of RMB 51,816 million and RMB 243,162 million, respectively[21]. - The total amount of loans and advances increased to RMB 5,380,140 million, compared to RMB 5,042,734 million in the previous year, showing an increase of approximately 6.7%[11]. - The company’s total income from other services was RMB 29.152 billion, showcasing diversification in revenue streams[20]. - Total sales revenue increased to RMB 417,580 million in 2023, up 3.4% from RMB 401,842 million in 2022[27]. Assets and Liabilities - As of December 31, 2023, total assets increased to RMB 11,330,920 million, up from RMB 10,542,043 million in 2022, representing a growth of approximately 7.5%[11]. - The company's total liabilities rose to RMB 9,994,138 million, compared to RMB 9,307,366 million in 2022, indicating an increase of approximately 7.4%[12]. - The total equity attributable to shareholders increased to RMB 703,178 million from RMB 660,109 million, reflecting a growth of about 6.5%[12]. - The total amount of financial assets measured at fair value through profit or loss amounted to RMB 1,292,115 million, up from RMB 1,135,886 million, marking an increase of approximately 13.8%[11]. Dividends and Payouts - CITIC's annual dividend per share is RMB 0.515, with a payout ratio of 26%, an increase of 0.9 percentage points from the previous year[1]. - The proposed final dividend for 2023 is RMB 0.335 per share, a decrease from RMB 0.451 per share in 2022[35]. - The total dividend for the year 2023 amounts to RMB 0.515 per share, which represents a payout ratio of approximately 0.034% of the profit of RMB 14,981 million for the year[123]. Strategic Initiatives and Innovations - The company holds 9,972 valid patents, including 3,040 invention patents, reflecting a comprehensive enhancement of its independent innovation capabilities[4]. - CITIC's strategic initiatives include the launch of a digital transformation action plan and the implementation of a five-dimensional efficiency enhancement mechanism[4]. - The company aims to achieve breakthroughs in organizational restructuring, team building, and technology innovation as part of its strategic goals for 2024[7]. Risk Management and Compliance - The company has established a risk management and internal control system to identify, assess, and manage various risks associated with its business activities[84]. - The liquidity management strategy involves regular forecasting of cash flows for the next three years to ensure sufficient funds for debt repayment and operational needs[92]. - The company faces foreign exchange risk due to operations in multiple currencies, primarily RMB, HKD, and USD, and employs strategies like matching assets and liabilities in the same currency to mitigate this risk[96]. ESG and Sustainability Efforts - CITIC's ESG rating returned to BBB level, achieving the best score in its history, with a significant reduction in carbon emission intensity[5]. - The company emphasizes sustainable development by integrating Environmental, Social, and Governance (ESG) principles into its corporate strategy[107]. - The company has established 71 new energy projects, achieving an annual wind and solar power generation of 427 million kilowatt-hours, a year-on-year increase of 200%[110]. Corporate Governance and Leadership - The new chairman, Xi Guohua, will assume his role on January 29, 2024, while Zhang Wenwu has been appointed as the vice chairman and general manager on March 28, 2024[121]. - The audit and risk committee has reviewed the consolidated financial statements for the year ending December 31, 2023, and recommended their adoption by the board[122]. - The company emphasizes the importance of effective communication between the new chairman and independent non-executive directors to ensure smooth operations[121].