Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 385,769, a decrease of 33.07% compared to HKD 576,399 in 2022[7] - Gross profit for the same period was HKD 111,382, down 38.67% from HKD 181,601 in the previous year[7] - The company reported a loss of HKD 37,773 for the period, a significant decline from a profit of HKD 6,214 in 2022, representing a 707.87% change[7] - EBITDA for the first half of 2023 was HKD 88,819, a decrease of 45.23% from HKD 162,162 in the prior year[7] - The company reported a total comprehensive loss of HKD 90,943 for the six months ended June 30, 2023, compared to a loss of HKD 81,555 for the same period in 2022[27] - The company experienced a foreign exchange loss of HKD 51,047 during the period, compared to a loss of HKD 87,925 in the previous year[27] - The company reported a total of HKD 250,870,000 in bank loans due within one year, representing 53.81% of total loans[135] Assets and Liabilities - Total assets as of June 30, 2023, were HKD 3,264,082, down 5.76% from HKD 3,463,508 at the end of 2022[8] - Total liabilities decreased by 5.75% to HKD 1,471,314 from HKD 1,561,090[8] - Current assets fell by 10.36% to HKD 1,226,159 compared to HKD 1,367,808 at the end of 2022[8] - The company’s cash and cash equivalents decreased by 50.44% to HKD 91,417 from HKD 184,447[8] - The company’s total equity as of June 30, 2023, was HKD 1,792,768, a decrease from HKD 1,902,418 at the end of 2022, representing a decline of about 5.8%[24] - Total liabilities decreased to HKD 965,806 as of June 30, 2023, compared to HKD 1,020,004 at the end of 2022, indicating a reduction of approximately 5.3%[24] - The company’s accumulated losses as of June 30, 2023, were HKD 33,215,000[40] Shareholder Information - Basic and diluted loss per share for the period was HKD 1.96, compared to HKD 1.26 in 2022, reflecting a 55.56% increase in loss per share[7] - The company did not recommend any interim dividend for the reporting periods[64] - The company’s issued and fully paid ordinary shares as of June 30, 2023, totaled 2,873,610,000 shares, with a capital amount of HKD 28,736,000[127] Cash Flow and Investments - The net cash generated from operating activities for the six months ended June 30, 2023, was HKD 5,362,000, a decrease from HKD 10,876,000 in the prior year[47] - The company experienced a net cash outflow from investing activities of HKD 94,442,000 for the six months ended June 30, 2023, compared to HKD 93,345,000 in the same period of 2022[47] - The cash and cash equivalents decreased by HKD 90,924,000 during the six months ended June 30, 2023, compared to a decrease of HKD 97,667,000 in the previous year[47] Revenue Breakdown - Water supply business revenue for the first half of 2023 was HKD 58.67 million, down HKD 13.41 million (approximately 18.60%) from HKD 72.08 million in the first half of 2022[149] - The sewage treatment business generated revenue of HKD 43.40 million, representing an increase of HKD 0.22 million (approximately 0.51%) compared to HKD 43.18 million in the previous year[148] - The construction services segment reported revenue of HKD 112.59 million, a significant decrease of HKD 107.67 million (approximately 48.88%) from HKD 220.26 million in the same period of 2022[148] - The renewable energy development and sales segment generated revenue of HKD 171.11 million, down HKD 69.77 million (approximately 28.98%) from HKD 240.88 million in the previous year[148] Trade Receivables - Trade receivables (net of impairment losses) increased by HKD 23,940,000 to HKD 751,280,000 as of June 30, 2023, from HKD 727,340,000 as of December 31, 2022, primarily due to increased government subsidies and delayed payments for water and sewage services[84] - Trade receivables from renewable energy business amounted to HKD 641,050,000, accounting for 85.33% of total trade receivables[104] - Trade receivables for water supply and sewage treatment services increased by HKD 8,730,000 to HKD 82,510,000, representing 10.98% of total trade receivables[105] Operational Highlights - The total daily water supply capacity is approximately 260,000 tons, down from 310,000 tons in the first half of 2022, reflecting a reduction of 50,000 tons[149] - The group processed a total of 37,920,000 tons of wastewater, representing a 5.66% increase compared to 35,890,000 tons in the same period last year[163] - The group has five wastewater treatment projects located in Jiangxi, Guangdong, and Shandong provinces, with a total daily treatment capacity of approximately 240,000 tons[163] Legal and Regulatory Matters - The group has received a court ruling requiring Tai Heng to repay approximately HKD 3,900,000 in principal and interest, with a judgment interest rate of 8% per annum[157] - The group has successfully obtained recognition from the Zhaoqing Intermediate People's Court for the enforcement of arbitration awards in mainland China[159] - The group has reported a full impairment of receivables amounting to HKD 43,600,000 from Da Xin[159] Renewable Energy Initiatives - The company is exploring new strategies for market expansion and product development in the renewable energy sector[191] - The company holds 100% equity in multiple renewable energy projects, including Shenzhen Pingshan and Hunan Chengzhou, with operational start dates ranging from January 2016 to April 2022[200] - The company plans to expand its renewable energy portfolio with projects in various provinces, including Shandong and Fujian, with operational dates extending to 2030[200]
中国水业集团(01129) - 2023 - 中期财报