Financial Performance - Total revenue for 2023 decreased to HKD 733,788 thousand, a significant drop compared to HKD 1,219,143 thousand in 2022[4] - Net profit for 2023 was a loss of HKD 213,635 thousand, compared to a loss of HKD 29,719 thousand in 2022[4] - Gross profit in 2023 was HK$184,202,000, down HK$186,732,000 from 2022, with a gross margin of 25.10%, a decrease of 5.33 percentage points[69] - Revenue for 2023 decreased by 39.81% to HKD 733.788 million compared to HKD 1,219.143 million in 2022[90] - Gross profit for 2023 dropped by 50.34% to HKD 184.202 million from HKD 370.934 million in 2022[90] - Annual loss for 2023 increased by 618.85% to HKD 213.635 million compared to HKD 29.719 million in 2022[90] - Loss attributable to owners of the company for 2023 rose by 172.93% to HKD 243.451 million from HKD 89.198 million in 2022[90] - Basic and diluted loss per share for 2023 increased by 118.30% to 8.47 HK cents from 3.88 HK cents in 2022[90] - EBITDA for 2023 decreased by 89.58% to HKD 27.643 million from HKD 265.182 million in 2022[90] - Net loss for the fiscal year 2023 was HK$213,640,000, a significant increase from HK$29,720,000 in 2022[68] - Revenue in 2023 was HK$733,788,000, a decrease of HK$485,355,000 compared to 2022[69] - The company's loss attributable to owners was HK$243,451,000 in 2023, compared to HK$89,198,000 in 2022[69] - The decrease in revenue and gross profit was primarily due to reduced electricity generation from renewable energy projects and fewer construction contracts[69] - Group revenue decreased by HKD 485.35 million to HKD 733.79 million in 2023, primarily due to reduced waste-to-energy projects and real estate market downturn[52] - Gross profit declined by HKD 186.73 million to HKD 184.2 million in 2023, driven by lower construction service performance in renewable energy and water supply businesses[52] - Total expenses increased by HKD 5.36 million to HKD 242.78 million in 2023, mainly due to higher administrative costs[53] - Net other expenses amounted to HKD 9.13 million in 2023, impacted by equipment write-offs and legal settlement costs[54] - The company's total assets decreased to HKD 3,370,677 thousand in 2023 from HKD 3,463,508 thousand in 2022[4] - The company's equity attributable to owners decreased to HKD 1,129,387 thousand in 2023 from HKD 1,395,640 thousand in 2022[3] - The Group's net asset value per share decreased to HKD 0.57 as of December 31, 2023, from HKD 0.66 in the previous year[31] - The Group's total assets decreased to HKD 1.64 billion as of December 31, 2023, from HKD 1.90 billion in the previous year[31] - Total assets decreased by HKD 92,830,000 to HKD 3,370,680,000 as of December 31, 2023, primarily due to the completion of the sale of New Zhongshui Carbon Energy, reduced bank and cash balances, and RMB depreciation against HKD[105] - Net current assets decreased to HKD 182,490,000 as of December 31, 2023, with a current ratio of 1.17, down from 1.31 in the previous year[120] - The company's trade and other payables decreased by HKD 43.83 million to HKD 465.36 million as of December 31, 2023, primarily due to RMB depreciation and settlement of construction liabilities for the Nanjing property project[142] - The company's total revenue decreased by HKD 121.79 million to HKD 205.87 million in 2023, with a gross profit margin of 30.27%[144] - Revenue from water supply-related installation and construction business decreased by HKD 90.62 million to HKD 135.88 million in 2023, with a gross profit margin of 46.14%[144] - Revenue from water supply and sewage infrastructure construction business decreased by HKD 31.17 million to HKD 69.99 million in 2023, with a gross loss margin of 0.56%[144] - Total revenue from electricity sales and other sources decreased to HKD 289.69 million in 2023, accounting for 90.55% of total revenue, compared to HKD 420.41 million (92.53%) in 2022[163] - Revenue from compressed natural gas and biogas services decreased to HKD 30.25 million in 2023, accounting for 9.45% of total revenue, compared to HKD 33.96 million (7.47%) in 2022[163] - Construction services revenue decreased to HKD 205.87 million in 2023, accounting for 28.06% of total revenue, compared to HKD 327.66 million in 2022[164] - Gross profit from construction services decreased to HKD 62.31 million in 2023, accounting for 33.83% of total gross profit, compared to HKD 107.40 million in 2022[164] - Revenue from electricity sales decreased to HKD 289.69 million in 2023, compared to HKD 420.41 million in 2022, with gross profit decreasing to HKD 39.71 million (13.71% gross margin) from HKD 147.56 million (35.10% gross margin)[168] - Revenue from compressed natural gas sales increased to HKD 11.03 million in 2023, compared to HKD 4.44 million in 2022, with gross profit improving to HKD 3.01 million (27.29% gross margin) from a loss of HKD 0.41 million (-9.23% gross margin)[168] - Revenue from biogas collection services decreased to HKD 18.35 million in 2023, compared to HKD 29.52 million in 2022, with gross profit decreasing to HKD 1.61 million (8.77% gross margin) from HKD 2.84 million (9.62% gross margin)[168] - Total revenue decreased to HKD 319.94 million in 2023, compared to HKD 454.37 million in 2022, with gross profit decreasing to HKD 43.97 million (13.74% gross margin) from HKD 149.99 million (33.01% gross margin)[168] - In the 2023 fiscal year, the company's revenue and gross profit were HK$319,940,000 and HK$43,970,000, accounting for 43.60% and 23.87% of the total revenue and gross profit, respectively[189] - Compared to the 2022 fiscal year, the company's revenue and gross profit decreased by HK$134,430,000 and HK$106,020,000, respectively[189] Cash Flow and Liquidity - Cash and cash equivalents decreased to HKD 148,785 thousand in 2023 from HKD 184,447 thousand in 2022[3] - The asset-liability ratio increased to 51.31% in 2023 from 45.07% in 2022[3] - The company maintained a conservative financial policy, focusing on internal cash flow and bank loans for operations[16] - Financing costs for 2023 decreased by HKD 21.34 million to HKD 46.2 million due to lower interest rates on new loans[95] - Capital expenditures for FY2023 amounted to HKD 79,960,000, primarily for the acquisition of intangible assets related to franchise rights[121] - Expected credit loss provisions decreased by HKD 49,380,000 to HKD 73,390,000 in FY2023, mainly due to reduced balances in loans and other receivables[126] - The company signed a financing lease agreement with Sinopharm Leasing for RMB 30,000,000 (approximately HK$34,047,000) for landfill gas power generation facilities[197] - Another financing lease agreement was signed with Sinopharm Leasing for RMB 29,000,000 (approximately HK$32,912,000) for landfill gas power generation facilities[198] - A third financing lease agreement was signed with Sinopharm Leasing for RMB 7,000,000 (approximately HK$7,923,000) for landfill gas power generation facilities[198] Environmental and New Energy Sector - The company's environmental and new energy sector accelerated development, with key projects in Anhui and Shandong provinces[6] - Yichun Fangke Sewage Treatment Company processed a total of 46.81 million tons of sewage, with a daily average of 128,300 tons, and 30,308 tons of sludge[38] - Foshan Gaoming Huaxin Sewage Treatment Company achieved a reduction of over 10% in sludge transportation and electricity consumption through process adjustments[39] - Annual sewage treatment revenue exceeded initial performance targets by 6%, with profits surpassing expectations[43] - Sewage treatment price increased from RMB 1.19/ton and RMB 1.24/ton to RMB 2.06/ton after the upgrade project[43] - Anherui Environmental Energy Technology (Shanghai) Co., Ltd. successfully delivered multiple sewage treatment projects in 2023[44] - The company's total wastewater treatment capacity remained at 240,000 tons per day, with a total of 75.75 million tons of wastewater treated in 2023, an increase of 6.53% compared to 2022[146] - The company's revenue and gross profit from wastewater treatment business were HKD 85.20 million and HKD 34.15 million, respectively, accounting for 11.61% and 18.54% of the total revenue and gross profit[146] - The company's total wastewater treatment fee ranged from HKD 0.98 to HKD 1.43 per ton in 2023, compared to HKD 0.99 to HKD 1.44 per ton in 2022[146] - The company successfully signed four biogas power generation projects in 2023, adding 8 MW of power generation capacity[93] - The company's revenue from renewable energy business was HKD 203.14 million from electricity sales to local grid companies and HKD 81.68 million from government electricity price subsidies, accounting for 63.50% and 25.53% of the total renewable energy revenue, respectively[148] - The company's total installed capacity decreased by 3.46% to 145.3 MW as of December 31, 2023, compared to 150.50 MW in 2022[149] - The company's average electricity price was HKD 0.58 per kWh in 2023, compared to HKD 0.60 per kWh in 2022[149] - Government electricity subsidies decreased to HKD 81.68 million in 2023, accounting for 25.53% of total revenue, compared to HKD 129.34 million (28.47%) in 2022[163] - Revenue from sales to local grid companies decreased to HKD 203.14 million in 2023, accounting for 63.50% of total revenue, compared to HKD 289.88 million (63.80%) in 2022[163] - The company has 34 renewable energy projects, with 100% ownership in 24 projects and partial ownership in the remaining 10 projects, primarily focused on power generation and compressed natural gas[173] - The company signed 8 landfill gas collection and power generation agreements with various Chinese government departments and companies in the 2023 fiscal year, using a "Build-Own-Operate" investment model[179] - The Shenzhen Xiaping Landfill project has an 88% ownership stake, with compressed natural gas operations starting in July 2015 and power generation in October 2017[173] - The Chengdu City project has a 49% ownership stake, with power generation operations starting in May 2017 and expected to continue until December 2027[173] - The Zhangjiakou project has a 70% ownership stake, with power generation operations starting in October 2018[173] - The Dongyang project has a 90% ownership stake, with power generation operations starting in March 2018 and expected to continue until June 2025[173] - The company's renewable energy projects are distributed across multiple provinces in China, including Shaanxi, Hunan, Chongqing, Hainan, Guangdong, Sichuan, Hebei, Shandong, Zhejiang, Liaoning, Hubei, Guangxi, Jiangxi, and Fujian[173] - The company has a total of 51 solid waste treatment projects, with 35 projects already in operation, totaling 133.8 MW of installed capacity, and 11 projects under construction with an estimated total installed capacity of 11.5 MW[189] - The company acquired 8 new projects in Bolí, Shandong Chengwu, Xingcheng, Dashiqiao, Longnan, Yunyang, Jianping, and Zhangwu, with an estimated total installed capacity of 8 MW[189] - The company's projects in Bolí, Xingcheng, Dashiqiao, and Longnan have daily waste processing capacities of 500-550 tons, 300 tons, and 300 tons, respectively[190] - The company's registered capital for the Bolí project is RMB 30,000,000, with a 60% indirect shareholding[190] - The company's registered capital for the Xingcheng, Dashiqiao, and Longnan projects are RMB 6,000,000, RMB 6,000,000, and RMB 3,000,000, respectively, with 100% indirect shareholding[190] Property and Real Estate - Total rental income increased by 420.55% to HKD 3.8 million in 2023, driven by the leasing of office buildings in the Nanjing property project[34] - The fair value of investment properties decreased by HKD 12.29 million to HKD 201.39 million, mainly due to fair value and exchange rate losses[34] - Nanjing Space Big Data Industrial Park had a total leasable area of 17,808.23 square meters, with a year-end occupancy rate of 53%[45] - The company completed the sale of all commercial units in the Nanjing property project, with a total floor area of 8,496 square meters[176] - The company currently has four property projects with a total site area of approximately 70,985 square meters, including the Nanjing Leopard Nest Project and the Hongxun Blue Valley Smart Plaza[177] - The company's property projects have an estimated total floor area of 131,625 square meters upon completion, with lease terms of 50 years for most projects[177] - The company's investment properties in Nanjing and Jiangxi have a total gross floor area of 18,630.38 square meters, with a 53% occupancy rate for the Nanjing property[135] - The company recorded a fair value loss of HKD 9,300,000 on investment properties in Nanjing and Jiangxi, compared to a gain of HKD 590,000 in the previous fiscal year, due to a decline in the office leasing market in China[111] International Expansion and Strategic Initiatives - The group plans to focus on core business areas, including biomass gas resource utilization and overseas market expansion in 2024[49] - Established an overseas business division in August 2023 to actively expand into international markets, focusing on regions such as Indonesia, the Philippines, the Middle East, and Africa[57] - Successfully completed a pilot project for the photonic gasification pyrolysis technology in November 2023, processing 30 tons of aged waste per day at Guangzhou Huadu landfill site[58] - Secured a second green loan from the International Finance Corporation (IFC) in July 2023, with plans for further collaboration in overseas business development in 2024[59] Water Supply and Sewage Treatment - Water supply volume in 2023 reached 87,887,100 tons, a 2.5% year-on-year increase, with sales volume of 69,029,900 tons, up 5.89% year-on-year[62] - Revenue from water supply and sewage treatment services in 2023 was RMB 110,520,000, a 5.47% increase compared to the previous year[62] - The company holds a 65% equity interest in Yichun Mingyueshan Fangke Sewage Treatment Co., Ltd., which contributed HKD 1,140,000 to the company's share of profits from joint ventures in FY2023[129] Impairment and Fair Value Adjustments - The expected credit loss rate for loans and advances ranged from 72.10% to 100% as of December 31, 2023, compared to 9.17% to 100% in 2022[13] - Impairment losses on property, plant, and equipment for 2023 amounted to HKD 4.78 million, primarily related to renewable energy projects[97] - The company has been closely monitoring foreign exchange risks due to fluctuations in the RMB to HKD exchange rate[103] - The company completed the sale of New Zhongshui (Nanjing) Carbon Energy Co., Ltd., recording a gain of HKD 2,960,000 in FY2023, compared to HKD 530,000 in FY2022[117] - Tax expenses decreased by HKD 13,820,000 to HKD 15,430,000 in FY2023, reflecting lower operating profits and the completion of the sale of Linyi Fenghuang in the previous fiscal year[118] - Net income from financial assets at fair value through profit or loss increased by HKD 1,030,000 to HKD 1,730,000 in FY2023, driven by dividend income and gains from the sale of non-listed funds in China[111] Other Business Operations - Inventory decreased by HKD 11.05 million to HKD 56.01 million, mainly due to the
中国水业集团(01129) - 2023 - 年度财报