香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完備性亦無發表聲明，並表明不會就本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 HUAYU EXPRESSWAY GROUP LIMITED 華 昱 高 速 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1823） 截至二零二二年十二月三十一日止年度 全年業績公告 華昱高速集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬 公司（統稱「本集團」）截至二零二二年十二月三十一日止年度的綜合業績，連同截 至二零二一年十二月三十一日止年度（經重列）的比較數字如下： 綜合損益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 人民幣千元 人民幣千元 （經重列） （附註13） 持續經營業務 收入 4 409,886 688,452 銷售成本 (290,201) (480,024) 毛利 119,685 208,428 其他收入 5 3,367 3,920 其他（虧損）╱收益淨額 5 (2,687) 2,369 行政開支 (38,667) (72, ...

Financial Performance - The company recorded revenue of approximately HKD 380.8 million for the six months ended June 30, 2022, a decrease of about 39.0% compared to HKD 624.3 million in the same period last year[8]. - The company reported a gross profit of approximately HKD 157.3 million, a decrease of 33.7% from HKD 237.2 million in the previous year, with a gross margin of 41.3%, up 3.3% from 38.0%[9]. - The net profit for the period was approximately HKD 71.1 million, a significant decrease of about 48.7% from HKD 138.7 million in the same period last year[18]. - The company’s revenue for the six months ended June 30, 2022, was HKD 380,838,000, a decrease of 39% compared to HKD 624,314,000 for the same period in 2021[60]. - Gross profit for the same period was HKD 157,300,000, down 34% from HKD 237,187,000 in 2021[60]. - Operating profit decreased to HKD 118,555,000, a decline of 42% from HKD 204,617,000 in the previous year[60]. - Net profit for the period was HKD 71,059,000, representing a 49% decrease from HKD 138,649,000 in 2021[62]. - Total comprehensive income for the period was HKD 28,437,000, significantly lower than HKD 147,651,000 in 2021[62]. Revenue Breakdown - Toll revenue from the Suiyue Expressway and Qingping Expressway totaled approximately HKD 142.0 million, down 11.6% from HKD 160.7 million year-on-year[8]. - The group recorded liquor trading revenue of approximately HKD 238,900,000, a significant decrease of about 48.5% compared to the previous year[29]. - Alcohol sales generated HKD 238,861,000, a significant decline of 48% compared to HKD 463,626,000 in the previous year[90]. - Toll revenue amounted to HKD 141,977,000, down 12% from HKD 160,688,000 year-on-year[90]. Expenses and Costs - Administrative expenses were approximately HKD 28.3 million, a decrease of 4.7% from HKD 29.7 million year-on-year[15]. - The sales and distribution costs increased by 47.0% to approximately HKD 12.2 million from HKD 8.3 million year-on-year[16]. - The company incurred finance costs of HKD 28,678,000 for the six months ended June 30, 2022, compared to HKD 28,176,000 in the same period of 2021[107]. - The company recognized a depreciation expense of HKD 29,229,000 for the six months ended June 30, 2022, compared to HKD 35,555,000 in the same period of 2021[107]. Assets and Liabilities - The company had total bank loans of approximately HKD 1,131.8 million as of June 30, 2022, down from HKD 1,208.3 million at the end of 2021[19]. - Cash and cash equivalents totaled approximately HKD 278.7 million, down from HKD 332.6 million at the end of 2021[19]. - Non-current assets as of June 30, 2022, amounted to HKD 1,653,379,000, a slight decrease from HKD 1,688,205,000 at the end of 2021[64]. - Current assets totaled HKD 576,177,000, down from HKD 645,491,000 at the end of the previous year[64]. - The company's total liabilities decreased to HKD 1,082,784,000 from HKD 1,177,615,000 in the previous year[66]. - The total equity attributable to the company's equity holders was HKD 588,772,000, an increase from HKD 576,798,000 at the end of 2021[66]. Employee and Compensation - As of June 30, 2022, the group employed a total of 438 employees, a decrease from 480 employees as of December 31, 2021[22]. - Total employee compensation expenses for the period amounted to approximately HKD 31,000,000, compared to HKD 28,500,000 for the same period last year, reflecting an increase of about 5.3%[22]. Share Options and Corporate Governance - The total number of shares that can be issued under the share option plan is 41,260,800 shares, representing approximately 10.0% of the company's issued share capital as of the report date[44]. - On December 28, 2021, the company granted share options to eligible participants for 40,000,000 shares at an exercise price of HKD 2.89 per share, which accounted for about 9.69% of the issued share capital on the grant date[44]. - The company has adopted the corporate governance code as per the listing rules and has complied with it throughout the reporting period[50]. - The share options granted are valid for one year from December 28, 2021, to December 27, 2022[44]. Future Outlook and Strategic Plans - The management anticipates a recovery in highway toll revenue, which declined by approximately 11.6% due to external economic factors, as economic activities along the highways resume[31]. - The group plans to explore opportunities for acquiring other infrastructure projects in China and expanding into other promising business areas[32]. - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products and technologies were not detailed in the report[70].

Financial Performance - Total revenue for the year ended December 31, 2021, was approximately HKD 1,047,888,000, an increase of about 80.6% compared to the previous year[22] - Profit before tax reached HKD 233,040,000, significantly up from HKD 111,493,000 in the prior year[22] - Net profit for the year was HKD 161,958,000, which is 1.9 times higher than the previous year's net profit of HKD 86,883,000[28] - The company's total revenue for the year ended December 31, 2021, was approximately HKD 1,047,900,000, an increase of 80.6% compared to HKD 580,100,000 for the year ended December 31, 2020[34] - The revenue from tolls on the Suiyue and Qingping expressways was approximately HKD 324,900,000, representing a 51.3% increase from HKD 214,700,000 in the previous year[34] - The sales revenue from the liquor trading business was approximately HKD 723,000,000, a significant increase of 97.8% from HKD 365,500,000 in the previous year[35] - The gross profit for the year was approximately HKD 400,000,000, up 96.0% from approximately HKD 204,100,000 in the previous year, with a gross margin of 38.2%[39] - The company recorded a pre-tax profit of approximately HKD 233,000,000, an increase of about 109.0% from approximately HKD 111,500,000 in the previous year[46] - The profit attributable to shareholders for the year ended December 31, 2021, was HKD 104,237,000, compared to HKD 73,911,000 in 2020, representing an increase of approximately 41.1%[174] Traffic and Toll Revenue - Average monthly traffic volume on the Suiyue Expressway was approximately 1,060,000 vehicles, with toll revenue of about HKD 217,700,000, a 55.0% increase year-on-year[29] - The average monthly traffic flow for the Suiyue Expressway was 1,060,000 vehicles, a significant increase from approximately 771,000 vehicles in the previous year, representing a growth of about 37.4%[57] - The average toll fee per vehicle on the Suiyue Expressway increased by 13.2% to HKD 17.2 from HKD 15.2 in the previous year[57] - The total toll revenue for the Qingping Expressway was approximately HKD 107,200,000, a 44.5% increase from approximately HKD 74,200,000 in the previous year[58] - The average monthly traffic flow for the Qingping Expressway was approximately 2,200,000 vehicles, up about 29.3% from approximately 1,700,000 vehicles in the previous year[58] Assets and Liabilities - Total assets as of December 31, 2021, amounted to HKD 2,333,696,000, compared to HKD 2,120,334,000 in the previous year[23] - Total liabilities were HKD 1,455,416,000, an increase from HKD 1,302,544,000 in the prior year[23] - As of December 31, 2021, the total bank loans drawn by the group amounted to approximately HKD 1,208,300,000, an increase from approximately HKD 1,089,000,000 in 2020[47] - The group had a debt-to-equity ratio of 1.38 as of December 31, 2021, slightly up from 1.34 in 2020[47] - As of December 31, 2021, the total outstanding secured bank loans amounted to HKD 1,208,300,000[153] Business Strategy and Growth - The company expects stable growth for the Suiyue Expressway due to the economic performance of Hunan Province[29] - The company plans to pursue other infrastructure projects in China when suitable opportunities arise, including potential acquisitions of abandoned or developing projects[35] - The group plans to continue pursuing infrastructure projects in China, leveraging its successful experience and established relationships[67] - The group may consider acquiring abandoned or developing infrastructure projects from other developers or the government if commercially viable opportunities arise[67] - The company is considering expanding into other promising business areas when favorable opportunities present themselves[35] Governance and Compliance - The company has adopted a board diversity policy to ensure a range of skills and experiences among board members, considering factors such as gender, age, cultural background, and industry experience[88] - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2021, and held two meetings during the year to ensure compliance with accounting principles[99] - The board has established various committees, including the audit and remuneration committees, to oversee specific areas of the group's affairs, ensuring effective governance[97] - The company emphasizes continuous professional development for all directors to enhance their knowledge and skills, ensuring informed contributions to the board[91] - The company has implemented measurable targets for board diversity as part of its nomination process[94] Market and Operational Insights - The group’s revenue is highly dependent on traffic volume, which is influenced by various factors including connectivity to local and national highway networks[143] - The group faces significant risks related to changes in government transportation policies that could adversely affect revenue and operational performance[142] - The group’s operations are susceptible to competition from other highways and transportation modes, which could impact traffic volume and revenue[143] - The company’s business operations may be adversely affected by natural disasters or outbreaks of infectious diseases, impacting procurement and sales[150] Future Outlook - The company reported a significant increase in revenue, achieving $1.5 billion in Q3 2023, representing a 20% year-over-year growth[200] - The company provided guidance for Q4 2023, expecting revenue to be between $1.6 billion and $1.8 billion, reflecting a growth rate of 15% to 20%[200] - Overall, the company remains optimistic about future growth, with a focus on innovation and market expansion as key drivers[200]

Revenue and Profitability - The company recorded revenue of approximately HKD 624.3 million for the six months ended June 30, 2021, representing an increase of about 202.8% compared to HKD 206.2 million in the same period last year[9]. - Toll revenue from the Suiyue Expressway and Qingping Expressway amounted to approximately HKD 160.7 million, up 171.0% from HKD 59.3 million year-on-year[9]. - The company achieved a gross profit of approximately HKD 237.2 million, a significant increase of 317.5% from HKD 56.8 million in the previous year, with a gross margin of 38.0% compared to 27.6% last year[10]. - The net profit for the period was approximately HKD 138.6 million, a turnaround from a loss of HKD 1.9 million in the same period last year[16]. - Total revenue from the liquor trade segment reached HKD 463,600,000, approximately 3.2 times that of the same period last year[28]. - The adjusted EBITDA for the liquor segment was approximately HKD 121,700,000, about 3.4 times higher than the previous year[28]. - Operating profit reached HKD 204,617,000, up from HKD 29,435,000 in the previous year, reflecting a substantial increase in operational efficiency[65]. - Total comprehensive income for the period amounted to HKD 147,651,000, compared to a loss of HKD 9,906,000 in 2020[69]. Expenses and Financial Position - Administrative expenses increased by 50.2% to approximately HKD 29.8 million, primarily due to rising employee costs post-COVID-19[13]. - The company reported a significant increase in other income to HKD 3,339,000 from HKD 1,947,000 in the previous year[65]. - Administrative expenses rose to HKD 29,750,000 from HKD 19,807,000, reflecting increased operational costs associated with growth initiatives[65]. - The company’s total bank loans as of June 30, 2021, amounted to approximately HKD 1,241.4 million, an increase from HKD 974.3 million at the end of 2020[17]. - The company maintained a debt-to-equity ratio of 1.62 as of June 30, 2021, compared to 1.33 at the end of 2020[17]. - Non-current liabilities rose to HKD 1,206,705, compared to HKD 1,038,238, indicating an increase of about 16.2%[75]. - The total liabilities increased to HKD 1,365.823 million from HKD 1,261.127 million, reflecting a growth of about 8.3%[144]. Cash Flow and Liquidity - Cash and cash equivalents totaled approximately HKD 279.6 million, up from HKD 246.5 million at the end of 2020[17]. - Operating cash generated for the six months ended June 30, 2021, was HKD 103,953,000, a significant increase from HKD 3,336,000 in 2020[89]. - Net cash generated from operating activities was HKD 83,248,000, compared to a net cash outflow of HKD 2,161,000 in the previous year[89]. - Cash used in investing activities totaled HKD 173,012,000, up from HKD 11,959,000 in 2020, primarily due to the acquisition of a jointly controlled subsidiary for HKD 152,869,000[89][96]. - Cash generated from financing activities was HKD 119,982,000, a recovery from a cash outflow of HKD 24,840,000 in the prior year[89]. - The net increase in cash and cash equivalents was HKD 30,218,000, contrasting with a decrease of HKD 38,960,000 in 2020[89]. Shareholder Returns and Dividends - A special interim dividend of HKD 0.06 per share was declared on May 31, 2021, and paid on July 9, 2021[29]. - The company declared an interim dividend of HKD 42,478, compared to HKD 11,814 in the previous period, showing a significant increase[83]. - The company’s legal reserve must reach 50% of registered capital before dividends can be distributed, with 10% of post-tax profits allocated to this reserve until the threshold is met[182]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the group's financial reporting procedures and internal controls[50]. - The interim financial report was unaudited but reviewed by the audit committee and external auditors, confirming compliance with relevant accounting standards[51]. - The company has adopted the corporate governance code and has complied with its provisions during the reporting period[47]. - The company has not engaged in any arrangements that would allow directors or senior executives to benefit from acquiring shares or bonds of the company or any other corporation[44]. Acquisitions and Investments - The company completed the acquisition of a 60% stake in a jointly controlled subsidiary for approximately HKD 152,900,000 on June 29, 2021[96][97]. - The acquisition was accounted for using the merger accounting method as per HKAS 5, reflecting the ongoing control of the entities involved[100]. - The company has engaged in acquisitions under common control, impacting its financial position, with a recorded loss of HKD 152,869 related to this activity[83]. Market and Operational Strategy - The company plans to continue monitoring interest rate risks and may consider appropriate actions if necessary[20]. - The company plans to continue expanding its distribution network and will organize more sales and marketing activities in the near future[33]. - The company aims to pursue other infrastructure projects in China when suitable opportunities arise, leveraging its experience and reputation in the industry[33]. - The company is focusing on market expansion and new product development, although specific figures were not provided in the summary[79].

Financial Performance - Total revenue for the year ended December 31, 2020, was approximately HKD 506.0 million, an increase of about 10.7% compared to HKD 456.9 million for the year ended December 31, 2019[28]. - The net profit for the year was approximately HKD 80.9 million, compared to HKD 68.6 million in the previous year, reflecting a growth of about 17.0%[28]. - Toll revenue for the year was approximately HKD 140.5 million, a decrease of 27.0% from the previous year's toll revenue due to COVID-19 impact[28]. - The liquor trading business achieved sales of approximately HKD 365.5 million, representing a growth of 38.1% compared to the previous year[29]. - The group recorded a revenue of approximately HKD 506 million for the year ended December 31, 2020, an increase of 10.7% compared to approximately HKD 457 million for the year ended December 31, 2019[33]. - The group's liquor sales revenue was approximately HKD 365.5 million, an increase of about 38.1% from approximately HKD 264.6 million in the previous year, with a total sales volume of about 500 tons, up approximately 37.1%[35]. - The group recorded a pre-tax profit of approximately HKD 103.8 million, an increase of 7.7% from approximately HKD 96.4 million in the previous year, with a net profit of approximately HKD 80.9 million compared to approximately HKD 68.6 million in the previous year[46]. - The profit attributable to shareholders for the year ended December 31, 2020, was HKD 70,299,000, compared to HKD 50,420,000 in 2019, representing a year-on-year increase of 39.5%[174]. Assets and Liabilities - Total assets as of December 31, 2020, were approximately HKD 1,864.3 million, compared to HKD 1,763.3 million in 2019[24]. - Total liabilities as of December 31, 2020, were approximately HKD 1,241.3 million, slightly decreased from HKD 1,245.6 million in 2019[24]. - The total amount of bank loans drawn by the group was approximately HKD 926.8 million as of December 31, 2020, compared to approximately HKD 915.4 million in the previous year[47]. - As of December 31, 2020, the total outstanding secured bank loans and other borrowings amounted to HKD 1,042,300,000[153]. - As of December 31, 2020, the total bank borrowings of the group amounted to approximately HKD 926.8 million, with a debt-to-equity ratio of 1.67[147]. Operational Highlights - Average monthly traffic volume in the second half of 2020 was approximately 108,000 vehicles, an increase of about 15.8% compared to the same period in 2019[28]. - The average toll fee per vehicle was approximately HKD 15.2, a decrease of about 12.1% from the previous year, with the proportion of heavy trucks in total traffic further declining to about 38.7%[34]. - The strategic location of the expressway in Hunan province is expected to provide stable growth and cash flow for the company in the future[29]. - The group anticipates that revenue from toll road projects will continue to increase in the coming year, driven by the upward momentum of economic growth in China, particularly in Hunan province[143]. - The group relies heavily on traffic volume for toll revenue, which is influenced by various factors including connectivity to local and national highway networks[143]. Governance and Compliance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules, ensuring compliance as of December 31, 2020[71]. - The board consists of three executive directors and three independent non-executive directors, with all independent directors confirmed as independent[73]. - The company has established a board diversity policy to ensure a range of skills and experiences among board members, including gender, age, and industry experience[88]. - The company has a standard code for securities trading by directors, which all directors confirmed compliance with for the year ending December 31, 2020[72]. - The board has reviewed and updated its corporate governance policies and practices, ensuring alignment with legal and regulatory requirements[77]. - The company has a structured approach to evaluating the independence of non-executive directors[105]. - The company aims to maintain effective internal control systems as part of its governance practices[99]. - The Audit Committee is responsible for monitoring the integrity of the company's financial statements and ensuring compliance with applicable accounting standards[99]. Risks and Challenges - The group faces significant risks related to changes in government transportation policies, which could adversely affect revenue and operational performance[142]. - The group’s financial performance may be significantly impacted by fluctuations in interest rates, as all existing borrowings are subject to variable interest rates[147]. - The group’s operations could be adversely affected by natural disasters or outbreaks of infectious diseases, which may disrupt procurement and sales activities[150]. - The group has a substantial reliance on exclusive distribution rights granted by Guizhou Moutai Group for its liquor trading business, with annual reviews of the agreements[148]. - The group’s reliance on third-party distributors for its liquor trading business poses risks if these distributors fail to fulfill their obligations[149]. Employee and Community Relations - The company had a total of 241 employees as of December 31, 2020, with total employee compensation expenses of approximately HKD 32,500,000[63]. - The company has maintained good relationships with employees, with an acceptable employee turnover rate[161]. - The company has not made any charitable donations during the fiscal year ending December 31, 2020[175]. Future Plans and Strategies - The company plans to pursue other infrastructure projects in China when suitable opportunities arise[30]. - The company plans to continue seeking opportunities aligned with its overall business strategy, including potential acquisitions of abandoned or developing infrastructure projects[66]. - The management expressed confidence in the company's performance post-COVID-19, with traffic volume and toll revenue returning to pre-pandemic levels[65]. Shareholder Communication - The board emphasizes the importance of clear and timely communication with shareholders to build investor confidence and attract new investments[117]. - The company has established a communication channel for shareholders to address their inquiries and concerns through the company secretary[126]. - The company has a structured process for shareholders to submit proposals for consideration at the annual general meeting, requiring submission at least seven days prior to the meeting[122].

Financial Performance - The company reported revenue of approximately HKD 186.4 million for the six months ended June 30, 2020, a decrease of about 7.8% compared to HKD 202.1 million in the same period last year[8]. - The company's gross profit for the period was approximately HKD 60.6 million, a decrease of 36.7% from HKD 95.8 million in the previous year, resulting in a gross margin of about 32.5% compared to 47.4% last year[10]. - The net profit for the period was approximately HKD 6.1 million, a significant decrease of 80.1% from HKD 30.9 million in the same period last year[17]. - Revenue for the six months ended June 30, 2020, was HKD 186,397,000, a decrease of 7.4% compared to HKD 202,080,000 in the same period of 2019[59]. - Gross profit for the same period was HKD 60,613,000, down 36.7% from HKD 95,754,000 year-on-year[59]. - Operating profit decreased to HKD 35,640,000, a decline of 49.5% from HKD 70,459,000 in the previous year[59]. - Total comprehensive income for the period was HKD 1,526,000, significantly lower than HKD 28,100,000 in the same period last year[61]. - The company reported a decrease in cash and cash equivalents to HKD 177,732,000 as of June 30, 2020, down from HKD 234,863,000 at the beginning of the year[75]. Revenue Sources - Toll revenue from the Yueyang Expressway (Hunan section) was approximately HKD 39.5 million, down 58.4% from HKD 95 million in the same period last year due to the COVID-19 pandemic toll exemption policy[8]. - The group recorded a total revenue of HKD 146,900,000 from its liquor trading business, which remained similar to the sales figures from the second half of 2019[30]. - Alcohol sales increased to HKD 146,894, up 37.2% from HKD 107,095 in the same period of 2019[81]. Expenses and Cost Management - Administrative expenses decreased by 17.0% to approximately HKD 16.6 million from HKD 20 million in the previous year, primarily due to cost-saving measures during the pandemic[14]. - The company recognized share-based payment expenses of HKD 802,000 for the period ended June 30, 2020, compared to HKD 2,355,000 in the previous year[117]. - Interest expenses decreased to HKD 25,007 from HKD 27,978 in the previous year[89]. Cash Flow and Liquidity - Cash generated from operating activities for the six months ended June 30, 2020, was a net outflow of HKD 20,960,000, compared to a net inflow of HKD 56,659,000 in 2019, reflecting a significant decrease[75]. - The company experienced a net cash outflow of HKD 55,985,000 in total cash and cash equivalents for the six months ended June 30, 2020, compared to an increase of HKD 192,048,000 in the same period of 2019[75]. - Cash and cash equivalents totaled approximately HKD 177.7 million as of June 30, 2020, down from HKD 234.9 million at the end of 2019[18]. Employment and Compensation - As of June 30, 2020, the group employed a total of 250 employees in mainland China and Hong Kong, a decrease from 276 employees as of December 31, 2019[22]. - Total employee compensation expenses for the period amounted to approximately HKD 12,000,000, compared to HKD 21,100,000 for the six months ended June 30, 2019[22]. Debt and Financing - The total amount of bank loans drawn was approximately HKD 897.7 million, a slight decrease from HKD 915.4 million at the end of 2019[18]. - As of June 30, 2020, bank loans from China Merchants Bank amounted to approximately HKD 897,700,000, secured against the toll collection rights of the highway[26]. - The group has not violated any covenants related to its bank loans as of June 30, 2020[109]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the financial reporting procedures and internal controls of the group[47]. - The interim financial report was reviewed by the audit committee and external auditor KPMG, confirming compliance with relevant accounting standards[48]. - The company has adopted the corporate governance code and has complied with its provisions during the reporting period[45]. Future Outlook and Strategy - Management expressed confidence in the group's performance post-COVID-19, anticipating a return to pre-pandemic levels of traffic and revenue[31]. - The group plans to seek opportunities for investment in other infrastructure projects in China, leveraging its successful experience and established relationships[31]. - The company plans to continue monitoring interest rate risks and may consider appropriate actions, including hedging, if necessary[20]. Shareholder Information - As of June 30, 2020, Mr. Chen Yangnan held 300,000,000 shares, representing 72.71% of the company's equity, through a controlled corporation[34]. - The total number of shares that can be issued under the share option plan is capped at 41,260,800 shares, representing approximately 10.0% of the issued share capital as of June 11, 2020[39]. - No share options have been granted under the share option plan since its effective date on June 11, 2020[39].

Huayu Expressway Group Limited 華昱高速集團有限公司 ( 於開曼群島註冊成立的有限公司) 股份代號: 1823 2019 年 報 目錄 目錄 公司資料 2 財務概要 3 主席報告 4 管理層討論與分析 5 企業管治報告 12 董事及高級管理層 23 董事會報告書 25 獨立核數師報告 37 綜合損益表 45 綜合損益及其他全面收益表 46 綜合財務狀況表 47 綜合權益變動表 49 綜合現金流量表 50 財務報表附註 51 1 華昱高速集團有限公司 公司資料 公司資料 1823 | --- | --- | |--------------------------------------------|------------------------------------------------------------| | | | | 董事會 | 香港主要營業地點 | | 執行董事 | 香港 | | 陳陽南 （主席） 麥慶泉 （行政總裁） 符捷頻 | 金鐘道 89 號 力寶中心 一座 12 樓 | | 獨立非執行董事 | 1205 室 | | 孫小年 朱健宏 胡列格 | 開曼群島股 ...

Revenue and Profitability - For the six months ended June 30, 2019, Huayu Expressway Group Limited reported revenue of approximately HKD 202.1 million, an increase of about 92.8% compared to HKD 104.8 million in the same period last year, primarily due to rapid growth in the liquor trading business [17]. - Revenue for the six months ended June 30, 2019, was HKD 202,080,000, a 93% increase from HKD 104,775,000 in the same period of 2018 [72]. - Gross profit for the period was approximately HKD 95.8 million, an increase of 41.5% from HKD 67.7 million in the previous year, with a gross profit margin of about 47.4% [19]. - Gross profit for the same period was HKD 95,754,000, up 41.3% from HKD 67,730,000 year-on-year [72]. - The group recorded a profit of approximately HKD 30.9 million for the period, a significant increase of 40.5% compared to HKD 22 million in the same period last year, mainly due to the new liquor trading business [26]. - Operating profit increased to HKD 70,459,000, representing a 27.2% rise from HKD 55,371,000 in the previous year [72]. - Profit before tax was HKD 42,481,000, a 61.4% increase compared to HKD 26,312,000 in 2018 [72]. - Net profit for the period was HKD 30,884,000, up 40.5% from HKD 21,992,000 in the same period last year [72]. - The company reported an adjusted EBITDA of HKD 92,372,000 for the six months ended June 30, 2019, up from HKD 84,725,000 in 2018, reflecting an increase of about 9.7% [149]. Toll Revenue and Traffic - Toll revenue from the Suiyue Expressway (Hunan section) was approximately HKD 95 million, a decrease of 9.4% from HKD 104.8 million in the same period last year, influenced by enhanced control over overweight trucks and maintenance work completed in December 2018 [17]. - The average toll fee per vehicle decreased by 26.5% to approximately HKD 16.6, while the average monthly traffic volume increased by 23.5% to approximately 956,000 vehicles [17]. - The average monthly traffic on the Yue Highway (Hunan section) increased significantly from approximately 774,000 vehicles to approximately 956,000 vehicles during the reporting period [35]. - The toll revenue decreased by approximately 9.4% to about HKD 95,000,000, with the average toll per vehicle dropping by 26.5% to approximately HKD 16.6 [35]. Financial Position and Cash Flow - Total bank loans drawn as of June 30, 2019, amounted to approximately HKD 972 million, down from HKD 1,015.8 million as of December 31, 2018 [27]. - Cash and cash equivalents totaled approximately HKD 232.1 million, significantly up from HKD 43.3 million as of December 31, 2018 [27]. - The group recorded cash flow of approximately HKD 394,000,000 after monetizing the 30% interest in the highway, significantly enhancing liquidity [41]. - Operating cash generated from activities was HKD 58,351,000, a decrease of 39.4% compared to HKD 96,299,000 in the previous year [103]. - Net cash generated from operating activities was HKD 56,659,000, down from HKD 96,299,000, reflecting a significant decline [103]. - The net increase in cash and cash equivalents was HKD 192,048,000, compared to HKD 13,633,000 in the prior period, showing strong cash flow performance [103]. - The group completed the sale of a 30% stake in a subsidiary, generating net proceeds of HKD 394,012,000, aimed at improving cash flow and reducing debt [108]. Expenses and Costs - Administrative expenses rose by 57.5% to approximately HKD 20 million, primarily due to increased employee costs related to the expressway operations and new liquor trading business [23]. - Interest expenses for the six months ended June 30, 2019, were HKD 31,245,000, compared to HKD 29,059,000 in 2018, showing an increase of approximately 7.5% [145]. - The group recognized a total tax expense of HKD 11,597,000 for the six months ended June 30, 2019, compared to HKD 4,320,000 for the same period in 2018, indicating a significant increase of 168.5% [156]. Employee and Compensation - As of June 30, 2019, the total employee compensation expenditure was approximately HKD 21,100,000, an increase from approximately HKD 11,100,000 in 2018 [30]. - As of June 30, 2019, the group employed a total of 291 employees, an increase from 285 employees as of December 31, 2018 [30]. Capital Management and Debt - The group maintained a prudent capital management policy and actively managed its liquidity position to meet operational and future development funding needs [27]. - The controlling shareholder has committed to not demanding repayment of advances until at least December 31, 2020, ensuring continued financial support for operations [111]. - The company has no violations of financial covenants as of June 30, 2019, maintaining compliance with all credit facility agreements [179]. - The group's primary task in capital management is to ensure its ongoing viability while balancing higher shareholder returns with reasonable borrowing levels, maintaining a net debt-to-equity ratio of 296% as of January 1, 2019, unchanged from December 31, 2018 [197]. Accounting and Reporting Standards - The company adopted the revised retrospective method for the first application of HKFRS 16 on January 1, 2019, which may impact future financial reporting [89]. - The company assessed that the adoption of HKFRS 16 did not have a significant impact on its financial performance compared to HKAS 17 [128]. - The company has not restated comparative figures due to the adoption of the new accounting standard, which may affect the comparability of financial results [89]. - The group adopted a revised retrospective approach to apply Hong Kong Financial Reporting Standard 16, recognizing most operating lease assets and corresponding lease liabilities from January 1, 2019 [197]. Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2019, consistent with the previous year [194]. - The total number of issued and fully paid ordinary shares remained at 412,608,000, with a par value of HKD 0.01 per share [182]. - The company has a share-based compensation reserve amounting to HKD 5,684,000 as of June 30, 2019, reflecting the fair value of restricted shares granted [190].

Financial Performance - The company reported a profit of approximately HKD 86.7 million for the year ended December 31, 2018, a significant increase compared to previous years[31]. - Revenue for the year ended December 31, 2018, was approximately HKD 204,500,000, an increase of 22.5% from approximately HKD 166,900,000 for the year ended December 31, 2017[36]. - The company's profit attributable to shareholders for the year ended December 31, 2018, was HKD 76,580,000, a significant increase from HKD 15,845,000 in 2017[151]. - Gross profit increased by approximately 23.0% to HKD 129,000,000 for the year ended December 31, 2018, from HKD 104,900,000 for the previous year[38]. - Toll revenue rose to approximately HKD 202.1 million, despite a 9.9% decrease in average toll fee per vehicle to HKD 21.8[31]. - Toll revenue for the highway increased by 21.1% to HKD 202.1 million for the year ending December 31, 2018, despite a decrease in average toll per vehicle from HKD 24.2 to HKD 21.8[57]. Traffic and Operations - Average monthly traffic on the expressway reached about 774,000 vehicles, a 34.4% increase from approximately 576,000 vehicles in the previous year[31]. - The highway in Hunan experienced a significant increase in traffic volume, reaching approximately 774,000 vehicles per month by the end of 2018, marking a historical high[57]. - Future traffic flow on the expressway is expected to increase significantly as it connects with the entire highway network in Hunan Province[31]. - The company’s operations are highly sensitive to traffic volume, which is influenced by various factors including connections to local and national highway networks[132]. Strategic Initiatives - The company plans to expand into the alcohol and spirits trade, aiming to establish a nationwide sales and distribution network[32]. - The company is focused on building its brand in the alcohol sector, which is anticipated to become a significant division in the near future[32]. - The company aims to explore opportunities in other infrastructure projects in China, leveraging its successful experience and established relationships[65]. - The company has established a single distribution agreement for the sale of Huamao liquor in China, leveraging its relationship with Guizhou Moutai Group[61]. Corporate Governance - The board of directors has established and reviewed corporate governance policies, including training and continuous professional development for directors and senior management[74]. - The company has a diversity policy for board members, ensuring a range of skills and experiences are represented, including gender, age, cultural background, and industry experience[84]. - The audit committee consists of three independent non-executive directors, with Mr. Zhu Jianhong serving as the chairman[92]. - All independent non-executive directors have confirmed their independence according to the listing rules, ensuring compliance with governance standards[73]. - The board has defined the roles of the chairman and the CEO, with the chairman leading the board in strategy formulation and the CEO managing daily operations[76][77]. Financial Management - The total amount of bank loans drawn as of December 31, 2018, was approximately HKD 1,015,800,000, down from HKD 1,143,600,000 in the previous year[47]. - The company relies on financial support from banks and its controlling shareholder to meet operational costs and financial obligations, indicating significant uncertainty regarding its ability to continue as a going concern[134]. - The company has adopted a dividend policy, with the board having full discretion to declare and recommend dividends based on financial performance and future business plans[113]. - The board regularly reviews and evaluates the dividend policy based on financial performance, business operations, and capital requirements[113]. Employee and Compensation - The total employee count increased to 285 by the end of 2018, with total employee compensation expenses rising to approximately HKD 24.4 million[62]. - Total contributions to the retirement plan for the year ended December 31, 2018, amounted to HKD 3,662,000, an increase from HKD 2,929,000 in 2017[175]. Risk Management - The company is assessing the potential impairment of intangible assets related to service concession arrangements, particularly focusing on traffic control policies and competition from alternative routes, which may adversely affect toll revenue growth[190]. - The board's risk management and internal control systems were deemed effective and adequately implemented during the year[107]. - The internal audit department is composed of professionals with relevant expertise, such as certified accountants, and operates independently from the group's daily operations[108]. Compliance and Reporting - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position as of December 31, 2018, in accordance with Hong Kong Financial Reporting Standards[185]. - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2018, ensuring the adoption of appropriate accounting principles and practices[93]. - The company has complied with applicable environmental protection standards and legal regulations during its operations[141].