Financial Performance - Total revenue for the year 2024 was HKD 12,858,515, a decrease of 9.4% from HKD 14,194,953 in 2023[7]. - Gross profit for 2024 was HKD 4,775,964, down 10.7% from HKD 5,346,297 in the previous year[7]. - Net profit attributable to shareholders for 2024 was HKD 1,533,543, reflecting a decline of 17.4% compared to HKD 1,856,786 in 2023[7]. - Basic and diluted earnings per share for 2024 were HKD 0.94, down 17.5% from HKD 1.14 in 2023[7]. - Operating profit for the year was HKD 4,050,171, a decline of 9.8% compared to HKD 4,489,728 in the previous year[117]. - The company reported a total comprehensive income of HKD 856,443 for 2024, down from HKD 1,380,119 in 2023, a decrease of 37.9%[118]. - The company reported a profit of HKD 1,856,786 thousand for the year, compared to HKD 1,231,559 thousand in the previous year, showing a significant increase of approximately 50.7%[121]. - The company reported a net loss of HKD 1,189,261 in comprehensive income for the year, compared to a loss of HKD 116,143 in the previous year[122]. Assets and Liabilities - Total assets increased by 3.4% to HKD 63,242,070 in 2024 from HKD 61,164,288 in 2023[7]. - Total liabilities rose by 4.5% to HKD 41,789,528 in 2024 compared to HKD 39,992,154 in the previous year[7]. - The company's total outstanding borrowings increased to HKD 24,850,300,000, with 71.0% of the borrowings at floating rates[21]. - The capital debt ratio as of March 31, 2024, was 66.1%, up from 65.4% the previous year[21]. - The company's borrowings increased to HKD 17,878,737 thousand in 2024, compared to HKD 15,607,292 thousand in 2023, reflecting a rise of approximately 14.5%[120]. - The total liabilities increased to HKD 36,950,641,000 in 2024 from HKD 35,400,088,000 in 2023, reflecting an increase of approximately 4.4%[183]. Segment Performance - The "pipeline drinking water supply" segment recorded significant growth, with total revenue increasing by 31.4% from HKD 1,310,100,000 to HKD 1,721,900,000[12]. - The urban water supply segment's revenue was HKD 8,276,400,000, a decrease of 5.2% from HKD 8,729,200,000[15]. - The environmental segment revenue decreased by 24.0% to HKD 1,071,500,000, with profit down 24.4% to HKD 354,200,000 due to the completion of several ongoing wastewater treatment projects[17]. - General contracting construction segment revenue fell significantly by 31.0% to HKD 826,800,000, with profit decreasing by 23.4% to HKD 610,500,000, primarily due to a reduction in external water supply and wastewater treatment projects[17]. Cash Flow and Financing - As of March 31, 2024, the company maintained a cash and cash equivalents total of approximately HKD 5,550,200,000, down from HKD 7,499,100,000 the previous year[21]. - The company continues to enhance cooperation with existing banks and expand financing channels to improve liquidity and debt structure[22]. - Cash flow from investment activities for 2024 was a net outflow of HKD 5,433,838,000, compared to a net outflow of HKD 4,112,341,000 in 2023, indicating an increase in cash outflow of approximately 32%[124]. - The company reported a significant increase in cash generated from financing activities, with a net inflow of HKD 605,348,000 in 2024, down from HKD 1,866,665,000 in 2023, reflecting a decrease of approximately 68%[125]. Corporate Governance - The company has maintained compliance with the Hong Kong Stock Exchange's Corporate Governance Code, with some deviations noted[34]. - The board believes that the current structure of separating the roles of Chairman and CEO does not impair the balance of power between the board and management[34]. - The company has a strong commitment to corporate governance standards to enhance shareholder value[34]. - The company has established a corporate governance policy to guide the effective application of governance principles[34]. - The company has independent non-executive directors who are responsible for understanding shareholder opinions[34]. Sustainability and Environmental Initiatives - The company is committed to sustainable development and aims to positively impact stakeholders while promoting an inclusive environment[36]. - The company has formulated a "Carbon Peak, Carbon Neutrality" implementation plan to accelerate its transition towards green sustainable development[36]. - The company is committed to environmental sustainability, focusing on energy conservation and reducing emissions as part of its core management practices[69]. - The company will publish an annual environmental, social, and governance report to keep stakeholders informed about its sustainability performance[69]. Risk Management - The company has implemented a centralized risk management policy to mitigate potential adverse impacts from financial market unpredictability[161]. - The company has identified key operational risks, including operational, liquidity, and legal compliance risks, and has implemented measures to manage these risks[64][65][66][67]. - The company is committed to continuous improvement of its risk management and internal control systems based on findings from internal audits[52]. Shareholder Information - The board proposed a final dividend of HKD 0.15 per share, bringing the total dividend for the year to HKD 0.28 per share[12]. - The company has adopted a dividend policy aiming for a payout ratio of at least 30% of basic earnings per share for each financial year[58]. - The final dividend will be distributed on November 15, 2024, pending shareholder approval at the annual general meeting on September 6, 2024[61]. Related Party Transactions - The group engaged in related party transactions with 江西銀麗, with a total transaction amount of approximately HKD 43,579,000 (around RMB 39,657,000) during the year[97]. - The independent non-executive directors confirmed that the related party transactions were conducted in the ordinary course of business and on normal commercial terms[98]. Audit and Compliance - The independent auditor's report confirms that the financial statements present a true and fair view of the group's financial performance and cash flows[102]. - The audit committee has conducted two meetings to assess the company's performance and review environmental, social, and governance matters[40]. - The audit committee, composed entirely of independent non-executive directors, has reviewed the company's financial reporting processes and risk management systems[40].
中国水务(00855) - 2024 - 年度财报