Financial Performance - Revenue for the first half of the fiscal year 2024 was HKD 3,352,595,000, representing a 9% increase compared to HKD 3,082,000,000 in the same period of fiscal year 2023[2] - EBITDA for the first half of fiscal year 2024 was HKD 1,196,486,000, a decrease of 7% from HKD 1,287,800,000 in the first half of fiscal year 2023[2] - Profit attributable to equity holders for the first half of fiscal year 2024 was HKD 581,146,000, down 8% from HKD 632,188,000 in the same period last year[2] - Gross profit for the first half of fiscal year 2024 was HKD 1,269,233,000, a decrease of 10% from HKD 1,409,741,000 in the previous year[4] - Total comprehensive income for the first half of fiscal year 2024 was HKD 470,469,000, an increase of 18% from HKD 397,262,000 in the same period last year[5] - The overall gross profit margin decreased to 38% from 46%, a decline of 8 percentage points year-on-year[49] - The basic earnings per share for the first half of fiscal year 2024 was HKD 20.31, down from HKD 22.10 in the first half of fiscal year 2023, representing a decline of about 8.1%[31] Dividends - The interim dividend per share for ordinary shares was HKD 0.0609, compared to HKD 0.0663 in the first half of fiscal year 2023[2] - The company declared an interim dividend of HKD 6.09 per share for the first half of fiscal year 2024, down from HKD 6.63 per share in the same period of fiscal year 2023, which is a decrease of approximately 8.1%[29] - The company declared a dividend of HKD 165,424 thousand for the year-end 2023, which was paid during the reporting period[8] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled HKD 25,305,154,000, an increase from HKD 24,619,309,000 as of December 31, 2023[6] - Current assets as of June 30, 2024, amounted to HKD 9,905,257,000, compared to HKD 9,601,352,000 at the end of the previous year[6] - As of June 30, 2024, total current liabilities decreased to HKD 6,884,803 thousand from HKD 7,938,451 thousand, representing a reduction of approximately 13.3%[7] - The group's total assets less current liabilities increased to HKD 28,325,608 thousand from HKD 26,282,210 thousand, reflecting a growth of about 7.8%[7] - Non-current liabilities rose to HKD 14,533,036 thousand from HKD 12,829,868 thousand, indicating an increase of approximately 13.3%[7] - The net assets of the group increased to HKD 13,792,572 thousand from HKD 13,452,342 thousand, showing a growth of about 2.5%[7] Cash Flow - Operating cash flow before tax profit for the first half of FY2024 was HKD 815,307,000, a decrease of 7.3% compared to HKD 879,931,000 in the first half of FY2023[11] - Net cash used in operating activities for the first half of FY2024 was HKD (422,256,000), an improvement from HKD (534,826,000) in the same period last year[11] - Cash flow from investing activities generated a net cash inflow of HKD 14,292,000, compared to HKD 4,065,000 in the first half of FY2023[12] - Cash flow from financing activities resulted in a net cash inflow of HKD 382,787,000, a significant recovery from HKD (22,448,000) in the previous year[12] - Total cash and cash equivalents at the end of FY2024's first half were HKD 1,813,216,000, down from HKD 2,264,267,000 at the end of FY2023's first half[12] Revenue Breakdown - For the first half of the fiscal year 2024, the total revenue from construction services, financial income, and operational income from local government agencies in China amounted to HKD 3,178,057,000, compared to HKD 2,911,497,000 in the first half of the fiscal year 2023, representing an increase of approximately 9.2%[21] - The revenue from the water environment management business for the first half of fiscal year 2024 was HKD 3,352,595,000, up from HKD 3,082,000,000 in the same period of fiscal year 2023, indicating a growth of about 8.8%[23] - The company reported construction contract revenue of HKD 1,355,412,000 for the first half of fiscal year 2024, significantly higher than HKD 826,692,000 in the same period of fiscal year 2023, marking an increase of about 63.7%[23] Financial Position - The total accounts receivable as of June 30, 2024, was HKD 6,109,836 thousand, an increase from HKD 5,617,886 thousand as of December 31, 2023, showing a growth of approximately 8.8%[32] - The aging analysis of accounts receivable shows that amounts overdue for more than 13 months increased to HKD 1,559,205,000 from HKD 1,271,029,000, reflecting a rise of 22.6%[35] - The group's contract assets totaled HKD 22,671,942,000 as of June 30, 2024, compared to HKD 21,937,417,000 as of December 31, 2023, indicating an increase of about 3.3%[42] Risk Management - The company is closely monitoring legal and policy changes related to environmental regulations to mitigate risks associated with policy shifts[88] - The company has implemented measures to enhance receivables management, including regular meetings and a structured recovery plan, to mitigate risks associated with local government payment delays[92] - The company is actively managing financing risks by monitoring the financing environment and adjusting loan structures to control costs and ensure sufficient liquidity[96] - The company is addressing cost control risks by optimizing operational efficiency and leveraging centralized procurement to manage rising material and labor costs[97][98] Corporate Governance - The company is committed to high standards of corporate governance, adhering to the principles and provisions of the Singapore Corporate Governance Code and the Hong Kong Corporate Governance Code[102] - The Audit Committee, consisting of four independent non-executive directors, has reviewed the audited consolidated financial performance for the 2023 fiscal year[104] - The Remuneration Committee is responsible for determining the remuneration of directors and key management personnel, ensuring alignment with the company's long-term interests and risk policies[105] Employee and Community Engagement - The company emphasizes continuous employee development through various training programs, enhancing skills and knowledge[86] - The company has a strong commitment to employee welfare, providing benefits such as retirement plans and medical coverage[86] - The company actively collaborates with ecological and environmental organizations to promote environmental education and awareness[101]
中国光大水务(01857) - 2024 - 中期业绩