Financial Performance - For the six months ended June 30, 2024, the company's profit attributable to shareholders decreased by 18% to RMB 1,122,100,000 from RMB 1,369,800,000 in the previous period[3]. - EBITDA for the same period was RMB 4,659,700,000, a decrease of 1.5% compared to RMB 4,728,900,000 in the prior period[3]. - Total revenue for the six months was RMB 11,308,811,000, down from RMB 12,083,093,000 in the previous year, representing a decrease of approximately 6.4%[4]. - Gross profit for the period was RMB 4,293,515,000, compared to RMB 4,430,529,000 in the previous year, reflecting a decline of about 3.1%[4]. - The company's operating profit was RMB 3,451,663,000, down from RMB 3,714,404,000, indicating a decrease of approximately 7.1%[4]. - The pre-tax profit for the period was RMB 2,210,823,000, compared to RMB 2,509,514,000 in the previous year, a decline of about 11.9%[4]. - The total comprehensive income for the period was RMB 1,261,091,000, significantly up from RMB 196,109,000 in the previous year[5]. - The net profit attributable to shareholders for the six months ended June 30, 2024, was RMB 1,122,088,000, down from RMB 1,369,754,000 in the same period of 2023, representing a decrease of 18.1%[20]. - The company's net profit attributable to shareholders decreased by 18% to RMB 1,122.1 million due to a reduction in revenue from BOT water service construction projects[45]. - Total operating revenue for the period fell by 6% to RMB 11,308.8 million[45]. Dividends and Shareholder Returns - The company proposed an interim dividend of HKD 0.07 per share, with a payout ratio of 60%[3]. - The interim cash dividend declared is HKD 0.07 per ordinary share, totaling approximately RMB 642,942,000, slightly up from RMB 632,936,000 for the same period last year[31]. - The company declared an interim dividend of HKD 0.07 per share, equivalent to RMB 0.063996 per share, to be paid on October 28, 2024[136]. - Shareholders have the option to receive the interim dividend in RMB, with a deadline for currency choice submission by October 7, 2024[138]. Assets and Liabilities - Non-current assets totaled RMB 125,321,744,000 as of June 30, 2024, compared to RMB 125,108,357,000 at the end of the previous year[7]. - Current assets decreased to RMB 39,999,825,000 from RMB 40,384,836,000, indicating a decline of approximately 1%[7]. - As of June 30, 2024, total equity reached RMB 55,755.629 million, an increase from RMB 54,133.475 million as of December 31, 2023, reflecting a growth of approximately 3%[8]. - The company reported total liabilities of RMB 109,565.940 million, a decrease from RMB 111,359.718 million, indicating a reduction of about 1.6%[8]. - Non-current liabilities amounted to RMB 64,692.572 million, down from RMB 68,861.047 million, representing a decline of approximately 6.3%[8]. - Current liabilities increased to RMB 44,873.368 million from RMB 42,498.671 million, marking an increase of about 5.6%[8]. - The company's total assets as of June 30, 2024, were RMB 120,448.2 million, slightly down from RMB 122,994.5 million at the end of 2023[43]. - Cash and cash equivalents decreased to RMB 8,953,700,000 as of June 30, 2024, down from RMB 10,215,200,000 as of December 31, 2023[117]. - Total borrowings amounted to RMB 73,853,100,000, slightly down from RMB 74,244,700,000 as of December 31, 2023, with bank borrowings at RMB 59,880,500,000[117]. Revenue Sources - The revenue from wastewater and recycled water treatment services for the six months ended June 30, 2024, was RMB 4,384,504,000, an increase of 4.4% from RMB 4,200,741,000 in 2023[24]. - The revenue from construction services decreased significantly to RMB 1,641,703,000 in 2024 from RMB 3,227,715,000 in 2023, a decline of 49.2%[24]. - The total revenue from external customers in mainland China was RMB 10,656,369,000 for the six months ended June 30, 2024, down from RMB 11,450,794,000 in 2023, a decline of 6.9%[22]. - The revenue from water treatment services in China was RMB 4,176.7 million, contributing to a gross profit margin of 59%[46]. - The total revenue from BOT water projects amounted to RMB 1,257,600,000 for the period, a decrease from RMB 2,903,900,000 in the same period last year, with attributable profit to shareholders at RMB 159,200,000, down from RMB 374,600,000[75]. - Revenue from technical services and equipment sales was RMB 1,151,400,000, an increase from RMB 1,051,600,000 year-on-year, contributing 10% to total revenue, while attributable profit decreased to RMB 108,700,000 from RMB 189,000,000[76]. Operational Capacity and Projects - The total daily design capacity of the company's water treatment facilities reached 44,000,174 tons as of June 30, 2024, with 1,457 water plants and sewage treatment facilities in operation[55]. - The company established service concession agreements for multiple township sewage treatment projects, with a total processing capacity of 24,500 tons per day[56]. - The company has expanded its coverage to 20 provinces, 5 autonomous regions, and 4 municipalities in mainland China[54]. - The company operates 1,194 water treatment facilities with a total design capacity of 33,610,847 tons per day, achieving a total processing volume of 4,198,100,000 tons during the period[61]. - The company has 334 wastewater treatment facilities in southern China, with a total design capacity of 4,605,005 tons per day, and recorded a processing volume of 706,200,000 tons[62]. - In the western region of China, the company operates 323 facilities with a design capacity of 2,844,810 tons per day, achieving a processing volume of 399,400,000 tons and revenue of RMB 783,600,000[64]. - The eastern region's facilities increased their design capacity to 5,886,876 tons per day, processing 820,100,000 tons and generating RMB 974,800,000 in revenue[66]. - The company is currently constructing 10 integrated governance projects, with revenue from these projects increasing to RMB 384,100,000 during the period[73]. Cost Management and Expenses - The financial expenses for the six months ended June 30, 2024, totaled RMB 1,565,644,000, slightly increased from RMB 1,542,598,000 in the same period of 2023[27]. - Management expenses decreased to RMB 1,251,700,000, a slight decline of 3% from RMB 1,288,300,000, indicating effective cost control[91]. - Finance costs increased to RMB 1,395,000,000 from RMB 1,314,100,000, primarily due to a slight rise in average interest rates[93]. Corporate Governance and Shareholder Engagement - The company has committed to maintaining high standards of corporate governance to enhance transparency and protect shareholder rights[142]. - The audit committee, consisting of three independent non-executive directors, reviewed and approved the unaudited interim results for the six months ended June 30, 2024[144]. - The interim results announcement will be published on the company's website and the Hong Kong Stock Exchange website[146]. - The company expresses gratitude to all employees for their support and dedication[147].
北控水务集团(00371) - 2024 - 中期业绩