Financial Performance - Total revenue for the six months ended September 30, 2024, was HKD 5,952.6 million, a decrease of 13.0% compared to HKD 6,846.0 million in the same period last year[4]. - The segment profit from the direct drinking water supply decreased by 50.3% to HKD 166.6 million, down from HKD 335.3 million[4]. - The profit attributable to the owners of the company for the period was HKD 755.6 million, representing an 8.5% decline from HKD 825.9 million in the previous year[4]. - Basic earnings per share decreased to HKD 46.29 cents from HKD 50.60 cents, reflecting an 8.5% drop[4]. - The gross profit for the period was HKD 2,286.2 million, down from HKD 2,523.9 million, indicating a decline in profitability[7]. - The company reported a net profit of HKD 1,238.0 million, compared to HKD 1,377.8 million in the same period last year[11]. - Segment profit for the period was HKD 1,996,558,000, compared to HKD 2,172,721,000 in the previous year, reflecting a decline of approximately 8.1%[31]. - The company reported a net profit of HKD 1,238,001,000 for the current period, down from HKD 1,377,784,000 in the prior year[34]. - The company reported a total tax expense of HKD 399,240,000, slightly down from HKD 414,345,000 in the same period last year[40]. Revenue Breakdown - The city water supply segment generated revenue of HKD 1,724,342,000, up 6.81% from HKD 1,614,677,000 in the previous year[23]. - The city water construction service revenue decreased to HKD 1,619,811,000 from HKD 2,083,743,000 year-over-year[23]. - Revenue from the urban water supply segment decreased from HKD 4,210,000,000 to HKD 3,765,200,000, a reduction of 10.6%[51]. - Revenue from the pipeline drinking water supply segment decreased significantly by 64.3%, from HKD 1,027,400,000 to HKD 367,100,000[52]. - Environmental segment revenue increased by 20.1%, from HKD 637,400,000 to HKD 765,600,000[53]. - Total external customer revenue from the general contracting construction segment decreased by 18.1%, from HKD 517,500,000 to HKD 424,000,000[55]. - Property segment revenue increased from HKD 85,900,000 to HKD 252,700,000, while profit decreased by 15.8%[56]. Dividends and Shareholder Returns - The company maintained an interim dividend of HKD 0.13 per share, unchanged from the previous year[4]. - The interim dividend declared was HKD 0.13 per share, consistent with the previous year's dividend[42]. - The company repurchased a total of 380,000 shares at a total cost of approximately HKD 1,918,000, with a maximum price per share of HKD 5.17 and a minimum price of HKD 4.90[75]. - The share repurchase was authorized by shareholders at the last annual general meeting[76]. Assets and Liabilities - Non-current assets increased to HKD 48,851.2 million from HKD 46,366.4 million, showing growth in asset base[13]. - Cash and cash equivalents decreased to HKD 4,689.8 million from HKD 4,804.8 million, indicating a reduction in liquidity[13]. - The total liabilities exceeded current assets by approximately HKD 4,400,305,000 as of September 30, 2024, compared to HKD 3,871,747,000 as of March 31, 2024[20]. - The company reported unused loan facilities and offers amounting to approximately HKD 10,700,000,000 as of September 30, 2024, an increase from HKD 9,864,100,000 as of March 31, 2024[20]. - The net asset value increased to HKD 22,568,707,000 as of September 30, 2024, compared to HKD 21,452,542,000 as of March 31, 2024[23]. - The company’s total equity as of September 30, 2024, was HKD 22,568,707,000, reflecting an increase from HKD 21,452,542,000[23]. - The company’s total liabilities as of September 30, 2024, were HKD 21,882,209,000, compared to HKD 21,042,119,000 as of March 31, 2024[23]. - Trade receivables increased from HKD 2,135,973,000 to HKD 2,579,362,000, with a notable rise in amounts overdue for more than 180 days[10]. - Trade payables increased from HKD 6,849,362,000 to HKD 7,108,245,000, with a slight increase in amounts overdue for 91 to 180 days[45]. - The total outstanding borrowings amounted to HKD 25,620,800,000 as of September 30, 2024, an increase from HKD 24,850,300,000 as of March 31, 2024[63]. - 71.3% of the outstanding borrowings are at floating interest rates, while 28.7% are at fixed rates[63]. Strategic Focus and Future Plans - The company plans to continue seeking new debt financing and bank loans to support its operations[20]. - The group plans to optimize development strategies and reduce capital expenditures to enhance management and investment efficiency[60]. - The government has introduced a series of stimulus policies to stabilize the economy and expand domestic demand, which is expected to benefit the water supply sector[59]. - The group aims to provide upgraded drinking water services, transitioning from safe to healthy water quality, to meet public demand for high-quality living[59]. - The group is focused on sustainable development by combining light and heavy assets to create good returns for shareholders[60]. - The group has not utilized derivative financial instruments to hedge foreign currency risks, but closely monitors the foreign exchange market[68]. Audit and Reporting - The audit committee, composed of four independent non-executive directors, reviewed the accounting principles and practices adopted by the group and discussed internal controls and financial reporting matters[77]. - The interim results announcement has been published on the company's and the stock exchange's websites, with the interim report to be sent to shareholders at an appropriate time[79]. Other Information - The company has decided to suspend the proposed spin-off of its subsidiary, Silver Dragon Water Group, from the main board of the stock exchange[58]. - As of September 30, 2024, the group's cash and cash equivalents totaled approximately HKD 5,032,400,000, a decrease from HKD 5,550,200,000 as of March 31, 2024[62]. - The capital debt ratio as of September 30, 2024, was 66.0%, slightly down from 66.1% as of March 31, 2024[62].
中国水务(00855) - 2025 - 中期业绩