Financial Performance - Revenue for the fiscal year ended December 31, 2024, was HKD 6,851,918,000, a slight increase of 2% compared to HKD 6,704,684,000 in the fiscal year 2023[3] - EBITDA for the fiscal year 2024 was HKD 2,197,255,000, a decrease of 11% from HKD 2,469,511,000 in fiscal year 2023[3] - Profit before tax for fiscal year 2024 was HKD 1,446,060,000, down 13% from HKD 1,666,123,000 in fiscal year 2023[4] - Profit attributable to equity holders of the company was HKD 1,019,609,000, a decrease of 14% from HKD 1,187,412,000 in fiscal year 2023[4] - Gross profit for the fiscal year 2024 was HKD 2,617,462,000, a decrease of 7% from HKD 2,822,383,000 in fiscal year 2023[4] - Total comprehensive income for the fiscal year 2024 was HKD 856,471,000, an increase of 5% from HKD 815,293,000 in fiscal year 2023[4] - The overall gross profit margin was 38%, down 4 percentage points from 42% in fiscal year 2023[63] - Basic and diluted earnings per share for 2024 were HKD 35.64, compared to HKD 41.51 in 2023, indicating a decline of about 14.2%[39] Dividends - The total dividend for fiscal year 2024 was HKD 0.1190 per share, compared to HKD 0.1244 per share in fiscal year 2023, representing a decrease of 4.3%[3] - The company declared a total dividend of HKD 340,516 thousand for the year, which includes HKD 165,424 thousand for the 2023 final dividend and HKD 175,092 thousand for the 2024 interim dividend[12] - The group proposed a final dividend of HKD 5.81 per share for 2024, unchanged from 2023, while the interim dividend decreased from HKD 6.63 to HKD 6.09 per share[36] - The board has proposed a final dividend of HKD 0.0581 per share for the fiscal year 2024, totaling HKD 0.1190 per share for the year[80] Assets and Liabilities - Non-current assets totaled HKD 25,931,236,000 as of December 31, 2024, an increase from HKD 24,619,309,000 in 2023[8] - Total assets increased to HKD 28,367,951 thousand in 2024 from HKD 26,282,210 thousand in 2023, representing a growth of 7.93%[10] - The company's total liabilities decreased to HKD 21,847,684 thousand in 2024 from HKD 22,768,319 thousand in 2023, a decrease of 4.05%[10] - The group's total equity rose to HKD 13,991,678 thousand in 2024, up from HKD 13,452,342 thousand in 2023, marking an increase of 4.01%[10] - The group's accounts receivable increased to HKD 6,071,978,000 in 2024 from HKD 5,060,763,000 in 2023, reflecting an increase of about 20%[40] - The group's total borrowings amounted to HKD 16.39 billion, an increase of HKD 984.24 million from HKD 15.41 billion at the end of the 2023 fiscal year[116] Cash Flow - Cash and cash equivalents were HKD 1,847,805,000 as of December 31, 2024, compared to HKD 1,881,401,000 in 2023[8] - The net cash flow used in investing activities was HKD (296,431), significantly higher than HKD (16,641) in 2023, indicating increased investment expenditures[16] - The company reported a net cash flow from financing activities of HKD 358,231, a turnaround from a negative cash flow of HKD (379,285) in the previous year[16] - The group recorded a net cash outflow from operating activities of HKD 57.94 million for the fiscal year 2024, with cash inflow before working capital changes at HKD 2.33802 billion[107] Operational Highlights - The group operates a single business segment focused on water environment management, including municipal wastewater treatment and industrial wastewater treatment[24] - The group has diversified its financing channels, issuing asset-backed securities in April 2024 to raise RMB 2 billion for debt repayment and operational funding[75] - The group has implemented energy-saving transformations through technical upgrades, resulting in cost reductions and efficiency improvements[72] - The group has received approval to increase water prices at 5 wastewater treatment plants by 6% to 87%, with total subsidies amounting to approximately RMB 41 million[72] Risk Management - The group has identified major risks including policy changes related to water treatment and environmental regulations, which could adversely affect operational performance[131] - The group faces accounts receivable risks due to potential delays in payments from local governments, which could impact cash flow and profitability[139] - The company faced engineering management risks due to design defects, personnel shortages, and material price fluctuations, impacting project progress and cost control[142] Corporate Governance - The company maintains high standards of corporate governance, adhering to the principles of the Singapore Corporate Governance Code and the Hong Kong Listing Rules[157] - The strategic committee is responsible for overseeing the group's strategic plans and performance related to sustainability and governance factors[166] - The nomination committee has reviewed the independence of independent non-executive directors and the overall performance of the board[165] Employee Engagement - The group has implemented a talent development strategy, conducting various training programs to empower employees and enhance their skills[128] - The group employs approximately 1,800 employees as of December 31, 2024, providing various benefits including retirement plans and medical coverage[129] - The company is committed to continuous employee education and skill enhancement to improve overall workforce capabilities[129]
中国光大水务(01857) - 2024 - 年度业绩