CEB WATER-中国光大水务(01857) - 2022 - 年度财报

Financial Performance - For FY2022, the Group recorded a revenue of HK $6.73 billion, a decrease of 3% from HK$ 6.91 billion in FY2021[30]. - EBITDA for FY2022 was HK $2.18 billion, also down 3% from HK$ 2.25 billion in FY2021[30]. - Profit attributable to equity holders reached HK $1.01 billion, representing a decline of 16% from HK$ 1.20 billion in FY2021[30]. - Basic earnings per share were HK35.32 cents, indicating a decrease of HK6.64 cents or 16% from HK41.96 cents in FY2021[30]. - The overall gross profit margin for FY2022 was 38%, down 3 percentage points compared to FY2021[30]. - The total dividend for FY2022 reflects a decrease of approximately 15.7% compared to FY2021[15]. - The total dividend for FY2022 was HK10.59 cents per ordinary share, a decrease from HK12.58 cents in FY2021, reflecting the company's commitment to sharing operating results with shareholders[51]. - The Group's gross profit fell by 8% from HK $2,801.59 million in FY2021 to HK$ 2,563.99 million in FY2022, while profit attributable to equity holders decreased by 16% to HK $1,010.57 million[58][61]. - The return on shareholders' equity for FY2022 was 8.9%, a decrease of 1.8 percentage points from 10.7% in FY2021[166]. Operational Capacity and Projects - As of 31 December 2022, the company's designed daily water treatment capacity exceeded 7.2 million m³[6]. - The Group invested in and held 161 environmental protection projects with a total investment of approximately RMB29.60 billion as of December 31, 2022[27]. - The Group secured 10 new projects with an investment of approximately RMB1.309 billion, increasing daily wastewater treatment capacity by 111,000 m³[31]. - The Group treated approximately 1.770 billion cubic meters of wastewater and supplied approximately 43.63 million cubic meters of reusable water during fiscal year 2022[35]. - As of December 31, 2022, the Group had 18 projects in the preparatory stage, with a total designed daily wastewater treatment capacity of 407,000 cubic meters[40]. - The Group's projects achieved effluent discharge standards that meet or exceed the Class A standard of the Urban Wastewater Treatment Plant Pollutant Discharge Standard (GB18918-2002), significantly reducing environmental impact[130]. Recognition and Awards - Everbright Water was recognized as one of the "Top 10 Influential Enterprises in China's Water Industry" for the fifth consecutive year[14]. - The Group received multiple awards in FY2022, including being named one of the "Top Ten Influential Enterprises in China's Water Industry" for the fifth consecutive year[49]. - The Shandong Zibo Waste Water Treatment Project was named one of the "Top 10 Environmental Facilities Opened to the Public in Shandong Province 2022"[183]. Environmental Initiatives - The Group continues to advocate for green and low-carbon concepts through various environmental protection activities[14]. - The Group's environmental protection initiatives included various public welfare activities and campaigns, such as the "I am a Junior Ecology Guide" online campaign, enhancing community engagement[47][48]. - The Group's initiatives align with China's "dual carbon" strategy, promoting low-carbon development through various carbon reduction and resource utilization measures[129]. - The Group has been recognized for its environmental education efforts, with 14 projects awarded titles as "Environmental Education Base" or "Science Popularization Education Base" at various levels[136]. - All of the Group's projects comply with the Grade 1A or higher standard under the "Discharge Standard of Pollutants for Municipal Wastewater Treatment Plant," minimizing environmental impacts[128]. Financial Management and Strategy - The Group's financing activities in FY2022 were strategically aimed at enhancing operational stability and supporting growth amidst a volatile macro-environment[53][55]. - In FY2022, the Group issued a total of RMB 3.7 billion in financing arrangements, including RMB 1 billion in September, April, and January, and RMB 700 million in June, primarily to replenish working capital and repay outstanding debts[45][49]. - The Group's gearing ratio increased to 61.1% as of December 31, 2022, up from 60.1% at the end of 2021, indicating a rise in financial leverage[59][62]. - Cash and bank balances increased to HK$ 2.85 billion as of December 31, 2022, up HK $563.92 million from HK$ 2.28 billion at the end of 2021[60][63]. Risk Management - The Group has established a comprehensive risk management system, identifying key risks such as policy changes, new business investments, market competition, and accounts receivable risks[95]. - New business investment and market competition risks are on an upward trend, while other principal risks remain unchanged due to effective internal controls[97]. - The Group's internal controls have effectively managed risks, maintaining stability in risk levels across various categories[101]. - The Group is facing risks associated with changes in regulations and policies in wastewater treatment and related businesses in the PRC, which may negatively affect new business investments and financial conditions[103]. Employee and Corporate Culture - The Group emphasizes a "People-Oriented" philosophy, focusing on employee well-being and continuous education to improve skills and professional spirit[94]. - The Group had a total of 2,300 employees as of December 31, 2022, with compensation based on qualifications, experience, job nature, performance, and market conditions[93]. - The Group is committed to cultivating corporate culture and enhancing talent training, with effective measures in place to manage staffing risks[114]. Future Outlook - In 2023, the Group anticipates challenges and opportunities, emphasizing the importance of innovation, coordination, and green development in its strategic vision[54][55]. - The future outlook remains optimistic, with expectations of continued resilience in the Chinese economy and opportunities arising from green development initiatives[56].