中国光大水务(01857) - 2023 - 中期财报

Financial Performance - Revenue for the six months ended June 30, 2023, was HK$3,082,000, a decrease of 11$3,478,939 in 2022[8] - Gross profit increased by 16% to HK$1,409,741 from HK$1,219,964 in the previous year[9] - EBITDA rose by 21% to HK$1,287,800, up from HK$1,066,673 in 2022[9] - Profit attributable to equity holders of the company increased by 22% to HK$632,188 from HK$520,056[9] - Basic earnings per share increased by 22% to HK$22.10 from HK$18.18[9] - Interim dividend per share was HK$6.63, a 22$5.45 in the previous year[10] - For the six months ended 30 June 2023, the Group recorded a revenue of HK$3.08 billion, a decrease of 11$3.48 billion in the same period last year[22] - EBITDA increased by 21% from HK$1.07 billion to HK$1.29 billion, while profit attributable to equity holders rose by 22% from HK$520.06 million to HK$632.19 million[22] - The basic earnings per share increased by 22% from HK18.18 cents to HK22.10 cents, with an overall gross profit margin of 46%, up 11 percentage points from 35%[22] - Profit before tax rose to HK$879,931, up 27.2$691,633 in the prior year[126] - Profit for the period was HK$674,854, an increase of 22.5$550,537 in the same period of 2022[126] Assets and Liabilities - Total assets as of June 30, 2023, were HK$33,522,929, a slight increase of 0$33,446,151 at the end of 2022[12] - Total liabilities decreased by 1% to HK$20,275,589 from HK$20,445,273[12] - Equity attributable to equity holders of the company increased by 2% to HK$11,196,463 from HK$10,967,490[13] - Gearing ratio improved to 60.5% from 61.1%, a decrease of 0.6 percentage points[13] - As of June 30, 2023, total assets amounted to approximately HK$33.52 billion, with net assets of HK$13.25 billion[47] - Cash and bank balances as of June 30, 2023, were approximately HK$2.27 billion, down HK$580 million from HK$2.85 billion at the end of FY2022[49] - As of June 30, 2023, the Group had outstanding borrowings of HK$15.49 billion, an increase of HK$230 million from HK$15.26 billion at the end of FY2022[54] - The borrowings included secured interest-bearing borrowings of HK$2.51 billion and unsecured interest-bearing borrowings of HK$12.97 billion, with approximately 87% denominated in RMB[54] Project Development and Operations - As of 30 June 2023, the Group invested in and held 166 environmental protection projects with a total investment of approximately RMB30.8 billion[22] - The Group secured 5 waste water treatment projects with a total investment of approximately RMB1.163 billion, adding a designed daily municipal waste water treatment capacity of 45,000 m³[25] - During the Review Period, the Group undertook 2 EPCO projects with a total contract value of approximately RMB1.07 billion, contributing an additional designed daily waste water treatment capacity of 60,000 m³[25] - The total number of projects increased to 173, with a combined water treatment/supply capacity of 7,428,700 m³/day[20] - The Group treated approximately 846 million m³ of wastewater and supplied about 21.6 million m³ of reclaimed water during the review period[29] - The Group launched 9 new construction projects with a designed daily wastewater treatment capacity of 40,000 m³ and completed 4 projects with a capacity of 90,000 m³/day[30] Research and Development - The Group identified over 10 key topics for R&D, including intelligent water treatment plants and biological denitrification, and was granted 14 patents during the period[26] - The Group has strengthened its R&D efforts in business technologies and brought in technology specialists to drive technological innovation, adhering to a "Technology-Driven Development" approach[89] - All projects under the Group are either certified or actively applying for international management standard certificates, including ISO 9001, ISO 14001, and ISO 45001[91] Risk Management - The Group has continuously optimized its risk prevention and control system to address material risks effectively[65] - The Group's risk levels for policy changing risk, new business investment risk, and environmental compliance risk remain unchanged, indicating effective management[71] - The Group is exposed to risks associated with changes in regulations and policies related to wastewater treatment and ecological restoration, which could negatively impact operations and development prospects[75] - The Group faced high trade receivables risk due to the ongoing recovery of the PRC economy, influenced by past COVID-19 regulations and international trade conflicts[81] - Financing management risks are managed by monitoring the financing environment and adjusting borrowing structures as needed, ensuring sufficient capital reserves[86] Corporate Governance - The company is committed to high standards of corporate governance to enhance long-term value and protect shareholders' interests[114] - The company has complied with the principles and provisions of both the Singapore and Hong Kong Corporate Governance Codes throughout the first half of FY2023[114] - The Audit Committee reviewed the audited consolidated financial results for FY2022 and the unaudited interim results for 1HFY2023[115] - The Remuneration Committee assessed the remuneration framework for FY2023 for Directors and Key Management Personnel[118] - The Nominating Committee evaluated the performance of individual Directors and the overall Board performance during 1HFY2023[120] Community Engagement and Environmental Responsibility - The Group's commitment to enhancing public awareness on water resources is reflected in its proactive response to government initiatives and community engagement efforts[98] - The Group has received various awards for its efforts in environmental education, including titles such as "Environmental Education Base" and "Science Popularisation and Education Base" at provincial and municipal levels[98] - The Group continues to launch various online and offline activities in collaboration with environmental protection and technology associations, as well as government organizations, to broaden public participation[98]