Financial Performance - Revenue for the fiscal year ended December 31, 2023, was HKD 6,704,684,000, a slight decrease of 0.3% compared to HKD 6,727,967,000 in the previous fiscal year[2] - EBITDA for the fiscal year was HKD 2,469,511,000, representing a 13% increase from HKD 2,180,523,000 in the previous year[2] - Profit before tax increased by 21% to HKD 1,666,123,000 from HKD 1,382,010,000 in the previous fiscal year[5] - Profit attributable to equity holders of the company rose by 17% to HKD 1,187,412,000, compared to HKD 1,010,565,000 in the previous year[6] - The total dividend for the fiscal year was HKD 12.44 cents per share, an increase from HKD 10.59 cents per share in the previous fiscal year[2] - The company reported a comprehensive income of HKD 815,293,000, compared to a comprehensive loss of HKD 605,687,000 in the previous year[4] - The company's basic and diluted earnings per share increased by 17% to HKD 41.51 cents from HKD 35.32 cents in the previous fiscal year[6] - The company's profit for the year ended December 31, 2023, was HKD 10,802,450, a decrease from HKD 10,961,586 in the previous year, reflecting a decline of approximately 1.45%[12] Assets and Liabilities - Non-current assets totaled HKD 24,619,309,000, slightly up from HKD 24,514,612,000 in the previous year[7] - Current assets increased to HKD 9,601,352,000 from HKD 8,931,539,000 in the previous year[7] - The company's total assets increased to HKD 26,282,210 thousand in 2023, up from HKD 24,527,619 thousand in 2022, reflecting a growth of about 7%[8] - As of December 31, 2023, total current liabilities decreased to HKD 7,938,451 thousand from HKD 8,918,532 thousand in 2022, representing a reduction of approximately 11%[8] - Non-current liabilities rose to HKD 12,829,868 thousand in 2023, compared to HKD 11,526,741 thousand in 2022, indicating an increase of approximately 11%[8] - The net assets of the company reached HKD 13,452,342 thousand as of December 31, 2023, compared to HKD 13,000,878 thousand in the previous year, marking an increase of about 3%[8] - The company's total liabilities as of December 31, 2023, were HKD 5,617,886,000, compared to HKD 4,323,856,000 in 2022, reflecting an increase of about 29.9%[33] Cash Flow and Investments - Operating cash flow for the fiscal year 2023 was HKD 1,666,123, an increase of 20.6% compared to HKD 1,382,010 in fiscal year 2022[13] - The net cash used in investing activities was HKD 16,641, a significant improvement from HKD 353,944 in the previous year, indicating a reduction in investment outflows[14] - The total cash and cash equivalents at the end of the year were HKD 1,861,907, down from HKD 2,844,990 at the beginning of the year, indicating a decrease of approximately 34.3%[14] - The company’s cash and cash equivalents decreased to HKD 1,881,401,000 from HKD 2,845,907,000 in the previous year[7] Revenue Breakdown - Revenue from construction services, financial income, and operational income from local government agencies in China totaled HKD 6,179,504,000 for fiscal year 2023, down from HKD 6,357,746,000 in fiscal year 2022[23] - The company reported a decrease in construction service revenue from service concession arrangements to HKD 2,066,019,000 in fiscal year 2023, down from HKD 2,403,740,000 in fiscal year 2022, representing a decline of 14%[23] - The operational income from service concession arrangements rose to HKD 3,104,693,000 in fiscal year 2023, an increase of 5.2% from HKD 2,950,629,000 in fiscal year 2022[23] Dividends - The company declared a total dividend of HKD 336,291 thousand for the year, including HKD 146,390 thousand for the 2022 final dividend and HKD 189,901 thousand for the 2023 interim dividend[9] - The company proposed a final dividend of HKD 5.81 per share for the fiscal year 2023, compared to HKD 5.14 per share in 2022, representing an increase of approximately 13.0%[29] Financial Efficiency - The company reported a decrease in financial expenses to HKD 590,921 from HKD 544,615, reflecting a 8.5% increase in financial efficiency[13] - The company’s depreciation and amortization expenses totaled HKD 212,467, down from HKD 254,898, indicating a decrease of approximately 16.7%[13] Risk Management - The company faces significant risks including policy changes, market competition, and environmental compliance, with risk levels remaining unchanged[96][97] - The company is facing high accounts receivable risk due to reliance on local government clients, with ongoing efforts to improve collection processes[102] - The company has maintained effective risk management measures across various areas, including engineering management, personnel allocation, financing, cost control, technology and innovation, and legal compliance, with risk levels remaining unchanged throughout the year[103][104][105][106][107][108]. Corporate Governance - The company has adopted the principles and provisions of the Hong Kong Corporate Governance Code and the Singapore Corporate Governance Code to ensure high standards of corporate governance[111] - The Audit Committee reviewed the audited financial performance for the fiscal year 2022 and the unaudited financial performance for the six months ending June 30, 2023[113] Environmental and Social Responsibility - The company aims to focus on sustainable development and has actively participated in public environmental education activities, receiving over 9,000 visitors for project tours[57] - The company has maintained effective control over environmental compliance and safety management, with no major incidents reported during the year[101] - The company has developed low-carbon demonstration projects in line with national dual carbon strategy goals, promoting green and low-carbon development in the industry[109]
中国光大水务(01857) - 2023 - 年度业绩