Financial Performance - The group recorded a revenue of HKD 2,150.3 million for the full year 2023, an increase of 37.1% compared to HKD 1,568.5 million in 2022[2]. - The group's profit for the year 2023 was HKD 102.6 million, a remarkable increase of 786.0% from HKD 11.6 million in 2022, primarily due to the contribution from the Guangxi Teng County urban gas project acquisition[2]. - The EBITDA for the full year 2023 was HKD 416.7 million, representing a 77.9% increase from HKD 234.3 million in 2022[2]. - Basic and diluted earnings per share for 2023 were HKD 0.40, compared to HKD 0.14 in 2022[2]. - The total gross profit for the group was HKD 65.4 million, up 31.9% from HKD 49.6 million in 2022, with a gross profit margin of 3.0% for 2023, slightly down from 3.2% in 2022[54]. - The group's net profit attributable to shareholders was HKD 91.3 million in 2023, significantly up from HKD 18.6 million in 2022, reflecting a strong performance in city gas and LNG projects[115]. Revenue Segments - The city gas operations segment generated revenue of HKD 982,838,000 in 2023, up from HKD 551,583,000 in 2022, reflecting an increase of 78%[24]. - The natural gas trading and distribution segment reported revenue of HKD 1,106,728,000, an increase of 19% from HKD 927,354,000 in the previous year[24]. - The industrial customer direct supply segment experienced a decline in revenue to HKD 26,854,000 from HKD 45,388,000, representing a decrease of 41%[24]. - The natural gas refueling station segment's revenue decreased to HKD 33,859,000 from HKD 44,141,000, a decline of 23%[24]. - The group's city gas business recorded revenue of HKD 982.8 million for the full year 2023, a 78.1% increase from HKD 551.6 million in 2022[104]. Gas Sales Volume - The total gas sales volume for 2023 was 733.6 million cubic meters, a significant increase of 93.5% from 379.1 million cubic meters in 2022, driven by increased natural gas demand and the acquisition of the Guangxi Teng County urban gas project[2]. - The total sales volume of natural gas to residential and non-residential users reached 284.8 million cubic meters, a 111.6% increase compared to 134.6 million cubic meters in 2022[58]. - The total trade volume reached 433.2 million cubic meters in 2023, up 90.8% from 227.1 million cubic meters in 2022[105]. Assets and Liabilities - Non-current assets totaled HKD 3,823.8 million as of December 31, 2023, slightly down from HKD 3,856.0 million in 2022[5]. - Current assets decreased to HKD 1,262.9 million in 2023 from HKD 1,364.7 million in 2022[5]. - The company's total assets as of December 31, 2023, were HKD 5,086,800 thousand, down from HKD 5,220,700 thousand in 2022, reflecting a decrease of 2.6%[140]. - The group has a net current liability of approximately HKD 1 billion as of December 31, 2023, but expects sufficient funds to continue operations due to past performance and financial support from its parent company[25]. - The total liabilities to total assets ratio improved slightly to 68.0% in 2023 from 68.8% in 2022[140]. Financing and Costs - The group's financing costs for 2023 totaled HKD 193.0 million, compared to HKD 133.9 million in 2022, with a decrease in bank loan interest expenses from HKD 91.8 million in 2022 to HKD 84.2 million in 2023[39]. - Financing costs increased by 44.1% to HKD 193.0 million in 2023, compared to HKD 133.9 million in 2022, primarily due to rising reference interest rates[115]. - The group has secured new financing of HKD 700 million from Beijing Gas Group, aimed at refinancing existing projects, which is expected to alleviate financial cost pressures[161]. Dividends - The board of directors did not recommend the declaration of a final dividend for the year 2023, consistent with 2022[2]. - The group did not recommend the payment of dividends for the years ended December 31, 2023, and 2022[44]. Strategic Initiatives - The group has actively participated in energy transition and is accelerating the layout of new energy businesses in response to national policies promoting natural gas energy development[52]. - The company aims to optimize its urban gas asset portfolio to maximize profits while ensuring sustainable development and greater returns for shareholders[83]. - The strategic cooperation agreement with Beijing Guoneng Guoyuan Energy Technology Co., Ltd. aims to explore collaboration in new energy and technology research and development[108]. - The group plans to enhance its comprehensive energy business, focusing on renewable energy and clean energy development, supported by its major shareholder[109]. Market Outlook - The group anticipates continued economic recovery in China, with a focus on high-quality development and energy transition in 2024[110]. - The group aims to diversify investments beyond traditional natural gas projects, aligning with national carbon neutrality goals and enhancing core competitiveness in the energy sector[111].
北京燃气蓝天(06828) - 2023 - 年度业绩